Lyons Bancorp, Inc., the financial holding company for The Lyons National Bank, reported that net after-tax income for the first quarter of 2018 was $2.16 million, an increase of 14% over the same period in 2017. On a per share basis, earnings were $0.65 fully diluted versus $0.57 last year. Year-over-year, average assets increased slightly more than $50 million. Average loans outstanding grew $68 million. Almost $20 million of lower yielding investment securities matured or were sold, and the proceeds used to fund loan growth. Total assets at March 31, 2018 were $1.025 billion.
“Once again our employees did a remarkable job in growing the Bank in a very competitive environment which produced a significant return on investment for our shareholders,” said Robert A. Schick, Chairman and Chief Executive Officer. “The staff’s successful efforts signify that more and more individuals and businesses in the communities we serve like our style of hometown banking.”
In mid-February, the Bank opened its 15th branch office in the Town of Sennett, just east of the City of Auburn.