Lake Shore Bancorp, Inc. Announces Second Quarter 2026 Financial Results
Lake Shore Bancorp (NASDAQ: LSBK) reported unaudited net income of $2.2 million, or $0.29 per diluted share, for Q2 2026, up 13.2% from $1.9 million a year earlier.
Rhea-AI Summary
Lake Shore Bancorp (NASDAQ: LSBK) reported unaudited net income of $2.2 million, or $0.29 per diluted share, for Q2 2026, up 13.2% from $1.9 million a year earlier. First-half 2026 net income rose to $4.1 million, or $0.56 per diluted share, a 37.7% increase year over year, according to the company.
Net interest income grew 12.6% year over year in the quarter and 17.0% for the first half, lifting net interest margin to 4.06% in Q2 2026 from 3.84% in Q2 2025. The efficiency ratio improved to 63.77%, annualized return on average assets reached 1.19%, and book value per share increased to $18.41 at June 30, 2026. Non-performing assets fell to 0.20% of total assets, while the bank remained "well capitalized" with a 17.43% Tier 1 leverage ratio and 24.04% total risk-based capital ratio.
Positive
- Net income up 13.2% YoY in Q2 2026 to $2.2 million
- First-half 2026 net income up 37.7% YoY to $4.1 million
- Net interest income up 12.6% YoY in Q2 and 17.0% YTD
- Net interest margin increased to 4.06% in Q2 2026 from 3.84% a year ago
- Efficiency ratio improved to 63.77% in Q2 2026 from 66.82% a year earlier
- Non-performing assets ratio declined to 0.20% of total assets
- Tier 1 leverage 17.43% and total risk-based capital 24.04% at June 30, 2026
Negative
- Non-interest income down 6.4% YoY in Q2 2026 to $749,000
- Non-interest income down 4.7% YoY for first half 2026 to $1.5 million
- Non-interest expense up 5.4% YoY in Q2 2026 to $4.9 million
- Non-interest expense up 5.2% YoY for first half 2026 to $10.0 million
- Income tax expense up 26.2% YoY in Q2 2026 to $477,000
- Income tax expense up 55.0% YoY for first half 2026 to $907,000
News Explained
At June 30, 2026, cash, deposits, and equity had all increased from year-end, while dividends partly offset first-half earnings.
Lake Shore reported unaudited second-quarter 2026 results; at
The reported balances were
First-half net income of
Credit-loss reserves moved in different directions: the allowance for loan losses fell to
Details
News Market Reaction – LSBK
In the Jul 23 session, LSBK gained 0.06%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Q2 net income
- $2.2 million
- Second quarter 2026; up 13.2% year over year
- Diluted EPS
- $0.29 per diluted share
- Second quarter 2026; compared with $0.25 in Q2 2025
- First-half net income
- $4.1 million
- First six months of 2026; up 37.7% year over year
- Net interest income
- $6.9 million
- Second quarter 2026; up 12.6% year over year
- Net interest margin
- 4.06%
- Second quarter 2026; compared with 3.84% in Q2 2025
- Efficiency ratio
- 63.77%
- Quarter ended June 30, 2026; improved from 66.82% in Q2 2025
- Book value per share
- $18.41 per share
- At June 30, 2026; compared with $18.10 at December 31, 2025
- Non-performing assets
- 0.20%
- As a percentage of total assets at June 30, 2026
Previous Earnings Reports
-
Net income, net interest margin, and capital metrics improved year over year.
-
Net income and net interest margin improved, with narrower credit-loss provision.
-
Net income rose, the stock offering closed, and capital remained strong.
-
Net income and net interest margin increased while wholesale funding declined.
-
Net income increased alongside margin expansion and lower non-interest expense.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
net interest margin financial
efficiency ratio financial
non-performing assets financial
tier 1 leverage ratio regulatory
total risk-based capital ratio regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
DUNKIRK, N.Y., July 22, 2026 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Bank (the “Bank”), reported unaudited net income of
"I am pleased with our second quarter results, which reflect disciplined expense management, improved net interest income, and our team’s focused execution of strategic initiatives,” stated Kim C. Liddell, President, CEO, and Director. “These results provide a strong foundation as we continue serving our customers, communities, and shareholders."
