This Day On The Street
Continue to site
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

Lake Shore Bancorp Announces Second Quarter 2012 Net Income Of $895,000

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced second quarter 2012 net income of $895,000, or $0.16 per diluted share, compared to net income of $987,000, or $0.17 per diluted share, for the second quarter of 2011. The Company had net income of $1.902 million, or $0.33 per diluted share, for the six months ended June 30, 2012 and $1.937 million, or $0.34 per diluted share, for the six months ended June 30, 2011.

2012 Second Quarter and Year-to-Date Highlights:
  • Deposits grew by $5 million, an annualized increase of 2.6% from December 31, 2011
  • Non-interest bearing deposits grew an annualized 24.8% from December 31, 2011
  • Commercial real estate loans grew an annualized 14.1% from December 31, 2011
  • Stockholders’ equity increased $1.8 million, an annualized increase of 5.5% from December 31, 2011
  • Strong and improved asset quality metrics

“Our solid second quarter earnings performance reflects our ongoing strategy of effectively managing our net interest margin and interest rate risk in this challenging low rate environment for financial institutions,” said Daniel P. Reininga, President and Chief Executive Officer. “Looking forward, we remain committed to meaningful growth in our commercial lending portfolio and to improving the efficiency of our delivery model.”

Net interest income was $3.8 million, for the second quarter of 2012 and 2011. Interest income was $5.0 million in the second quarter of 2012 compared to $5.2 million in second quarter 2011. The decrease in interest income for the current quarter was due to a $2.0 million decrease in average loan balances in comparison to the prior year quarter, and lower yields on investment securities. Interest expense for second quarter 2012 decreased by $220,000, or 15.6%, compared to the prior year quarter, as a result of a 22 basis-point decline in the rate paid by the Bank on deposits and borrowings, and a $1.6 million decline in the average balance of interest bearing liabilities. The reduction in interest bearing liabilities resulted from a $5.9 million reduction in average borrowings offset by a $4.3 million increase in average deposits.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs