Lyons Bancorp, Inc. Reports 31% Increase In Earnings
Lyons Bancorp, Inc., the holding company for The Lyons National Bank, reported that net after-tax income was $1.003 million for the first three months of 2010, an increase of 31% over the $765 thousand earned during the same period last year. On a per share basis earnings were $1.17 fully diluted versus $0.90 last year. The increase in earnings is attributed to growth in the Bank’s assets and continued expense control.
Total assets on March 31, 2010 were $471 million versus $430 million on March 31, 2009. Loans totaled $288 million as compared to $243 million. The Bank also experienced continued growth in core deposits as total deposits increased to $409 million from $383 million.
Overall asset quality remains good. The Bank did make an additional provision to its Loan Loss Reserve in the quarter, taking a pro-active stance addressing a particular loan issue. At quarter end, the Bank’s Loan Loss Reserve totaled $5.1 million or 1.78% of period-end loans. The additional provision resulted in the first quarter earnings being 7% below 4th quarter 2009 earnings of $1.082 million.
The Bank’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 66% at March 31, 2010 versus 76% at March 31, 2009. A lower ratio depicts better revenue and expense management.
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. The Bank expects to open its newest branch in Seneca County later this year. Subsidiaries of The Lyons National Bank are Lyons Realty Associates Corp. and LNB Life Agency, Inc.