Business
Lake Shore Bancorp, Inc. Announces 2020 First Quarter Financial Results and Declares Dividend
DUNKIRK, N.Y., April 24, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., April 24, 2020 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced unaudited results for the three months ended March 31, 2020. Net income for first quarter 2020 was $731,000, or $0.12 per diluted share, as compared to first quarter 2019 net income of $898,000, or $0.15 per diluted share. First quarter 2020 net income reflected a $425,000 increase in provision for loan losses primarily related to declining economic conditions as a result of the COVID-19 pandemic and a $134,000 decrease in non-interest income which was partially offset by a $358,000 increase in net interest income, a $29,000 decrease in income tax expense and a $5,000 decrease in non-interest expense when compared to the first quarter of 2019.\n During the first quarter of 2020, Lake Shore Savings Bank was actively engaged in responding to the COVID-19 pandemic. All bank branches remain open to serve our customers and local communities with strict social distancing protocols in place. We have encouraged our customers to visit us via drive-thru lanes and to utilize our mobile banking, online banking and ATM services to promote social distancing. In-person lobby visits are by appointment only. To protect the health of everyone, many employees are working remotely and cleaning protocols have been enhanced across all locations. We announced in March 2020 the waiver of all ATM fees for our customers who use another Bank’s ATM. We are providing payment deferral for up to 90 days to borrowers with hardship requests and we are participating in the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. 2020 First Quarter Highlights and COVID 19 Pandemic Response: Net interest income increased $358,000, or 7.9%, for the three months ended March 31, 2020 when compared to the three months ended March 31, 2019 primarily due to a $71.2 million, or 40.5%, increase in average commercial real estate and commercial construction loans during the three months ended March 31, 2020 as compared to the three months ended March 31, 2019;Loans, net totaled $473.4 million at March 31, 2020, compared to $470.8 million at December 31, 2019, an increase of $2.5 million, or 0.5%....