Lyons Bancorp, Inc. Reports 16% Increase in Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $7.1 million for the year ended December 31, 2013 an increase of 16% over the same period last year. Earnings per diluted share were $4.47, an increase of 7% over the same period last year.
Total assets for Lyons Bancorp, Inc. were $733 million at December 31, 2013, an increase of $67 million from the same time last year. Strong loan growth was reported across all major loan categories and was funded in part by deposit growth as a result of new customer relationships as well as strengthened existing relationships. Both loan and deposit growth was supported by the April 2013 opening of the Company’s twelfth office, located in Canandaigua, New York.
“2013 was again testimony to our brand of hometown banking”, stated President and CEO Robert A. Schick. “While the large regional banks have walked away from communities like the ones we serve, our staff proved mixing the products and services people want with friendly, personal service is still a recipe for success. 2013 was the 17th consecutive year of record earnings for LNB."
The increase in earnings year over year was due primarily to an increase in net interest income and steady noninterest income growth, offset by increases in noninterest expense. Net interest income totaled $22.0 million, up 12% over the same period last year, due primarily to growth in earning assets. Noninterest income grew 4% over the same period last year, due to improvements in financial services income, cardholder fees, and service charges on deposits accounts. Noninterest expense totaled $18.7 million, an increase of 8% year over year, due primarily to increased costs relating to additional staffing, health insurance and pension expense.
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 and Canandaigua in Ontario County; Penn Yan in Yates County; and Waterloo in Seneca County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.