Lake Shore Bancorp, Inc. Announces Second Quarter 2025 Financial Results
Lake Shore Bancorp (NASDAQ: LSBK) reported strong Q2 2025 financial results, with net income reaching $1.9 million ($0.34 per diluted share), a significant 72% increase from Q2 2024's $1.1 million. For H1 2025, net income totaled $3.0 million ($0.53 per diluted share), up 39.7% year-over-year.
The company successfully completed its conversion from mutual to stock form, raising $49.5 million through a stock offering at $10.00 per share. Key performance metrics showed improvement with net interest margin increasing to 3.84%, up 70 basis points year-over-year. The bank maintains a strong capital position with a Tier 1 Leverage ratio of 14.37% and reduced its reliance on wholesale funding.
Asset quality improved significantly with non-performing assets decreasing to 0.24% of total assets, down from 0.55% at year-end 2024. Book value per share increased 3.0% to $16.13 as of June 30, 2025.
Lake Shore Bancorp (NASDAQ: LSBK) ha riportato solidi risultati finanziari nel secondo trimestre del 2025, con un utile netto di 1,9 milioni di dollari (0,34 dollari per azione diluita), un aumento significativo del 72% rispetto agli 1,1 milioni di dollari del secondo trimestre 2024. Nel primo semestre 2025, l'utile netto ha raggiunto 3,0 milioni di dollari (0,53 dollari per azione diluita), in crescita del 39,7% su base annua.
L'azienda ha completato con successo la conversione da forma mutualistica a società per azioni, raccogliendo 49,5 milioni di dollari tramite un'offerta azionaria a 10,00 dollari per azione. I principali indicatori di performance hanno evidenziato miglioramenti con il margine di interesse netto salito al 3,84%, in aumento di 70 punti base rispetto all'anno precedente. La banca mantiene una solida posizione patrimoniale con un rapporto di leva Tier 1 del 14,37% e ha ridotto la dipendenza dal finanziamento all'ingrosso.
La qualità degli attivi è notevolmente migliorata con gli attivi non performanti scesi allo 0,24% del totale degli attivi, in calo rispetto allo 0,55% di fine 2024. Il valore contabile per azione è aumentato del 3,0% raggiungendo 16,13 dollari al 30 giugno 2025.
Lake Shore Bancorp (NASDAQ: LSBK) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 1,9 millones de dólares (0,34 dólares por acción diluida), un aumento significativo del 72% respecto a los 1,1 millones de dólares del segundo trimestre de 2024. Para el primer semestre de 2025, el ingreso neto totalizó 3,0 millones de dólares (0,53 dólares por acción diluida), un incremento del 39,7% interanual.
La compañía completó con éxito su conversión de forma mutual a forma accionaria, recaudando 49,5 millones de dólares mediante una oferta de acciones a 10,00 dólares por acción. Los indicadores clave mostraron mejoras, con un margen de interés neto que aumentó a 3,84%, subiendo 70 puntos básicos en comparación con el año anterior. El banco mantiene una sólida posición de capital con un índice de apalancamiento Tier 1 del 14,37% y redujo su dependencia del financiamiento mayorista.
La calidad de los activos mejoró significativamente, con los activos no productivos disminuyendo a 0,24% del total de activos, desde el 0,55% a finales de 2024. El valor en libros por acción aumentó un 3,0% hasta 16,13 dólares al 30 de junio de 2025.
Lake Shore Bancorp (NASDAQ: LSBK)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순이익은 190만 달러(희석 주당 0.34달러)로 2024년 2분기의 110만 달러 대비 72% 크게 증가했습니다. 2025년 상반기 순이익은 300만 달러(희석 주당 0.53달러)로 전년 동기 대비 39.7% 증가했습니다.
회사는 상호조합 형태에서 주식회사 형태로의 전환을 성공적으로 완료했으며, 주당 10.00달러에 4,950만 달러의 주식 공모 자금을 조달했습니다. 주요 성과 지표는 순이자마진이 3.84%로 전년 대비 70베이시스 포인트 상승하는 등 개선을 보였습니다. 은행은 Tier 1 레버리지 비율 14.37%로 강력한 자본 상태를 유지하며 도매 자금 조달 의존도를 줄였습니다.
