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.
Lake Shore Bancorp, Inc. (NASDAQ: LSBK) reported third-quarter 2020 net income of $1.23 million, or $0.21 per diluted share, up from $1.21 million, or $0.20 per diluted share in Q3 2019. For the first nine months, net income rose to $3.3 million, or $0.56 per diluted share, from $2.9 million, or $0.48 per diluted share in 2019. Total assets increased by 11.8% to $682.7 million, with total deposits growing 14.9% to $555.5 million. The Company declared a quarterly dividend of $0.13 per share, reflecting a 4.1% yield.
Lake Shore Bancorp reported a net income of $1.4 million ($0.23 per diluted share) for Q2 2020, up from $805,000 ($0.13 per diluted share) in Q2 2019. Year-to-date, net income reached $2.1 million ($0.35 per diluted share), improving from $1.7 million ($0.28 per diluted share) in the same period of 2019. The bank originated 245 SBA PPP loans totaling $26.2 million, supporting over 3,300 jobs. Total assets increased to $677.8 million, while deposits rose by 13.9% to $550.5 million due to PPP funds. A $0.12 dividend was declared, yielding 4.0%.