Second Quarter 2026 and Year-to-Date Financial Highlights:
- Net income increased to
$2.2 million during the second quarter of 2026, an increase of$254,000 , or13.2% , when compared to the second quarter of 2025. Net income was positively impacted by an increase in net interest income of$771,000 , or12.6% , when compared to the second quarter of 2025; - Net income increased to
$4.1 million during the first half of 2026, an increase of$1.1 million , or37.7% , when compared to the first half of 2025. Net income was positively impacted by an increase in net interest income of$2.0 million , or17.0% , when compared to the first half of 2025; - Net interest margin increased to
4.06% during the second quarter of 2026, an increase of four basis points when compared to net interest margin of4.02% during the first quarter of 2026 and an increase of 22 basis points when compared to net interest margin of3.84% during the second quarter of 2025; - Efficiency ratio improved to
63.77% for the quarter ended June 30, 2026, a decrease of5.81% as compared to69.58% for the quarter ended March 31, 2026 and a decrease of3.05% when compared to66.82% for the quarter ended June 30, 2025; - Annualized return on average assets increased to
1.19% for the quarter ended June 30, 2026, an increase of 12 basis points as compared to1.07% for the quarter ended March 31, 2026, and an increase of eight basis points when compared to1.11% for the quarter ended June 30, 2025; - Book value per share increased
1.7% to$18.41 per share at June 30, 2026, as compared to$18.10 per share at December 31, 2025; - Non-performing assets as a percentage of total assets decreased to
0.20% at June 30, 2026, as compared to0.23% at December 31, 2025; and - The Bank's capital position remains "well capitalized" with a Tier 1 Leverage ratio of
17.43% and a Total Risk-Based Capital ratio of24.04% at June 30, 2026.
Net Interest Income
Net interest income for the second quarter of 2026 increased by
Net interest income for the first half of 2026 increased
Interest income for the second quarter of 2026 was
The increase in interest income from the prior quarter was primarily due to a six basis point increase in the average yield on interest-earning assets and a
The increase in interest income from the prior year quarter was primarily due to a
Interest income for the first half of 2026 was
Interest expense for the second quarter of 2026 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 33 basis points decrease in average interest rate paid on interest-bearing liabilities and a
Interest expense for the first half of 2026 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
Balance Sheet Summary
Total assets at June 30, 2026 were
Stockholders’ equity at June 30, 2026 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, | ||||||||
| 2026 | 2025 | ||||||||
| (Unaudited) | |||||||||
| (Dollars in thousands) | |||||||||
| Total assets | $ | 736,652 | $ | 727,323 | |||||
| Cash and cash equivalents | 72,237 | 64,280 | |||||||
| Securities available for sale, at fair value | 53,567 | 56,138 | |||||||
| Loans receivable, net | 558,317 | 555,441 | |||||||
| Deposits | 578,240 | 573,277 | |||||||
| Stockholders’ equity | 144,761 | 141,639 | |||||||
Statements of Income
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Interest income | $ | 9,388 | $ | 9,107 | $ | 18,442 | $ | 17,474 | |||||||||||
| Interest expense | 2,495 | 2,985 | 4,890 | 5,887 | |||||||||||||||
| Net interest income | 6,893 | 6,122 | 13,552 | 11,587 | |||||||||||||||
| Provision for credit losses | 119 | — | 5 | 48 | |||||||||||||||
| Net interest income after provision for credit losses | 6,774 | 6,122 | 13,547 | 11,539 | |||||||||||||||
| Total non-interest income | 749 | 800 | 1,452 | 1,524 | |||||||||||||||
| Total non-interest expense | 4,873 | 4,625 | 9,996 | 9,503 | |||||||||||||||
| Income before income taxes | 2,650 | 2,297 | 5,003 | 3,560 | |||||||||||||||
| Income tax expense | 477 | 378 | 907 | 585 | |||||||||||||||
| Net income | $ | 2,173 | $ | 1,919 | $ | 4,096 | $ | 2,975 | |||||||||||
| Basic and diluted earnings per share(1) | $ | 0.29 | $ | 0.25 | $ | 0.56 | $ | 0.39 | |||||||||||
| Dividends declared and paid per share(1) | $ | 0.09 | $ | — | $ | 0.18 | $ | 0.13 | |||||||||||
| Selected Financial Ratios | |||||||||||||||||||
| Return on average assets(2) | 1.19 | % | 1.11 | % | 1.13 | % | 0.87 | % | |||||||||||
| Return on average equity(2) | 6.04 | % | 8.37 | % | 5.71 | % | 6.52 | % | |||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 140.83 | % | 128.12 | % | 140.80 | % | 128.81 | % | |||||||||||
| Interest rate spread(2) | 3.46 | % | 3.32 | % | 3.44 | % | 3.13 | % | |||||||||||
| Net interest margin(2) | 4.06 | % | 3.84 | % | 4.04 | % | 3.67 | % | |||||||||||
| Efficiency ratio | 63.77 | % | 66.82 | % | 66.62 | % | 72.48 | % | |||||||||||
(1) Per share information reflects the effects of the Company's conversion and related stock offering for all periods presented, as applicable.
