Please ensure Javascript is enabled for purposes of website accessibility
Banking Portals
Search
Recent News
Have a Question?

Give us a call or visit one of our branches Monday – Friday

Lyons Bancorp, Inc. Reports 18% Increase in Earnings

Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported earnings of $1.9 million for the three months ended March 31, 2013, an increase of 18% over the same period last year. Earnings per diluted share were $1.18, an increase of 3% over the same period last year. As a result of its successful $5.0 million common stock offering, the Company issued approximately 192,000 of additional shares of its stock late in the second quarter.

Total assets for Lyons Bancorp, Inc. were $696 million at March 31, 2013, an increase of $88 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.

“The story remains the same”, stated Robert A. Schick, President and Chief Executive officer. “Our staffs’ commitment to consistently provide high quality service is appreciated by our customers who in turn reward us by their loyalty and recommending other prospective customers to us, hence our asset and earnings growth”.

The increase in earnings year over year was due primarily to increases in net interest income and noninterest income. Net interest income totaled $5.3 million, up 14% over the same period last year, due primarily to growth in earning assets. Noninterest income totaled $1.6 million, an increase of 15% over 2012 levels, due primarily to increased income generated from the Company’s financial services division, as well as continued gains on sale of loans into the secondary market.

Credit quality of the loan portfolio continued to improve, as nonperforming loans decreased to 0.30% of total loans as of March 31, 2013, from 1.55% at March 31, 2012. Net charge-offs to average loans were 0.02% during the first quarter of 2013. Each of these indicators helped support the level of the company’s allowance for credit losses, which totaled 1.56% of gross loans at March 31, 2013, compared to 1.87% at March 31, 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.

SHARE