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Lake Shore Bancorp Announces Third Quarter 2012 Financial Results

The Company also indicated that its Board of Directors has authorized management to resume purchasing shares of common stock in the open market pursuant to its stock repurchase plan that was adopted and announced during November 2010. The timing of the stock repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital.

About Lake Shore

Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the parent company of Lake Shore Savings Bank, a community-oriented financial institution operating ten full-service branch locations in Western New York. The Company had total assets of $498.7 million and total deposits of $392.6 million as of September 30, 2012. Headquartered in Dunkirk, New York, Lake Shore has full-service branch locations in Dunkirk, Fredonia, Jamestown, Lakewood, Westfield, Orchard Park, East Amherst, Kenmore, Depew and Hamburg, offering a broad array of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to forecast. Therefore, actual results may differ materially from those expressed or forecast in such forward-looking statements. The Company and Bank undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or otherwise.

 

Lake Shore Bancorp, Inc.

Selected Financial Information

 

SELECTED FINANCIAL CONDITION DATA

        September 30,

2012

    December 31,

2011

   
(Unaudited)
(Dollars In Thousands)
 
Total assets $498,733 $488,597
Cash and cash equivalents 39,006 23,704
Securities available for sale 168,890 164,165
Loans receivable, net 265,056 275,068
Deposits 392,626 379,798
Short-term borrowings 14,150 6,910
Long-term debt 15,150 27,230
Stockholders’ equity 67,056 63,947
 
Statements of Income
          Three Months Ended       Nine Months Ended
September 30, September 30,
2012     2011 2012     2011
(Unaudited)
(Dollars in thousands, except per share amounts)
 
Interest Income $4,815 $5,212 $14,908 $15,563
Interest Expense 1,143 1,384 3,601 4,300
Net Interest Income 3,672 3,828 11,307 11,263
Provision for Loan Loss 220 10 270 295
Net Interest Income after Provision for Loan Loss 3,452 3,818 11,037 10,968
Total non-interest income 506 528 1,484 1,653
Total non-interest expense 2,874 2,778 8,985 8,613
Income before income taxes 1,084 1,568 3,536 4,008
Income tax expense 221 412 771 915
Net Income $ 863 $ 1,156 $ 2,765 $ 3,093
Basic and Diluted Earnings per Share $0.15 $0.20 $0.48 $0.54
Dividends declared per share $0.07 $0.07 $0.21 $0.21
 
 

Lake Shore Bancorp, Inc.

Selected Financial Information

 

SELECTED FINANCIAL RATIOS:

        Three Months Ended
September 30,
2012     2011
(Unaudited)
 
Return on average assets 0.69%     0.95%
Return on average equity 5.16% 7.57%

Average interest-earning assets to average interest-bearing

  liabilities

120.36% 117.86%
Interest rate spread 2.95% 3.14%
Net interest margin 3.15% 3.36%
 
 

SELECTED FINANCIAL RATIOS:

 
        Nine Months Ended
September 30,
2012     2011
(Unaudited)
 
Return on average assets 0.75%     0.85%
Return on average equity 5.60% 7.04%

Average interest-earning assets to average interest-bearing

  liabilities

119.36% 115.96%
Interest rate spread 3.06% 3.13%
Net interest margin 3.26% 3.33%
 
 
        September 30,     December 31,
2012     2011
(Unaudited)
 
Asset Quality Ratios:
Non-performing loans as a percent of total net loans 0.86% 1.02%
 
Non-performing assets as a percent of total assets 0.61% 0.64%
 
Allowance for loan losses as a percent of total net loans 0.57% 0.50%
 
Allowance for loan losses as a percent of non-performing loans 65.57% 48.82%
 




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