Business
Lake Shore Bancorp, Inc. Announces 2022 Third Quarter and Year to Date Financial Results and Declares Dividend
DUNKIRK, N.Y., Oct. 26, 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., Oct. 26, 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 $1.8 million, or $0.30 per diluted share, for the 2022 third quarter compared to net income of $1.7 million, or $0.29 per diluted share, for the 2021 third quarter. For the first nine months of 2022, the Company reported unaudited net income of $4.5 million, or $0.77 per diluted share, as compared to $4.4 million, or $0.74 per diluted share, for the first nine months of 2021. 2022 Third Quarter and Year to Date Financial Highlights: 2022 third quarter net income increased $80,000, or 4.7%, when compared to 2021 third quarter net income primarily due to a $508,000 increase in net interest income which was partially offset by increases in non-interest expense and income tax expense and a decrease in non-interest income;Net income for the nine month period ended September 30, 2022 increased $144,000, or 3.3%, when compared to the same period in 2021. The increase was primarily due to a $1.3 million 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 3.67% and 3.58%, respectively, for the nine months ended September 30, 2022 as compared to 3.35% and 3.22%, respectively, for the nine months ended September 30, 2021;Loans receivable, net grew by 8.5%, to $561.2 million at September 30, 2022 when compared to December 31, 2021, primarily due to $43.2 million of net growth in commercial and residential real estate loans during the nine months ended September 30, 2022;Non-performing loans as a percent of total net loans decreased to 0.53% at September 30, 2022 from 1.86% at December 31, 2021, primarily due to the payoff of a non-accrual commercial real estate loan during the nine months ended September 2022; andDividend payout ratio was 64.9% at September 30, 2022 as compared to 54.1% at September 30, 2021. “During the first nine months of 2022, we have produced strong financial results due to the expansion of our net interest margin while also maintaining our regulatory capital position and improving asse...