Lyons Bancorp, Inc. Reports First Quarter 2015 Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $1.7 million or $1.08 per diluted share for the quarter ended March 31, 2015, unchanged from the same time last year.
Total assets for Lyons Bancorp, Inc. were $815 million at March 31, 2015, an increase of $57 million year over year. Balance sheet growth, primarily in commercial loans, was funded by strong core deposit growth across most of the Company’s branch network. Asset quality indicators continue to show positive results, with net charge-offs to average loans of just 0.01% during the first quarter of 2015, and nonperforming loans to total loans of 0.68% at March 31, 2015, a decrease from the same time last year.
“The expansion of our franchise, together with growth within our core footprint, afforded us the balance sheet growth necessary to help mitigate the effects historically low interest rates continue to have on our net interest margin,” stated President and CEO Robert A. Schick. “Unless the Federal Reserve totally surprises everyone and raises interest rates significantly, we expect the same scenario will play out for at least the balance of this year.”
Net interest income for the first quarter of 2015 totaled $6.1 million, up 8% compared to the same time last year, even as the Company continued to experience compression of its net interest margin as compared to the first quarter of 2014. Noninterest income increased 6% compared to the first quarter of 2014, due primarily to increased service charges on deposit accounts and cardholder fees. Gains on sales of loans totaled $298,000, up $116,000 from the same time last year, reflecting higher levels of sales of residential mortgage loans. Noninterest expense for the first quarter of 2015 increased 9% compared to the same time last year, due primarily higher salary and benefit expenses.