Lake Shore Bancorp Q3 profit dips as non-interest income falls
LSBK•Lake Shore Bancorp’s Q3 net income fell 2% year over year to $2.31 million as non-interest income declined. Net interest income rose 12% to $7.14 million, and the company repurchased 105,090 shares.
1. Quarterly results
Q3 net income was $2.31 million, down 2% year over year. Net interest income increased 12% to $7.14 million, and net interest margin was 4.17%.
2. Income and credit drivers
The company said higher loan yields and increased average loan balances lifted net interest income. Non-interest income fell because of the absence of a one-time death benefit and lower gains on equity securities; provision for credit losses rose to $290,000 due to higher reserve rates for commercial and residential loan pools.
3. Share repurchases
Lake Shore Bancorp repurchased 105,090 shares under its buyback plan in Q3. It did not provide specific guidance for future quarters or the full year.
