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

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.

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