Lyons Bancorp Reports 25% Increase in Annual 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
For the 22nd consecutive year, Lyons Bancorp, Inc., the financial holding company for The Lyons National Bank, reported higher net after-tax income. For 2018, the Bank earned $9.9 million, an increase from $7.8 million it earned in 2017. On a per common share fully diluted basis, 2018 earnings were $3.03 versus $2.42 in 2017.
The Bank increased its assets by $50 million and ended 2018 at $1.082 billion, a 5% increase from the prior year. Loans grew 9% to $810 million and deposits grew 6% to $946 million. Money from lower yielding securities that matured was used to fund higher yielding loans rather than being re-invested. The Company’s market capitalization grew to approximately $131 million and its return on average shareholder equity increased to 13.37% from 10.99% in 2017.
For the 21st consecutive year, the Board of Directors approved an increase in the Bank’s common stock dividend. The 2018 dividend of $1.20 per share reflects an 11% increase over 2017.
“We are obviously again pleased with our annual financial results,” stated Robert A. Schick, Chief Executive Officer and Board Chairman. “Admittedly, the tax law change passed in December 2017 had a positive effect on our bottom line. That said, our operating earnings grew nicely year-over-year irrespective of the favorable tax law impact. Furthermore, in mid-year 2018, we announced we would share a sizable amount of our tax savings with our non-executive employees by raising their annual base salaries. While we estimate this action will result in an ongoing annual operating expense of approximately $400,000 it was not a difficult decision to make as our long-term success continues to be driven by the efforts and dedication of our team.”
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