Business
Lake Shore Bancorp, Inc. Announces 2021 Second Quarter and Year to Date Financial Results and Declares Dividend
DUNKIRK, N.Y., July 26, 2021 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., July 26, 2021 (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 $1.0 million, or $0.17 per diluted share, for the second quarter of 2021 compared to net income of $1.4 million, or $0.23 per diluted share, for the second quarter of 2020. For the first six months of 2021, the Company reported unaudited net income of $2.7 million, or $0.45 per diluted share, as compared to $2.1 million, or $0.35 per diluted share, for the first six months of 2020. 2021 Second Quarter and Year to Date Financial Highlights: Net income of $1.0 million in the second quarter of 2021 decreased by $360,000, or 26.6%, when compared to the second quarter of 2020. Second quarter 2021 net income was impacted by increased non-interest expense as a result of one-time cost of $245,000 associated with our core processing system upgrade and an increase in provision for loan losses, partially offset by increases in net interest income and non-interest income;Net income of $2.7 million for the six months ended June 30, 2021 increased by $597,000, or 28.6%, when compared to the six months ended June 30, 2020. Net income during the first six months of 2021 was positively impacted by increased net interest income and non-interest income and a decrease in provision for loan losses, partially offset by increases in non-interest expense and income tax expense;Loans, net totaled $546.4 million at June 30, 2021, compared to $524.1 million at December 31, 2020, an increase of $22.3 million, or 4.2%, primarily due to the origination of commercial real estate, commercial construction and residential, one- to four-family loans during the first six months of 2021;Non-performing loans as a percent of total net loans decreased to 0.47% at June 30, 2021 from 0.59% at December 31, 2020, primarily due to a decrease in non-accrual residential, one- to four- family real estate loans;Total assets at June 30, 2021 increased $24.7 million, or 3.6%, to $710.9 million when compared to December 31, 2020, primarily due to an increase in loans, net and an increase in cash and cash equivalents which was driven by deposit growth. This increase was partially offset by a decrease in securities available for sale; andTotal deposits grew by $26.2 million, or 4.7%, ...