Lyons Bancorp Reports 14% Increase in Earnings
Lyons Bancorp Reports 14% Increase in Earnings July 9, 2018
Lyons Bancorp, Inc., the financial holding company for The Lyons National Bank, reported that net after-tax income for the first six months of 2018 was $4.4 million, an increase of almost 14% over the same six-month period in 2017. On a per share basis, earnings were $1.33 fully diluted versus $1.17 last year. On a year-over-year basis, assets increased approximately $56 million. At June 30, 2018, the Bank had total assets of $1.053 billion. In the first six months of 2018, loans grew $79 million; deposits grew $64 million. Almost $20 million of lower yielding investment securities matured or were sold, and the proceeds used to fund the higher loan growth.
The Bank’s return on shareholders’ equity grew to 12.03% annualized for the first six months of 2018. “This year is shaping up to be a very successful one financially for LNB. Once again our employees did a remarkable job in growing the Bank in a very competitive environment,” said Robert A. Schick, Chairman and Chief Executive Officer. “Results like these prove that we made the right decision to share a third of the Company’s tax savings with our employees.”