The Bank’s asset quality metrics remained superior to industry and peer averages. Non-performing loans as a percent of total loans were 0.86%, at September 30, 2012 down 16 basis points from 1.02% at December 31, 2011. At September 30, 2012, the Bank’s allowance for loan losses as a percent of non-performing loans was 65.57%, up from 48.82% at December 31, 2011.Total assets were $498.7 million at September 30, 2012, an annualized increase of 2.8% from December 31, 2011. Total deposits were $392.6 million at September 30, 2012, an increase of $12.8 million from the end of 2011. More importantly, core deposits were up $20.6 million during that same period reflecting the Bank’s strategic focus of a greater reliance on core deposits as a source of funding. Total stockholders’ equity was $67.1 million at September 30, 2012, an increase of $3.1 million from the end of 2011. The increase in total stockholders’ equity was primarily due to $2.8 million in net income and a $1.0 million increase in unrealized gains on the investment portfolio since December 31, 2011, offset by $698,000 in cash dividends paid.
Lake Shore Bancorp Announces Third Quarter 2012 Financial Results
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