Lake Shore announces income increase for fourth quarter
Lake Shore Bancorp, Inc., the holding company for Lake Shore Savings 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 20 cents per diluted share, for the fourth quarter of 2019.
For the year ended Dec. 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 Dec. 31, 2019.
Total assets at Dec. 31, 2020 increased $75.3 million, or 12.3%, to $686.2 million when compared to Dec. 31, 2019 primarily due to an increase in loans as well as an increase in cash and cash equivalents and securities available for sale.
In addition, total deposits grew by $76.8 million, or 15.9%, to $560.3 million at December 31, 2020 when compared to December 31, 2019, primarily due to growth in core deposits.
“In the face of the extraordinary challenges experienced in 2020, we are extremely proud to report that we successfully met the needs of our customers and communities as evidenced by the robust level of loan originations and deposit growth reflected on our balance sheet,” said Daniel P. Reininga, president and chief executive officer. “Our strong risk management practices, the commitment and dedication of our employees, and our sustained focus on personalized customer service allowed us to effectively navigate the pandemic challenges and market conditions. We are pleased to end the year with record earnings and total assets, 13.2% annual growth in earnings per share and 5.5% annual growth in book value per share which was $14.75 at December 31, 2020.”