Lyons Bancorp, Inc. Reports 5.0% Increase in Q2 2017 Earnings
Lyons Bancorp, Inc. the parent company of The Lyons National Bank, reported net after-tax income of $1.9 million or $0.62 per common share for the three months ended June 30, 2017, a 5% increase from the first quarter of 2017. For the first six months of 2017, earnings were $3.9 million, the same amount reported for the first six months of 2016.
“We are pleased with our second quarter and year-to-date earnings. Our strong earnings afforded us the opportunity to make an additional $250 thousand provision to our loan loss reserve,” said Robert A. Schick, Chairman and CEO. “While the credit quality of our loan portfolios remains strong, the economy is in its ninth year of expansion, so we felt now is the time to be prudent and increase the reserve.”
Total assets were $997 million at June 30, 2017, a decline of $10 million from March 30, 2017, but an increase of $69 million from June 30, 2016. “Yearly we experience a seasonal decline in our balance sheet during the second quarter. This is driven by a decline of public deposits as municipalities begin to spend the tax dollars they collected in the first quarter of the year,” said Schick. “We expect our total assets will once again exceed the $1 billion mark by yearend, as our commercial, agricultural and retail customers grow their businesses, fix up their current homes or trade-up to a larger home.”