February 14, 2023
Strong year-over-year growth in both loans and deposits resulted in Lyons Bancorp, Inc., the parent financial holding company for The Lyons National Bank, reporting another year of record earnings for 2022. Lyons Bancorp earned $17.2 million in 2022, an 11% increase from the $15.5 million reported in 2021. On a per diluted share basis, earnings were $4.86 as compared to $4.62 last year. As a result of the Company's common stock Shareholders' Rights Offering in the third quarter of 2021, the Company had approximately 250 thousand more shares outstanding throughout all of 2022.
"With the pandemic in our rearview mirror, our amazing staff has again hit their running stride" said Robert Schick, Chairman and President of Lyons Bancorp, Inc. "It's not getting any easier as mounting potential economic and political headwinds are lurking, but never underestimate the persistence of our team."
Year-end assets totaled $1.75 billion for 2022 as compared to $1.63 billion for 2021. Year-end gross loans and deposits for 2022 totaled $1.30 billion and $1.62 billion respectively compared to 2021's gross loan and deposit balances of $1.14 billion and $1.47 billion. Shareholders' equity totaled $127.29 million at yearend 2022 versus $113.23 million at yearend 2021. Tangible Shareholder's Equity, which takes into account such things as the mark-to-market of the Bank's fixed rate investment portfolio ended 2022 at $87.36 million as compared to $109.69 million at yearend 2021. The Federal Reserve's historic pace of interest rate increases accounts for much of the change in the Bank's tangible equity.
The Company's return on average assets during 2022 was 1.01% as compared to 0.99% in 2021. Its return on average equity increased to 18.53% up from 15.62% reported last year. As reported in January, Lyons Bancorp was named to the 2023 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.
The Bank charged off 0.03% of total loans amounting to $344 thousand in 2022. This compares to 0.04% or $378 thousand in 2021. Loans not performing to contract totaled $3.5 million or 0.27% of total gross loans at 12/31/22, little changed from 12/31/21. Continuing its prudent lending practices, the Bank's allowance for possible loan losses was $21.50 million or 1.65% of gross loans at 12/31/22 compared to $18.34 million and 1.61% or gross loans at 12/31/21.
At December 31, 2022, Lyons Bancorp had 3.5 million shares outstanding, on a diluted basis. Fifteen million shares are authorized. As of this writing, the last known trade reported was $53.45 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; Jordan in Onondaga County; Geneva, Canandaigua and Farmington in Ontario County; Waterloo in Seneca County, Penn Yan in Yates County, Perinton in Monroe County and Auburn in Cayuga County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.