February 20, 2025
Lyons Bancorp, Inc., the parent financial holding company of The Lyons National Bank (LNB), reported earnings of $15.5 million for 2024, down approximately 11% from LNB’s record earnings of $17.4 million in 2023. On a per share basis, earnings were $4.38 as compared to $4.90 last year. Both numbers are reported on a fully-diluted basis. Based on strong and increasing capital, along with 2024’s solid earnings, the Board of Directors increased the per share quarterly dividend by $.05, to $.40 from $.35 per common share, effective March 31, 2024.
“Last year presented a challenging environment in areas such as: inflation, uncertain economic and political environments, the continuation of an unusually extended inverted yield curve and tighter margins to name a few,” said President and CEO Thomas Kime. “Despite these factors, the Bank delivered a strong operating performance, solid financial results and improving trends. We look for these improvements to continue in 2025. With net interest margins improving, a strong balance sheet, solid reserve levels, good growth, and an outstanding team of professionals, LNB is positioned to pursue growth opportunities and perform well in 2025.”
Yearend assets totaled $1.92 billion for 2024 as compared to $1.85 billion for yearend 2023. Key drivers of growth were attributed to an increase in deposits from $1.62 billion at yearend 2023 to $1.77 billion at yearend 2024, which were invested back into our local communities in the form of loans. At yearend, the Bank’s gross loans grew $90 million or 6.5% from $1.38 billion for 2023 to $1.47 billion for 2024. In addition to LNB’s loan portfolio growth, LNB grew its off-balance sheet sold but servicing retained loans by 14% to $609 million at yearend 2024.
The credit quality of the Bank’s loan portfolio remains stellar. Loan charge-offs in 2024 totaled less than three-tenths of 1%, in line with two-tenths of 1 % in 2023. Non-performing loans were also negligible for yearend 2024 totaling less than a quarter of 1% and consistent with yearend 2023. Shareholder’s equity after dividends grew to $150.8 million for yearend 2024, compared to $140.9 million at yearend 2023.
The Bank continues to deliver strong expense management and maintained its efficiency ratio at 65.66% for 2024. Its return on average assets was 0.80% and return on average shareholder’s equity was 14.11% for 2024.
At yearend 2024, Lyons Bancorp had 3.5 million shares outstanding on a diluted basis. The last reported stock trade for yearend 2024 was $41.00 per share. Lyons Bancorp, Inc. is a publicly owned company and its common shares are traded on the OTCQX Best Market under the stock symbol LYBC.
Lyons Bancorp, Inc. is the financial 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; Penn Yan in Yates County; Jordan in Onondaga County; Geneva, Canandaigua and Farmington in Ontario County; Waterloo in Seneca County, Perinton in Monroe County and Auburn in Cayuga County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.