Business
Lake Shore Bancorp, Inc. Announces 2022 Second Quarter and Year to Date Financial Results and Declares Dividend
DUNKIRK, N.Y., July 20, 2022 (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 20, 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 $1.7 million, or $0.29 per diluted share, for the 2022 second quarter compared to net income of $1.0 million, or $0.17 per diluted share, for the 2021 second quarter. For the first six months of 2022, the Company reported unaudited net income of $2.75 million, or $0.47 per diluted share, as compared to $2.68 million, or $0.45 per diluted share, for the first six months of 2021. 2022 Second Quarter and Year to Date Financial Highlights: 2022 second quarter net income increased $0.7 million, or 69.6%, when compared to 2021 second quarter net income primarily due to increases in net interest income and non-interest income and a decrease in provision for loan losses, which was partially offset by increases in non-interest expense and income tax expense;Net income for the six month period ended June 30, 2022 increased $64,000, or 2.4%, when compared to the same period in 2021. The increase was primarily due to an increase in net interest income and a decrease in provision for loan losses, which was partially offset by increases in non-interest expense and income tax expense and a decrease in non-interest income when compared to the same period in 2021;Net interest margin and interest rate spread was 3.54% and 3.46%, respectively, for the six months ended June 30, 2022 as compared to 3.28% and 3.14%, respectively, for the six months ended June 30, 2021;Loans receivable, net grew by 5.8%, to $547.2 million at June 30, 2022 when compared to December 31, 2021, primarily due to $27.6 million of net growth in commercial and residential real estate loans during the six months ended June 30, 2022;Non-performing loans as a percent of total net loans decreased to 0.48% at June 30, 2022 from 1.86% at December 31, 2021, primarily due to a decrease in non-accrual commercial estate loans; andCash dividend payments increased $77,000, or 14.1%, to $625,000 for the six months ended June 30, 2022 as compared to the same period in 2021. “During the first six months of 2022, we produced meaningful growth in our net interest margin, while also significantly enhancing our asset quality. These results have not only improved our net income when compared to 202...