Lyons Bancorp Reports 15% Increase in Earnings
Canandaigua Clyde Geneva Jordan Lyons Macedon Newark Ontario Penn Yan Seneca County Wolcott Perinton Park Lyons (Main) Auburn (Downtown) Auburn (Grant Ave.), New York
Lyons Bancorp, Inc., the financial holding company for The Lyons National Bank, reported a 15% increase in first quarter 2019 net after-tax income as compared to the same period in 2018. For the first three months, the Bank earned $2.48 million or $0.75 per diluted share, compared to $2.16 million and $0.65 per share for the first quarter of 2018. At March 31, 2019, assets totaled $1.1 billion. In the quarter, loans grew by 8% to $807 million and deposits grew by 9.5% to $1 billion. The Bank’s return on average assets (ROAA) was 0.93% at March 31, 2019, versus 0.85% at the end of last year’s first quarter. Its return on average equity (ROAE) was 12.50% at March 31, 2019, versus 11.76% at March 31, 2018. The Bank has approximately 3.2 million common shares outstanding. For the same year-over-year basis, the Bank’s net interest margin increased to 3.54% from 3.47% and it increased its allowance for loan losses to 1.27% of total loans, up from 1.18% a year ago. The Bank did recognize a one-time pension expense accrual of almost $600,000 in the first quarter.
“Our growth momentum continues,” said Robert A. Schick, Board Chairman and Chief Executive Officer. “Once again our employees did a remarkable job in growing the Bank. The staff’s successful efforts signify that more and more individuals and businesses in the communities we serve value our style of hometown banking. Stepping up our efforts after the announcement of another large regional bank departing our market, we are pleased to welcome many new customers to our Clyde branch in Wayne County.”
Lyons Bancorp, Inc. is the financial 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; Perinton in Monroe County; and Auburn in Cayuga County. The Lyons National Bank has one subsidiary, Lyons Realty Associates Corp.