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Lake Shore Bancorp Announces Third Quarter 2012 Financial Results

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.

Non-interest expense was $9.0 million for the nine months ended September 30, 2012, an increase of $372,000, or 4.3%, from the comparable period in 2011. The increase was primarily due to increased salary and benefit expenses reflecting expansion of the Company’s Board of Directors in 2012, salary increases and higher benefit expenses, as well as due to increased legal, consulting and foreclosure costs. These increases were mitigated somewhat by reduced occupancy and advertising expenses, as well as lower FDIC insurance premiums.

The third quarter 2012 provision for loan losses was $220,000 compared with $10,000 in the prior year quarter primarily due to a downgrade in the loan classification for two commercial loans. The $270,000 provision for loan losses for the nine months ended September 30, 2012 was down $25,000, or 8.5%, from the prior year period. This decrease was primarily due to a decrease in loan portfolio balances as well as a decrease in the classified loan balance.

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