Lake Shore Savings Bank Sees Revenue Increase | News, Sports, Jobs

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Lake Shore Bancorp, Inc., the holding company of Lake Shore Savings Bank, reported unaudited net income of $1.8 million, or $0.30 per diluted share, for the third quarter of 2022, versus net income of $1.7 million, or $0.29 per diluted share, for the third quarter of 2021.

For the first nine months of 2022, the company reported unaudited net income of $4.5 million, or $0.77 per diluted share, compared to $4.4 million, or $0.74 per diluted share , for the first nine months of 2021.

Highlights of the third quarter of 2022 and the year to date include:

¯ Third quarter net earnings increased by $80,000, or 4.7%, compared to third quarter 2021 net earnings, primarily due to a $508,000 increase in net interest income which partially offset by increases in non-interest expense and income tax expense and a decrease in interest income.

¯ Net income for the nine-month period ended September 30 increased by $144,000, or 3.3%, compared to the same period in 2021. This increase is mainly attributable to a $1.3 million increase in dollars of net interest income and a decrease in the provision for loan losses, which were partially offset by increases in non-interest expense and income tax expense and a decrease in non-interest income interest compared to the same period in 2021.

¯ Loans receivable, net, increased 8.5% to $561.2 million at September 30 compared to December 31, 2021, primarily due to net growth of $43.2 million in real estate loans commercial and residential in the nine months ended September 30.

“During the first nine months of 2022, we delivered strong financial results through the expansion of our net interest margin while maintaining our regulatory capital position and improving asset quality.” said Daniel P. Reininga, President and CEO. “While the current economic direction remains uncertain, we remain focused on providing lending and deposit opportunities to meet our customers’ financial needs and promote economic growth in our market areas. This growth is possible thanks to our strong financial and regulatory capital positions, which are reinforced by maintaining our strong underwriting standards and prudent risk tolerances. »



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