(2) Annualized
Average Balance Sheets, Interest, and Rates (Quarterly Comparison)
| For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Rate(2) | Average Balance | Interest Income/ Expense | Yield/ Rate(2) | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Interest-earning deposits | $ | 64,801 | $ | 576 | 3.56 | % | $ | 27,162 | $ | 270 | 3.98 | % | ||||||||||||||||
| Securities(1) | 54,910 | 348 | 2.54 | % | 56,222 | 368 | 2.62 | % | ||||||||||||||||||||
| Loans, including fees | 559,192 | 8,464 | 6.05 | % | 553,550 | 8,469 | 6.12 | % | ||||||||||||||||||||
| Total interest-earning assets | 678,903 | $ | 9,388 | 5.53 | % | 636,934 | $ | 9,107 | 5.72 | % | ||||||||||||||||||
| Other assets | 53,753 | 52,724 | ||||||||||||||||||||||||||
| Total assets | $ | 732,656 | $ | 689,658 | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||
| Demand & NOW accounts | $ | 63,572 | $ | 14 | 0.09 | % | $ | 64,337 | $ | 15 | 0.09 | % | ||||||||||||||||
| Money market accounts | 153,861 | 731 | 1.90 | % | 153,547 | 955 | 2.49 | % | ||||||||||||||||||||
| Savings accounts(3) | 50,642 | 8 | 0.06 | % | 58,286 | 9 | 0.06 | % | ||||||||||||||||||||
| Time deposits | 210,894 | 1,719 | 3.26 | % | 217,101 | 1,969 | 3.63 | % | ||||||||||||||||||||
| Total interest-bearing deposits | 478,969 | 2,472 | 2.06 | % | 493,271 | 2,948 | 2.39 | % | ||||||||||||||||||||
| Borrowed funds & other interest-bearing liabilities | 3,105 | 23 | 2.96 | % | 3,869 | 37 | 3.83 | % | ||||||||||||||||||||
| Total interest-bearing liabilities | 482,074 | $ | 2,495 | 2.07 | % | 497,140 | $ | 2,985 | 2.40 | % | ||||||||||||||||||
| Other non-interest bearing liabilities | 106,759 | 100,826 | ||||||||||||||||||||||||||
| Stockholders' equity | 143,823 | 91,692 | ||||||||||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 732,656 | $ | 689,658 | ||||||||||||||||||||||||
| Net interest income | $ | 6,893 | $ | 6,122 | ||||||||||||||||||||||||
| Interest rate spread | 3.46 | % | 3.32 | % | ||||||||||||||||||||||||
| Net interest margin | 4.06 | % | 3.84 | % | ||||||||||||||||||||||||
(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, 2026 | June 30, 2025 | |||||||||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Rate(2) | Average Balance | Interest Income/ Expense | Yield/ Rate(2) | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Interest-earning deposits | $ | 59,461 | $ | 1,045 | 3.51 | % | $ | 25,372 | $ | 504 | 3.97 | % | ||||||||||||||||
| Securities(1) | 55,975 | 701 | 2.50 | % | 57,008 | 748 | 2.62 | % | ||||||||||||||||||||
| Loans, including fees | 555,178 | 16,696 | 6.01 | % | 549,578 | 16,222 | 5.90 | % | ||||||||||||||||||||
| Total interest-earning assets | 670,614 | $ | 18,442 | 5.50 | % | 631,958 | $ | 17,474 | 5.53 | % | ||||||||||||||||||
| Other assets | 53,542 | 52,193 | ||||||||||||||||||||||||||
| Total assets | $ | 724,156 | $ | 684,151 | ||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||
| Demand & NOW accounts | $ | 62,982 | $ | 29 | 0.09 | % | $ | 63,565 | $ | 30 | 0.09 | % | ||||||||||||||||
| Money market accounts | 155,037 | 1,466 | 1.89 | % | 153,116 | 1,822 | 2.38 | % | ||||||||||||||||||||
