This Day On The Street
Continue to site right-arrow
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, Inc. Announces Increased Earnings For Third Quarter And Nine Months Ended September 30, 2011

Stocks in this article: LSBK

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced third quarter 2011 net income of $1.2 million, or $0.20 per diluted share, an increase of 48.6% compared to net income of $778,000, or $0.13 per diluted share, for the third quarter of 2010. In addition, net income for the nine months ended September 30, 2011 was $3.1 million, or $0.54 per diluted share, an increase of 44.0% from $2.1 million, or $0.37 per diluted share, for the nine months ended September 30, 2010.

Highlights – Third Quarter of 2011

  • Earnings per share of $0.20, an increase of 53.8% compared to $0.13 per share for the third quarter of 2010;
  • Net interest income of $3.8 million increased 14.5% compared to the prior year quarter;
  • Net interest margin improved by 30 basis points compared to the prior year quarter;
  • Return on average equity was 7.57%, an increase of 224 basis points compared to the prior year quarter;
  • The Bank’s nonperforming loans to total loans ratio of 0.89% remains significantly below industry averages;
  • Total assets of $493.8 million, a 3.1% increase since December 31, 2010; and
  • Return on average assets of 0.95%, an increase of 28 basis points compared to third quarter 2010.

“The earnings momentum that started at the beginning of 2010 continued as we booked our seventh consecutive quarter of double-digit growth in earnings during the third quarter of 2011,” said Daniel P. Reininga, President and Chief Executive Officer. “Our effective noninterest expense management and continued strong asset quality enabled Lake Shore to realize positive earnings improvement, as well as substantive growth of shareholders’ equity during the third quarter. We remain focused on managing our business to build value in our franchise.”

1 of 5

Select the service that is right for you!

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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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