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 Announces Third Quarter 2012 Financial Results

Stocks in this article: LSBK

Net interest income was $11.3 million for the nine months ended September 30, 2012 and 2011. Interest income for the nine months ended September 30, 2012 was $14.9 million compared to $15.6 million for the prior year period. This change was reflective of a 30 basis-point decline in the average interest rate on interest-earning assets which was partially offset by an $11.2 million increase in the average balance of interest-earning assets.

Interest expense for the nine months ended September 30, 2012 was $3.6 million, a decrease of $699,000, or 16.3%, compared to the first nine months of 2011, reflecting a 23 basis-point decline in the average rate paid on interest-bearing liabilities, and a $1.7 million reduction in the average balances of interest-bearing liabilities. The decrease in the average balances of interest-bearing liabilities was due to a $5.6 million reduction in average borrowings offset by a $3.9 million increase in average deposits.

Net interest margin for third quarter 2012 was 3.15%, down 21 basis points from 3.36% for the third quarter 2011. This result reflected both a 68 basis point decrease in the average yield earned on the investment portfolio, and a 13 basis point decline in the average yield earned on the loan portfolio. This decrease was offset by a 25 basis-point decline in the average rate paid on interest bearing liabilities. Net interest margin for the nine months ended September 30, 2012 was 3.26%, a decrease of seven basis points from the comparable period in 2011. The decrease in the net interest margins for the three and nine months ended September 30, 2012 as compared to the same periods in 2011 is due to the continuing low interest rate environment.

Third quarter 2012 non-interest income of $506,000 was down $22,000, or 4.2%, from third quarter 2011. The reduced non-interest income was primarily a result of decreased service charges and fees related to the 2010 implementation of federal regulations requiring all banks to expand disclosures which enable customers to “opt out” of overdraft fees.

2 of 6

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 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

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