Lake Shore Bancorp Inc (LSBK) has reported a 38.75 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.76 million, or $0.13 a share in the quarter, compared with $1.24 million, or $0.21 a share for the same period last year.
Revenue during the quarter dropped 8.36 percent to $4.36 million from $4.76 million in the previous year period. Net interest income for the quarter rose 1.78 percent over the prior year period to $3.83 million. Non-interest income for the quarter fell 35.99 percent over the last year period to $0.66 million.
Lake Shore Bancorp Inc has made provision of $0.12 million for loan losses during the quarter, up 316.67 percent from $0.03 million in the same period last year.
Net interest margin improved 7 basis points to 3.46 percent in the quarter from 3.39 percent in the last year period.
“Our 125th anniversary celebration during 2016 continues to provide an ideal opportunity to promote and showcase our products and services to a growing audience of prospective customers, many of whom have been affected in some way by the current disruption in the marketplace, which has positively impacted our financial results” said Daniel P. Reininga, president and chief executive officer. “As consumers become increasingly proactive in seeking out options for their financial needs, Lake Shore remains committed to providing individualized solutions locally, via traditional in-branch services, as well as expanded technological capabilities through robust online and mobile banking platforms, including mobile check deposit functionality. Our strategic focus on commercial customers and resulting commitments to finance local businesses in Erie and Chautauqua counties has contributed to the evolving landscape of economic growth and opportunity throughout our market area. We remain one-hundred percent dedicated to Western New York, as we strive to expand the Lake Shore brand throughout the communities we serve, providing increased opportunities for driving growth and adding value to the Company.”
Assets, liabilities remain almost stable
Total assets stood at $478.43 million as on Sep. 30, 2016, up 1.30 percent compared with $472.30 million on Sep. 30, 2015. On the other hand, total liabilities stood at $393.42 million as on Sep. 30, 2016, down 1.39 percent from $398.95 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $320.42 million as on Sep. 30, 2016, up 8.76 percent compared with $294.62 million on Sep. 30, 2015. Deposits stood at $374.47 million as on Sep. 30, 2016, up 0.70 percent compared with $371.87 million on Sep. 30, 2015.
Investments stood at $91.05 million as on Sep. 30, 2016, down 22.05 percent or $25.76 million from year-ago. Shareholders equity stood at $77.33 million as on Sep. 30, 2016, up 5.43 percent or $3.98 million from year-ago.
Return on assets moved down 41 basis points to 0.63 percent in the quarter from 1.04 percent in the last year period. At the same time, return on equity decreased 290 basis points to 3.90 percent in the quarter from 6.80 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.37 percent in the quarter.
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