Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the
holding company for Lake Shore Savings Bank (the “Bank”), reported
unaudited net income of $1.5 million, or $0.26 per diluted share,
for the fourth quarter of 2024 compared to net income of $749,000,
or $0.13 per diluted share, for the fourth quarter of 2023. For the
year ended December 31, 2024, the Company reported unaudited net
income of $4.9 million, or $0.88 per diluted share, as compared to
$4.8 million, or $0.82 per diluted share for the year ended
December 31, 2023. The Company's 2024 financial performance was
positively impacted by a decrease in non-interest expenses as a
result of efforts to optimize operating expenses while reducing its
reliance on wholesale funding by $41.0 million.
"2024 was a momentous year for Lake Shore as we
achieved our goal to exit early the OCC’s Consent Order,
reinstituted quarterly dividend payments to shareholders and grew
earnings per share," stated Kim C. Liddell, President, CEO, and
Director. "We anticipate a challenging earnings environment in 2025
and will continue efforts to steadily increase value for our
shareholders."
Fourth Quarter 2024 and Full Year
Financial Highlights:
- Net income
increased to $1.5 million during the fourth quarter of 2024, an
increase of $720,000, or 96.1%, when compared to the fourth quarter
of 2023. Net income was positively impacted by an increase in the
credit to the provision for credit losses of $581,000, partially
offset by a decrease in net interest income of $217,000, or
3.9%;
- Net income
increased to $4.9 million during the year ended December 31, 2024,
an increase of $111,000, or 2.3%, when compared to the year ended
December 31, 2023. Net income was positively impacted by a decrease
in non-interest expense of $1.8 million, or 8.4%, and an increase
in non-interest income of $669,000, or 25.4%;
- Net interest margin
increased to 3.31% during the fourth quarter of 2024, an increase
of three basis points when compared to net interest margin of 3.28%
during the third quarter of 2024;
- Reduced reliance on
wholesale funding by not renewing $16.0 million of brokered CDs and
repaying $25.0 million of FHLBNY borrowings during the year ended
December 31, 2024;
- At December 31,
2024 and December 31, 2023, the Company’s percentage of
uninsured deposits to total deposits was 13.5% and 12.8%,
respectively;
- Book value per
share increased 3.3% to $15.67 per share at December 31, 2024 as
compared to $15.17 per share at December 31, 2023; and
- The Bank's capital
position remains "well capitalized" with a Tier 1 Leverage ratio of
13.83% and a Total Risk-Based Capital ratio of 18.79% at December
31, 2024.
Net Interest Income
Net interest income for the fourth quarter of
2024 marginally decreased by $42,000, or 0.8%, to $5.3 million as
compared to $5.4 million for the third quarter of 2024 and
decreased $217,000, or 3.9%, as compared to $5.6 million for the
fourth quarter of 2023. Net interest margin and interest rate
spread were 3.31% and 2.72%, respectively, for the fourth quarter
of 2024 as compared to 3.28% and 2.67%, respectively, for the third
quarter of 2024 and 3.34% and 2.83%, respectively, for the fourth
quarter of 2023.
Net interest income for the year ended December
31, 2024 decreased $3.3 million, or 13.5%, to $21.1 million as
compared to $24.4 million for the year ended December 31, 2023. Net
interest margin and interest rate spread were 3.21% and 2.62%,
respectively, for the year ended December 31, 2024 as compared to
3.62% and 3.23%, respectively, for the year ended December 31,
2023.
Interest income for the fourth quarter of 2024
was $8.6 million, a decrease of $261,000, or 2.9%, compared to $8.9
million for the third quarter of 2024, and a decrease of $23,000,
or 0.3%, compared to $8.6 million for the fourth quarter of
2023.
The decrease in interest income from the prior
quarter was primarily due to a decrease in the average balance of
interest-earning assets of $11.8 million, or 1.8%, as well as a six
basis points decrease in the average yield on interest-earning
assets. Interest earned on interest-earning deposits decreased by
$217,000, or 30.3%, due to a 65 basis points decrease in average
yield and an $11.2 million decrease in the average balance of
interest-earning deposits during the fourth quarter of 2024.
