Lake Shore Bancorp finished the year with more than $500 million in assets for the first time in its history.
The Dunkirk-based parent of Lake Shore Bank reported $519 million in assets at the end of 2017, compared to $489 million a year ago.
Its fourth-quarter profits soared to $580,000, from $140,000 a year earlier. A big factor was the bank's $755,000 decrease in provision for loan losses. Lake Shore's net interest income rose $350,000. But the bank also recorded a $565,000 increase in income tax expense and a $102,000 increase in non-interest expense.
For all of 2017, Lake Shore earned $3.4 million, down from $3.5 million the year before. The bank ranked No. 9 in Buffalo Niagara deposit market share last year, according to the Federal Deposit Insurance Corp.