Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced second quarter 2011 net income of $1.0 million, or $0.17 per diluted share, an increase of 52.1% compared to net income of $649,000, or $0.11 per diluted share, for the second quarter of 2010. In addition, net income for the six months ended June 30, 2011 was $1.9 million, or $0.34 per diluted share, an increase of 41.4% from $1.4 million, or $0.24 per diluted share, for the six months ended June 30, 2010.

Highlights – Second Quarter and First Half of 2011
  • Earnings per share of $0.17, an increase of 54.5% compared to $0.11 per share for the second quarter of 2010
  • Net interest income of $3.8 million increased 11.5% compared to the prior year quarter
  • Net interest margin improved by 13 basis points to 3.37%, compared to the linked first quarter of 2011
  • Return on average equity measured 6.74%, an increase of 214 basis points compared to the prior year quarter
  • The Bank’s nonperforming loans to total loans ratio of 0.92% remained significantly below the industry average
  • Total assets of $483.4 million, a 0.9% increase since December 31, 2010
  • Return on average assets of 0.81% for six months ended June 30, 2011, an increase of 18 basis points compared to the six month period ended June 30, 2010

“Our team continued to generate solid results for 2011, with second quarter performance highlighted by significant earnings growth, effective noninterest expense management and solid asset quality metrics,” said Daniel P. Reininga, President and Chief Executive Officer. “Despite an economic environment that continues to present many challenges, we realized our sixth consecutive quarter of increased earnings on a year-over-year basis, growing our bottom line by more than 50% over second quarter 2010.”

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