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

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.

3 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,060.51 +116.70 0.69%
S&P 500 1,977.44 +9.87 0.50%
NASDAQ 4,439.3910 +23.9010 0.54%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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