Lyons Bancorp, Inc., the parent company of The Lyons National Bank, reported earnings of $6.2 million for the year ended December 31, 2012, an increase of 20% over the same period last year. Earnings per diluted share were $4.19, an increase of 11% over the same period last year. As a result of its successful $5.0 million common stock offering, the Company issued approximately 192,000 of additional shares of its stock late in the second quarter.
Total assets for Lyons Bancorp, Inc. were $665 million at December 31, 2012, an increase of $110 million from the same time last year. Strong loan growth was reported across all major loan categories and was funded by deposit growth as a result of new customer relationships as well as strengthened existing relationships.
“2012 was a very successful year in many ways,” stated President and CEO Robert A. Schick.
“It was our 16th consecutive year of earnings growth, the 14th successive year we increased our dividend, and the 6th time in 13 years we conducted a successful capital raise. We also opened our new operations center and finished renovating our historic Main Office in Lyons. All of this could not have been accomplished without the dedication, focus and hard work of our professional staff.”
The increase in earnings 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 $19.6 million, up 12% over the same period last year, due primarily to growth in earning assets. Noninterest income totaled $6.5 million, an increase of 9% over 2011 levels, due primarily to strong gains on sale of loans into the secondary market.
Credit quality of the loan portfolio continued to improve, as nonperforming loans decreased to 0.19% of total loans as of December 31, 2012, from 1.65% at December 31, 2011. Net charge-offs to average loans were 0.11% during 2012, compared to 0.12% for the same period last year. Each of these indicators helped support the level of the company’s allowance for credit losses, and the subsequent reduction in provision expense. The allowance for credit losses totaled 1.57% of gross loans, compared to 1.94% at the end of 2011.
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 in Ontario County; Penn Yan in Yates County; and Waterloo in Seneca County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.