The decrease in interest income from the prior
year quarter was primarily due to a $20.3 million, or 3.0%,
decrease in the average balance of interest-earning assets. The
decrease was partially offset by a 15 basis points increase in the
average yield on interest-earning assets. During the fourth quarter
of 2024 as compared to the same period in 2023, there was a $92,000
decrease in interest earned on interest-earning deposits due to a
65 basis points decrease in the average yield earned on interest
earning deposits and a $51,000 decrease in interest earned on
securities due to a 36 basis points decrease in the average yield
on the securities portfolio. These decreases were partially offset
by a $120,000 increase in interest income on loans due to a 28
basis points increase in the average yield on loans.
Interest income for the year ended December 31,
2024 was $34.8 million, an increase of $1.0 million, or 3.1%,
compared to $33.8 million for the year ended December 31, 2023. The
increase was due to a 28 basis points increase in the average yield
on interest-earning assets primarily due to an increase in the
average interest rate earned on loans. During the year ended
December 31, 2024 as compared to 2023, there was a $704,000
increase in interest income on loans due to a 32 basis points
increase in the average yield on loans, partially offset by a
decrease in the average balance of loans of $19.8 million, or 3.5%.
Interest income on interest-earning deposits increased to $2.5
million in 2024, an increase of $655,000, or 36.3%, from $1.8
million in 2023, due to a 17 basis points increase in average yield
and an $11.7 million increase in the average balance of
interest-earning deposits.
Interest expense for the fourth quarter of 2024
was $3.2 million, a decrease of $219,000, or 6.3%, from the third
quarter of 2024, and an increase of $194,000, or 6.4%, from $3.1
million for the fourth quarter of 2023.
The decrease in interest expense when compared
to the previous quarter was primarily due to a $11.7 million, or
2.3%, decrease in the average balance of interest-bearing
liabilities and an 11 basis points decrease in the average rate
paid. During the fourth quarter of 2024 as compared to the previous
quarter, interest expense on deposits decreased by $176,000, or
5.3%, due to a $1.8 million decrease in the average balance of
deposits and a 13 basis points decrease in the average rate paid on
deposit accounts. Average interest-bearing deposit balances were
$487.5 million, a 0.4% decrease during the fourth quarter of 2024
when compared to the previous quarter due to a decrease in the
average balance of all deposit categories with the exception of
money market accounts. Interest expense on borrowed funds and other
interest-bearing liabilities decreased by $43,000 due to a $9.8
million, or 48.0%, decrease in the average balance of borrowed
funds and other interest-bearing liabilities due to the repayment
of our FHLBNY borrowings during the second half of 2024.
The increase in interest expense when compared
to the prior year quarter was primarily due to a 26 basis points
increase in average interest paid on interest-bearing liabilities.
During the fourth quarter of 2024 as compared to the same period in
2023, there was a $324,000 increase in interest paid on time
deposit accounts due to a 60 basis points increase in the average
interest rate paid on time deposits. The increase in the average
rate paid on time deposit accounts was primarily due to the
increase in market interest rates and deposit competition. Average
deposit balances increased 0.9% during the fourth quarter of 2024
from the fourth quarter of 2023, due to an increase in average
money market accounts when compared to the same period of 2023.
During the fourth quarter of 2024, interest expense on borrowed
funds and other interest-bearing liabilities decreased by $212,000,
or 66.7%, compared to the fourth quarter of 2023, primarily due to
a $25.8 million decrease in average borrowed funds and other
interest-bearing liabilities outstanding due to the repayment of
our FHLBNY borrowings during 2024.
