October 30, 2024
Lyons Bancorp, Inc., the parent financial holding company of The Lyons National Bank (LNB), reported earnings of $1.09 per common share for the third quarter of 2024, as compared to $1.04 per common share reported for the second quarter of 2024; a 4.8% increase. Both numbers are reported on a fully-diluted basis. Contributing to the quarter-over-quarter earnings per share improvement was an increase in net interest income, non-interest income, and steady loan growth.
“Our third quarter results demonstrate that while the economic environment has been varied, we generated consistent business activity, solid earnings, improved margins, and exceeded the $2 billion asset mark while maintaining asset quality,” said Thomas L. Kime, president and CEO of LNB. “The Bank has consistently delivered on our performance plan goals for earnings, overall growth, operating efficiencies and risk management discipline with our loan quality remaining strong and in the top quartile of our peers.”
As of September 30, 2024, assets totaled $2.020 billion, as compared to $1.967 billion reported at June 30, 2024. Loans grew a modest $12.6 million or 0.9% from $1.432 billion at June 30, 2024, to $1.444 billion at September 30, 2024. In addition to the portfolio loan growth, LNB grew its sold and serviced residential loan portfolio to $586 million at September 30, 2024. Deposits totaled $1.781 billion at September 30, 2024, as compared to $1.740 billion at June 30, 2024. Shareholder’s equity grew to $147.8 million at September 30, 2024, compared to $145.1 million at June 30, 2024. Tangible shareholder equity increased to $117.6 million at September 30, 2024, compared to $106.8 million at June 30, 2024.
The Bank continues to deliver strong expense management and maintained its efficiency ratio at 66.17% at September 30, 2024. The Bank’s return on average assets was 0.77% and return on average shareholder’s equity was 13.59% at September 30, 2024.
At September 30, 2024, Lyons Bancorp had 3.5 million shares outstanding on a diluted basis. The last stock trade reported was $39.50 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.