Business
Lake Shore Bancorp, Inc. Announces 2023 Second Quarter Financial Results
DUNKIRK, N.Y., July 27, 2023 (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 27, 2023 (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 $0.8 million, or $0.14 per diluted share, for the 2023 second quarter compared to net income of $1.7 million, or $0.29 per diluted share, for the 2022 second quarter. For the first six months of 2023, the Company reported unaudited net income of $2.5 million, or $0.43 per diluted share, as compared to $2.7 million, or $0.47 per diluted share, for the first six months of 2022. “Lake Shore’s 2023 second quarter performance was solid despite significant expenses connected to our efforts to remediate previously disclosed regulatory matters,” stated Kim Liddell, President and CEO. “The loan portfolio continues to perform well with little to no credit deterioration. Deposit competition remains fierce demanding close personal service to retain and grow the deposit base. We expect more of the same economic headwinds and remain committed to enhancing the Company’s results.” 2023 Second Quarter and Year-to-Date Financial Highlights: Net income decreased to $0.8 million during the 2023 second quarter, a decrease of $868,000, or 51.5%, when compared to the 2022 second quarter. Net income during the three months ended June 30, 2023 was negatively impacted by an increase in non-interest expenses associated with remediation activities related to regulatory matters, partially offset by an increase in net interest income;Net income decreased to $2.5 million during the first half of 2023, a decrease of $0.2 million, or 8.9%, when compared to the first half of 2022. Net income during the six months ended June 30, 2023 was negatively impacted by an increase in non-interest expenses associated with remediation activities related to regulatory matters, partially offset by an increase in net interest margin;Net interest income increased $236,000, or 3.9%, to $6.2 million during the 2023 second quarter as compared to the 2022 second quarter, primarily due to an increase in the average yield earned on interest-earning assets and an increase in the average balance of interest-earning assets since June 30, 2022;Net interest income increased $1.1 million, or 9.3%, to $12.5 million during the first six months of 2023 as compared to $11.4 million during the fir...