Lyons Bancorp Inc., the holding company for Lyons National Bank, reported its net after-tax income was $7.6 million for 2016, a 2.7 percent increase over the $7.4 million earned in 2015.
On a per share basis, earnings were $2.38 fully diluted versus $2.34 last year. The company had approximately 3 million average shares of common stock outstanding in 2016.
“We are obviously pleased with our 2016 financial results as it was our 20th consecutive year we reported record earnings,” said Robert Schick, chairman and CEO. “Driving our earnings performance was the increase in our customer base. While we did not open a new branch last year, we did welcome 2,500 new customer relationships into our banking family. Together with our existing customers, these new individuals, businesses and municipalities helped us grow our assets to $956 million, a 10 percent increase; loans increased by 12 percent to $679 million; and our deposits increased by 10 percent to $868 million. To support our growth, we completed a $5 million convertible preferred stock offering at yearend.”