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.