Lyons Bancorp, Inc. Reports First Quarter 2016 Earnings
Lyons (Main), New York
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $1.8 million or $0.56 per diluted share for the quarter ended March 31, 2016, an increase of 4% from the same time last year.
Total assets for Lyons Bancorp, Inc. were $938 million at March 31, 2016, an increase of $123 million year over year. Balance sheet growth, primarily in loans, investments and cash, was funded by core deposit growth across most of the Company’s branch network, including approximately $10 million in deposit growth attributed to the newer markets of Canandaigua and Perinton. In addition, seasonal municipal deposit growth also contributed to an increase in our investment portfolio. Asset quality indicators continue to show positive results, as the ratio of nonperforming loans to total loans decreased to 0.66% at March 31, 2016, compared to 0.68% at both March 31, 2015 and December 31, 2015.
“We continue to experience strong growth in assets and customers in all the communities we serve. Persistent historically low interest rates have mitigated the benefit of some of our growth. However, we are in a much better position than those banks that do not have growth opportunities and are dealing with the same low interest rate environment,” stated President and CEO Robert A. Schick.
Net interest income for the three months ended March 31, 2016 totaled $6.7 million, up 10% compared to the same time last year, while the Company’s tax equivalent net interest margin decreased nine basis points to 3.24%. Noninterest income increased 5% compared to the first quarter of 2015, due primarily to increased cardholder fees and service charges. Noninterest expense for the quarter ended March 31, 2016 increased 12% compared to the same time last year, due primarily to higher salary and benefit expenses as well as higher occupancy expenses, due in part to the opening of our new Perinton office, as well as the opening of our new Operations Center in Geneva.