Lake Shore Bancorp Q3 profit dips as non-interest income falls

By Reuters News


Overview

  • US community bank's Q3 net income dipped 2% yr/yr due to lower non-interest income

  • Net interest income rose 12% yr/yr, driven by higher yields and loan growth

  • Company repurchased 105,090 shares under its buyback plan in Q3


Outlook

  • Company did not provide specific guidance for future quarters or the full year


Result Drivers

  • HIGHER NET INTEREST INCOME - Co said Q3 net interest income rose due to higher yields on loans and increased average loan balances

  • LOWER NON-INTEREST INCOME - Co said Q3 non-interest income fell due to absence of one-time death benefit and lower gains on equity securities

  • HIGHER PROVISION FOR CREDIT LOSSES - Co said Q3 provision for credit losses increased due to higher reserve rates for commercial and residential loan pools


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$2.31 mln

Q3 Net Interest Income

$7.14 mln

Q3 Net Interest Margin

4.17%

Q3 Provision For Credit losses

$290,000


Reuters Recommended Reads

  • Oct 21 - WesBanco Q3 adjusted EPS beats estimates driven by loan growth, higher yields

  • Oct 21 - Union Bankshares Q3 profit rises on higher net interest income

  • Oct 21 - First Merchants Q3 adjusted EPS beats analyst estimates


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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