| Savings accounts(3) | 50,951 | 16 | 0.06 | % | 55,927 | 18 | 0.06 | % | ||||||||||||||||||||
| Time deposits | 204,604 | 3,333 | 3.26 | % | 212,975 | 3,920 | 3.68 | % | ||||||||||||||||||||
| Total interest-bearing deposits | 473,574 | 4,844 | 2.05 | % | 485,583 | 5,790 | 2.38 | % | ||||||||||||||||||||
| Borrowed funds & other interest-bearing liabilities | 2,725 | 46 | 3.38 | % | 5,046 | 97 | 3.84 | % | ||||||||||||||||||||
| Total interest-bearing liabilities | 476,299 | $ | 4,890 | 2.05 | % | 490,629 | $ | 5,887 | 2.40 | % | ||||||||||||||||||
| Other non-interest bearing liabilities | 104,401 | 102,202 | ||||||||||||||||||||||||||
| Stockholders' equity | 143,456 | 91,320 | ||||||||||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 724,156 | $ | 684,151 | ||||||||||||||||||||||||
| Net interest income | $ | 13,552 | $ | 11,587 | ||||||||||||||||||||||||
| Interest rate spread | 3.45 | % | 3.13 | % | ||||||||||||||||||||||||
| Net interest margin | 4.04 | % | 3.67 | % | ||||||||||||||||||||||||
(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, 2026 | March 31, 2026 | |||||||||||||||||||||||||||
| Average Balance | Interest Income/ Expense | Yield/ Rate(2) | Average Balance | Interest Income/ Expense | Yield/ Rate(2) | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||
| Interest-earning deposits | $ | 64,801 | $ | 576 | 3.56 | % | $ | 54,061 | $ | 469 | 3.47 | % | ||||||||||||||||
| Securities(1) | 54,910 | 348 | 2.54 | % | 57,052 | 354 | 2.48 | % | ||||||||||||||||||||
| Loans, including fees | 559,192 | 8,464 | 6.05 | % | 551,119 | 8,232 | 5.97 | % | ||||||||||||||||||||
| Total interest-earning assets | 678,903 | $ | 9,388 | 5.53 | % | 662,232 | $ | 9,055 | 5.47 | % | ||||||||||||||||||
| Other assets | 53,753 | 53,328 | ||||||||||||||||||||||||||
| Total assets | $ | 732,656 | $ | 715,560 | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||
| Demand & NOW accounts | $ | 63,572 | $ | 14 | 0.09 | % | $ | 62,384 | $ | 15 | 0.10 | % | ||||||||||||||||
| Money market accounts | 153,861 | 731 | 1.90 | % | 156,226 | 735 | 1.88 | % | ||||||||||||||||||||
| Savings accounts | 50,642 | 8 | 0.06 | % | 51,263 | 8 | 0.06 | % | ||||||||||||||||||||
| Time deposits | 210,894 | 1,719 | 3.26 | % | 198,245 | 1,614 | 3.26 | % | ||||||||||||||||||||
| Total interest-bearing deposits | 478,969 | 2,472 | 2.06 | % | 468,118 | 2,372 | 2.03 | % | ||||||||||||||||||||
| Borrowed funds & other interest-bearing liabilities | 3,105 | 23 | 2.96 | % | 2,342 | 23 | 3.93 | % | ||||||||||||||||||||
| Total interest-bearing liabilities | 482,074 | $ | 2,495 | 2.07 | % | 470,460 | $ | 2,395 | 2.04 | % | ||||||||||||||||||
| Other non-interest bearing liabilities | 106,759 | 102,013 | ||||||||||||||||||||||||||
| Stockholders' equity | 143,823 | 143,087 | ||||||||||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 732,656 | $ | 715,560 | ||||||||||||||||||||||||
| Net interest income | $ | 6,893 | $ | 6,660 | ||||||||||||||||||||||||
| Interest rate spread | 3.46 | % | 3.43 | % | ||||||||||||||||||||||||
| Net interest margin | 4.06 | % | 4.02 | % | ||||||||||||||||||||||||
(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of
(2) Annualized.
