Business
Lake Shore Bancorp, Inc. Announces 2020 Third Quarter and Year to Date Financial Results and Declares Dividend
DUNKIRK, N.Y., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.23 million, or $0.21 per diluted share, for the third quarter of 2020 compared to net income of $1.21 million, or $0.20 per diluted share, for third quarter of 2019. For the first nine months of 2020, the Company reported unaudited net income of $3.3 million, or $0.56 per diluted share, as compared to $2.9 million, or $0.48 per diluted share, for the first nine months of 2019.\n 2020 Third Quarter and Year to Date Financial Highlights: Net income of $1.2 million in the third quarter of 2020 was static when compared to the third quarter of 2019. Third quarter 2020 was primarily impacted by an increase in non-interest income, nearly offset by an increase in income tax expense and a decrease in net interest income. Net income increased $400,000, or 13.8%, for the nine months ended September 30, 2020 when compared to the same period in 2019, primarily due to an increase in net interest income and a decrease in non-interest expense partially offset by increases in provision for loan losses and income tax expense;Provision for loan losses for the nine months ended September 30, 2020 was $1.1 million, a $400,000 increase as compared to the prior year period, primarily reflecting the economic uncertainty relating to COVID-19. The resulting allowance was 1.13% of the total loan portfolio at September 30, 2020 (excluding the $18.6 million of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans outstanding at September 30, 2020 that are 100% guaranteed by the SBA);Loans, net totaled $491.3 million at September 30, 2020, compared to $470.8 million at December 31, 2019, an increase of $20.5 million, or 4.3%, primarily due to the origination of commercial real estate, commercial construction and PPP loans during the first nine months of 2020;Total assets at September 30, 2020 increased $71.8 million, or 11.8%, to $682.7 million when compared to December 31, 2019 primarily due to an increase in cash and cash equivalents which was driven by deposit growth, as well as an increase in loans and securities available for sale; andTotal deposits grew by $72.1 million, or 14.9%, to $555.5 million at September 30, 2020 when c...