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Lake Shore Bancorp, Inc. Announces Second Quarter 2024 Financial Results
DUNKIRK, N.Y., July 24, 2024 (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 24, 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 $1.1 million, or $0.19 per diluted share, for the second quarter of 2024 compared to net income of $816,000, or $0.14 per diluted share, for the second quarter of 2023. For the first six months of 2024, the Company reported unaudited net income of $2.1 million, or $0.36 per diluted share, as compared to $2.5 million, or $0.43 per diluted share, for the first six months of 2023. The increase in net income during the second quarter of 2024 was primarily driven by a reduction in non-interest expense when compared to the second quarter of 2023. Furthermore, the Company reduced its reliance on wholesale funding by $23.0 million while growing organic deposits during the first half of 2024. “I am pleased with Lake Shore's earnings for the second quarter of 2024 and year-to-date. We continue to remain disciplined and focused on executing our strategic plan and it is beginning to bear results,” stated Kim C. Liddell, President, CEO, and Director. “I am proud of our team and their efforts to enhance shareholder value and the overall performance of the organization.” Second Quarter 2024 and Year-to-Date Financial Highlights: Net income increased to $1.1 million during the second quarter of 2024, an increase of $300,000, or 36.8%, when compared to the second quarter of 2023. Net income was positively impacted by a decrease in non-interest expenses associated with a decline in professional services expense of $451,000, or 53.2%;Reduced reliance on wholesale funding with the repayment of $11.0 million of brokered certificates of deposit (“CDs”) and $12.0 million of Federal Home Loan Bank of New York (“FHLBNY”) borrowings through organic deposit growth of 1.65% during the first half of 2024;At June 30, 2024 and December 31, 2023, the Company’s percentage of uninsured deposits to total deposits was 12.0% and 12.8%, respectively; andThe Bank's capital position remains “well capitalized” with a Tier 1 Leverage ratio of 13.02% and a Total Risk-Based capital ratio of 18.64% at June 30, 2024. Net Interest Income Net interest income for the second quarter of 2024 decreased $1.0 million, or 16.2%, to $5.2 million as compared to $6.2 million for the secon...