Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the
holding company for Lake Shore Savings Bank (the “Bank”), reported
unaudited net income of $1.3 million, or $0.24 per diluted share,
for the third quarter of 2024 compared to net income of $1.1
million, or $0.19 per diluted share, for the second quarter of
2024, and $1.6 million, or $0.27 per diluted share, for the third
quarter of 2023. The increase in net income during the third
quarter of 2024 was primarily driven by an increase in net interest
income and a reduction in non-interest expenses when compared to
the previous quarter. For the first nine months of 2024, the
Company reported unaudited net income of $3.5 million, or $0.62 per
diluted share, as compared to $4.1 million, or $0.69 per diluted
share, for the first nine months of 2023. During the first nine
months of 2024, the Company repaid Federal Home Loan Bank of New
York (“FHLBNY”) borrowings of $25.0 million and did not renew $16.0
million of brokered certificates of deposit (“CDs”) while growing
organic deposits by 2.2%.
“I am pleased to report a solid quarter of
financial results, marked by quarterly earnings growth and an
uptick in the net interest margin for the first time in well over a
year," stated Kim C. Liddell, President, CEO, and Director. "These
earnings reflect the Company’s ongoing focus on managing its
financial performance amid challenging market conditions."
Third Quarter 2024 and Year-to-Date
Financial Highlights:
- Net income increased to $1.3 million during the third quarter
of 2024, an increase of $216,000, or 19.4%, when compared to the
second quarter of 2024. Net income was positively impacted by an
increase in net interest income of $177,000, or 3.4%, and a
decrease in non-interest expenses of $84,000, or 1.7%;
- Net interest margin increased to 3.28% during the third quarter
of 2024, an increase of 14 basis points when compared to a net
interest margin of 3.14% during the second quarter of 2024;
- Efficiency ratio improved to 77.96% for the third quarter of
2024 when compared to 82.39% for the second quarter of 2024;
- Did not renew $16.0 million of brokered CDs and $25.0 million
of FHLBNY borrowings through organic deposit growth of 2.2% during
the first nine months of 2024;
- At September 30, 2024 and December 31, 2023, the Company’s
percentage of uninsured deposits to total deposits was 13.4% and
12.8%, respectively; and
- The Bank's capital position remains "well capitalized" with a
Tier 1 Leverage ratio of 13.37% and a Total Risk-Based capital
ratio of 18.85% at September 30, 2024.
Net Interest Income
Net interest income for the third quarter of
2024 increased $177,000, or 3.4%, to $5.4 million as compared to
$5.2 million for the second quarter of 2024 and decreased $912,000,
or 14.5%, as compared to $6.3 million for the third quarter of
2023. Net interest margin and interest rate spread were 3.28% and
2.67%, respectively, for the third quarter of 2024 as compared to
3.14% and 2.56%, respectively, for the second quarter of 2024 and
3.74% and 3.32%, respectively, for the third quarter of 2023.
Net interest income for the first nine months of
2024 decreased $3.1 million, or 16.4%, to $15.7 million as compared
to $18.8 million for the first nine months of 2023. Net interest
margin and interest rate spread were 3.17% and 2.59%, respectively,
for the first nine months of 2024 as compared to 3.72% and 3.36%,
respectively, for the first nine months of 2023.
Interest income for the third quarter of 2024
was $8.9 million, an increase of $97,000, or 1.1%, compared to $8.8
million for the second quarter of 2024, and an increase of
$130,000, or 1.5%, compared to $8.7 million for the third quarter
of 2023. The increase from the prior quarter was primarily due to
an 11 basis points increase in the average yield on
interest-earning assets, partially offset by a decrease in the
average balance of interest-earning assets of $6.0 million, or
0.9%. The increase from the prior year quarter was primarily due to
a 21 basis points increase in the average yield on interest-earning
assets, partially offset by a decrease in the average balance of
interest-earning assets of $16.7 million, or 2.5%.
Interest income for the first nine months of
2024 was $26.2 million, an increase of $1.1 million, or 4.3%,
compared to $25.1 million for the first nine months of 2023. The
increase was primarily due to a 32 basis point increase in the
average yield on interest-earning assets, partially offset by a
decrease in the average balance of interest-earning assets of $14.0
million, or 2.1%.
Interest expense for the third quarter of 2024
was $3.5 million, a decrease of $80,000, or 2.3%, from the second
quarter of 2024, and an increase of $1.0 million, or 43.0%, from
$2.4 million for the third quarter of 2023.