자산 품질도 크게 개선되어 부실 자산 비율이 총자산의 0.24%로 2024년 말의 0.55%에서 감소했습니다. 2025년 6월 30일 기준 주당 장부 가치는 3.0% 상승한 16.13달러입니다.
Lake Shore Bancorp (NASDAQ : LSBK) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net atteignant 1,9 million de dollars (0,34 dollar par action diluée), soit une augmentation significative de 72 % par rapport aux 1,1 million de dollars du deuxième trimestre 2024. Pour le premier semestre 2025, le bénéfice net s'est élevé à 3,0 millions de dollars (0,53 dollar par action diluée), en hausse de 39,7 % sur un an.
La société a réussi sa conversion de forme mutuelle à forme par actions, levant 49,5 millions de dollars via une émission d'actions à 10,00 dollars par action. Les principaux indicateurs de performance ont montré une amélioration avec une marge d'intérêt nette en hausse à 3,84 %, soit une augmentation de 70 points de base sur un an. La banque maintient une solide position en capital avec un ratio de levier Tier 1 de 14,37 % et a réduit sa dépendance au financement de gros.
La qualité des actifs s'est nettement améliorée avec une baisse des actifs non performants à 0,24 % du total des actifs, contre 0,55 % à la fin de 2024. La valeur comptable par action a augmenté de 3,0 % pour atteindre 16,13 dollars au 30 juin 2025.
Lake Shore Bancorp (NASDAQ: LSBK) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 1,9 Millionen US-Dollar (0,34 US-Dollar je verwässerter Aktie), was einer erheblichen Steigerung von 72 % gegenüber 1,1 Millionen US-Dollar im zweiten Quartal 2024 entspricht. Für das erste Halbjahr 2025 belief sich der Nettogewinn auf 3,0 Millionen US-Dollar (0,53 US-Dollar je verwässerter Aktie), ein Anstieg von 39,7 % im Jahresvergleich.
Das Unternehmen hat erfolgreich die Umwandlung von einer Mutual- zu einer Aktiengesellschaft abgeschlossen und dabei 49,5 Millionen US-Dollar durch eine Aktienemission zum Preis von 10,00 US-Dollar je Aktie eingenommen. Wichtige Leistungskennzahlen verbesserten sich, wobei die Nettozinsmarge auf 3,84 % anstieg, ein Plus von 70 Basispunkten im Jahresvergleich. Die Bank hält eine starke Kapitalausstattung mit einer Tier-1-Leverage-Ratio von 14,37 % und reduzierte ihre Abhängigkeit von Wholesale-Finanzierungen.
Die Vermögensqualität verbesserte sich deutlich, da notleidende Kredite auf 0,24 % der Gesamtaktiva sanken, verglichen mit 0,55 % Ende 2024. Der Buchwert je Aktie stieg um 3,0 % auf 16,13 US-Dollar zum 30. Juni 2025.
- Net income increased 72% year-over-year to $1.9 million in Q2 2025
- Successful completion of $49.5 million stock offering
- Net interest margin improved by 70 basis points to 3.84%
- Non-performing assets decreased by 53.3% to 0.24% of total assets
- Book value per share increased 3.0% to $16.13
- Strong capital position with 14.37% Tier 1 Leverage ratio
- Reduced wholesale funding dependence with only $2.0 million FHLBNY borrowings outstanding
- Uninsured deposits increased to 18.1% of total deposits from 13.5% at year-end 2024
Insights
Lake Shore Bancorp posted strong Q2 results with 72% profit growth and completed a $49.5M stock offering to support future growth.
