Lyons Bancorp, Inc. Reports Increased Earnings In 2016
Lyons Bancorp, Inc., the holding company for The Lyons National Bank, reported that net after-tax income was $7.6 million for 2016, an increase of 2.7% over the $7.4 million earned in 2015. On a per share basis, earnings were $2.38 fully diluted versus $2.34 last year. The Company had approximately 3 million average shares of common stock outstanding in 2016.
“We are obviously pleased with our 2016 financial results as it was our 20th consecutive year in which we reported record earnings. Driving our earnings performance was again the increase in our customer base. While we did not open a new branch last year, we did welcome approximately 2,500 new customer relationships into our banking family. Together with our existing loyal customers, these new individuals, businesses and municipalities helped us grow our assets to $956 million, a 10% year-over-year increase; loans increased by 12% to $679 million; and our deposits by 10% to $868 million. To support our growth, we successfully completed a $5 million convertible preferred stock offering at yearend,” said Robert A. Schick, Chairman and Chief Executive Officer. “We would not have achieved these record results without the continued dedication and hard work of our staff. They never cease to amaze me.”