Lyons Bancorp Reports 26% Increase in Second Quarter 2022 Earnings
Lyons Bancorp, Inc., the parent financial holding company of The Lyons National Bank (LNB), reported second quarter 2022 earnings of $1.16 per common share as compared to $0.92 per common share reported for the same period last year. On a contiguous quarter basis, earnings per common share were up 3.5%. Continued balance sheet growth drove much of the increase in earnings. At June 30, 2022, assets totaled $1.7 billion, a 7.5% increase from the $1.58 billion reported at June 30, 2021. Driving asset growth was an almost 16% increase in loans. On June 30, 2022, loans totaled $1.23 billion, compared to $1.06 billion on June 30, 2021. Deposits increased to $1.5 billion on June 30, 2022, compared to $1.4 billion at June 30, 2021.
In addition to balance sheet growth, the Bank increased its net interest margin to 3.07% as of June 30, 2022 from 2.89% at June 30, 2021. Net interest margin is the difference between the amount of revenue it generates from its assets, namely loan and investments, and expenses it pays on deposits. Furthermore, the Bank improved its efficiency ratio at June 30, 2022, to 62.98% from 74.63% at June 30, 2021. The efficiency ratio calculates how much of each dollar earned is spent making that dollar. "The Bank team was again on its game," said Robert A. Schick, Board Chairman. "It's not getting easier; rather they remained focused."
For the first six months of 2022, the Bank's return on average shareholder equity was 16% compared to 12% for the first six months of 2021. Moreover, the previously reported dividend increase resulted in a total of $0.68 per common share being paid in this year's first six months as compared to $0.62 for the same period last year.
When compared to peers, all asset quality measurements remained excellent. Even so, the Bank set aside an additional $1 million in its provision for possible loan losses. Referring to the provision increase, Schick noted, "It's our conservative DNA."
At the Company's annual shareholder meeting in June, shareholders approved increasing the number of authorized shares to 15 million from 7.5 million and elected Case Marshall, Kaye Stone-Gansz, Joseph Bartolotta and Dale Hunt each to a three-year term.
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; Penn Yan in Yates County; Jordan in Onondaga County; Geneva, Canandaigua and Farmington in Ontario 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.
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Lyons Bancorp Inc. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 16:33:06 UTC.
Lyons Bancorp, Inc. is a financial holding company, which operates through its banking subsidiary, The Lyons National Bank (the Bank). The Bank is a community bank, which offers personal banking, business banking and financial services. Its personal banking includes personal banking, personal checking, personal savings, personal mortgage center, online and mobile banking, credit card, LNB Classic VISA, LNB Rewards VISA, personal loans, home improvement, auto loans, personal line of credit, home equity loan, personal mortgage center, and others. Its business banking includes business checking, business savings, business account services, online cash management, merchant services and mobile applications. The Bank has offices in Clyde, Lyons, Macedon, Newark, Ontario, and Wolcott in Wayne County, Jordan in Onondaga County, Canandaigua, Farmington and Geneva in Ontario County, Penn Yan in Yates County, Waterloo in Seneca County, Fairport in Monroe County, and Auburn in Cayuga County.
LYONS BANCORP INC. 
