Earning customer relationships one at a time.
LYBC: $42.90  (Last Trade: October 23, 2014)

Bank News

LNB News

 
Read all about it!
News that interest our community and our clients.
Keep checking for updates and interesting news!

LYBC, Inc. Reports 24% Increase in Earnings

Lyons Bancorp Inc. Reports 24% Increase in Earnings

 

Lyons, NY – Lyons Bancorp, Inc.

 

    Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported earnings of $3.8 million for the nine months ended September 30, 2011, an increase of 24% over the same period last year.  Earnings per diluted share were $4.18, an increase of 17.1% over the same period last year.  Earnings for the third quarter of 2011 were $1.5 million, an increase of 12.4% from the second quarter of 2011 and 40.1% over the same quarter last year.

 

    The increase in net income year over year was due primarily to increases in net interest income and noninterest income and a reduction in provision for loan losses.  Net interest income totaled $13.0 million, up 1.5% over the same period last year, due primarily to growth in earning assets and a reduction of funding costs. Net interest margin, on a tax-equivalent basis, was 3.61% for the first nine months of 2011, declining from 3.93% for the same period last year.  Provisions for credit losses totaled $835,000 for the first nine months of 2011, compared to $2.2 million for the same period in 2010.  Noninterest income was $4.5 million, up $709,000 or 18.9% year over year, due primarily to increased gains on sale of loans and other assets, as well as increases in earnings from financial services and services charges on deposit accounts.  Noninterest expenses increased 8.7% year over year, due primarily to the opening of the company’s newest branch office in June 2010, located in Seneca County.

 

    Total assets as of September 30, 2011 were $539.5 million, an increase of $36.1 million or 7.2% over the same period last year.  Total loans outstanding as of September 30, 2011 were $342.4 million, up $41.5 million or 13.8% over the same period last year.  Loan growth was funded by strong growth in core deposits, as total deposits increased $50.5 million, totaling $474.1 million at September 30, 2011.

 

    At September 30, 2011, the company’s allowance for credit losses totaled $6.9 million, or 2.01% of total loans.  Nonperforming loans totaled 1.76% of total loans as of September 30, 2011, decreasing from 1.87% at September 30, 2010, while net charge-offs for the first nine months of 2011 were 0.12% of average loans, decreasing four basis points from the prior year.  Each of these indicators helped support the level of the company’s allowance for credit losses, and the subsequent reduction in provision expense, and continues to compare favorably to national averages published by the Federal Reserve.

 

    “Even with all the volatility and uncertainty in the financial markets and economy, 2011 is again shaping up as a very successful year for Lyons Bancorp”, stated President and CEO Robert A. Schick.  “Our performance to-date is further testimony to our keep it simple “Main Street” business model.”   

 

    Lyons Bancorp, Inc. is the 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; Jordon in Onondaga County; Geneva in Ontario County; Penn Yan in Yates County; and Waterloo in Seneca County.  Subsidiaries of The Lyons National Bank are Lyons Realty Associates Corp. and Lyons Life Agency, Inc.

Contact: Ashley Sindoni                   
Marketing Assistant
Office: 399 Exchange Street  Geneva, NY 14456
Phone: (315) 781-5011
Email:
asindoni@bankwithlnb.com

Download this article as a PDF

Copyright ©2014 LNB All Rights Reserved