Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), today announced net income of $895,000, or $0.16 per diluted share, for fourth quarter 2010, an increase of 11.9% compared to net income of $800,000, or $0.14 per diluted share, for the prior year quarter. The Company had net income of $3.04 million, or $0.53 per diluted share for 2010, an increase of 40.8% compared to net income of $2.16 million, or $0.37 per diluted share, for 2009.
Performance highlights for the fourth quarter and year ended December 31, 2010:
- Net interest income of $3.5 million for the fourth quarter 2010, an increase of 8.1% compared to the prior year quarter;
- 2010 net interest income of $13.6 million, an increase of 15.7% compared to 2009;
- Total assets of $479 million at December 31, 2010, an increase of 12.5% compared to December 31, 2009;
- Total deposits grew by $57.4 million to $375.8 million at December 31, 2010, an 18.0% increase compared to December 31, 2009;
- The net interest margin for the quarter ended December 31, 2010 improved by 5 basis points compared to the quarter ended September 30, 2010, and decreased 12 basis points compared to the fourth quarter 2009;
- Asset quality remained strong with non-performing loans to total net loans ratio of 0.89% at December 31, 2010.
“Despite a very challenging business environment for financial institutions of all sizes, we have continued to post excellent results reflecting our commitment to our customers, communities and our common sense banking business model,” said Daniel P. Reininga, President and Chief Executive Officer. “Our 2010 results, characterized by double-digit net income and earnings asset growth, provide a solid foundation to build upon in 2011 and beyond.”