The decrease in interest expense when compared
to the previous quarter was primarily due to a decrease in the
average balance of interest-bearing liabilities of $12.0 million,
or 2.3%. During the third quarter of 2024, there was a $52,000
decrease in interest expense on total deposit accounts when
compared to the second quarter of 2024, due to a decrease in the
average balance of total deposit accounts of $7.2 million, or 1.4%
and a one basis point decrease in the average interest rate paid on
total deposits. Additionally, interest expense on borrowed funds
and other interest-bearing liabilities decreased by $28,000, or
15.8% during the third quarter of 2024 when compared to the second
quarter of 2024, due to a decrease in the average balance of
borrowed funds and other interest-bearing liabilities of $4.8
million, or 19.1%, as we reduced our FHLB borrowings.
The increase in interest expense when compared
to the third quarter of 2023 was primarily due to an 86 basis
points increase in the average interest rate paid on
interest-bearing liabilities, partially offset by a decrease in the
average balance of interest-bearing liabilities of $10.9 million,
or 2.1%. During the third quarter of 2024, there was a $1.2 million
increase in interest expense on total deposit accounts when
compared to the third quarter of 2023 due to a 97 basis points
increase in the average interest rate paid on total deposits along
with an increase in average total deposit balances of $5.5 million,
or 1.1%. The increase in the average interest rate paid on deposit
accounts was primarily due to the increase in market interest rates
and deposit competition. This increase was partially offset by a
decrease in interest expense on borrowed funds and other
interest-bearing liabilities of $173,000, or 53.7%, in the third
quarter of 2024 when compared to the third quarter of 2023,
primarily due to a $16.5 million decrease in the average balance of
borrowed funds and other interest-bearing liabilities outstanding
as we reduced our FHLBNY borrowings, and the average rate paid
declined by 58 basis points.
Interest expense for the first nine months of
2024 was $10.5 million, an increase of $4.2 million, or 65.4%, from
$6.3 million for the first nine months of 2023. The increase in
interest expense was primarily due to a 109 basis points increase
in average interest rate paid on interest-bearing liabilities,
partially offset by a decrease in the average balance of
interest-bearing liabilities of $8.0 million, or 1.5%. During the
first nine months of 2024, there was a $4.6 million increase in
interest expense on total deposit accounts when compared to the
first nine months of 2023 due to a 122 basis points increase in the
average interest rate paid on total deposits along with an increase
in average total deposit balances of $6.3 million, or 1.3%. The
increase in the average interest rate paid on deposit accounts was
primarily due to the increase in market interest rates and deposit
competition. This increase was partially offset by a decrease in
interest expense on borrowed funds and other interest-bearing
liabilities of $452,000, or 44.8%, during the first nine months of
2024 when compared to the first nine months of 2023, primarily due
to a $14.4 million decrease in the average balance of borrowed
funds and other interest-bearing liabilities outstanding along with
a 45 basis points decrease in the average interest rate paid on
borrowed funds and other interest bearing liabilities as we reduced
our FHLBNY borrowings.
Non-Interest Income
Non-interest income was $791,000 for the third
quarter of 2024, an increase of $53,000, or 7.2%, as compared to
$738,000 for the second quarter of 2024, and an increase of
$186,000, or 30.7%, as compared to $605,000 for the third quarter
of 2023. The increase from the prior quarter was primarily due to a
$67,000 increase in earnings on bank-owned life insurance during
the third quarter of 2024 as the result of the recognition of a
death benefit. The increase from the prior year quarter was
primarily due to a $173,000 increase in earnings on bank-owned life
insurance in connection with the restructuring of bank-owned life
insurance during the fourth quarter of 2023 as well as an increase
in service charges and fees of $28,000, or 10.9%.
Non-interest income was $2.2 million for the
first nine months of 2024, an increase of $524,000, or 30.6%, as
compared to the first nine months of 2023. The increase was
primarily due to a $394,000 increase in earnings on bank-owned life
insurance in connection with the restructuring of bank-owned life
insurance during the fourth quarter of 2023 and the recognition of
a death benefit in the third quarter of 2024, a favorable variance
of $58,000 related to interest rate swaps during the first nine
months of 2024 as a result of unwinding the swaps during 2023, and
a $52,000 increase related to the loss on the sale of securities
available for sale that occurred during the first nine months of
2023 as part of a balance sheet restructuring.
