Is casual bike riding considered good/sufficient exercise?

I'm not fat, but I have gained a little weight in the past year or so (I'm 5'5" 130lbs, but I was usually in the 120-25lb range). I hate exercising but I don't mind riding my bike around the neighborhood every once in a while. If I rode my bike for, lets say, 3 or 4 times a week for an hour each time, would that be sufficient exercise that could help me lose some weight?

Obviously diet is a factor but for now I'm just asking about the exercise. I'm only looking to lose about 5lbs for now, so I don't need anything really strenuous. Any other simple exercise tips would be greatly appreciated!
 
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