Lake Shore Bancorp Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 08:38 pm
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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.
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.