Lake Shore Bancorp Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the period, the company reported interest income was $4,353,000 against $4,419,000 a year ago. Net interest income was $3,760,000 against $3,578,000 a year ago. Income before income taxes was $948,000 against $876,000 a year ago. Net income was $834,000 against $796,000 a year ago. Diluted earnings per share were $0.14 per share against $0.14 against a year ago. Return on average assets was 0.71% against $0.66% a year ago. Return on average equity was 4.51% against 4.49% year ago. The increase in net interest income was primarily a result of lower interest expense, offset to a lesser extent by decreased interest income. Interest expense for fourth quarter 2015 was $593,000, down $248,000, or 29.4%, from $841,000 in fourth quarter 2014, reflecting a $25.6 million reduction in average interest bearing liabilities, as well as a 22 basis points decline in the average interest rate paid.

For the year, the company reported interest income was $17,587,000 against $17,879,000 a year ago. Net interest income was $14,430,000 against $14,531,000 a year ago. Income before income taxes was $4,054,000 against $3,725,000 a year ago. Net income was $3,338,000 against $3,158,000 a year ago. Diluted earnings per share were $0.56 per share against $0.55 against a year ago. Return on average assets was 0.70% against $0.65% a year ago. Return on average equity was 4.57% against 4.58% year ago.