Lake Shore Bancorp, Inc. Announces Fourth Quarter 2024 and Year End Financial Results
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 Bancorp (NASDAQ: LSBK) ha riportato un utile netto di 1,5 milioni di dollari ($0,26 per azione diluita) nel quarto trimestre del 2024, con un aumento del 96,1% rispetto al quarto trimestre del 2023. L'utile netto per l'intero anno 2024 ha raggiunto 4,9 milioni di dollari ($0,88 per azione diluita), in crescita del 2,3% rispetto al 2023.
I principali risultati finanziari includono: il margine di interesse netto è aumentato al 3,31% nel quarto trimestre del 2024; riduzione del finanziamento all'ingrosso di 41,0 milioni di dollari; il valore contabile per azione è aumentato del 3,3% a 15,67 dollari; e mantenimento dello status di 'ben capitalizzato' con un rapporto di leva Tier 1 del 13,83%. L'azienda ha uscita con successo dall'Ordine di Consenso dell'OCC in anticipo e ha ripristinato i pagamenti dei dividendi trimestrali.
Le spese non relative agli interessi sono diminuite di 1,8 milioni di dollari (8,4%) nel 2024, mentre il reddito non da interessi è aumentato di 669.000 dollari (25,4%). L'accantonamento per perdite su crediti è diminuito a 5,1 milioni di dollari, con attività non performanti al 0,55% delle attività totali.
Lake Shore Bancorp (NASDAQ: LSBK) informó una ganancia neta de 1,5 millones de dólares ($0,26 por acción diluida) en el cuarto trimestre de 2024, un aumento del 96,1% en comparación con el cuarto trimestre de 2023. La ganancia neta del año completo 2024 alcanzó los 4,9 millones de dólares ($0,88 por acción diluida), un incremento del 2,3% con respecto a 2023.
Los aspectos financieros clave incluyen: el margen de interés neto aumentó al 3,31% en el cuarto trimestre de 2024; reducción del financiamiento mayorista en 41,0 millones de dólares; el valor contable por acción creció un 3,3% a 15,67 dólares; y se mantuvo el estatus de 'bien capitalizado' con un coeficiente de apalancamiento Tier 1 del 13,83%. La empresa salió con éxito del Orden de Consentimiento de la OCC antes de lo previsto y restableció los pagos de dividendos trimestrales.
Los gastos no relacionados con intereses disminuyeron en 1,8 millones de dólares (8,4%) en 2024, mientras que los ingresos no por intereses aumentaron en 669.000 dólares (25,4%). La provisión para pérdidas crediticias sobre préstamos disminuyó a 5,1 millones de dólares, con activos no rentables en el 0,55% de los activos totales.
Lake Shore Bancorp (NASDAQ: LSBK)는 2024년 4분기 순이익이 150만 달러(희석 주당 0.26달러)로 2023년 4분기 대비 96.1% 증가했다고 보고했습니다. 2024년 전체 연도 순이익은 490만 달러(희석 주당 0.88달러)로 2023년 대비 2.3% 증가했습니다.
주요 재무 하이라이트는 다음과 같습니다: 2024년 4분기 순이자 마진이 3.31%로 증가; 도매 자금조달을 4100만 달러 줄임; 주당 장부가치가 3.3% 증가하여 15.67달러; Tier 1 레버리지 비율이 13.83%로 '양호한 자본' 상태 유지. 이 회사는 OCC의 동의 명령에서 조기에 탈퇴했으며, 분기 배당금 지급을 재개했습니다.
비이자 비용은 2024년 180만 달러(8.4%) 감소했으며, 비이자 수익은 66만 9000달러(25.4%) 증가했습니다. 대출에 대한 신용 손실 충당금은 510만 달러로 감소하였고, 비수익 자산은 총 자산의 0.55%입니다.
Lake Shore Bancorp (NASDAQ: LSBK) a annoncé un bénéfice net de 1,5 million de dollars (0,26 dollar par action diluée) au quatrième trimestre 2024, soit une augmentation de 96,1 % par rapport au quatrième trimestre 2023. Le bénéfice net de l'année complète 2024 a atteint 4,9 millions de dollars (0,88 dollar par action diluée), en hausse de 2,3 % par rapport à 2023.
