Business
Lake Shore Bancorp, Inc. Announces Full Year 2022 and Fourth Quarter Financial Results
DUNKIRK, N.Y., Jan. 31, 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., Jan. 31, 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 $1.2 million, or $0.20 per diluted share, for the fourth quarter of 2022 compared to net income of $1.8 million, or $0.31 per diluted share, for the fourth quarter of 2021. For the year ended December 31, 2022, the Company reported unaudited net income of $5.7 million, or $0.97 per diluted share, as compared to $6.2 million, or $1.05 per diluted share, for the year ended December 31, 2021. “We experienced impressive growth in our net interest margin and loan balances during 2022 as a result of the collective determination of our team of talented banking specialists,” stated Daniel P. Reininga, President and Chief Executive Officer. “Our robust capital position and strong asset quality will allow us to react appropriately to the challenges of an uncertain economic environment and increased competition in our marketplace. The increase in non-interest expenses during fourth quarter 2022 and the full year 2022 were primarily due to remediation activities associated with the previously disclosed entry of Lake Shore Savings Bank into a formal written agreement with the Office of the Comptroller of the Currency, the Bank’s primary regulator. We expect these higher costs to continue over the near term while we address our regulatory requirements. Additionally, we expect that our employee expenses will increase as we continue to invest in staffing resources to support both our future growth as well as our commitment to address all outstanding regulatory matters. We are very pleased with the additions of our new Chief Operating Officer, Jennifer Zatkos, and Chief Technology Officer, Robert Cortellucci to our senior management team.” 2022 Full Year and Fourth Quarter Financial Highlights: Net interest margin and interest rate spread was 3.77% and 3.65%, respectively, for the year ended December 31, 2022 as compared to 3.35% and 3.22%, respectively, for the year ended December 31, 2021;Loans receivable, net grew by 10.9%, to $573.5 million at December 31, 2022 when compared to December 31, 2021, primarily due to $54.6 million of net growth in commercial and residential real estate loans during the year ended December 31, 2022;Non-performing lo...