Lake Shore Bancorp Fourth Quarter 2010 Net Income Increased 12% Compared To The Prior Year
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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV