Lake Shore Bancorp, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2018
January 30, 2019 at 09:17 am EST
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Lake Shore Savings Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported interest income of $5,671,000 as compared to $4,929,000 for the same period last year. Net interest income was $4,188,000 as compared to $4,188,000 for the same period last year. Net income was $1,000,000 as compared to $580,000 for the same period last year. Basic and diluted earnings per share was $0.17 as compared to $0.09 for the same period last year.
For the year, the company reported interest income of $21,536,000 as compared to $19,408,000 for the same period last year. Net interest income was $17,934,000 as compared to $16,778,000 for the same period last year. Net income was $4,000,000 as compared to $3,378,000 for the same period last year. Basic and diluted earnings per share was $0.66 as compared to $0.55 for the same period last year.
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.
LAKE SHORE BANCORP, INC. 