Les points forts financiers incluent : la marge d'intérêt nette a augmenté à 3,31 % au quatrième trimestre 2024; réduction du financement de gros de 41,0 millions de dollars; la valeur comptable par action a augmenté de 3,3 % pour atteindre 15,67 dollars; et maintien du statut de 'bien capitalisé' avec un ratio de levée Tier 1 de 13,83 %. L'entreprise a réussi à sortir prématurément de l'Ordonnance de Consentement de l'OCC et a rétabli les paiements de dividendes trimestriels.
Les dépenses non liées aux intérêts ont diminué de 1,8 million de dollars (8,4 %) en 2024, tandis que les revenus non liés aux intérêts ont augmenté de 669 000 dollars (25,4 %). La provision pour pertes sur créances a diminué à 5,1 millions de dollars, avec des actifs non performants représentant 0,55 % des actifs totaux.
Lake Shore Bancorp (NASDAQ: LSBK) meldete im vierten Quartal 2024 einen Nettogewinn von 1,5 Millionen Dollar (0,26 Dollar pro verwässerter Aktie), was einem Anstieg von 96,1 % im Vergleich zum vierten Quartal 2023 entspricht. Der Nettogewinn für das gesamte Jahr 2024 erreichte 4,9 Millionen Dollar (0,88 Dollar pro verwässerter Aktie), was einem Anstieg von 2,3 % gegenüber 2023 entspricht.
Zu den wichtigsten finanziellen Eckzahlen gehören: die Nettomarge stieg im vierten Quartal 2024 auf 3,31%; die Reduzierung der Großhandelsfinanzierung um 41,0 Millionen Dollar; der Buchwert pro Aktie stieg um 3,3 % auf 15,67 Dollar; und der Status 'gut kapitalisiert' mit einer Tier 1 Leverage Ratio von 13,83 % wurde aufrechterhalten. Das Unternehmen hat die Zustimmung der OCC erfolgreich vorzeitig verlassen und die vierteljährlichen Dividendenzahlungen wiederhergestellt.
Die nicht-zinsbezogenen Aufwendungen sanken im Jahr 2024 um 1,8 Millionen Dollar (8,4%), während die nicht-zinsbezogenen Einkünfte um 669.000 Dollar (25,4 %) stiegen. Die Rückstellung für Kreditverluste bei Krediten sank auf 5,1 Millionen Dollar, bei einem Anteil an notleidenden Vermögenswerten von 0,55 % der Gesamtaktiva.
- Net income increased 96.1% to $1.5 million in Q4 2024 vs Q4 2023
- Full-year net income grew 2.3% to $4.9 million in 2024
- Non-interest expenses decreased by $1.8 million (8.4%) in 2024
- Book value per share increased 3.3% to $15.67
- Early exit from OCC's Consent Order and dividend reinstatement
- Strong capital position with 13.83% Tier 1 Leverage ratio
- Net interest income decreased 13.5% to $21.1 million in 2024
- Total assets decreased 5.5% to $685.5 million
- Non-performing assets ratio increased to 0.55% from 0.47%
- Total deposits decreased 3.0% to $573.0 million
- Net loans decreased 2.0% to $544.6 million
Insights
Lake Shore Bancorp's Q4 2024 results reveal a compelling transformation in operational efficiency, with net income surging
- Successful reduction of wholesale funding dependence by
$41.0 million , improving the funding mix and potentially reducing interest expense pressure - Significant decrease in non-interest expenses by
$1.8 million (8.4% ), demonstrating strong cost discipline - Improved credit quality metrics with allowance for credit losses decreasing to
0.93% of net loans from1.16%
However, the underlying earnings quality shows mixed signals. While bottom-line growth is impressive, the
Management's cautious outlook for 2025's earnings environment, combined with the
DUNKIRK, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of
"2024 was a momentous year for Lake Shore as we achieved our goal to exit early the OCC’s Consent Order, reinstituted quarterly dividend payments to shareholders and grew earnings per share," stated Kim C. Liddell, President, CEO, and Director. "We anticipate a challenging earnings environment in 2025 and will continue efforts to steadily increase value for our shareholders."