Non-Interest Expense
Non-interest expense was $4.8 million for the
third quarter of 2024, a decrease of $84,000, or 1.7%, as compared
to $4.9 million for the second quarter of 2024, and a decrease of
$383,000, or 7.4%, as compared to $5.2 million for the third
quarter of 2023.
The decrease from the prior quarter was
primarily related to a decrease in FDIC insurance expense of
$154,000, or 54.2% and a decrease in professional services expense
of $36,000, or 9.1%. These decreases were partially offset by an
increase in salaries and employee benefit costs and other
expenses.
The decrease from the prior year quarter was
primarily related to a decrease in FDIC insurance expense of
$165,000, or 55.9%, and a decrease in advertising expense of
$146,000, or 93.0%, as a result of a decrease in marketing
spending. As a result of management's efforts to rationalize
staffing and optimize operating expenses, salaries and employee
benefits decreased by $31,000, or 1.1%.
Non-interest expense was $14.7 million for the
first nine months of 2024, a decrease of $1.9 million, or 11.5%, as
compared to $16.6 million for the first nine months of 2023. The
decrease related primarily to a decline in professional services
expense of $1.0 million, or 48.0%, as a result of a decrease in the
use of external consultants. Additionally, advertising costs
decreased by $435,000, or 84.6%, due to a decrease in marketing
spending, and FDIC insurance costs decreased by $133,000, or 16.1%.
As a result of management's efforts to rationalize staffing and
optimize operating expenses, salaries and employee benefits
decreased by $208,000, or 2.5% and occupancy and equipment expenses
decreased by $148,000, or 6.7%. These decreases were partially
offset by an increase in data processing costs of $51,000, or
4.0%.
Credit Quality
The Company's allowance for credit losses on
loans was $5.5 million at September 30, 2024 as compared to $6.5
million at December 31, 2023. The Company's allowance for credit
losses on unfunded commitments was $574,000 at September 30, 2024
as compared to $485,000 at December 31, 2023.
Non-performing assets as a percentage of total
assets increased to 0.57% at September 30, 2024 as compared to
0.47% at December 31, 2023 as a result of a decrease in total
assets of $27.5 million and an increase in non-performing assets of
$628,000. The Company’s allowance for credit losses on loans as a
percent of net loans was 1.01% at September 30, 2024 and 1.16% at
December 31, 2023. The decline in the allowance for credit losses
to net loans and the corresponding credit to the provision for
credit losses recognized was primarily due to a decrease in the
quantitative loss factors derived from historical loss rates
calculated in the vintage model as well as a decrease in the
qualitative loss factor derived from forecasting economic
trends.
Balance Sheet Summary
Total assets at September 30, 2024 were $697.6
million, a $27.5 million decrease, or 3.8%, as compared to $725.1
million at December 31, 2023. Cash and cash equivalents decreased
by $3.7 million, or 7.0%, from $53.7 million at December 31, 2023
to $50.0 million at September 30, 2024. The decrease was primarily
due to the repayment of $25.0 million of FHLBNY borrowings and the
nonrenewal of $16.0 million of brokered CDs, partially offset by
organic deposit growth of $12.6 million, or 2.2%, and loan
repayments, net of originations, of $16.8 million, or 3.0%.
Securities available for sale were $58.8 million at September 30,
2024 as compared to $60.4 million at December 31, 2023. Loans
receivable, net at September 30, 2024 and December 31, 2023 were
$539.0 million and $555.8 million, respectively.
Total deposits, excluding brokered CDs, at
September 30, 2024 were $587.6 million, an increase of $12.6
million, or 2.2%, compared to $574.9 million at December 31, 2023.
Total deposits at September 30, 2024 were $587.6 million, a
decrease of $3.4 million, or 0.6%, due to the nonrenewal of $16.0
million in brokered CDs, compared to $590.9 million at December 31,
2023. Total borrowings decreased to $10.3 million at September 30,
2024, a decrease of $25.0 million, or 70.9% as compared to $35.3
million as of December 31, 2023 as we reduced our FHLBNY
borrowings.
Stockholders’ equity at September 30, 2024 was
$89.9 million, a $3.6 million increase, or 4.2%, as compared to
$86.3 million at December 31, 2023. The increase in stockholders’
equity was primarily attributed to $3.5 million in net income
earned during the first nine months of 2024.
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market:
LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a
federally 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. The Company’s
common stock is traded on the NASDAQ Global Market as “LSBK”.