Selected Quarterly Financial Data
| As of or For the Three Months Ended | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Selected Financial Condition Data: | ||||||||||||||||||||
| Total assets | $ | 736,652 | $ | 722,011 | $ | 727,323 | $ | 742,802 | $ | 734,838 | ||||||||||
| Cash and cash equivalents | 72,237 | 61,607 | 64,280 | 83,638 | 75,367 | |||||||||||||||
| Securities, at fair value | 53,567 | 54,179 | 56,138 | 56,049 | 55,323 | |||||||||||||||
| Loans receivable, net | 558,317 | 553,879 | 555,441 | 552,611 | 552,389 | |||||||||||||||
| Deposits | 578,240 | 566,620 | 573,277 | 590,345 | 627,499 | |||||||||||||||
| Long-term debt | — | — | — | 2,000 | 2,000 | |||||||||||||||
| Stockholders’ equity | 144,761 | 142,378 | 141,639 | 139,306 | 92,884 | |||||||||||||||
| Condensed Statements of Income: | ||||||||||||||||||||
| Interest income | $ | 9,388 | $ | 9,055 | $ | 9,457 | $ | 9,351 | $ | 9,107 | ||||||||||
| Interest expense | 2,495 | 2,395 | 2,835 | 2,996 | 2,985 | |||||||||||||||
| Net interest income | 6,893 | 6,660 | 6,622 | 6,355 | 6,122 | |||||||||||||||
| Provision for credit losses | 119 | (113 | ) | 40 | (269 | ) | — | |||||||||||||
| Net interest income after provision for credit losses | 6,774 | 6,773 | 6,582 | 6,624 | 6,122 | |||||||||||||||
| Total non-interest income | 749 | 703 | 683 | 1,065 | 800 | |||||||||||||||
| Total non-interest expense | 4,873 | 5,123 | 4,920 | 4,843 | 4,625 | |||||||||||||||
| Income before income taxes | 2,650 | 2,353 | 2,345 | 2,846 | 2,297 | |||||||||||||||
| Income tax expense | 477 | 430 | 411 | 487 | 378 | |||||||||||||||
| Net income | $ | 2,173 | $ | 1,923 | $ | 1,934 | $ | 2,359 | $ | 1,919 | ||||||||||
| Basic and diluted earnings per share(1) | $ | 0.29 | $ | 0.26 | $ | 0.26 | $ | 0.32 | $ | 0.25 | ||||||||||
| Dividends declared and paid per share(1) | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | — | ||||||||||
| Selected Financial Ratios: | ||||||||||||||||||||
| Return on average assets(2) | 1.19 | % | 1.07 | % | 1.04 | % | 1.28 | % | 1.11 | % | ||||||||||
| Return on average equity(2) | 6.04 | % | 5.38 | % | 5.49 | % | 7.31 | % | 8.37 | % | ||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 140.83 | % | 140.76 | % | 138.60 | % | 139.79 | % | 128.12 | % | ||||||||||
| Interest rate spread(2) | 3.46 | % | 3.43 | % | 3.22 | % | 3.02 | % | 3.32 | % | ||||||||||
| Net interest margin(2) | 4.06 | % | 4.02 | % | 3.85 | % | 3.72 | % | 3.84 | % | ||||||||||
| Efficiency ratio | 63.77 | % | 69.58 | % | 67.35 | % | 65.26 | % | 66.82 | % | ||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Non-performing loans as a percent of loans at amortized cost | 0.25 | % | 0.28 | % | 0.30 | % | 0.33 | % | 0.32 | % | ||||||||||
| Non-performing assets as a percent of total assets | 0.20 | % | 0.22 | % | 0.23 | % | 0.25 | % | 0.24 | % | ||||||||||
| Allowance for credit losses on loans as a percent of loans at amortized cost | 0.84 | % | 0.86 | % | 0.87 | % | 0.87 | % | 0.93 | % | ||||||||||
| Allowance for credit losses on loans as a percent of non-performing loans | 331.85 | % | 302.76 | % | 290.71 | % | 265.57 | % | 290.53 | % | ||||||||||
| Share Information: | ||||||||||||||||||||
| Common stock, number of shares outstanding(1) | 7,863,818 | 7,863,388 | 7,825,388 | 7,825,501 | 7,803,102 | |||||||||||||||
| Treasury stock, number of shares held(1) | — | — | — | — | 1,459,691 | |||||||||||||||
| Book value per share(1) | $ | 18.41 | $ | 18.11 | $ | 18.10 | $ | 17.80 | $ | 11.90 | ||||||||||
| Tier 1 leverage ratio (Bank-only) | 17.43 | % | 17.54 | % | 16.65 | % | 16.34 | % | 14.37 | % | ||||||||||
| Total risk-based capital ratio (Bank-only) | 24.04 | % | 23.81 | % | 23.51 | % | 22.76 | % | 18.94 | % | ||||||||||
(1) Share and per share information reflects the effects of the Company's conversion and related stock offering for all periods presented, as applicable.
(2) Annualized
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