Business
Lake Shore Bancorp, Inc. Announces 2024 First Quarter Financial Results
DUNKIRK, N.Y., April 22, 2024 (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 22, 2024 (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 $1.0 million, or $0.17 per diluted share, for the 2024 first quarter compared to net income of $1.7 million, or $0.29 per diluted share, for the 2023 first quarter. Net income decreased $670,000, or 39.8%, when compared to the 2023 first quarter and was negatively impacted by a decrease in net interest income and the period-over-period change in the provision for credit losses. These changes were partially offset by a decrease in non-interest expense and an increase in non-interest income primarily as a result of a bank-owned life insurance restructure which took place during the fourth quarter of 2023. “I am pleased with our first quarter 2024 earnings as we continue to transition from regulatory matters to more customer driven performance,” stated Kim Liddell, President, CEO, and Director. \"As a sign of this transition, our members approved the dividend waiver for Lake Shore, MHC, creating the potential to resume paying a dividend of up to $0.72 per share over the next year.\" 2024 First Quarter Financial Highlights: Total deposits increased by $3.8 million, or 0.6% since December 31, 2023. At March 31, 2024 and December 31, 2023, the Company’s percentage of uninsured deposits to total deposits was 12.6% and 12.8%, respectively;Reduced reliance on wholesale funding with the repayment of $11.0 million of brokered CDs and $10.0 million of Federal Home Loan Bank of New York (\"FHLBNY\") borrowings during the 2024 first quarter;On April 2, 2024, members of Lake Shore, MHC (the \"MHC\") approved the waiver of potential dividends by the MHC for up to $0.72 per share for dividends to be potentially declared by the Company during the twelve months ending April 2, 2025, subject to the non-objection by the Federal Reserve Bank of Philadelphia;Book value per share increased 0.3% to $15.22 per share at March 31, 2024 as compared to $15.17 per share at December 31, 2023; andThe Bank's capital position remains \"well capitalized\" with a Tier 1 Leverage ratio of 13.05% and a Total Risk-Based capital ratio of 18.13% at March 31, 2024. Net Interest Income Net interest income for the 2024 first quarter decreased $1.2 million, or 18.4%, to $5.1 ...