Additional information about the Company is available at
www.lakeshoresavings.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, compliance with the Bank’s Consent
Order and an Individual Minimum Capital Requirement both issued by
the Office of the Comptroller of the Currency, compliance with the
Written Agreement with the Federal Reserve Bank of Philadelphia,
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, unanticipated changes in our
liquidity position, climate change, geopolitical conflicts, public
health issues, 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,
dividend 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 ContactTaylor M.
GildenChief Financial Officer and TreasurerLake Shore Bancorp,
Inc.31 East Fourth StreetDunkirk, New York 14048(716) 366-4070 ext.
1065
| Selected Financial
Condition Data |
|
As of |
|
|
|
As of |
|
| |
|
September 30, |
|
|
|
December 31, |
|
| |
|
2024 |
|
|
|
2023 |
|
| |
|
(Unaudited) |
|
| |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
697,596 |
|
|
|
$ |
725,118 |
|
| Cash and cash equivalents |
|
|
49,981 |
|
|
|
|
53,730 |
|
| Securities available for sale, at
fair value |
|
|
58,782 |
|
|
|
|
60,442 |
|
| Loans receivable, net |
|
|
539,005 |
|
|
|
|
555,828 |
|
| Deposits |
|
|
587,563 |
|
|
|
|
590,924 |
|
| Long-term debt |
|
|
10,250 |
|
|
|
|
35,250 |
|
| Stockholders’ equity |
|
|
89,877 |
|
|
|
|
86,273 |
|
| Condensed
Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(Dollars in thousands, except per share
amounts) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
|
8,851 |
|
|
$ |
|
8,721 |
|
|
$ |
|
26,215 |
|
|
$ |
|
25,142 |
|
| Interest expense |
|
|
3,468 |
|
|
|
|
2,426 |
|
|
|
|
10,492 |
|
|
|
|
6,342 |
|
| Net interest income |
|
|
5,383 |
|
|
|
|
6,295 |
|
|
|
|
15,723 |
|
|
|
|
18,800 |
|
| (Credit) provision for credit
losses |
|
|
(229 |
) |
|
|
|
(199 |
) |
|
|
|
(866 |
) |
|
|
|
(1,011 |
) |
| Net interest income after
(credit) provision for credit losses |
|
|
5,612 |
|
|
|
|
6,494 |
|
|
|
|
16,589 |
|
|
|
|
19,811 |
|
| Total non-interest income |
|
|
791 |
|
|
|
|
605 |
|
|
|
|
2,236 |
|
|
|
|
1,712 |
|
| Total non-interest expense |
|
|
4,813 |
|
|
|
|
5,196 |
|
|
|
|
14,706 |
|
|
|
|
16,614 |
|
| Income before income taxes |
|
|
1,590 |
|
|
|
|
1,903 |
|
|
|
|
4,119 |
|
|
|
|
4,909 |
|
| Income tax expense |
|
|
258 |
|
|
|
|
332 |
|
|
|
|
657 |
|
|
|
|
838 |
|
| Net income |
$ |
|
1,332 |
|
|
$ |
|
1,571 |
|
|
$ |
|
3,462 |
|
|
$ |
|
4,071 |
|
| Basic and diluted earnings per
share |
$ |
|
0.24 |
|
|
$ |
|
0.27 |
|
|
$ |
|
0.62 |
|
|
$ |
|
0.69 |
|
| |
|
Three Months Ended |
|
|
Three Months Ended |
|
| |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
| |
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
| |
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
| |
|
(Dollars in thousands) |
|
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits & federal funds sold |
|
$ |
|
54,527 |
|
|
$ |
|
716 |
|
|
|
5.25 |
% |
|
$ |
|
43,374 |
|
|
$ |
|
559 |
|
|
|
5.16 |
% |
| Securities(1) |
|
|
|
59,536 |
|
|
|
|
405 |
|
|
|
2.72 |
% |
|
|
|
65,019 |
|
|
|
|
463 |
|
|
|
2.85 |
% |
| Loans, including fees |
|
|
|
542,612 |
|
|
|
|
7,730 |
|
|
|
5.70 |
% |
|
|
|
565,011 |
|
|
|
|
