Lake Shore Bancorp: Falls as loan loss provisions jump due to COVID-19

Lake Shore Bancorp

24/04/2020 18:32

** Shares of the commercial and retail lender  LSBK.O  down
9.4% at $12 in afternoon trade 
    ** LSBK's first-quarter net income falls 18.5% to $731,000
as provisions for loan losses jump by $425,000 amid declining
economic conditions due to COVID-19 pandemic
    ** As at March 31, company's loan portfolio exposure to
industries most affected by COVID-19 includes 9.2% retail
properties and businesses, 4.1% hospitality, 5.8% restaurants
 urn:newsml:reuters.com:*:nGNXh6pf7
    ** Company says it has approved loan relief requests for
payment deferral on ~$92.6 mln of bank's loan portfolio and the
approvals were primarily for payment deferral of 90 days
    ** Stock has fallen over 13%, as of last close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
2776; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))