Lyons Bancorp, Inc. Reports Second Quarter Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $1.8 million or $1.16 per diluted share for the quarter ended June 30, 2014, an increase of 7% over the prior quarter.
Total assets for Lyons Bancorp, Inc. were $774 million at June 30, 2014, an increase of $16 million from March 31, 2014. 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% in the second quarter of 2014, and nonperforming loans to total loans of 0.75% at June 30, 2014, a decrease from first quarter.
“The prolonged level of historically low interest rates continues to pressure our ability to sustain our record of increasing earnings each year, stated President and CEO Robert A. Schick. “So far our staff has been able to mitigate this pressure by working harder and, more importantly, smarter.”
The increase in earnings quarter over quarter was due primarily to increases in noninterest income and gains on sales of loans, coupled with lower noninterest expenses. Net interest income totaled $5.7 million, up 2% compared to last quarter, even as the Company continued to experience modest pressure on its net interest margin. Noninterest income increased 3% quarter over quarter, due to increased cardholder fee income and service charges on deposit accounts. Gains on sales of loans totaled $251,000, reflecting sales of both residential and commercial loans. Noninterest expense declined 1% quarter over quarter, due primarily to a reduction in occupancy costs, marketing expenses and unemployment insurance.
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.