Non-interest income for the nine months ended September 30, 2012, was down $169,000, or 10.2%, to $1.5 million from the comparable period in 2011, partially due to a non-cash, pre-tax impairment of $57,000 related to the Bank’s write-down of a single asset-backed security during the second quarter of 2012. The impairment charge was attributable to a significant decline in the market value of a bond that is not expected to be recovered over its term. During the nine month period ended September 30, 2011, the Bank recognized a total gain of $88,000 due to the sale of investments, as well as a recovery on previously impaired investments.Third quarter 2012 non-interest expense increased $96,000, or 3.5%, to $2.9 million compared to the prior year period. This increase reflected higher salary and benefit expenses and increased professional service costs which were partially offset by lower advertising and other expenses.
Lake Shore Bancorp Announces Third Quarter 2012 Financial Results
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