July 9, 2015
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $1.9 million or $1.22 per diluted share for the quarter ended June 30, 2015, an increase of 5% from the same time last year. Net income for the six months ended June 30, 2015 was $3.6 million or $2.30 per diluted share.
Total assets for Lyons Bancorp, Inc. were $838 million at June 30, 2015, an increase of $63 million year over year. 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% during the first half of 2015, and nonperforming loans to total loans of 0.74% at June 30, 2015, a slight decrease from the same time last year.
"While the U.S. economic recovery remains uneven, and Europe is in a state of disarray, many businesses and individuals seem more upbeat." stated President and CEO Robert A. Schick. "This more-positive attitude has fostered loan and deposit growth throughout our franchise in the first six months of this year. Our solid growth continues to carry us on the path of yet again record earnings."
Net interest income for the first half of 2015 totaled $12.5 million, up 10% compared to the same time last year, while the Company's net interest margin increased three basis points to 3.26%. Noninterest income increased 11% compared to the first half of 2014, due primarily to increased cardholder fees. Gains on sales of loans totaled $587,000, up $154,000 from the same time last year, reflecting higher levels of sales of residential mortgage loans. Noninterest expense for the first six months of 2015 increased 11% compared to the same time last year, due primarily higher salary and benefit expenses as well as higher legal and consulting expenses.