Business
Lake Shore Bancorp, Inc. Announces Full Year 2021 and Fourth Quarter Financial Results
DUNKIRK, N.Y., Feb. 02, 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., Feb. 02, 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 $0.31 per diluted share, for the fourth quarter of 2021 compared to net income of $1.2 million, or $0.21 per diluted share, for the fourth quarter of 2020. For the year ended December 31, 2021, the Company reported unaudited net income of $6.2 million, or $1.05 per diluted share, as compared to $4.6 million, or $0.77 per diluted share, for the year ended December 31, 2020. 2021 Full Year and Fourth Quarter Financial Highlights: Fourth quarter net income of $1.8 million increased by $572,000, or 46.0%, when compared to the fourth quarter of 2020. Fourth quarter 2021 net income was positively impacted by an increase in net interest income and a decrease in provision for loan losses, partially offset by a decrease in non-interest income and an increase in income tax expense;Net income of $6.2 million for the year ended December 31, 2021 increased by $1.6 million, or 35.8%, when compared to the year ended December 31, 2020. Net income during the year ended December 31, 2021 was positively impacted by increased net interest income and non-interest income and a decrease in provision for loan losses, partially offset by increases in non-interest expense and income tax expense;Total assets at December 31, 2021 increased $27.9 million, or 4.1%, to $714.1 million when compared to December 31, 2020, primarily due to an increase in cash and cash equivalents which was driven by deposit growth. This increase was also due to an increase in securities available for sale, partially offset by a decrease in loans receivable, net;Total deposits grew by $33.5 million, or 6.0%, to $593.7 million at December 31, 2021 when compared to December 31, 2020, primarily due to growth in core deposits;Stock repurchases of $2.3 million, representing the repurchase of 150,542 shares at an average cost per share of $14.98, were completed during the year ended December 31, 2021;Cash dividend payments of $1.0 million were paid to shareholders during the year ended December 31, 2021, resulting in an annual dividend per share of $0.54, a 10.2% increase over last year; andBook value per share increased 4.7% to $15.45 per share at December 31, 2021 as com...