Luxemburg Bancshares, Inc. parent company of the Bank of Luxemburg announced earnings for the third quarter of 2008 today and approved a semi-annual cash dividend of $.50 per common share. The cash dividend is payable on December 12, 2008 to stockholders of record as of December 1, 2008. John Slatky, President of Luxemburg Bancshares, Inc. stated, “The slight increase in 2008 annual dividends to $.99 per share from the annual dividend of $.98 per share in 2007 is notice to our shareholders that Luxemburg Bank Shares, Inc. and the Bank of Luxemburg are on a solid financial foundation and expect to remain profitable.”
Net income for the three months ending September 30, 2008, was $326,405 or $.62 per share as compared to $370,510 or $.71 per share for the three months ending September 30, 2007...a slight decrease. John Slatky, President of Luxemburg Bancshares, Inc. stated, “The primary reason for the decrease in 2008 income is due to costs associated with construction and move to the new Luxemburg building. These are costs we will not incur in 2009.”
The company’s net income for the nine months ending September 30, 2008 was $920,871 or $1.76 per share, a decrease of 4.5%, as compared to $963,937 or $1.85 per share for the nine months ending September 30, 2007. Net interest income increased which reflected the loan growth and lower deposit rates. Other operating income from mortgage underwriting fees and loan servicing fees had a positive impact on the 2008 nine month income. Total higher occupancy expenses offset the higher 2008 income.