Fourth Quarter 2024 and Full Year Financial Highlights:
- Net income increased to
$1.5 million during the fourth quarter of 2024, an increase of$720,000 , or96.1% , when compared to the fourth quarter of 2023. Net income was positively impacted by an increase in the credit to the provision for credit losses of$581,000 , partially offset by a decrease in net interest income of$217,000 , or3.9% ; - Net income increased to
$4.9 million during the year ended December 31, 2024, an increase of$111,000 , or2.3% , when compared to the year ended December 31, 2023. Net income was positively impacted by a decrease in non-interest expense of$1.8 million , or8.4% , and an increase in non-interest income of$669,000 , or25.4% ; - Net interest margin increased to
3.31% during the fourth quarter of 2024, an increase of three basis points when compared to net interest margin of3.28% during the third quarter of 2024; - Reduced reliance on wholesale funding by not renewing
$16.0 million of brokered CDs and repaying$25.0 million of FHLBNY borrowings during the year ended December 31, 2024; - At December 31, 2024 and December 31, 2023, the Company’s percentage of uninsured deposits to total deposits was
13.5% and12.8% , respectively; - Book value per share increased
3.3% to$15.67 per share at December 31, 2024 as compared to$15.17 per share at December 31, 2023; and - The Bank's capital position remains "well capitalized" with a Tier 1 Leverage ratio of
13.83% and a Total Risk-Based Capital ratio of18.79% at December 31, 2024.
Net Interest Income
Net interest income for the fourth quarter of 2024 marginally decreased by
Net interest income for the year ended December 31, 2024 decreased
Interest income for the fourth quarter of 2024 was
The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of
The decrease in interest income from the prior year quarter was primarily due to a
Interest income for the year ended December 31, 2024 was
Interest expense for the fourth quarter of 2024 was
The decrease in interest expense when compared to the previous quarter was primarily due to a
The increase in interest expense when compared to the prior year quarter was primarily due to a 26 basis points increase in average interest paid on interest-bearing liabilities. During the fourth quarter of 2024 as compared to the same period in 2023, there was a
Interest expense for the year ended December 31, 2024 was
Non-Interest Income
Non-interest income was
Non-interest income was
Non-Interest Expense
Non-interest expense was
Non-interest expense was
Income Tax Expense
Income tax expense was
Income tax expense was
Credit Quality
The Company’s allowance for credit losses on loans was
The Company recorded a credit to the provision for credit losses of
The decrease in the allowance for credit losses on loans and the corresponding credit to the provision for credit losses recognized during the year ended December 31, 2024 was the result of a decrease in the quantitative loss factors derived from historical loss rates calculated in the vintage model as well as a decrease in the qualitative loss factors derived from both current and forecasted economic trends.
Balance Sheet Summary
Total assets at December 31, 2024 were
Stockholders’ equity at December 31, 2024 was
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.
Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Source: Lake Shore Bancorp, Inc.