Interest expense for the year ended December 31,
2024 was $13.7 million, an increase of $4.3 million, or 46.2%, from
$9.4 million for the year ended December 31, 2023. The increase in
interest expense was primarily due to an 89 basis points increase
in average interest paid on interest-bearing liabilities. During
the year ended December 31, 2024 as compared to 2023, there was a
$3.1 million increase in interest paid on time deposit accounts due
to a 122 basis points increase in the average interest rate paid on
time deposits along with an increase in average time deposit
balances of $14.6 million, or 7.1%. The increase in the average
rate paid on time deposit accounts was primarily due to the
increase in market interest rates and deposit competition over the
course of 2023 and into 2024. Average interest-bearing deposit
balances were $491.9 million, a 1.2% increase during the year ended
December 31, 2024, resulting from an increase in average time
deposits and average money market accounts since December 31, 2023.
During the year ended December 31, 2024, interest expense on
borrowed funds and other interest-bearing liabilities decreased by
$664,000, or 50.0%, compared to the year ended December 31, 2023,
primarily due to a $17.2 million decrease in average borrowed funds
and other interest-bearing liabilities outstanding due to the
repayment of our FHLBNY borrowings during 2024.
Non-Interest Income
Non-interest income was $1.1 million for the
fourth quarter of 2024, an increase of $277,000, or 35.0%, as
compared to $791,000 for the third quarter of 2024, and an increase
of $145,000, or 15.7%, as compared to $923,000 for the fourth
quarter of 2023. The increase from the prior quarter was primarily
due to a $161,000 increase in earnings on annuity assets in
connection with the purchase of annuities during the fourth quarter
2024, a $65,000 increase in earnings on bank-owned life insurance
during the fourth quarter as the result of the recognition of a
death benefit, and an increase of $51,000 in unrealized gains on
equity securities held in the Bank’s investment portfolio. The
increase from the prior year quarter was primarily due to a
$161,000 increase in earnings on annuity assets in connection with
the purchase of annuities during the fourth quarter of 2024.
Non-interest income was $3.3 million for the
year ended December 31, 2024, an increase of $669,000, or 25.4%, as
compared to the year ended December 31, 2023. The increase was
primarily due to a $313,000 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
death benefits during the second half of 2024, as well as a
$161,000 increase in earnings on annuities purchased in the fourth
quarter of 2024. The increases were partially offset by a decrease
in debit card fees of $30,000, or 3.5% during the year ended
December 31, 2024 when compared to the year ended December 31,
2023.
Non-Interest Expense
Non-interest expense was $5.3 million for the
fourth quarter of 2024, an increase of $72,000, or 1.4%, as
compared to $5.2 million for the fourth quarter of 2023. The
increase from the prior year quarter was primarily related to an
increase in salaries and wages expense of $406,000, or 14.0%, which
was partially offset by all other non-interest expense categories,
with the exception of postage and supplies expense.
Non-interest expense was $20.0 million for the
year ended December 31, 2024, a decrease of $1.8 million, or 8.4%,
as compared to $21.8 million for the year ended December 31, 2023.
The decrease primarily related to a decline in professional
services expenses of $1.0 million, or 41.8%, as a result of a
decrease in the use of external consultants. Advertising costs
decreased by $484,000, or 83.7%, due to a decrease in marketing
spending, and FDIC insurance expense decreased by $317,000, or
28.5%, during the year ended December 31, 2024 due to a decrease in
premium assessments. Additionally, occupancy and equipment costs
decreased by $194,000, or 6.7%, as the result of efforts to
optimize operating expenses. These decreases were partially offset
by an increase in salaries and employee benefits expense of
$198,000, or 1.8%, as well as an increase in data processing costs
of $41,000, or 2.3%, for the year ended December 31, 2024 when
compared to the year ended December 31, 2023.
Income Tax Expense
Income tax expense was $278,000 for the fourth
quarter of 2024, an increase of $20,000, or 7.8%, as compared to
$258,000 for the third quarter of 2024, and a decrease of $283,000,
or 50.4%, as compared to $561,000 for the fourth quarter of 2023.
