Business
Lake Shore Bancorp, Inc. Announces 2021 Third Quarter and Year to Date Financial Results and Declares Dividend
DUNKIRK, N.Y., Oct. 27, 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., Oct. 27, 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 $1.7 million, or $0.29 per diluted share, for the third quarter of 2021 compared to net income of $1.2 million, or $0.21 per diluted share, for the third quarter of 2020. For the first nine months of 2021, the Company reported unaudited net income of $4.4 million, or $0.74 per diluted share, as compared to $3.3 million, or $0.56 per diluted share, for the first nine months of 2020. 2021 Third Quarter and Year to Date Financial Highlights: Net income of $1.7 million in the third quarter of 2021 increased by $460,000, or 37.4%, when compared to the third quarter of 2020. Third quarter 2021 net income was positively impacted by an increase in net interest income and a decrease in provision for loan losses, partially offset by increases in non-interest expense and income tax expense;Net income of $4.4 million for the nine months ended September 30, 2021 increased by $1.1 million, or 31.9%, when compared to the nine months ended September 30, 2020. Net income during the first nine 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;Total assets at September 30, 2021 increased $23.1 million, or 3.4%, to $709.3 million when compared to December 31, 2020, primarily due to an increase in cash and cash equivalents which was driven by deposit growth. This increase was also due to an increase in securities available for sale;Total deposits grew by $31.5 million, or 5.6%, to $591.8 million at September 30, 2021 when compared to December 31, 2020, primarily due to growth in core deposits;Third quarter 2021 included stock repurchases and cash dividend payments of $897,000 and $280,000, respectively; andBook value per share grew to $15.17 per share at September 30, 2021 from $14.75 per share at December 31, 2020. “Our strategic goal to improve financial performance is reflected in our strong quarterly financial results and balance sheet growth which is being achieved despite a low interest rate environment and the lingering impact of the pandemic,” stated Mr. Daniel P. Reininga, Presi...