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Lake Shore Bancorp, Inc. (LSBK) provides essential financial services through its community-focused banking model. This news hub offers investors and stakeholders timely updates on strategic developments, financial performance, and operational milestones.
Access curated press releases and news articles covering earnings announcements, regulatory filings, leadership updates, and community initiatives. Our repository simplifies tracking of mortgage lending trends, commercial real estate activities, and deposit service enhancements relevant to LSBK's operations.
Discover updates on consumer loan programs, branch network expansions, and risk management practices. Bookmark this page for streamlined access to verified information about this NYSE-listed community bank's financial health and market position.
Lake Shore Savings Bank announced on December 3, 2024, that the Office of the Comptroller of the Currency (OCC) has terminated its Consent Order and 'Troubled Condition' status. The Consent Order had required the Bank to address deficiencies in several operational areas, including information technology, security, automated clearing house, audit, management, and Bank Secrecy Act / Anti-Money Laundering.
President, CEO, and Director Kim C. Liddell highlighted the team's significant and swift progress in remediation efforts. Lake Shore Savings Bank, a subsidiary of Lake Shore Bancorp (NASDAQ: LSBK), operates ten full-service branch locations across Western New York, providing retail and commercial lending and deposit services.
Lake Shore Bancorp (NASDAQ: LSBK) announced that its Board of Directors has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend will be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The company received approval from the Federal Reserve Bank of Philadelphia for this dividend payment on September 30, 2024. Lake Shore Savings Bank operates ten full-service branch locations across Western New York, with four in Chautauqua County and six in Erie County.
Lake Shore Bancorp (NASDAQ: LSBK) reported Q3 2024 net income of $1.3 million ($0.24 per diluted share), up from $1.1 million in Q2 2024 but down from $1.6 million in Q3 2023. The quarterly improvement was driven by increased net interest income and reduced non-interest expenses. Net interest margin improved to 3.28%, up 14 basis points from Q2. The company successfully grew organic deposits by 2.2% while repaying $25.0 million in FHLBNY borrowings and not renewing $16.0 million in brokered CDs. Year-to-date net income was $3.5 million compared to $4.1 million in the same period of 2023.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank, has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend is set to be paid on August 16, 2024 to stockholders of record as of August 12, 2024. This decision follows the written approval from the Federal Reserve Bank of Philadelphia received on July 8, 2024. Lake Shore Bancorp operates eleven full-service branch locations in Western New York, offering a range of retail and commercial lending and deposit services. The company's stock is traded on the NASDAQ Global Market under the ticker 'LSBK'.
Lake Shore Bancorp (NASDAQ: LSBK) reported a net income of $1.1M or $0.19 per diluted share for Q2 2024, up from $816K or $0.14 in Q2 2023. For the first six months of 2024, net income was $2.1M, down from $2.5M in the same period of 2023. The increase in Q2 2024 income was primarily due to a reduction in non-interest expenses. The company also reduced reliance on wholesale funding by $23M while growing organic deposits by 1.65%.
Net interest income fell by $1M, or 16.2%, to $5.2M for Q2 2024. Net interest margin and rate spread dropped to 3.14% and 2.56% respectively, compared to 3.65% and 3.29% in Q2 2023. Interest income increased by 3.4% to $8.8M, whereas interest expense grew by 57.3% to $3.5M due to higher market interest rates.
Non-interest income rose by 33.5% to $738K in Q2 2024. Non-interest expenses decreased by 17% to $4.9M, driven by lower professional services and advertising costs. Total assets at June 30, 2024, were $711M, down 1.9% from December 31, 2023. Stockholders' equity increased by 0.8% to $86.9M.
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