Share this article

print logo

Lake Shore’s quarterly profits fall 5 percent

Lake Shore Bancorp’s second quarter profits fell 5 percent from a year ago, due to increased non-interest expense and income tax expense.

The Dunkirk-based holding company for Lake Shore Savings Bank recorded net income of $664,000, or 11 cents per diluted share, down from $699,000, or 12 cents per diluted share, a year ago.

The bank’s non-interest expenses increased about 7 percent from a year ago, due to higher spending for salary and benefits, occupancy and equipment, data processing and advertising.

Daniel P. Reininga, Lake Shore’s president and CEO, said the bank continues to see growth in its commercial loan and core deposit portfolios.

“We continue to develop relationships with small businesses and commercial customers to finance projects that are contributing to the surge of economic growth throughout our local communities,” he said in a statement.

There are no comments - be the first to comment