Lyons Bancorp, Inc. Proudly Reports 18% Increase in Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported earnings of $1.9 million or $1.18 per diluted share for the three months ended June 30, 2013, an increase of 18% over the same period last year. Earnings for the six months ended June 30, 2013 were $3.7 million or $2.36 per diluted share, an increase of 10% year over year. As a result of its successful second quarter 2012 common stock offering, the Company issued approximately 192,000 of additional shares.
Total assets for Lyons Bancorp, Inc. were $693 million at June 30, 2013, an increase of $54 million from the same time last year. Strong loan growth was reported across most major loan categories and was funded by deposit growth as a result of new customer relationships as well as strengthened existing relationships.
“Our earnings growth momentum continues in 2013, albeit at a slower pace in the second quarter when compared to the first quarter," stated Robert A. Schick, President and Chief Executive officer. “Our overall asset growth continues as well, as we inch closer to the $700 million benchmark. Aiding our future growth is our recent approval from the Comptroller of the Currency to expand our newly opened loan production office in Canandaigua into a full service branch. Soon, we will be able to generate and accept deposits along with loans at our facility on Routes 5&20 in the TJ Maxx Plaza”.
The increase in earnings year over year was due to both an increase in net interest income as well as noninterest income. Net interest income totaled $10.7 million, up 15% over the same period last year, due primarily to growth in earning assets. Noninterest income totaled $1.6 million, an increase of 14% over 2012 levels, due primarily to increased income generated from the Company’s financial services division, as well as increases in cardholder fee income.
Credit quality of the loan portfolio continued to improve, as nonperforming loans decreased to 0.22% of total loans as of June 30, 2013, from 1.43% at June 30, 2012. Net charge-offs to average loans were 0.05% during the first six months of 2013. Each of these indicators helped support the level of the company’s allowance for credit losses, which totaled 1.48% of gross loans at June 30, 2013, compared to 1.72% at June 30, 2012.
Lyons Bancorp, Inc. is the holding company for The Lyons National Bank. The Lyons National Bank is a community bank with offices in Lyons, Clyde, Macedon, Newark, Ontario, and Wolcott in Wayne County; Jordan in Onondaga County; Geneva in Ontario County; Penn Yan in Yates County; Waterloo in Seneca County and its newest location in Canandaigua, New York. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.