Lyons Bancorp, Inc. Announces Earnings Results for the Nine Months Ended September 30, 2016
November 07, 2016
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Lyons Bancorp, Inc. announced earnings results for the nine months ended September 30, 2016. The company reported net income available to shareholders of $6.1 million or $1.91 per diluted share for the nine months ended September 30, 2016, an increase of 9% from the same time last year. Earnings for the quarter ended September 30, 2016, were $2.1 million, essentially unchanged from the second quarter 2016. Net interest income for the nine months ended September 30, 2016, totaled $20.7 million, up 8% compared to the same time last year, while the Company's tax equivalent net interest margin decreased nine basis points to 3.28%. Noninterest income increased 8% compared to the first nine months of 2015, due primarily to increased cardholder fee income. Noninterest expense for the nine months ended September 30, 2016, increased 13% compared to the same time last year, due primarily to higher salary and benefit expenses as well as higher occupancy expenses relating to the opening of the Perinton office and Operations Center in Geneva.
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.