April 21, 2025
The first quarter of 2025 has been marked by significant volatility across the economic landscape – from fluctuating interest rates and an unpredictable stock market, to shifting political dynamics and evolving trade policies. These unstable market conditions have left even top economist guarded in putting forth forecasts. Despite this, Lyons Bancorp has produced solid and improving financial performance. We are pleased to report consistent growth throughout the quarter, with results above 2024’s performance as well as our year-to-date 2025 budget projections.
On a year-over-year comparison basis, for the first quarter of 2025, Lyons Bancorp, Inc. earned $4.1 million or $1.15 per diluted common share. This is a 13.9% increase over the first quarter of 2024 at $3.6 million in earnings and ahead of our $1.02 per diluted common share performance. At March 31, 2025, assets totaled $2.026 billion, compared to $1.952 billion reported at March 31, 2024. Loans grew $78 million or 5.5% to $1.480 billion at March 31, 2025, from $1.402 billion at March 31, 2024. Deposits totaled $1.864 billion at March 31, 2025, compared to $1.731 billion at March 31, 2024. Shareholder’s equity grew to $153.3 million at March 31, 2025, compared to $142.9 million at March 31, 2024. The Tier 1 leverage capital ratio was 7.88% on March 31, 2025, versus 7.80% on March 31, 2024. The Company maintains a strong capital position, impacted positively by our net income results noted and after dividends paid, as well as share repurchases completed as previously approved.
At March 31, 2025, the Company’s net interest margin was 2.64% compared to 2.44% at March 31, 2024. The increase was due to higher rates on earning assets offset by the impact of current interest rates on the deposit mix. Lyons Bancorp continues to deliver strong expense management and maintained its efficiency ratio at 65.37% at March 31, 2025, a slight change from 65.07% at March 31, 2024. Return on average assets increased to 0.83% at March 31, 2025 from 0.78% at March 31, 2024.
The credit quality of the loan portfolio remains stellar in the first quarter of 2025, as total charged-off loans were a mere $64 thousand. Loans not performing to their original contract totaled only $3 million at the end of the first quarter of 2025, as compared to $4 million at the end of the first quarter of 2024. “Despite the potential economic challenges noted, we feel that the quality and diversity of our loan portfolio, along with our practice of maintaining a strong loan loss reserve, put LNB in a very good position to continue managing and growing our loan portfolio,” said Thomas L. Kime, president and CEO.
At March 31, 2025, Lyons Bancorp had 3.5 million shares outstanding on a diluted basis. As of March 31, 2025, the last stock trade reported was $40.00 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.