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.
Lake Shore Bancorp Announces Third Quarter 2012 Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.