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

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

2022 third quarter and year to date highlights include:

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

¯ Net income for the nine-month period ended Sept. 30 increased $144,000, or 3.3%, when compared to the same period in 2021. The increase was primarily due to a $1.3 million increase in net interest income and a decrease in provision for loan losses, which was partially offset by increases in non-interest expense and income tax expense and a decrease in noninterest income when compared to the same period in 2021.

¯ Loans receivable, net grew by 8.5%, to $561.2 million at Sept. 30 when compared to Dec. 31, 2021, primarily due to $43.2 million of net growth in commercial and residential real estate loans during the nine months ended Sept. 30.

“During the first nine months of 2022, we have produced strong financial results due to the expansion of our net interest margin while also maintaining our regulatory capital position and improving asset quality.” stated Daniel P. Reininga, President and Chief Executive Officer. “While the current economic direction remains uncertain, we remain focused on providing lending and deposit opportunities in order to meet the financial needs of our customers and promote economic growth in our market areas. This growth is possible due to our strong financial and regulatory capital positions, which is reinforced by maintaining our strong underwriting standards and conservative risk tolerances.”