Business
Lake Shore Bancorp, Inc. Announces Full Year 2020 and Fourth Quarter Financial Results
DUNKIRK, N.Y., Jan. 29, 2021 (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., Jan. 29, 2021 (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 $1.24 million, or $0.21 per diluted share, for the fourth quarter of 2020 compared to net income of $1.17 million, or $0.20 per diluted share, for the fourth quarter of 2019. For the year ended December 31, 2020, the Company reported unaudited net income of $4.6 million, or $0.77 per diluted share, as compared to $4.1 million, or $0.68 per diluted share, for the year ended December 31, 2019. 2020 Full Year and Fourth Quarter Financial Highlights: Net income of $1.24 million in the fourth quarter of 2020 increased $71,000, or 6.1%, when compared to the fourth quarter of 2019. The increase in fourth quarter 2020 net income was primarily impacted by increases in non-interest income and net interest income, which was partially offset by increases in provision for loan losses, non-interest expense and income tax expense. Net income increased $471,000, or 11.5%, for the year ended December 31, 2020 when compared to the year ended December 31, 2019, primarily due to increases in net interest income and non-interest income partially offset by increases in provision for loan losses and income tax expense;Provision for loan losses for the year ended December 31, 2020 was $1.6 million, a $725,000 increase as compared to the prior year, primarily reflecting the economic uncertainty relating to COVID-19. The resulting allowance was 1.16% of the total loan portfolio at December 31, 2020 (excluding $18.1 million of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans outstanding at December 31, 2020 that are 100% guaranteed by the SBA);Loans, net totaled $524.1 million at December 31, 2020, compared to $470.8 million at December 31, 2019, an increase of $53.3 million, or 11.3%, primarily due to the origination of commercial real estate and PPP loans during the year ended December 31, 2020;Total assets at December 31, 2020 increased $75.3 million, or 12.3%, to $686.2 million when compared to December 31, 2019 primarily due to an increase in loans as well as an increase in cash and cash equivalents and securities available for sale; andTotal deposits grew by $76.8 million, or 15.9%, to $560.3 million at December 31, 2020 ...