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It's All About People

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It's All About People IT’S ALL ABOUT PEOPLE. Lyons Bancorp, Inc. 2019 ANNUAL REPORT Mission Profile The Lyons National Bank is an independent, hometown, community Lyons Bancorp, Inc. is a financial holding company headquartered bank with an expanding geographic market. Our mission is to in Lyons, New York, with assets of $1.16 billion as of December 31, safely and profitably serve all of our customers and communities 2019. Lyons Bancorp, Inc. has one banking subsidiary, The Lyons with the most professional service available. We will accomplish National Bank. The Lyons National Bank is a community bank with this by making a commitment to our most valuable assets— offices in Clyde, Lyons, Macedon, Newark, Ontario, and Wolcott our employees—to treat them with integrity, compensate them in Wayne County, Jordan in Onondaga County, Canandaigua, appropriately and provide them with the necessary systems, Farmington (coming 2020) and Geneva in Ontario County, technology, and appropriate training to enable them to become Penn Yan in Yates County, Waterloo in Seneca County, Fairport well-respected professionals. Our employees, in turn, will provide in Monroe County, and Auburn in Cayuga County. The Lyons our growing customer base with superior service and respect and National Bank has one subsidiary, Lyons Realty Associates Corp. will be leaders in promoting the quality of life in the communities we serve. Our Culture—WOW! WOW! is having a positive attitude and personal conviction to Vision provide customers and fellow employees with a level of service that The vision of The Lyons National Bank is to be the employer and exceeds their expectations during each and every encounter. financial institution of choice and to foster an environment of opportunity, growth, and prosperity for our employees, customers, shareholders, and local communities. IT HAS ALWAYS BEEN AND IT WILL ALWAYS BE ALL ABOUT PEOPLE. For more than 165 years, The Lyons National Bank has relied on a single belief to guide our decisions and help shape the organization that we are today—a hometown bank recognized for our exceptional service, our unparalleled commitment to volunteerism, and our ability to not only support the communities in which we reside but to transform them. It’s all about people. This philosophy may sound overly simple— especially in an industry as complex as banking—but the truth is that when you put people first, all else will undoubtedly follow. SUPPORTING LOCAL COMMUNITIES IN MORE WAYS THAN ONE 229 365 436 13,129 LNB Employees on Causes Supported Local Organizations LNB Staff December 31, 2019 Through Volunteerism Sponsored Volunteer Hours MESSAGE TO OUR SHAREHOLDERS We are writing this report—rewriting is more be the case, as they come from two leaders who, approximately $82 million, 7% more than we accurate—in early April 2020. Normally, we begin along with others, have worked closely together to reported at year-end 2018. $52 million of our assembling information to be incorporated into guide this Bank over the past 15 years. asset growth came in the form of loans, which are the annual report in late February after we receive our highest yielding assets. This represents a 6% Before we talk about the health, safety, and acknowledgment from our external accountants year-over-year increase. Our deposits exceeded $1 financial challenges that COVID-19 is presenting that our financial statements are in proper order. billion (actually $1.03 billion at year-end 2019), an and describe the strategies we have initiated to We followed that process again this year. However, increase of 9%. After rewarding our shareholders deal with it, we do need to recap 2019—our most in the course of a single month, the world was with $4 million in dividends, the remaining $7 financially successful year in the Bank’s history. We turned upside down by the coronavirus pandemic. million of our 2019 earnings served to bolster our are proud to report that for 2019, Lyons Bancorp, Consequently, our focus changed from savoring already strong capital account. We continue to Inc., generated earnings of slightly more than our past successes and establishing plans to build exceed all of the mandated regulatory capital ratios. $11 million or $3.33 per diluted common share, on our accomplishments to pausing, assessing, Moreover, our Return on Average Equity (ROAE) of a 10% increase over our 2018 reported earnings. and battening down the hatches to protect what we 12.99% is tops among a select group of similarly- Furthermore, because of our financial success, our have built. Our attention is now on how we prepare sized upstate New York community banks. Board deemed it prudent to