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Lake Shore profits fall 83 percent in fourth quarter

Lake Shore Bancorp recorded an 83 percent drop in fourth quarter net income, dragged down by a sharp increase in the amount set aside for loan losses.

The Dunkirk-based parent company of Lake Shore Savings Bank on Tuesday reported net income of $140,000, or 2 cents per diluted share, compared to $834,000, or 14 cents per diluted share, a year ago. Lake Shore recorded full-year net income of $3.5 million, or 58 cents per diluted share, up 6 percent from 2015.

The bank's quarterly profits took a hit from a $655,000 increase in its provision for loan losses.

 

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