Category: Financial
Investor Relations/Media Contact
Taylor M. Gilden
Chief Financial Officer and Treasurer
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1065
| Selected Financial Condition Data | |||||||||
| December 31, | December 31, | ||||||||
| 2024 | 2023 | ||||||||
| (Unaudited) | |||||||||
| (Dollars in thousands) | |||||||||
| Total assets | $ | 685,504 | $ | 725,118 | |||||
| Cash and cash equivalents | 33,131 | 53,730 | |||||||
| Securities available for sale | 56,495 | 60,442 | |||||||
| Loans receivable, net | 544,620 | 555,828 | |||||||
| Deposits | 572,978 | 590,924 | |||||||
| Long-term debt | 10,250 | 35,250 | |||||||
| Stockholders’ equity | 89,868 | 86,273 | |||||||
| Statements of Income | |||||||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Interest income | $ | 8,590 | $ | 8,613 | $ | 34,804 | $ | 33,755 | |||||||||||
| Interest expense | 3,249 | 3,055 | 13,741 | 9,397 | |||||||||||||||
| Net interest income | 5,341 | 5,558 | 21,063 | 24,358 | |||||||||||||||
| (Credit) provision for credit losses | (613 | ) | (32 | ) | (1,479 | ) | (1,043 | ) | |||||||||||
| Net interest income after (credit) provision for credit losses | 5,954 | 5,590 | 22,542 | 25,401 | |||||||||||||||
| Total non-interest income | 1,068 | 923 | 3,304 | 2,635 | |||||||||||||||
| Total non-interest expense | 5,275 | 5,203 | 19,980 | 21,817 | |||||||||||||||
| Income before income taxes | 1,747 | 1,310 | 5,866 | 6,219 | |||||||||||||||
| Income tax expense | 278 | 561 | 935 | 1,399 | |||||||||||||||
| Net income | $ | 1,469 | $ | 749 | $ | 4,931 | $ | 4,820 | |||||||||||
| Basic and diluted earnings per share | $ | 0.26 | $ | 0.13 | $ | 0.88 | $ | 0.82 | |||||||||||
| Selected Financial Ratios | |||||||||||||||||||
| Return on average assets | 0.85 | % | 0.42 | % | 0.70 | % | 0.67 | % | |||||||||||
| Return on average equity | 6.52 | % | 3.60 | % | 5.62 | % | 5.78 | % | |||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 129.46 | % | 127.96 | % | 127.88 | % | 128.06 | % | |||||||||||
| Interest rate spread | 2.72 | % | 2.83 | % | 2.62 | % | 3.23 | % | |||||||||||
| Net interest margin | 3.31 | % | 3.34 | % | 3.21 | % | 3.62 | % | |||||||||||
| Average Balance Sheets, Interest, and Rates (Quarterly Comparison) | ||||||||||||||||||||||||||||
| For the Quarter Ended | For the Quarter Ended | |||||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||
| Average | Interest Income/ | Yield/ | Average | Interest Income/ | Yield/ | |||||||||||||||||||||||
| Balance | Expense | Rate(2) | Balance | Expense | Rate(2) | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Interest-earning deposits & federal funds sold | $ | 43,366 | $ | 499 | 4.60 | % | $ | 45,063 | $ | 591 | 5.25 | % | ||||||||||||||||
| Securities(1) | 61,137 | 388 | 2.54 | % | 60,635 | 439 | 2.90 | % | ||||||||||||||||||||
| Loans, including fees | 540,376 | 7,703 | 5.70 | % | 559,432 | 7,583 | 5.42 | % | ||||||||||||||||||||
| Total interest-earning assets | 644,879 | 8,590 | 5.33 | % | 665,130 | 8,613 | 5.18 | % | ||||||||||||||||||||
| Other assets | 49,207 | 47,143 | ||||||||||||||||||||||||||
| Total assets | $ | 694,086 | $ | 712,273 | ||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||
| Demand & NOW accounts | $ | 64,465 | $ | 15 | 0.09 | % | $ | 72,182 | $ | 18 | 0.10 | % | ||||||||||||||||
| Money market accounts | 153,407 | 912 | 2.38 | % | 130,813 | 823 | 2.52 | % | ||||||||||||||||||||
| Savings accounts | 55,451 | 9 | 0.06 | % | 66,115 | 13 | 0.08 | % | ||||||||||||||||||||
| Time deposits | 214,150 | 2,207 | 4.12 | % | 214,203 | 1,883 | 3.52 | % | ||||||||||||||||||||
| Borrowed funds & other interest-bearing liabilities | 10,641 | 106 | 3.98 | % | 36,476 | 318 | 3.49 | % | ||||||||||||||||||||
| Total interest-bearing liabilities | 498,114 | 3,249 | 2.61 | % | 519,789 | 3,055 | 2.35 | % | ||||||||||||||||||||
| Other non-interest bearing liabilities | 105,881 | 109,309 | ||||||||||||||||||||||||||
| Stockholders' equity | 90,091 | 83,175 | ||||||||||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 694,086 | $ | 712,273 | ||||||||||||||||||||||||
| Net interest income | $ | 5,341 | $ | 5,558 | ||||||||||||||||||||||||
| Interest rate spread | 2.72 | % | 2.83 | % | ||||||||||||||||||||||||
| Net interest margin | 3.31 | % | 3.34 | % | ||||||||||||||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
(2) Annualized.