Lake Shore Bancorp's Q2 2025 results demonstrate significant financial improvement with
The company's net interest income increased by
A notable achievement was the bank's recent conversion from mutual to stock form, completing a stock offering that raised
On the credit quality front, non-performing assets decreased to just
The bank has strategically reduced its reliance on wholesale funding by repaying
Management's focus on expense optimization yielded results with non-interest expenses decreasing by
DUNKIRK, N.Y., July 23, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the new holding company for Lake Shore Bank (the “Bank”), reported unaudited net income of
On July 18, 2025, the Company announced that the conversion of Lake Shore, MHC from mutual to stock form, the related stock offering by the Company and the Bank’s conversion from a federal savings bank to a New York chartered commercial bank was completed. As a result of the subscription offering, the Company sold a total of 4,950,460 shares of its common stock (approximately the midpoint of the offering range) at a price of
"I am pleased with the Company’s Second Quarter and Six Month 2025 financial results. The strategic actions taken throughout the past two years are beginning to bear quality earnings momentum,” stated Kim C. Liddell, President, CEO, and Director. “I am grateful for our depositors’ support as we raised
Second Quarter 2025 and Year-to-Date Financial Highlights:
- Net income increased to
$1.9 million during the second quarter of 2025, an increase of$803,000 , or72.0% , when compared to the second quarter of 2024. Net income was positively impacted by an increase in net interest income of$916,000 , or17.6% , when compared to the second quarter of 2024; - Net income increased to
$3.0 million during the first half of 2025, an increase of$845,000 , or39.7% , when compared to the first half of 2024. Net income was positively impacted by an increase in net interest income of$1.2 million , or12.1% , when compared to the first half of 2024; - Net interest margin increased to
3.84% during the second quarter of 2025, an increase of 35 basis points when compared to net interest margin of3.49% during the first quarter of 2025 and an increase of 70 basis points when compared to net interest margin of3.14% during the second quarter of 2024; - Reduced reliance on wholesale funding by repaying
$8.3 million of Federal Home Loan Bank of New York ("FHLBNY") borrowings during the first half of 2025 with only$2.0 million outstanding as of June 30, 2025; - At June 30, 2025 and December 31, 2024, the Company’s percentage of uninsured deposits to total deposits was
18.1% and13.5% , respectively. Excluding the$43.7 million of funds collected and held on deposit in a segregated account in connection with the Company's stock offering in the second quarter of 2025, the Company's uninsured deposits to total deposits totaled12.0% at June 30, 2025; - Book value per share increased
3.0% to$16.13 per share at June 30, 2025, as compared to$15.67 per share at December 31, 2024; - Non-performing assets as a percentage of total assets decreased to
0.24% at June 30, 2025, as compared to0.55% at December 31, 2024, primarily due to a decrease in non-performing assets of$2.0 million , or53.3% ; and - The Bank's capital position remains "well capitalized" with a Tier 1 Leverage ratio of
14.37% and a Total Risk-Based Capital ratio of18.94% at June 30, 2025.
Net Interest Income
Net interest income for the second quarter of 2025 increased by
Net interest income for the first half of 2025 increased
Interest income for the second quarter of 2025 was
The increase in interest income from the prior quarter was primarily due to an increase in interest earned on loans of
The increase in interest income from the prior year quarter was primarily due to an increase in interest earned on loans of
Interest income for the first half of 2025 was
Interest expense for the second quarter of 2025 was
The increase in interest expense when compared to the previous quarter was primarily due to an increase in the average balance of interest-bearing liabilities of
The decrease in interest expense when compared to the prior year quarter was primarily due to a 32 basis points decrease in average interest rate paid on interest-bearing liabilities and a
Interest expense for the first half of 2025 was
Non-Interest Income
Non-interest income was
Non-interest income was
Non-Interest Expense
Non-interest expense was
Non-interest expense was
Income Tax Expense
Income tax expense was
Income tax expense was
Credit Quality
The Company’s allowance for credit losses on loans was
The Company recorded no provision for credit losses during the second quarter of 2025 and recorded a provision for credit losses of
Balance Sheet Summary
Total assets at June 30, 2025 were
Stockholders’ equity at June 30, 2025 was
About Lake Shore
Lake Shore Bancorp is the holding company of Lake Shore Bank, a New York chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Bancorp is available at www.mylsbank.com.
Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Source: Lake Shore Bancorp, Inc.
Category: Financial
Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012
Selected Financial Condition Data
| June 30, | December 31, | ||||
| 2025 | 2024 | ||||
| (Unaudited) | |||||
| (Dollars in thousands) | |||||
| Total assets | $ | 734,838 | $ | 685,504 | |
| Cash and cash equivalents | 75,367 | 33,131 | |||
| Securities, at fair value | 55,323 | 56,495 | |||
| Loans receivable, net | 552,389 | 544,620 | |||
| Deposits | 627,499 | 572,978 | |||
| Long-term debt | 2,000 | 10,250 | |||
| Stockholders’ equity | 92,884 | 89,868 | |||
Statements of Income
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | |||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||
| Interest income | $ | 9,107 | $ | 8,754 | $ | 17,474 | $ | 17,363 | |||||||
| Interest expense | 2,985 | 3,548 | 5,887 | 7,024 | |||||||||||
| Net interest income | 6,122 | 5,206 | 11,587 | 10,339 | |||||||||||
| Provision (credit) for credit losses | - | (285 | ) | 48 | (637 | ) | |||||||||
| Net interest income after provision (credit) for credit losses | 6,122 | 5,491 | 11,539 | 10,976 | |||||||||||
| Total non-interest income | 800 | 738 | 1,524 | 1,445 | |||||||||||
| Total non-interest expense | 4,625 | 4,897 | 9,503 | 9,892 | |||||||||||
| Income before income taxes | 2,297 | 1,332 | 3,560 | 2,529 | |||||||||||
| Income tax expense | 378 | 216 | 585 | 399 | |||||||||||
| Net income | $ | 1,919 | $ | 1,116 | $ | 2,975 | $ | 2,130 | |||||||
| Basic and diluted earnings per share | $ | 0.34 | $ | 0.19 | $ | 0.53 | $ | 0.36 | |||||||
| Selected Financial Ratios | |||||||||||||||
| Return on average assets(1) | 1.11 | % | 0.63 | % | 0.87 | % | 0.60 | % | |||||||
| Return on average equity(1) | 8.37 | % | 5.19 | % | 6.52 | % | 4.94 | % | |||||||
| Average interest-earning assets to average interest-bearing liabilities | 128.12 | % | 127.00 | % | 128.81 | % | 126.67 | % | |||||||
| Interest rate spread(1) | 3.32 | % | 2.56 | % | 3.13 | % | 2.55 | % | |||||||
| Net interest margin(1) | 3.84 | % | 3.14 | % | 3.67 | % | 3.12 | % | |||||||
| Efficiency ratio | 66.82 | % | 82.39 | % | 72.48 | % | 83.94 | % | |||||||
(1) Annualized
Average Balance Sheets, Interest, and Rates (Quarterly Comparison)
| For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||||||||
| Average | Interest Income/ | Yield/ | Average | Interest Income/ | Yield/ | ||||||||||||
| Balance | Expense | Rate(2) | Balance | Expense | Rate(2) | ||||||||||||
| (Unaudited) | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Interest-earning deposits | $ | 27,162 | $ | 270 | 3.98 | % | $ | 52,618 | $ | 647 | 4.92 | % | |||||
| Securities(1) | 56,222 | 368 | 2.62 | % | 58,988 | 414 | 2.81 | % | |||||||||
| Loans, including fees | 553,550 | 8,469 | 6.12 | % | 551,091 | 7,693 | 5.58 | % | |||||||||
| Total interest-earning assets | 636,934 | 9,107 | 5.72 | % | 662,697 | 8,754 | 5.28 | % | |||||||||
| Other assets | 52,724 | 49,661 | |||||||||||||||
| Total assets | $ | 689,658 | $ | 712,358 | |||||||||||||
| Interest-bearing liabilities | |||||||||||||||||