7,699 |
|
|
|
5.45 |
% |
|
Total interest-earning assets |
|
|
|
656,675 |
|
|
|
|
8,851 |
|
|
|
5.39 |
% |
|
|
|
673,404 |
|
|
|
|
8,721 |
|
|
|
5.18 |
% |
| Other assets |
|
|
|
48,797 |
|
|
|
|
|
|
|
|
|
|
|
45,506 |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
|
705,472 |
|
|
|
|
|
|
|
|
|
$ |
|
718,910 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand & NOW accounts |
|
$ |
|
66,739 |
|
|
$ |
|
15 |
|
|
|
0.09 |
% |
|
$ |
|
76,171 |
|
|
$ |
|
19 |
|
|
|
0.10 |
% |
| Money market accounts |
|
|
|
145,641 |
|
|
|
|
986 |
|
|
|
2.71 |
% |
|
|
|
123,998 |
|
|
|
|
405 |
|
|
|
1.31 |
% |
| Savings accounts |
|
|
|
57,772 |
|
|
|
|
10 |
|
|
|
0.07 |
% |
|
|
|
69,327 |
|
|
|
|
13 |
|
|
|
0.08 |
% |
| Time deposits |
|
|
|
219,166 |
|
|
|
|
2,308 |
|
|
|
4.21 |
% |
|
|
|
214,282 |
|
|
|
|
1,667 |
|
|
|
3.11 |
% |
|
Total deposits |
|
|
|
489,318 |
|
|
|
|
3,319 |
|
|
|
2.71 |
% |
|
|
|
483,778 |
|
|
|
|
2,104 |
|
|
|
1.74 |
% |
| Borrowed funds & other
interest-bearing liabilities |
|
|
|
20,479 |
|
|
|
|
149 |
|
|
|
2.91 |
% |
|
|
|
36,953 |
|
|
|
|
322 |
|
|
|
3.49 |
% |
|
Total interest-bearing liabilities |
|
|
|
509,797 |
|
|
|
|
3,468 |
|
|
|
2.72 |
% |
|
|
|
520,731 |
|
|
|
|
2,426 |
|
|
|
1.86 |
% |
| Other non-interest bearing
liabilities |
|
|
|
107,327 |
|
|
|
|
|
|
|
|
|
|
|
114,152 |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
88,348 |
|
|
|
|
|
|
|
|
|
|
|
84,027 |
|
|
|
|
|
|
|
|
| Total liabilities &
stockholders' equity |
|
$ |
|
705,472 |
|
|
|
|
|
|
|
|
|
$ |
|
718,910 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
|
$ |
|
5,383 |
|
|
|
|
|
|
|
|
|
$ |
|
6,295 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
|
|
|
|
|
3.32 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
3.28 |
% |
|
|
|
|
|
|
|
|
|
|
3.74 |
% |
(1) The tax equivalent adjustment for bank qualified tax exempt
municipal securities results in rates of 3.11% and 3.24% for the
three months ended September 30, 2024 and 2023, respectively.(2)
Annualized.
| |
|
Nine Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
| |
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
| |
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
| |
|
(Dollars in thousands) |
|
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits & federal funds sold |
|
$ |
|
50,409 |
|
|
$ |
|
1,962 |
|
|
|
5.19 |
% |
|
$ |
|
34,214 |
|
|
$ |
|
1,214 |
|
|
|
4.73 |
% |
| Securities(1) |
|
|
|
60,082 |
|
|
|
|
1,243 |
|
|
|
2.76 |
% |
|
|
|
70,268 |
|
|
|
|
1,502 |
|
|
|
2.85 |
% |
| Loans, including fees |
|
|
|
549,925 |
|
|
|
|
23,010 |
|
|
|
5.58 |
% |
|
|
|
569,977 |
|
|
|
|
22,426 |
|
|
|
5.25 |
% |
|
Total interest-earning assets |
|
|
|
660,416 |
|
|
|
|
26,215 |
|
|
|
5.29 |
% |
|
|
|
674,459 |
|
|
|
|
25,142 |
|
|
|
4.97 |
% |
| Other assets |
|
|
|
49,771 |
|
|
|
|
|
|
|
|
|
|
|
45,690 |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
|
710,187 |
|
|
|
|
|
|
|
|
|
$ |
|
720,149 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand & NOW accounts |
|
$ |
|
67,882 |
|
|
$ |
|
48 |
|
|
|
0.09 |
% |
|
$ |
|
77,948 |
|
|
$ |
|
57 |
|
|
|
0.10 |
% |
| Money market accounts |
|
|
|
142,078 |
|
|
|
|
2,899 |
|
|
|
2.72 |
% |
|
|
|
133,491 |
|
|
|
|
1,091 |
|
|
|
1.09 |
% |
| Savings accounts |
