Lake Shore Bancorp surpassed $500 million in assets for the first time in its history, which dates to 1891.
The Dunkirk-based holding company for Lake Shore Savings Bank reported total assets of about $505 million as of the end of its second quarter. The bank crossed the threshold mainly because of an 11.5 percent increase in loans receivable, or the amount owed to the bank by borrowers. Commercial loan growth drove the increase.
During the second quarter, the bank reported net income of $1.1 million, or 19 cents per diluted share, up from $664,000, or 11 cents per diluted share, a year ago. Lake Shore has 11 branches in Chautauqua and Erie counties.