| Demand & NOW accounts | $ | 64,337 | $ | 15 | 0.09 | % | $ | 67,167 | $ | 16 | 0.10 | % | |||||
| Money market accounts | 153,547 | 955 | 2.49 | % | 140,759 | 947 | 2.69 | % | |||||||||
| Savings accounts(3) | 58,286 | 9 | 0.06 | % | 60,528 | 10 | 0.07 | % | |||||||||
| Time deposits | 217,101 | 1,969 | 3.63 | % | 228,023 | 2,398 | 4.21 | % | |||||||||
| Borrowed funds & other interest-bearing liabilities | 3,869 | 37 | 3.83 | % | 25,313 | 177 | 2.80 | % | |||||||||
| Total interest-bearing liabilities | 497,140 | 2,985 | 2.40 | % | 521,790 | 3,548 | 2.72 | % | |||||||||
| Other non-interest bearing liabilities | 100,826 | 104,529 | |||||||||||||||
| Stockholders' equity | 91,692 | 86,039 | |||||||||||||||
| Total liabilities & stockholders' equity | $ | 689,658 | $ | 712,358 | |||||||||||||
| Net interest income | $ | 6,122 | $ | 5,206 | |||||||||||||
| Interest rate spread | 3.32 | % | 2.56 | % | |||||||||||||
| Net interest margin | 3.84 | % | 3.14 | % | |||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
(2) Annualized.
(3) Included within savings accounts as of June 30, 2025 is
Average Balance Sheets, Interest, and Rates (Year-to-Date Comparison)
| For the Six Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||||||||
| Average | Interest Income/ | Yield/ | Average | Interest Income/ | Yield/ | ||||||||||||
| Balance | Expense | Rate(2) | Balance | Expense | Rate(2) | ||||||||||||
| (Unaudited) | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Interest-earning deposits | $ | 25,372 | $ | 504 | 3.97 | % | $ | 48,329 | $ | 1,246 | 5.16 | % | |||||
| Securities(1) | 57,008 | 748 | 2.62 | % | 60,358 | 838 | 2.78 | % | |||||||||
| Loans, including fees | 549,578 | 16,222 | 5.90 | % | 553,621 | 15,279 | 5.52 | % | |||||||||
| Total interest-earning assets | 631,958 | 17,474 | 5.53 | % | 662,308 | 17,363 | 5.24 | % | |||||||||
| Other assets | 52,193 | 50,263 | |||||||||||||||
| Total assets | $ | 684,151 | $ | 712,571 | |||||||||||||
| Interest-bearing liabilities | |||||||||||||||||
| Demand & NOW accounts | $ | 63,565 | $ | 30 | 0.09 | % | $ | 68,460 | $ | 33 | 0.10 | % | |||||
| Money market accounts | 153,116 | 1,822 | 2.38 | % | 140,277 | 1,913 | 2.73 | % | |||||||||
| Savings accounts(3) | 55,927 | 18 | 0.06 | % | 61,606 | 21 | 0.07 | % | |||||||||
| Time deposits | 212,975 | 3,920 | 3.68 | % | 225,101 | 4,648 | 4.13 | % | |||||||||
| Borrowed funds & other interest-bearing liabilities | 5,046 | 97 | 3.84 | % | 27,434 | 409 | 2.98 | % | |||||||||
| Total interest-bearing liabilities | 490,629 | 5,887 | 2.40 | % | 522,878 | 7,024 | 2.69 | % | |||||||||
| Other non-interest bearing liabilities | 102,202 | 103,414 | |||||||||||||||
| Stockholders' equity | 91,320 | 86,279 | |||||||||||||||
| Total liabilities & stockholders' equity | $ | 684,151 | $ | 712,571 | |||||||||||||
| Net interest income | $ | 11,587 | $ | 10,339 | |||||||||||||
| Interest rate spread | 3.13 | % | 2.55 | % | |||||||||||||
| Net interest margin | 3.67 | % | 3.12 | % | |||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
(2) Annualized.