|
|
|
60,319 |
|
|
|
|
31 |
|
|
|
0.07 |
% |
|
|
|
72,111 |
|
|
|
|
35 |
|
|
|
0.06 |
% |
| Time deposits |
|
|
|
223,108 |
|
|
|
|
6,956 |
|
|
|
4.16 |
% |
|
|
|
203,527 |
|
|
|
|
4,149 |
|
|
|
2.72 |
% |
|
Total deposits |
|
|
|
493,387 |
|
|
|
|
9,934 |
|
|
|
2.68 |
% |
|
|
|
487,077 |
|
|
|
|
5,332 |
|
|
|
1.46 |
% |
| Borrowed funds & other
interest-bearing liabilities |
|
|
|
25,099 |
|
|
|
|
558 |
|
|
|
2.96 |
% |
|
|
|
39,451 |
|
|
|
|
1,010 |
|
|
|
3.41 |
% |
|
Total interest-bearing liabilities |
|
|
|
518,486 |
|
|
|
|
10,492 |
|
|
|
2.70 |
% |
|
|
|
526,528 |
|
|
|
|
6,342 |
|
|
|
1.61 |
% |
| Other non-interest bearing
liabilities |
|
|
|
104,728 |
|
|
|
|
|
|
|
|
|
|
|
110,108 |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
86,973 |
|
|
|
|
|
|
|
|
|
|
|
83,513 |
|
|
|
|
|
|
|
|
| Total liabilities
& stockholders' equity |
|
$ |
|
710,187 |
|
|
|
|
|
|
|
|
|
$ |
|
720,149 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
|
$ |
|
15,723 |
|
|
|
|
|
|
|
|
|
$ |
|
18,800 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
|
|
3.36 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
3.72 |
% |
(1) The tax equivalent adjustment for bank qualified tax exempt
municipal securities results in rates of 3.14% and 3.26% for the
nine months ended September 30, 2024 and 2023, respectively.(2)
Annualized.
| |
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
|
Nine Months Ended |
|
| |
September 30, |
|
|
September 30, |
|
| |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
| |
(Unaudited) |
|
| Selected Financial
Ratios: |
|
|
|
|
|
|
Return on average assets |
|
0.76 |
% |
|
0.87 |
% |
|
|
0.65 |
% |
|
0.75 |
% |
| Return on average equity |
|
6.03 |
% |
|
7.48 |
% |
|
|
5.31 |
% |
|
6.50 |
% |
| Average interest-earning assets
to average interest-bearing liabilities |
|
128.81 |
% |
|
129.32 |
% |
|
|
127.37 |
% |
|
128.10 |
% |
| Interest rate spread |
|
2.67 |
% |
|
3.32 |
% |
|
|
2.59 |
% |
|
3.36 |
% |
| Net interest margin |
|
3.28 |
% |
|
3.74 |
% |
|
|
3.17 |
% |
|
3.72 |
% |
| Efficiency ratio |
|
77.96 |
% |
|
75.30 |
% |
|
|
81.89 |
% |
|
81.00 |
% |
| |
As of |
|
As of |
|
|
|
September 30, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
|
Non-performing loans as a percentage of net loans |
|
0.74 |
% |
|
0.60 |
% |
| Non-performing assets as a
percentage of total assets |
|
0.57 |
% |
|
0.47 |
% |
| Allowance for credit losses as
a percentage of net loans |
|
1.01 |
% |
|
1.16 |
% |
| Allowance for credit losses as
a percentage of non-performing loans |
|
137.03 |
% |
|
193.09 |
% |
| |
As of |
|
|
As of |
|
| |
September 30, |
|
|
December 31, |
|
| |
2024 |
|
|
2023 |
|
| |
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
| Share and Capital
Information: |
|
|
|
|
|
|
|
|
Common stock, number of shares outstanding |
|
|
5,737,036 |
|
|
|
|
5,686,288 |
|
| Treasury stock, number of shares
held |
|
|
1,099,478 |
|
|
|
|
1,150,226 |
|
| Book value per share |
$ |
|
15.67 |
|
|
$ |
|
15.17 |
|
| Tier 1 leverage ratio |
|
|
13.37 |
% |
|
|
|
12.68 |
% |
| Total risk-based capital
ratio |
|
|
18.85 |
% |
|
|
|
17.77 |
% |
Lake Shore Bancorp (NASDAQ:LSBK)
過去 株価チャート
から 12 2024 まで 1 2025
Lake Shore Bancorp (NASDAQ:LSBK)
過去 株価チャート
から 1 2024 まで 1 2025
