GENEVA — Lyons Bancorp Inc., the parent company of Lyons National Bank, reported its second-quarter earnings as $0.92 per common share, compared to $0.77 reported for the same period last year.
Substantial balance sheet growth was the main driver behind the increase in earnings.
Assets as of June 30 totaled $1.58 billion, as compared to $1.32 billion at the end of June 2020. Deposits on June 30 were $1.44 billion, as compared to $1.24 billion on June 30, 2020. Prolonged government stimulus programs and continued market share growth helped propel LNB’s balance sheet growth.
For the first six months of 2021, LNB has earned $1.74 per common share as compared to $1.48 per common share for the same period last year. Both numbers are reported on a fully diluted basis.
Many of LNB’s industry performance ratios improved in the second quarter. Its return on average equity, which measures how effectively the bank uses its capital, increased to 12.83% from 11.4% in the first quarter of this year; its return on average assets, which assesses the profitability of its assets, increased to 0.78% from 0.74%; and its net interest margin, which is the difference between the interest it earns on its assets and the interest it pays on its deposits, increased to 2.98% from 2.93%.
LNB’s asset quality continues to be strong. In the second quarter, it realized a net recovery of previously charged-off loans. No new loans were added to its short list of non-performing loans, which total less than one half of 1% of all loans.