(3) Included within savings accounts as of June 30, 2025 is
Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)
| For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
| June 30, 2025 | March 31, 2025 | ||||||||||||||||
| Average | Interest Income/ | Yield/ | Average | Interest Income/ | Yield/ | ||||||||||||
| Balance | Expense | Rate(2) | Balance | Expense | Rate(2) | ||||||||||||
| (Unaudited) | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Interest-earning deposits | $ | 27,162 | $ | 270 | 3.98 | % | $ | 23,562 | $ | 234 | 3.97 | % | |||||
| Securities(1) | 56,222 | 368 | 2.62 | % | 57,804 | 381 | 2.64 | % | |||||||||
| Loans, including fees | 553,550 | 8,469 | 6.12 | % | 545,561 | 7,752 | 5.68 | % | |||||||||
| Total interest-earning assets | 636,934 | 9,107 | 5.72 | % | 626,927 | 8,367 | 5.34 | % | |||||||||
| Other assets | 52,724 | 51,656 | |||||||||||||||
| Total assets | $ | 689,658 | $ | 678,583 | |||||||||||||
| Interest-bearing liabilities | |||||||||||||||||
| Demand & NOW accounts | $ | 64,337 | $ | 15 | 0.09 | % | $ | 62,784 | $ | 15 | 0.10 | % | |||||
| Money market accounts | 153,547 | 955 | 2.49 | % | 152,680 | 867 | 2.27 | % | |||||||||
| Savings accounts(3) | 58,286 | 9 | 0.06 | % | 53,541 | 9 | 0.07 | % | |||||||||
| Time deposits | 217,101 | 1,969 | 3.63 | % | 208,804 | 1,951 | 3.74 | % | |||||||||
| Borrowed funds & other interest-bearing liabilities | 3,869 | 37 | 3.83 | % | 6,237 | 60 | 3.85 | % | |||||||||
| Total interest-bearing liabilities | 497,140 | 2,985 | 2.40 | % | 484,046 | 2,902 | 2.40 | % | |||||||||
| Other non-interest bearing liabilities | 100,826 | 103,593 | |||||||||||||||
| Stockholders' equity | 91,692 | 90,944 | |||||||||||||||
| Total liabilities & stockholders' equity | $ | 689,658 | $ | 678,583 | |||||||||||||
| Net interest income | $ | 6,122 | $ | 5,465 | |||||||||||||
| Interest rate spread | 3.32 | % | 2.94 | % | |||||||||||||
| Net interest margin | 3.84 | % | 3.49 | % | |||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
(2) Annualized.
(3) Included within savings accounts as of June 30, 2025 is
Selected Quarterly Financial Data
| As of or For the Three Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | |||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Selected Financial Condition Data: | |||||||||||||||||||
| Total assets | $ | 734,838 | $ | 688,996 | $ | 685,504 | $ | 697,596 | $ | 711,042 | |||||||||
| Cash and cash equivalents | 75,367 | 30,428 | 33,131 | 49,981 | 60,987 | ||||||||||||||
| Securities, at fair value | 55,323 | 55,801 | 56,495 | 58,782 | 57,309 | ||||||||||||||
| Loans receivable, net | 552,389 | 551,640 | 544,620 | 539,005 | 544,337 | ||||||||||||||
| Deposits | 627,499 | 582,730 | 572,978 | 587,563 | 589,395 | ||||||||||||||
| Long-term debt | 2,000 | 4,000 | 10,250 | 10,250 | 23,250 | ||||||||||||||
| Stockholders’ equity | 92,884 | 90,662 | 89,868 | 89,877 | 86,932 | ||||||||||||||
| Condensed Statements of Income: | |||||||||||||||||||
| Interest income | $ | 9,107 | $ | 8,367 | $ | 8,590 | $ | 8,851 | $ | 8,754 | |||||||||
