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Lake Shore Bancorp Announces Third Quarter 2012 Financial Results

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.

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