Lyons Bancorp, Inc. Reports Third Quarter 2016 Earnings
Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported net income available to shareholders of $6.1 million or $1.91 per diluted share for the nine months ended September 30, 2016, an increase of 9% from the same time last year. Earnings for the quarter ended September 30, 2016, were $2.1 million, essentially unchanged from the second quarter 2016.
Total assets for Lyons Bancorp, Inc. were $927 million at September 30, 2016, an increase of $64 million year over year. Balance sheet growth, primarily in loans, was funded by core deposit growth across the Company’s branch network, including approximately $42 million in deposit growth attributed to the newer markets of Canandaigua and Perinton. The Company recognized a one-time expense relating to the resolution of one large non-accruing relationship.
“As profit margins remained compressed in the third quarter, our growth strategy was selective” stated President and CEO Robert A. Schick. “In times like this, adding volume for the sake of volume quite often leads to unintended future consequences. Where prudent, we are taking advantage of customer dissatisfaction in our marketplace that is being caused by the evolution of a large bank merger.”
Net interest income for the nine months ended September 30, 2016, totaled $20.7 million, up 8% compared to the same time last year, while the Company’s tax equivalent net interest margin decreased nine basis points to 3.28%. Noninterest income increased 8% compared to the first nine months of 2015, due primarily to increased cardholder fee income. Noninterest expense for the nine months ended September 30, 2016, increased 13% compared to the same time last year, due primarily to higher salary and benefit expenses as well as higher occupancy expenses relating to the opening of the Perinton office and Operations Center in Geneva.
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; Jordan in Onondaga County; Geneva and Canandaigua in Ontario County; Penn Yan in Yates County; Waterloo in Seneca County, and Perinton in Monroe County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.