increase our common for the financial challenges currently engulfing our stock dividend—this is the 22nd consecutive year Our loan quality remained very strong in 2019. Total country and the world. Obviously, this necessitated that the Board has taken this action. Our annual charged-off loans were $821,000 or one-tenth a change in our message to you. I used the terms cash dividend is now $1.24 per common share. of one percent of our $863 million loan portfolio. “we” and “our” as this report is a collaborative As we write, our $35.50 stock price means that Despite the high quality of our loan portfolio, we effort by our President Tom Kime and me. As we our annualized dividend yield is 3.49%, a healthy increased our Allowance for Loan & Lease Losses began preparing our joint message, we quickly premium to the yield on the 10-year U.S. Treasury by $1.5 million, bringing the total Reserve to $11.6 realized it would not be a very hard exercise to Note of only 0.76%. million. In retrospect, this was a wise move. For complete. While we each have individual writing comparison purposes, our ratio of the Allowance styles and pet phrases that we use to get our Focused growth was again the key driver of for Loan & Lease Losses to the total outstanding messages across, our basic themes are grounded our increased earnings. At December 31, 2019, loan of 1.34% ranks in the upper 75th percentile in similar banking beliefs. You would expect that to Bank assets totaled $1.16 billion, an increase of among the above-mentioned group of banks. Thomas L. Kime, President, Robert A. Schick, Chairman of the Board & CEO 2 LYBC 2019 Annual Report NET INCOME (Year Ending, Millions) Over the past three decades, the margins of many $6.00 $6.50 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 U.S. businesses have been under pressure. Banking 2019 $11.005 is no exception. The industry’s net interest margin continued to decline in 2019. The net interest margin 2018 $9.992 is the difference between the interest income we earn on our loans and investments and the interest 2017 $8.009 expense we pay on our deposits and borrowings. 2016 $7.596 Last year our percentage net interest margin fell six basis points to 3.42% from 3.48%. Recognizing 2015 $7.366 this industry trend, we emphasized growing fee income for the past several years. Our Financial Services Department has expanded and increased TOTAL ASSETS (Millions) investment assets under management, growing our portfolio advisory fee business. We have become $800 $825 $850 $875 $900 $925 $950 $975 $1,000 $1,025 $1,050 $1,075 $1,100 $1,125 $1,150 market leaders in the origination of residential 2019 $1,164 mortgages, thereby earning reoccurring monthly fee income on the mortgages we originate and 2018 $1,082 selling into the secondary market but continuing $1,032 to provide servicing to our customers. Our base of 2017 customers with debit and credit cards continues to 2016 $956 hit new highs, and we earn interchange fee income every time one of our cards is used. Last year, we 2015 $868 had a one-time settlement of Bank-Owned Life Insurance. While our net interest margin declined, the growth in our fee income helped to increase read the report of our Chief Financial Officer, Chad Vice President and Chief Risk Officer. Phil was not our Return on Average Assets (ROAA). ROAA, Proper, on subsequent pages. only a very knowledgeable and experienced banker, a measurement of the quality of our earnings, he was also a great team player, the kind of person In late 2019, we received regulatory approval for increased three basis points to 0.98% from 0.95%. everyone wants in his or her huddle when the game our sixteenth location, to be located in the Town is on the line. He was very good at assessing risk Suffice to say, 2019 was a very good year financially of Farmington in Ontario County. Farmington is and responding decisively to mitigate it. And he for the Bank. For a more in-depth review of our one of the fastest growing towns in the state. Like easily befriended all those around him. Phil was 2019 balance sheet and income statement, please our other more recent branch expansions, Tom only 47 years old when he left us. The hole in our spearheaded this endeavor, and while all of our hearts will not heal for a long time. branch projects have been remarkable, in many ways, Farmington is truly unique. We are building As we mentioned at the beginning of this message, on the site of the historic Hathaway Farms. The the coronavirus pandemic changed the world existing farmhouse, which is the second-oldest almost instantaneously. When the severity of the house in Ontario County, will be refurbished and situation became apparent, past plans were set will showcase period artifacts throughout.
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