The increase in income tax expense from the prior quarter was
primarily related to the increase in taxable income earned during
the current quarter. The decrease in income tax expense from the
prior year quarter was due to a restructuring of bank-owned life
insurance in 2023 which resulted in additional taxable income in
2023 and an increase in non-taxable income in 2024 as the result of
higher earnings on policies owned.
Income tax expense was $935,000 for the year
ended December 31, 2024, a decrease of $464,000, or 33.2%, as
compared to $1.4 million for the year ended December 31, 2023. The
decrease in income tax expense for the year ended December 31, 2024
when compared to the year ended December 31, 2023 was due to a
restructuring of bank-owned life insurance in 2023 which resulted
in additional taxable income in 2023 and an increase in non-taxable
income in 2024 as the result of higher earnings on policies
owned.
Credit Quality
The Company’s allowance for credit losses on
loans was $5.1 million as of December 31, 2024 as compared to $6.5
million as of December 31, 2023. The Company’s allowance for credit
losses on unfunded commitments was $314,000 as of December 31, 2024
as compared to $485,000 as of December 31, 2023. Non-performing
assets as a percent of total assets increased to 0.55% at December
31, 2024 as compared to 0.47% at December 31, 2023, due to a
decrease in total assets of $39.6 million, or 5.5%, and an increase
in non-performing assets of $423,000, or 12.5%. The Company’s
allowance for credit losses on loans as a percent of net loans was
0.93% at December 31, 2024 and 1.16% at December 31, 2023.
The Company recorded a credit to the provision
for credit losses of $613,000 for the fourth quarter of 2024 and
$1.5 million for the year ended December 31, 2024. For the year
ended December 31, 2024, $1.3 million of the credit to the
provision for credit losses related to the loan portfolio and
$171,000 related to the reserve for unfunded commitments.
The decrease in the allowance for credit losses
on loans and the corresponding credit to the provision for credit
losses recognized during the year ended December 31, 2024 was the
result of 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 factors derived from both current
and forecasted economic trends.
Balance Sheet Summary
Total assets at December 31, 2024 were $685.5
million, a $39.6 million decrease, or 5.5%, as compared to $725.1
million at December 31, 2023. Cash and cash equivalents decreased
by $20.6 million, or 38.3%, from $53.7 million at December 31, 2023
to $33.1 million at December 31, 2024. The decrease was primarily
due to a decrease in long-term debt due to the repayment of FHLBNY
borrowings of $25.0 million in 2024 and a decrease in total
deposits of $17.9 million due to the non-renewal of $16.0 million
of brokered CDs in 2024. The decrease in cash and cash equivalents
was partially offset by a decrease in net loans of $11.2 million,
or 2.0%. Securities available for sale were $56.5 million at
December 31, 2024 as compared to $60.4 million at December 31, 2023
primarily due to repayments during 2024 and a decrease in the
market value of the securities. Net loans receivable at December
31, 2024 and December 31, 2023 were $544.6 million and $555.8
million, respectively. Total deposits at December 31, 2024 were
$573.0 million, a decrease of $17.9 million, or 3.0%, compared to
$590.9 million at December 31, 2023. Total borrowings decreased to
$10.3 million at December 31, 2024, a decrease of $25.0 million, or
70.9%, as compared to $35.3 million as of December 31, 2023.
