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Lake Shore Bancorp, Inc. (symbol: LSBK) is a community-oriented financial institution that has been dedicated to serving the financial needs of consumers and businesses within its market area since its founding in 1891. Originally chartered as a savings and loan association in New York, the company primarily engages in attracting deposits from the general public and utilizing these funds to originate various types of loans. The institution places a strong emphasis on the origination of loans secured by first mortgages on owner-occupied residential real estate. In addition to residential mortgages, Lake Shore Bancorp offers other types of real estate loans, commercial loans, and consumer loans.
The company operates from eleven full-service branch offices and maintains eighteen ATMs, making it convenient for customers to access their financial services. Lake Shore Bancorp’s mission, “putting people first,” reflects its commitment to delivering exceptional customer service, supporting its employees, respecting its shareholders, and serving the communities within its region. This mission is evident in its efforts to build lasting customer relationships and provide financial assistance to its clients.
Lake Shore Bancorp’s business operations involve attracting retail deposits and investing these deposits, alongside funds generated from operations, into commercial real estate loans, one-to-four family residential mortgage loans, home equity lines of credit, and other financial products. The company's revenues are primarily derived from the interest earned on these loans and investment securities.
Recent achievements and current projects of Lake Shore Bancorp include expanding their loan portfolio, enhancing customer service initiatives, and engaging in community development activities. The company’s strong financial condition and strategic partnerships enable it to continue providing valuable financial services while maintaining a solid presence in the regions it serves.
For the latest updates, financial news, and developments regarding Lake Shore Bancorp, Inc., individuals can refer to their investor relations contacts, Rachel A. Foley and Taylor M. Gilden, who are available for further inquiries.
Lake Shore Bancorp (NASDAQ: LSBK) announced that its parent mutual holding company, Lake Shore, MHC, will undergo a 'second step' conversion from mutual holding company structure to stock holding company structure. Lake Shore, MHC currently owns 63.4% of LSBK's outstanding shares.
The conversion will involve creating a new bank holding company that will offer shares representing Lake Shore, MHC's ownership stake to Bank depositors through a subscription offering. Bank depositors as of December 31, 2023, will have first priority subscription rights. The number of shares to be issued will be based on an independent appraisal of the new holding company's pro forma market value.
Existing minority shareholders will receive shares in the new holding company based on an exchange ratio designed to maintain their current ownership percentage. The transaction is expected to complete in Q3 2025, subject to regulatory, member, and shareholder approvals.
Lake Shore Bancorp (NASDAQ: LSBK) has announced its fourth quarter 2024 dividend declaration. The Board of Directors declared a cash dividend of $0.18 per share on January 27, 2025, following written approval from the Federal Reserve Bank of Philadelphia received on January 9, 2025.
The dividend will be paid on February 14, 2025 to stockholders of record as of February 10, 2025. Lake Shore Savings Bank operates as a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York, with ten full-service branch locations across Western New York, including four in Chautauqua County and six in Erie County.
Lake Shore Bancorp (NASDAQ: LSBK) reported Q4 2024 net income of $1.5 million ($0.26 per diluted share), a 96.1% increase from Q4 2023. Full-year 2024 net income reached $4.9 million ($0.88 per diluted share), up 2.3% from 2023.
Key financial highlights include: net interest margin increased to 3.31% in Q4 2024; reduced wholesale funding by $41.0 million; book value per share grew 3.3% to $15.67; and maintained 'well capitalized' status with 13.83% Tier 1 Leverage ratio. The company successfully exited the OCC's Consent Order early and reinstated quarterly dividend payments.
Non-interest expenses decreased by $1.8 million (8.4%) in 2024, while non-interest income increased by $669,000 (25.4%). The allowance for credit losses on loans decreased to $5.1 million, with non-performing assets at 0.55% of total assets.
Lake Shore Savings Bank announced on December 3, 2024, that the Office of the Comptroller of the Currency (OCC) has terminated its Consent Order and 'Troubled Condition' status. The Consent Order had required the Bank to address deficiencies in several operational areas, including information technology, security, automated clearing house, audit, management, and Bank Secrecy Act / Anti-Money Laundering.
President, CEO, and Director Kim C. Liddell highlighted the team's significant and swift progress in remediation efforts. Lake Shore Savings Bank, a subsidiary of Lake Shore Bancorp (NASDAQ: LSBK), operates ten full-service branch locations across Western New York, providing retail and commercial lending and deposit services.
Lake Shore Bancorp (NASDAQ: LSBK) announced that its Board of Directors has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend will be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The company received approval from the Federal Reserve Bank of Philadelphia for this dividend payment on September 30, 2024. Lake Shore Savings Bank operates ten full-service branch locations across Western New York, with four in Chautauqua County and six in Erie County.
Lake Shore Bancorp (NASDAQ: LSBK) reported Q3 2024 net income of $1.3 million ($0.24 per diluted share), up from $1.1 million in Q2 2024 but down from $1.6 million in Q3 2023. The quarterly improvement was driven by increased net interest income and reduced non-interest expenses. Net interest margin improved to 3.28%, up 14 basis points from Q2. The company successfully grew organic deposits by 2.2% while repaying $25.0 million in FHLBNY borrowings and not renewing $16.0 million in brokered CDs. Year-to-date net income was $3.5 million compared to $4.1 million in the same period of 2023.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank, has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend is set to be paid on August 16, 2024 to stockholders of record as of August 12, 2024. This decision follows the written approval from the Federal Reserve Bank of Philadelphia received on July 8, 2024. Lake Shore Bancorp operates eleven full-service branch locations in Western New York, offering a range of retail and commercial lending and deposit services. The company's stock is traded on the NASDAQ Global Market under the ticker 'LSBK'.
Lake Shore Bancorp (NASDAQ: LSBK) reported a net income of $1.1M or $0.19 per diluted share for Q2 2024, up from $816K or $0.14 in Q2 2023. For the first six months of 2024, net income was $2.1M, down from $2.5M in the same period of 2023. The increase in Q2 2024 income was primarily due to a reduction in non-interest expenses. The company also reduced reliance on wholesale funding by $23M while growing organic deposits by 1.65%.
Net interest income fell by $1M, or 16.2%, to $5.2M for Q2 2024. Net interest margin and rate spread dropped to 3.14% and 2.56% respectively, compared to 3.65% and 3.29% in Q2 2023. Interest income increased by 3.4% to $8.8M, whereas interest expense grew by 57.3% to $3.5M due to higher market interest rates.
Non-interest income rose by 33.5% to $738K in Q2 2024. Non-interest expenses decreased by 17% to $4.9M, driven by lower professional services and advertising costs. Total assets at June 30, 2024, were $711M, down 1.9% from December 31, 2023. Stockholders' equity increased by 0.8% to $86.9M.
Lake Shore Bancorp, Inc. (LSBK) declared a cash dividend of $0.18 per share for the first quarter of 2024. The Federal Reserve Bank of Philadelphia approved the dividend, and also allowed the mutual holding company parent, Lake Shore, MHC, to waive cash dividends on its common stock up to $0.72 per share until April 2025. The dividend is set to be paid on May 10, 2024, to stockholders of record as of May 6, 2024.
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