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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.
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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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.