Lyons Bancorp, Inc. Reports 24% Increase In Earnings
Lyons Bancorp, Inc., the holding company for The Lyons National Bank, reported that net after-tax income was $2.010 million for the first six months of 2010, an increase of 24% over the $1.616 million earned during the same period last year. On a per share basis earnings were $2.34 fully diluted versus $1.90 last year. The increase in earnings is attributed to growth in the Company’s assets, an increase in net interest margin and continued expense control.
Total assets on June 30, 2010 were $488 million versus $430 million on June 30, 2009. Loans totaled $296 million as compared to $260 million. The Company also experienced continued growth in core deposits as total deposits increased to $423 million from $379 million.
Overall asset quality remains stable. While non-performing loans increased to 1.98% of total loans, the increase was due primarily to one large commercial relationship. In light of the current economic situation the Company did make an additional provision to its Loan Loss Reserve. At quarter end, the Allowance for Loan Losses totaled $5.7 million or 1.93% of period-end loans.
The Company’s Efficiency Ratio, an industry-wide cost control metric that measures how much each dollar of revenue is used to pay non-interest expenses, was 67% at June 30, 2010 versus 74% at June 30, 2009. A lower ratio depicts better revenue and expense management.
On a consecutive quarter basis, earnings were flat as the Company earned $1.17 per share in the second quarter; the same as the first quarter.
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 and Penn Yan in Yates County. On June 14th, the Bank opened its new Seneca County Office. Subsidiaries of The Lyons National Bank are Lyons Realty Associates Corp. and LNB Life Agency, Inc.