Lake Shore notes asset milestone in 2017
OBSERVER Staff Report
It was a milestone year for Lake Shore Savings in 2017. In its recently announced fourth quarter and full year results, the Dunkirk-based bank exceeded $500 million in assets for the first time in company history.
It was one of many highlights from the past year and fourth quarter. Other notables included:
¯ Total assets at Dec. 31 increased $29.8 million, or 6.1 percent, to $519.0 million when compared to Dec. 31, 2016.
¯ Loans receivable, net increased 11.9 percent to $365.1 million at Dec. 31 due to net organic commercial loan growth of $41.8 million, or 30.0 percent, during 2017.
¯ Total deposits grew by $19.3 million, or 5.0 percent, to $405.2 million at Dec. 31, 2017 when compared to Dec. 31, 2016, which included net core (non-time) deposit growth of $18.0 million.
¯ Net interest income increased $1.6 million, or 10.2 percent, for the year.
“We are pleased to report steady growth in our 2017 balance sheet, especially in commercial loans and core deposits, resulting in a 10.2 percent increase in net interest income and total assets in excess of the $500 million threshold in 2017,” stated Daniel P. Reininga, president and chief executive officer. “Our financial results continue to reflect our commitment to understanding the individual needs of our customers through an array of innovative solutions designed to help them to achieve their financial goals.”
Net income for the year was $3.4 million, or 55 cents per diluted share, compared to net income of $3.5 million, or 58 cents per diluted share, for 2016. Net income was impacted by a $1.4 million decrease in non-interest income when compared to the year 2016.
Lake Shore Bancorp, Inc. is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The bank has 11 full-service branch locations in Western New York, with five locations in Chautauqua County and six locations in Erie County. The bank offers a broad range of retail and commercial lending and deposit services. The company’s common stock is traded on the NASDAQ Global Market as “LSBK.”