Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced net income of $800,000, or $0.14 per diluted share, for the second quarter of 2013 compared with net income of $895,000, or $0.16 per diluted share, for the prior year second quarter. The Company earned $1.7 million, or $0.30 per diluted share, for the six months ended June 30, 2013, compared to net income of $1.9 million, or $0.33 per diluted share for the same period in 2012.
2013 Second Quarter and Year-to-Date Highlights:
- The Bank’s net interest margin of 3.32% for the six months ended June 30, 2013 was up one basis point from the same period in 2012;
- Core (non-time) deposits grew an annualized 12.7% from December 31, 2012;
- Commercial real estate loans grew an annualized 2.2% from December 31, 2012; and
- The Bank’s asset quality metrics remained strong and significantly better than broad industry or peer averages.
“Our team once again delivered a solid operating performance in a challenging economic environment which continues to improve slowly,” said Daniel P. Reininga, President and Chief Executive Officer. “Our results reflect Lake Shore’s fundamental approach to banking; with sound policies and procedures in place, effective risk management, a very strong capital position and operating with a long-term perspective. Our ongoing commitment to effective underwriting standards continues to provide asset quality metrics which are solidly better than the average for our peers, and have been throughout the economic downturn. During the second half of 2013, we’ll remain focused on maintaining an efficient operating profile, driving growth in our commercial loan portfolio and identifying and managing institutional risk. In short, we’re committed to a strategy of prudent growth that builds long-term value for our investors.”