| Interest expense | 2,985 | 2,902 | 3,249 | 3,468 | 3,548 | ||||||||||||||
| Net interest income | 6,122 | 5,465 | 5,341 | 5,383 | 5,206 | ||||||||||||||
| Provision (credit) for credit losses | - | 48 | (613 | ) | (229 | ) | (285 | ) | |||||||||||
| Net interest income after provision (credit) for credit losses | 6,122 | 5,417 | 5,954 | 5,612 | 5,491 | ||||||||||||||
| Total non-interest income | 800 | 724 | 1,068 | 791 | 738 | ||||||||||||||
| Total non-interest expense | 4,625 | 4,878 | 5,275 | 4,813 | 4,897 | ||||||||||||||
| Income before income taxes | 2,297 | 1,263 | 1,747 | 1,590 | 1,332 | ||||||||||||||
| Income tax expense | 378 | 206 | 278 | 258 | 216 | ||||||||||||||
| Net income | $ | 1,919 | $ | 1,057 | $ | 1,469 | $ | 1,332 | $ | 1,116 | |||||||||
| Basic and diluted earnings per share | $ | 0.34 | $ | 0.19 | $ | 0.26 | $ | 0.24 | $ | 0.19 | |||||||||
| Selected Financial Ratios: | |||||||||||||||||||
| Return on average assets(1) | 1.11 | % | 0.62 | % | 0.85 | % | 0.76 | % | 0.63 | % | |||||||||
| Return on average equity(1) | 8.37 | % | 4.65 | % | 6.52 | % | 6.03 | % | 5.19 | % | |||||||||
| Average interest-earning assets to average interest-bearing liabilities | 128.12 | % | 129.52 | % | 129.46 | % | 128.81 | % | 127.00 | % | |||||||||
| Interest rate spread(1) | 3.32 | % | 2.94 | % | 2.72 | % | 2.67 | % | 2.56 | % | |||||||||
| Net interest margin(1) | 3.84 | % | 3.49 | % | 3.31 | % | 3.28 | % | 3.14 | % | |||||||||
| Efficiency ratio | 66.82 | % | 78.82 | % | 82.30 | % | 77.96 | % | 82.39 | % | |||||||||
| Asset Quality Ratios: | |||||||||||||||||||
| Non-performing loans as a percent of loans at amortized cost | 0.32 | % | 0.62 | % | 0.69 | % | 0.74 | % | 0.73 | % | |||||||||
| Non-performing assets as a percent of total assets | 0.24 | % | 0.50 | % | 0.55 | % | 0.57 | % | 0.56 | % | |||||||||
| Allowance for credit losses on loans as a percent of loans at amortized cost | 0.93 | % | 0.93 | % | 0.93 | % | 1.01 | % | 1.08 | % | |||||||||
| Allowance for credit losses on loans as a percent of non-performing loans | 290.53 | % | 148.89 | % | 134.91 | % | 137.03 | % | 148.20 | % | |||||||||
| Share Information: | |||||||||||||||||||
| Common stock, number of shares outstanding | 5,759,172 | 5,760,272 | 5,735,226 | 5,737,036 | 5,737,036 | ||||||||||||||
| Treasury stock, number of shares held | 1,077,342 | 1,076,242 | 1,101,288 | 1,099,478 | 1,099,478 | ||||||||||||||
| Book value per share | $ | 16.13 | $ | 15.74 | $ | 15.67 | $ | 15.67 | $ | 15.15 | |||||||||
| Tier 1 leverage ratio (Bank-only) | 14.37 | % | 14.31 | % | 13.83 | % | 13.37 | % | 13.02 | % | |||||||||
| Total risk-based capital ratio (Bank-only) | 18.94 | % | 18.67 | % | 18.79 | % | 18.85 | % | 18.64 | % | |||||||||
(1) Annualized
FAQ
What were Lake Shore Bancorp's (LSBK) Q2 2025 earnings?
How much capital did Lake Shore Bancorp raise in its 2025 stock offering?
What is Lake Shore Bancorp's (LSBK) current net interest margin?
How much did Lake Shore Bancorp's book value per share increase in 2025?
What is Lake Shore Bancorp's (LSBK) current asset quality?