| Average Balance Sheets, Interest, and Rates (Annual Comparison) | ||||||||||||||||||||||||||||
| For the Year Ended | For the Year Ended | |||||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||
| Average | Interest Income/ | Yield/ | Average | Interest Income/ | Yield/ | |||||||||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Interest-earning deposits & federal funds sold | $ | 48,639 | $ | 2,460 | 5.06 | % | $ | 36,948 | $ | 1,805 | 4.89 | % | ||||||||||||||||
| Securities(1) | 60,347 | 1,631 | 2.70 | % | 67,840 | 1,941 | 2.86 | % | ||||||||||||||||||||
| Loans, including fees | 547,525 | 30,713 | 5.61 | % | 567,319 | 30,009 | 5.29 | % | ||||||||||||||||||||
| Total interest-earning assets | 656,511 | 34,804 | 5.30 | % | 672,107 | 33,755 | 5.02 | % | ||||||||||||||||||||
| Other assets | 49,629 | 46,057 | ||||||||||||||||||||||||||
| Total assets | $ | 706,140 | $ | 718,164 | ||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||
| Demand & NOW accounts | $ | 67,023 | $ | 64 | 0.10 | % | $ | 76,495 | $ | 75 | 0.10 | % | ||||||||||||||||
| Money market accounts | 144,926 | 3,811 | 2.63 | % | 132,816 | 1,914 | 1.44 | % | ||||||||||||||||||||
| Savings accounts | 59,095 | 40 | 0.07 | % | 70,600 | 47 | 0.07 | % | ||||||||||||||||||||
| Time deposits | 220,856 | 9,162 | 4.15 | % | 206,218 | 6,033 | 2.93 | % | ||||||||||||||||||||
| Borrowed funds & other interest-bearing liabilities | 21,465 | 664 | 3.09 | % | 38,701 | 1,328 | 3.43 | % | ||||||||||||||||||||
| Total interest-bearing liabilities | 513,365 | 13,741 | 2.68 | % | 524,830 | 9,397 | 1.79 | % | ||||||||||||||||||||
| Other non-interest bearing liabilities | 105,018 | 109,907 | ||||||||||||||||||||||||||
| Stockholders' equity | 87,757 | 83,427 | ||||||||||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 706,140 | $ | 718,164 | ||||||||||||||||||||||||
| Net interest income | $ | 21,063 | $ | 24,358 | ||||||||||||||||||||||||
| Interest rate spread | 2.62 | % | 3.23 | % | ||||||||||||||||||||||||
| Net interest margin | 3.21 | % | 3.62 | % | ||||||||||||||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
| Selected Quarterly Financial Data | ||||||||||||||||||||
| As of or For the Three Months Ended | ||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Selected Financial Condition Data | ||||||||||||||||||||
| Total assets | $ | 685,504 | $ | 697,596 | $ | 711,042 | $ | 717,582 | $ | 725,118 | ||||||||||
| Cash and cash equivalents | 33,131 | 49,981 | 60,987 | 54,953 | 53,730 | |||||||||||||||
| Securities available for sale | 56,495 | 58,782 | 57,309 | 58,682 | 60,442 | |||||||||||||||
| Loans receivable, net | 544,620 | 539,005 | 544,337 | 555,455 | 555,828 | |||||||||||||||
| Deposits | 572,978 | 587,563 | 589,395 | 594,704 | 590,924 | |||||||||||||||
| Long-term debt | 10,250 | 10,250 | 23,250 | 25,250 | 35,250 | |||||||||||||||
| Stockholders’ equity | 89,868 | 89,877 | 86,932 | 86,510 | 86,273 | |||||||||||||||
| Condensed Statements of Income | ||||||||||||||||||||
