Lyons Bancorp, Inc. Reports First Quarter Earnings/Announces Share Buyback
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, 2014, an increase of 13% over the prior quarter.
Total assets for Lyons Bancorp, Inc. were $758 million at March 31, 2014, an increase of $25 million from December 31, 2013. Growth in both commercial and retail loan portfolios was funded by strong core deposit growth, supported by the April 2013 opening of the Company’s twelfth office, located in Canandaigua, New York.
“We experienced strong growth and solid, albeit mixed financial results in the first quarter of 2014”, stated President and CEO Robert A. Schick. “On a consecutive quarter basis, earnings increased 13%. When comparing first quarter 2014 results to those for the same period of time in 2013, earnings fell 8% this year as we experienced less one-time gain on sales of securities/loans.”
The increase in earnings quarter over quarter was due primarily to lower noninterest expenses and increases in gains on sales of securities and loans. Net interest income totaled $5.6 million, essentially flat to last quarter, as the Company continued to experience modest pressure on net interest margin. Gains on sale of securities totaled $50,000 due to a repositioning of the investment portfolio, while gains on sales of loans totaled $182,000, reflecting sales of both residential and commercial loans. Noninterest income was flat compared to last quarter, while noninterest expense declined 4% quarter over quarter, due primarily to a reduction in costs relating both the Company’s defined benefit plan and commission expense.
At its regularly scheduled meeting on March 18, 2014, The Board of Directors of Lyons Bancorp, Inc. approved a stock repurchase plan authorizing the repurchase, at the discretion of executive management, of up to $250,000 of the Company’s common stock through December 31, 2014, in open market or negotiated transactions.
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.