Business
Lake Shore Bancorp, Inc. Announces 2023 Third Quarter Financial Results
DUNKIRK, N.Y., Oct. 26, 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., Oct. 26, 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 $1.6 million, or $0.27 per diluted share, for the 2023 third quarter compared to net income of $1.8 million, or $0.30 per diluted share, for the 2022 third quarter. For the first nine months of 2023, the Company reported unaudited net income of $4.1 million, or $0.69 per diluted share, as compared to $4.5 million, or $0.77 per diluted share, for the first nine months of 2022. “Lake Shore delivered solid results for the third quarter despite significant expenses related to our efforts to remediate previously disclosed regulatory matters,” stated Kim Liddell, President, CEO, and Director. “We continue to look for opportunities to effectively manage expense and improve results for our shareholders. Deposit competition remains fierce and continues to be at the forefront of our focus.” 2023 Third Quarter and Year-to-Date Financial Highlights: Net income decreased to $1.6 million during the 2023 third quarter, a decrease of $200,000, or 11.3%, when compared to the 2022 third quarter. Net income during the three months ended September 30, 2023 was negatively impacted by an increase in non-interest expenses from an increase in salaries and benefits and FDIC insurance, partially offset by an increase in net interest income after (credit) provision for credit losses;Net income decreased to $4.1 million during the first nine months of 2023, a decrease of $0.4 million, or 9.9%, when compared to the first nine months of 2022. Net income during the nine months ended September 30, 2023 was negatively impacted by an increase in non-interest expenses associated with remediation activities related to regulatory matters, an increase in salaries and benefits, and a decrease in non-interest income, partially offset by an increase in net interest income after (credit) provision for credit losses;Net interest income decreased $50,000, or 0.8%, to $6.3 million during the 2023 third quarter as compared to the 2022 third quarter, primarily due to an increase in the average interest rate paid on interest-bearing liabilities when compared to the prior year period, partially offset by an increase in the average yield earned on interest-earning assets;Net inter...