Lake Shore Bancorp, Inc. Announces Full Year 2022 and Fourth Quarter Financial Results
2022 fourth quarter net interest income increased $1.1 million, or 20.0%, to $6.5 million as compared to $5.5 million for the 2021 fourth quarter.
- 2022 fourth quarter net interest income increased $1.1 million, or 20.0%, to $6.5 million as compared to $5.5 million for the 2021 fourth quarter.
- Interest income for the 2022 fourth quarter was $7.5 million, an increase of $1.5 million, or 25.2%, compared to $6.0 million for the 2021 fourth quarter.
- 2022 fourth quarter interest expense was $923,000, an increase of $411,000, or 80.3%, from $512,000 for the 2021 fourth quarter primarily due to an increase in interest paid on deposit accounts.
- Non-interest expense was $5.5 million for the fourth quarter of 2022, an increase of $1.3 million, or 29.8%, as compared to $4.2 million for the fourth quarter of 2021.