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Lake Shore’s profits fall 22 percent in 2Q

Lake Shore Bancorp, the Dunkirk-based parent company of Lake Shore Savings Bank, reported second-quarter net income of $699,000, down 22 percent from $899,000 a year ago.

The bank said the year-over-year decline was “primarily due to ongoing balance sheet restructuring activities aimed at positioning the company to realize enhanced performance in a rising interest rate environment.”

Lake Shore recorded diluted earnings per share of 12 cents, compared to 16 cents the year before.

The bank’s net interest income was essentially unchanged at $3.7 million, while its non interest income dropped 18.3 percent, to $547,000.