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Byline: Richard Craver
Jul. 16--LSB Bancshares Inc. reported yesterday that a slowdown in loan and mortgage-banking activity led to a 17-percent drop in net income to $2.2 million for the second quarter.
It is the fourth consecutive quarter that the parent company of Lexington State Bank reported a decrease in net income.
Diluted earnings fell 16 percent in the quarter ended June 30 to 26 cents a share compared with the second quarter of 2003. The bank missed by 4 cents the average forecast of analysts surveyed by Zacks Investment Research.
"Business conditions remain challenging, particularly in terms of (net-interest) margins," said …