Business
Lake Shore Bancorp, Inc. Announces 2022 First Quarter Financial Results and Declares Dividend
DUNKIRK, N.Y., April 27, 2022 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank
About this update from Lake Shore Bancorp, Inc.
[{"type":"text","content":"DUNKIRK, N.Y., April 27, 2022 (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 $1.1 million, or $0.18 per diluted share, for the 2022 first quarter compared to net income of $1.7 million, or $0.29 per diluted share, for the 2021 first quarter. 2022 First Quarter Financial Highlights: Net interest income increased 3.7% to $5.5 million during the 2022 first quarter in comparison to $5.3 million during the 2021 first quarter, due to a $6.0 million increase in the average balance of interest-earning assets and a 26 basis points decrease in the average cost of interest-bearing liabilities;Net interest margin and interest rate spread was 3.38% and 3.30%, respectively, for the three months ended March 31, 2022 as compared to 3.29% and 3.15%, respectively, for the three months ended March 31, 2021;Total assets at March 31, 2022 decreased $6.3 million, or 0.9%, to $707.5 million when compared to December 31, 2021, primarily due to a $36.8 million decrease in cash and cash equivalents and a $4.3 million decrease in securities available for sale, which was offset by a $33.1 million increase in loans receivable, net;Loans receivable, net grew by 6.4%, to $550.3 million at March 31, 2022 when compared to December 31, 2021, primarily due to $30.0 million of net growth in commercial construction and commercial real estate loans during the 2022 first quarter;2022 first quarter net income was impacted by increases in non-interest expense and provision for loan losses and a decrease in non-interest income; which was partially offset by an increase in net interest income and a decrease in income tax expense when compared to 2021 first quarter; andCash dividend payments increased $44,000, or 16.4%, to $312,000 for the three months ended March 31, 2022 as compared to the same period in 2021. “We are extremely pleased to report significant growth in loan originations during the first quarter of 2022,” stated Daniel P. Reininga, President and Chief Executive Officer. “We achieved this loan growth through the establishment of solid customer relationships with stout credit quality which has helped strengthened our net interest margin in an uncertain interest rate environment.” Net Interest Income 2022 first quarter net interest inco...