Lyons Bancorp, Inc. Reports Increase in Earnings and Balance Sheet Growth
Lyons Bancorp, Inc., the holding company for The Lyons National Bank, reported that net after-tax income for the first quarter of 2017 was $1.9 million, an increase of 6.2% over the first quarter of 2016. On a per share basis, earnings were $0.59 fully diluted versus $0.56 last year. On average, the Company had approximately 170,000 more common shares outstanding in the first quarter of 2017 versus the first quarter of 2016. Also, on March 31, 2017, the Company ended the quarter with total assets of $1.007 billion, the first time ever it has exceeded the coveted $1 billion benchmark.
“We are obviously pleased with our continued favorable financial results in 2017,” said Robert A. Schick, Chairman and Chief Executive Officer. “We are equally proud that our team has grown the Company to the $1 billion level in total assets. It signifies that more and more individuals and businesses in the communities we serve, like our style of hometown banking. We typically see a temporary spurt of municipal account growth in the first quarter of every year as we collect taxes for them. It occurred again this year and afforded us the ability to exceed $1 billion in assets. In the second quarter, as these municipalities pay bills and reduce debt, we see a slight reduction of that growth which reduces our balance sheet. We expect the same to happen again this year. However, as winter gives way to spring, and overall economic activity picks up, this broad-based growth will drive us past the $1 billion mark again before yearend; this time to stay!”