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Lake Shore Bancorp, Inc. Reports Second Quarter 2019 and Year to Date Earnings and Declares Dividend



DUNKIRK, N.Y.— July 24,  2019—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 second quarter of 2019 and the six months ended June 30, 2019



2019 Second Quarter and Year to Date Highlights:



·

Net interest income increased $276,000, or 6.3%, for the second quarter 2019 when compared to the second quarter 2018 primarily due to a $36.6 million, or 22.7%, increase in average commercial real estate loans during the three months ended June 30, 2019 as compared to the three months ended June 30, 2018;

·

Net interest income increased $482,000, or 5.5%, for the six months ended June 30, 2019 when compared to the six months ended June 30, 2018 primarily due to a $27.5 million, or 17.3%, increase in average commercial real estate loans during the six months ended June 30, 2019 as compared to the six months ended June 30, 2018;

·

Total assets at June 30, 2019 increased $32.3 million, or 5.9%, to $578.1 million when compared to December 31, 2018;

·

Loans receivable, net increased $47.7 million, or 12.2%, to $440.2 million at June 30, 2019 from $392.5 million at December 31, 2018 primarily due to commercial real estate and construction loan growth of $47.5 million, or 27.5%, during the six months ended June 30, 2019;

·

Total deposits grew by $25.0 million, or 5.8%, to $457.5 million at June 30, 2019 when compared to December 31, 2018; and

·

Dividends paid per share increased 20.0% to $0.24 per share for the six months ended June 30, 2019 as compared to $0.20 per share for the six months ended June 30, 2018.  



Net income for second quarter 2019 was $805,000, or $0.13 per diluted share, as compared to second quarter 2018 net income of $1.0 million, or $0.16 per diluted share. Second quarter 2019 net income reflected a $235,000 increase in provision for loan losses resulting from growth in the loan portfolio, a $165,000 increase in non-interest expense and a $111,000 decrease in non-interest income which was partially offset by a $276,000 increase in net interest income and a $34,000 decrease in income tax expense when compared to the second quarter of 2018. 



Net income for the six months ended June 30, 2019 was $1.7 million, or $0.28 per diluted share, as compared to $1.9 million, or $0.32 per diluted share, for the six months ended June 30, 2018. Net income for the six months ended June 30, 2019 reflected a $410,000 increase in non-interest expense, a $235,000 increase in provision for loan losses resulting from loan growth, and a $112,000 decrease in non-interest income which was partially offset by a $482,000 increase in net interest income and a $36,000 decrease in income tax expense when compared to the six months ended June 30, 2018. 


The following information was filed by Lake Shore Bancorp, Inc. (LSBK) on Wednesday, July 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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