Lyons Bancorp reports 18 percent earning increase

LYONS - Lyons Bancorp, Inc., the holding company for the Lyons National Bank, reported that net after- tax income was $3.08 million for 2008, an increase of 18 percent over the $2.62 million earned in 2007. The increase in earnings was aided by a one-time settlement of bank-owned life insurance. Without the settlement, earnings increased 8 percent. On a per-share basis, earnings were $3.62 fully diluted versus $3.06 last year. The company had approximately 850,000 average shares of common stock outstanding in 2008.

Assets grew by 7 percent in 2008. Total assets on Dec. 31, 2008 were $411 million, as compared to $384 million on Dec. 31, 2007. Loans totaled $245 million on Dec. 31, 2008 and deposits totaled $357 million, as compared to $218 million for loans and $343 million for deposits on Dec. 31, 2007. The banks allowance for loan losses as a percentage of total loans was 1.41 percent versus 1.77 percent in 2007. The percentage of net loans charged off to total loans was 0.35 percent, higher than the 0.14 percent charged off in 2007, but the ratio of non-performing loans to period-ending loans declined to 1.09 percent on Dec. 31, 2008 from 1.54 percent last year.

Shareholders equity grew to $26.5 million on Dec. 31, 2008, as compared to $24.6 million on Dec. 31, 2007. The return on average shareholders equity grew to 11.93 percent from 11.42 percent reported last year.

On a linked quarter basis, earnings increased 5 percent to $772,000 for the fourth quarter of 2008 versus $735,000 for the third quarter. On a per-share basis, earnings were $.91 fully diluted versus $.87 last quarter.

The Lyons National Bank is a community bank with Wayne County offices in Lyons, Clyde, Macedon, Newark, Ontario and Wolcott.

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