Business
Lake Shore Bancorp, Inc. Announces Full Year 2019 and Fourth Quarter Financial Results
DUNKIRK, N.Y., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced unaudited results for the three months and year ended December 31, 2019. \n 2019 Fourth Quarter and Full Year Highlights: Net income increased $172,000, or 17.2%, for the fourth quarter 2019 when compared to the fourth quarter 2018 primarily due to a $236,000 increase in net interest income.Net interest income increased $236,000, or 5.1%, for the fourth quarter 2019 when compared to the fourth quarter 2018 primarily due to a $66.3 million, or 38.4%, increase in average commercial real estate and commercial construction loans during the three months ended December 31, 2019 as compared to the three months ended December 31, 2018;Net interest income increased $1.1 million, or 6.3%, for the year ended December 31, 2019 when compared to the year ended December 31, 2018 primarily due to a $45.5 million, or 27.6%, increase in average commercial real estate and commercial construction loans during the year ended December 31, 2019 as compared to the year ended December 31, 2018;Total assets at December 31, 2019 increased $65.2 million, or 11.9%, to $610.9 million when compared to December 31, 2018;Loans receivable, net increased $78.3 million, or 20.0%, to $470.8 million at December 31, 2019 from $392.5 million at December 31, 2018 primarily due to commercial real estate and commercial construction loan growth of $70.8 million, or 41.0%, during the year ended December 31, 2019;Non-performing loans as a percent of total net loans decreased to 0.75% at December 31, 2019 as compared to 0.82% at December 31, 2018;Total deposits grew by $51.0 million, or 11.8%, to $483.5 million at December 31, 2019 when compared to December 31, 2018; andDividends paid per share increased 20.0% to $0.48 per share for the year ended December 31, 2019 as compared to $0.40 per share for the year ended December 31, 2018. Net income for fourth quarter 2019 was $1.2 million, or $0.20 per diluted share, as compared to fourth quarter 2018 net income of $1.0 million, or $0.17 per diluted share. Fourth quarter 2019 net income reflected a $236,000 increase in net interest income, a $90,000 increase in non-interest income and a $5,000 decrease in non-interest expense which was parti...