Lyons Bancorp, Inc. Reports Higher Third Quarter 2015 Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $2.0 million or $1.25 per diluted share for the quarter ended September 30, 2015, an increase of 8% from the same time last year. Net income for the nine months ended September 30, 2015 was $5.6 million or $3.55 per diluted share.
Total assets for Lyons Bancorp, Inc. were $863 million at September, 2015, an increase of $59 million year over year. Balance sheet growth, primarily in residential loans (including home equity loans) and commercial loans, was funded by core deposit growth across most of the Company’s branch network, including over $15 million in deposit growth attributed to the newer markets of Canandaigua and Perinton. Asset quality indicators continue to show positive results, with net charge-offs to average loans of just 0.02% during the first nine months of 2015, and nonperforming loans to total loans of 0.72% at September 30, 2015, a slight decrease from last quarter.
“While the challenges posed by historically low interest rates and the endless stream of new, less than well thought out regulations remain, the perseverance and resilience of our staff has us on track to realize yet another record setting year,” stated President and CEO Robert A. Schick.
Net interest income for the nine months ended September 30, 2015 totaled $19.3 million, up 12% compared to the same time last year, while the Company’s net interest margin increased seven basis points to 3.27%. Noninterest income increased 11% compared to the first nine months of 2014, due primarily to increased cardholder fees. Gains on sales of loans totaled $863,000, up $236,000 from the same time last year, reflecting higher levels of sales of residential mortgage loans and commercial loans. Noninterest expense for the nine months ended September 30, 2015 increased 12% compared to the same time last year, due primarily higher salary and benefit expenses as well as higher legal, consulting and promotional expenses.