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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 reported strong earnings for Q1 2023, with a net income of $1.7 million ($0.29 per diluted share), a significant increase of 58.7% from Q1 2022's $1.1 million ($0.18 per diluted share). The improvement was driven by a 15.1% rise in net interest income to $6.3 million and a decrease in provisions for credit losses. However, non-interest income fell by 24.3% to $554,000, primarily due to unrealized losses from interest rate swaps. Non-interest expenses increased 21.7% to $5.5 million, largely from legal and professional fees related to regulatory concerns. Total assets rose 4.3% year-to-date to $730.1 million, with an increase in deposits of $25.1 million.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) reported fourth quarter 2022 net income of $1.2 million ($0.20 per share), down 34.4% from $1.8 million ($0.31 per share) in Q4 2021. For the full year 2022, net income was $5.7 million ($0.97 per share), a decrease of 7.7% from $6.2 million ($1.05 per share) in 2021. The company saw a significant 10.9% growth in loans receivable, driven by commercial and residential real estate. Non-performing loans fell to 0.51% of total net loans. However, non-interest expenses increased by 29.8% in Q4 due to remediation costs tied to a formal agreement with regulators, impacting profitability.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) reported Q3 2022 net income of $1.8 million ($0.30 per diluted share), up 4.7% from Q3 2021. For the first nine months, net income climbed 3.3% to $4.5 million. Key drivers included a $508,000 increase in net interest income, totaling $6.3 million for Q3. Non-performing loans dropped to 0.53%, down from 1.86% at year-end 2021. Total assets decreased by 2.5% to $695.7 million, while stockholders' equity fell 11.2% to $78.2 million. The company declared a quarterly dividend of $0.18, yielding 5.4%.
Lake Shore Bancorp (NASDAQ: LSBK) reported a significant net income increase in Q2 2022, totaling $1.7 million ($0.29/share), up from $1.0 million ($0.17/share) in Q2 2021. First-half earnings reached $2.75 million ($0.47/share), a slight rise from $2.68 million ($0.45/share) in 2021. Key drivers included a 10.1% rise in net interest income and reduced loan loss provisions, despite increasing non-interest expenses. Non-performing loans dropped to 0.48%, enhancing asset quality. The board declared a $0.18 quarterly dividend, reflecting a yield of 5.2%. Total assets decreased by 2.7% to $694.5 million.
Lake Shore Bancorp reported a net income of $1.1 million ($0.18 per diluted share) for Q1 2022, down from $1.7 million ($0.29 per diluted share) in Q1 2021. Net interest income increased by 3.7% to $5.5 million, while net loans receivable grew 6.4% to $550.3 million. Total assets decreased 0.9% to $707.5 million, primarily due to reduced cash and cash equivalents. Non-interest income fell 10.7% to $732,000, influenced by rising interest rates. The company declared a quarterly cash dividend of $0.16 per share, reflecting a 4.4% dividend yield.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) announced a cash dividend of $0.16 per share on February 11, 2022, payable on March 17, 2022, to shareholders of record by February 24, 2022. With a closing stock price of $14.86, this results in an implied dividend yield of 4.31%. Additionally, members of Lake Shore, MHC approved a waiver for dividend rights for the next 12 months, allowing better resource utilization for community banking needs. The waiver received over 96.1% approval from voting members.
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