This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lake Shore Bancorp Earnings Up 78% In First Quarter 2010

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced first quarter 2010 net income of $0.72 million, or $0.12 per diluted share, a 78% increase, compared to net income of $0.41 million, or $0.07 per diluted share, for the first quarter of 2009.

Highlights – First Quarter 2010

  • Net interest income increased by 21.8% compared to first quarter 2009.
  • Net interest margin increased 45 basis points compared to the prior year quarter.
  • Average deposits grew by $26 million, or 9.7%, compared to first quarter 2009.
  • The Bank’s asset quality remained strong with nonperforming to total loans at 0.84%.
  • The Bank developed a new full-service branch in Depew, NY, its fifth Erie County location, which opened for business in April.

“Our first quarter provided a solid start to 2010 with significant earnings growth, improvement in our net interest margin, and the continuation of our strong asset quality standards,” said David C. Mancuso, President and Chief Executive Officer. “We also realized significant deposit growth compared to both the first and fourth quarters of 2009, demonstrating our competitive strength within our market area. We opened our fifth Erie County branch location in Depew, New York during April, reflecting our solid capital position and continued earnings strength.”

First quarter 2010 revenue was $3.9 million, an increase of $0.61 million, or 18.3%, over the prior year quarter, and was primarily a result of net interest income growth in the 2010 period. Net interest income grew to $3.4 million during the first quarter of 2010, an increase of 21.8% from the first quarter 2009, driven by a $0.53 million decrease in total interest expense.

Net interest margin for first quarter 2010 was 3.42% compared to 2.97% for the prior year quarter. Lower market interest rates and disciplined deposit pricing resulted in a 77-basis point reduction in the total cost of funds, compared to the first quarter of 2009. As compared to the fourth quarter 2009, the Company’s net interest margin improved 19 basis points, reflective of a 29-basis point reduction in cost of funds, partially offset by a 4-basis point decline in earning asset yields.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs