This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Lake Shore Bancorp, Inc. Fourth Quarter 2012 Earnings Increase 47% To $861,000

Stocks in this article: LSBK

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced fourth quarter 2012 net income of $861,000, or $0.15 per diluted share, compared to net income of $587,000, or $0.10 per diluted share, for fourth quarter 2011. The Company’s 2012 net income was $3.6 million, or $0.64 per diluted share, compared to $3.7 million, or $0.65 per diluted share, for 2011.

2012 Highlights:

  • Core deposits grew 12.6% from December 31, 2011
  • Stockholders’ equity increased by 4.8% to $67 million at December 31, 2012
  • Non-performing loans as a percent of total loans declined 13 basis points to 0.89% at December 31, 2012
  • Commercial real estate loans increased by $12.9 million in 2012
  • The Bank purchased a former First Niagara branch location in Snyder, New York

“Our solid fourth quarter and full year results reflect our focus on effective execution within a challenging business environment which is characterized by narrowing margins for a large majority of financial institutions,” said Daniel P. Reininga, Lake Shore President and Chief Executive Officer. “We realized strong fourth quarter growth in our commercial real estate portfolio indicative of our focus on managing interest rate risk by increasing shorter-term and adjustable-rate credits. Our asset quality remains strong reflecting our effective and consistent underwriting process. The increase in our fourth quarter provision for loan losses is, in part, a direct result of the significant growth realized in our commercial real estate portfolio.”

Fourth quarter 2012 net interest income was $3.7 million compared to $3.9 million for the fourth quarter 2011, as a result of a 9% reduction in interest income that was partially offset by a 25% reduction in interest expense. Fourth quarter 2012 interest income was $4.7 million compared to $5.2 million in the prior year quarter, because of reduced average loan balances, as well as reduced yields on loans and the investment securities portfolio. Interest expense for fourth quarter 2012 of $1.0 million declined $334,000 compared to fourth quarter 2011, reflecting lower average rates on deposits and a $13.9 million decrease in the average balance of long-term debt.

1 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!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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