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Lyons Bancorp, Inc. Reports Increase in Earnings

Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported earnings of $1.8 million or $1.15 per diluted share for the three months ended September 30, 2013, an increase of 3% over the same period last year. Earnings for the nine months ended September 30, 2013 were $5.5 million or $3.51 per diluted share, an increase of 7% year over year. As a result of its successful second quarter 2012 common stock offering, the Company issued approximately 192,000 of additional shares.

Total assets for Lyons Bancorp, Inc. were $721 million at September 30, 2013, an increase of $65 million from the same time last year. Strong loan growth was reported across most major loan categories, funded by deposit growth as a result of new customer relationships as well as strengthened existing relationships.

“We maintained our growth momentum in both assets and earnings despite a less than robust economy and a federal government that seems unaware or indifferent about the unintended consequences and burdens of continued irrational regulation on small businesses like us,” said Robert A. Schick, president and chief executive officer. Fortunately, up to this point, this governmental attitude has not dampened the enthusiasm or drive of our employees who are responsible for our history of success. All of our customers and shareholders are thankful for their fortitude and “can do” spirit!”

The increase in earnings year over year was due to both an increase in net interest income as well as noninterest income. Net interest income totaled $16.4 million, up 14% over the same period last year, due primarily to growth in earning assets. Noninterest income totaled $4.0 million, an increase of 15% over 2012 levels, due primarily to increased income generated from the Company’s financial services division, as well as increases in cardholder fee income.

Credit quality of the loan portfolio continued to improve, as nonperforming loans decreased to 0.21% of total loans as of September 30, 2013, from 1.07% at September 30, 2012. Net charge-offs to average loans were 0.06% during the first nine months of 2013. Each of these indicators helped support the level of the company’s allowance for credit losses, which totaled 1.45% of gross loans at September 30, 2013, compared to 1.64% at September 30, 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; Canandaigua and Geneva in Ontario County; Penn Yan in Yates County; and Waterloo in Seneca County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.

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