| Interest income | $ | 8,590 | $ | 8,851 | $ | 8,754 | $ | 8,609 | $ | 8,613 | ||||||||||
| Interest expense | 3,249 | 3,468 | 3,548 | 3,476 | 3,055 | |||||||||||||||
| Net interest income | 5,341 | 5,383 | 5,206 | 5,133 | 5,558 | |||||||||||||||
| (Credit) provision for credit losses | (613 | ) | (229 | ) | (285 | ) | (352 | ) | (32 | ) | ||||||||||
| Net interest income after (credit) provision for credit losses | 5,954 | 5,612 | 5,491 | 5,485 | 5,590 | |||||||||||||||
| Total non-interest income | 1,068 | 791 | 738 | 707 | 923 | |||||||||||||||
| Total non-interest expense | 5,275 | 4,813 | 4,897 | 4,995 | 5,203 | |||||||||||||||
| Income before income taxes | 1,747 | 1,590 | 1,332 | 1,197 | 1,310 | |||||||||||||||
| Income tax expense | 278 | 258 | 216 | 183 | 561 | |||||||||||||||
| Net income | $ | 1,469 | $ | 1,332 | $ | 1,116 | $ | 1,014 | $ | 749 | ||||||||||
| Basic and diluted earnings per share | $ | 0.26 | $ | 0.24 | $ | 0.19 | $ | 0.17 | $ | 0.13 | ||||||||||
| Selected Financial Ratios | ||||||||||||||||||||
| Return on average assets | 0.85 | % | 0.76 | % | 0.63 | % | 0.57 | % | 0.42 | % | ||||||||||
| Return on average equity | 6.52 | % | 6.03 | % | 5.19 | % | 4.69 | % | 3.60 | % | ||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 129.46 | % | 128.81 | % | 127.00 | % | 126.33 | % | 127.96 | % | ||||||||||
| Interest rate spread | 2.72 | % | 2.67 | % | 2.56 | % | 2.55 | % | 2.83 | % | ||||||||||
| Net interest margin | 3.31 | % | 3.28 | % | 3.14 | % | 3.10 | % | 3.34 | % | ||||||||||
| Efficiency ratio | 82.30 | % | 77.96 | % | 82.39 | % | 85.53 | % | 80.24 | % | ||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Non-performing loans as a percent of total net loans | 0.80 | % | 0.74 | % | 0.73 | % | 0.71 | % | 0.60 | % | ||||||||||
| Non-performing assets as a percent of total assets | 0.55 | % | 0.57 | % | 0.56 | % | 0.55 | % | 0.47 | % | ||||||||||
| Allowance for credit losses as a percent of net loans | 0.93 | % | 1.01 | % | 1.08 | % | 1.12 | % | 1.16 | % | ||||||||||
| Allowance for credit losses as a percent of non-performing loans | 134.91 | % | 137.03 | % | 148.20 | % | 159.19 | % | 193.09 | % | ||||||||||
| Share Information: | ||||||||||||||||||||
| Common stock, number of shares outstanding | 5,735,226 | 5,737,036 | 5,737,036 | 5,684,784 | 5,686,288 | |||||||||||||||
| Treasury stock, number of shares held | 1,101,288 | 1,099,478 | 1,099,478 | 1,151,730 | 1,150,226 | |||||||||||||||
| Book value per share | $ | 15.67 | $ | 15.67 | $ | 15.15 | $ | 15.22 | $ | 15.17 | ||||||||||
| Tier 1 leverage ratio | 13.83 | % | 13.37 | % | 13.02 | % | 12.87 | % | 12.68 | % | ||||||||||
| Total risk-based capital ratio | 18.79 | % | 18.85 | % | 18.64 | % | 18.13 | % | 17.77 | % | ||||||||||
FAQ
What was Lake Shore Bancorp's (LSBK) net income for Q4 2024?
How much did LSBK reduce its wholesale funding in 2024?
What was LSBK's book value per share at the end of 2024?
How did LSBK's non-interest expenses change in 2024?
What was LSBK's net interest margin in Q4 2024?
