Lyons Bancorp Inc. the parent company of The Lyons National Bank, reported net after-tax income of $1.9 million, or $0.62 per common share, for the three months ended June 30, a 5 percent increase from the first quarter of 2017.
For the first six months of 2017, earnings were $3.9 million, the same amount reported for the first six months of 2016.
“We are pleased with our second quarter and year-to-date earnings,” said Robert Schick, chairman and CEO. “Our strong earnings afforded us the opportunity to make an additional $250,000 provision to our loan loss reserve. While the credit quality of our loan portfolios remains strong, the economy is in its ninth year of expansion, so we felt now is the time to be prudent and increase the reserve.”
Total assets were $997 million at June 30, a decline of $10 million from March 30, but an increase of $69 million from June 30, 2016.
“Yearly we experience a seasonal decline in our balance sheet during the second quarter,” schick said. “This is driven by a decline of public deposits as municipalities begin to spend the tax dollars they collected in the first quarter of the year. We expect our total assets will once again exceed the $1 billion mark by yearend as our commercial business, agricultural and retail customers grow their businesses, fix up their current homes or trade-up to a larger home.”