Welcome to our dedicated page for Lake Shore Bncop news (Ticker: LSBK), a resource for investors and traders seeking the latest updates and insights on Lake Shore Bncop stock.
Lake Shore Bancorp, Inc. reports developments tied to its role as the holding company for Lake Shore Bank, a New York chartered, community-oriented bank serving Western New York through ten full-service branches. News commonly covers quarterly financial results, net interest income and margin trends, retail and commercial loan and deposit activity, dividends on common stock, and balance-sheet management.
Company updates also include capital actions related to the completed conversion of Lake Shore, MHC from mutual to stock form, the related stock offering, and the Bank's conversion from a federal savings bank to a New York chartered commercial bank.
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Lake Shore Bancorp reported strong earnings for Q1 2023, with a net income of $1.7 million ($0.29 per diluted share), a significant increase of 58.7% from Q1 2022's $1.1 million ($0.18 per diluted share). The improvement was driven by a 15.1% rise in net interest income to $6.3 million and a decrease in provisions for credit losses. However, non-interest income fell by 24.3% to $554,000, primarily due to unrealized losses from interest rate swaps. Non-interest expenses increased 21.7% to $5.5 million, largely from legal and professional fees related to regulatory concerns. Total assets rose 4.3% year-to-date to $730.1 million, with an increase in deposits of $25.1 million.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) reported fourth quarter 2022 net income of $1.2 million ($0.20 per share), down 34.4% from $1.8 million ($0.31 per share) in Q4 2021. For the full year 2022, net income was $5.7 million ($0.97 per share), a decrease of 7.7% from $6.2 million ($1.05 per share) in 2021. The company saw a significant 10.9% growth in loans receivable, driven by commercial and residential real estate. Non-performing loans fell to 0.51% of total net loans. However, non-interest expenses increased by 29.8% in Q4 due to remediation costs tied to a formal agreement with regulators, impacting profitability.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) reported Q3 2022 net income of $1.8 million ($0.30 per diluted share), up 4.7% from Q3 2021. For the first nine months, net income climbed 3.3% to $4.5 million. Key drivers included a $508,000 increase in net interest income, totaling $6.3 million for Q3. Non-performing loans dropped to 0.53%, down from 1.86% at year-end 2021. Total assets decreased by 2.5% to $695.7 million, while stockholders' equity fell 11.2% to $78.2 million. The company declared a quarterly dividend of $0.18, yielding 5.4%.
Lake Shore Bancorp (NASDAQ: LSBK) reported a significant net income increase in Q2 2022, totaling $1.7 million ($0.29/share), up from $1.0 million ($0.17/share) in Q2 2021. First-half earnings reached $2.75 million ($0.47/share), a slight rise from $2.68 million ($0.45/share) in 2021. Key drivers included a 10.1% rise in net interest income and reduced loan loss provisions, despite increasing non-interest expenses. Non-performing loans dropped to 0.48%, enhancing asset quality. The board declared a $0.18 quarterly dividend, reflecting a yield of 5.2%. Total assets decreased by 2.7% to $694.5 million.