Lake Shore Bancorp, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 31, 2014 at 02:43 am IST
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Lake Shore Bancorp Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. The company announced fourth quarter 2013 net income of $1.1 million or $0.18 per diluted share compared with net income of $861,000 or $0.15 per diluted share for fourth quarter 2012. The company reported record earnings of $3.7 million or $0.65 per diluted share for 2013 compared to net income of $3.6 million or $0.63 per diluted share for 2012. Fourth quarter 2013 net interest income of $3.8 million, increased $105,000, or 2.8%, compared with fourth quarter 2012, a reflection of a $141,000 reduction to interest expense that was partially offset by a $36,000 reduction in interest income. Income before income taxes was $1.407 million against $1.074 million a year ago. Return on average assets was 0.87% against 0.71% a year ago. Return on average equity was 6.36% against 5.09% a year ago.
Net interest income for 2013 was $15.1 million compared to 2012 net interest income of $15.0 million, reflecting both decreased interest income and interest expense of approximately $1.0 million each. Income before income taxes was $4.711 million against $4.610 million a year ago. Net income was $3.743 million or $0.65 diluted per share against $3.626 million or $0.63 diluted per share a year ago. Return on average assets was 0.77% against 0.74% a year ago. Return on average equity was 5.64% against 5.47% a year ago.
Lake Shore Bancorp, Inc. is the mid-tier holding company of Lake Shore Savings Bank (the Bank), a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has 11 full-service branch locations in Western New York, including five in Chautauqua County and six in Erie County. The Bank offers a range of retail and commercial lending and deposit services. The Bankâs principal business consists of attracting retail deposits from the general public in the areas surrounding its branch offices and investing those deposits, together with funds generated from operations, primarily in commercial real estate loans, one-to four-family residential mortgage loans, home equity lines of credit and, to a lesser extent, commercial business loans, consumer loans, and investment securities. Its primary sources of funds for lending and investments are deposits, borrowings, brokered deposits, receipts of principal and interest payments on loans and securities.