Stockholders’ equity at December 31, 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 $4.9 million in net income
earned during 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 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, 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, 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 |
|
| |
|
| |
December 31, |
|
|
December 31, |
|
| |
2024 |
|
|
2023 |
|
| |
|
(Unaudited) |
|
| |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
|
685,504 |
|
|
$ |
|
725,118 |
|
| Cash and cash equivalents |
|
|
33,131 |
|
|
|
|
53,730 |
|
| Securities available for
sale |
|
|
56,495 |
|
|
|
|
60,442 |
|
| Loans receivable, net |
|
|
544,620 |
|
|
|
|
555,828 |
|
| Deposits |
|
|
572,978 |
|
|
|
|
590,924 |
|
| Long-term debt |
|
|
10,250 |
|
|
|
|
35,250 |
|
| Stockholders’ equity |
|
|
89,868 |
|
|
|
|
86,273 |
|
|
|
|
|
Statements of Income |
|
|
|
|
|
|
|
Three Months Ended |
|
|
Years Ended |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(Dollars in thousands, except per share
amounts) |
|
| Interest income |
$ |
|
8,590 |
|
|
$ |
|
8,613 |
|
|
$ |
|
34,804 |
|
|
$ |
|
33,755 |
|
| Interest expense |
|
|
3,249 |
|
|
|
|
3,055 |
|
|
|
|
13,741 |
|
|
|
|
9,397 |
|
| Net interest income |
|
|
5,341 |
|
|
|
|
5,558 |
|
|
|
|
21,063 |
|
|
|
|
24,358 |
|
| (Credit) provision for credit
losses |
|
|
(613 |
) |
|
|
|
(32 |
) |
|
|
|
(1,479 |
) |
|
|
|
(1,043 |
) |
| Net interest income after
(credit) provision for credit losses |
|
|
5,954 |
|
|
|
|
5,590 |
|
|
|
|
22,542 |
|
|
|
|
25,401 |
|
| Total non-interest income |
|
|
1,068 |
|
|
|
|
923 |
|
|
|
|
3,304 |
|
|
|
|
2,635 |
|
| Total non-interest expense |
|
|
5,275 |
|
|
|
|
5,203 |
|
|
|
|
19,980 |
|
|
|
|
21,817 |
|
| Income before income taxes |
|
|
1,747 |
|
|
|
|
1,310 |
|
|
|
|
5,866 |
|
|
|
|
6,219 |
|
| Income tax expense |
|
|
278 |
|
|
|
|
561 |
|
|
|
|
935 |
|
|
|
|
1,399 |
|
| Net income |
$ |
|
1,469 |
|
|
$ |
|
749 |
|
|
$ |
|
4,931 |
|
|
$ |
|
4,820 |
|
| Basic and diluted earnings per
share |
$ |
|
0.26 |
|
|
$ |
|
0.13 |
|
|
$ |
|
0.88 |
|
|
$ |
|
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
|
0.85 |
% |
|
|
|
0.42 |
% |
|
|
|
0.70 |
% |
|
|
|
0.67 |
% |
| Return on average equity |
|
|
6.52 |
% |
|
|
|
3.60 |
% |
|
|
|
5.62 |
% |
|
|
|
5.78 |
% |
| Average interest-earning assets
to average interest-bearing liabilities |
|
|
129.46 |
% |
|
|
|
127.96 |
% |
|
|
|
127.88 |
% |
|
|
|
128.06 |
% |
| Interest rate spread |
|
|
2.72 |
% |
|
|
|
2.83 |
% |
|
|
|
2.62 |
% |
|
|
|
3.23 |
% |
| Net interest margin |
|
|
3.31 |
% |
|
|
|
3.34 |
% |
|
|
|
3.21 |
% |
|
|
|
3.62 |
% |
|
|
|
|
Average Balance Sheets, Interest, and Rates (Quarterly
Comparison) |
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
For the Quarter Ended |
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
|
|
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
|
Balance |
|
|
Expense |
|
|
Rate(2) |
|
| |
|
(Unaudited) |
|
| |
|
(Dollars in thousands) |
|
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits & federal funds sold |
|
$ |
|
43,366 |
|
|
$ |
|
499 |
|
|
|
4.60 |
% |
|
$ |
|
45,063 |
|
|
$ |
|
591 |
|
|
|
5.25 |
% |
| Securities(1) |
|
|
|
61,137 |
|
|
|
|
388 |
|
|
|
2.54 |
% |
|
|
|
60,635 |
|
|
|
|
439 |
|
|
|
2.90 |
% |
| Loans, including fees |
|
|
|
540,376 |
|
|
|
|
7,703 |
|
|
|
5.70 |
% |
|
|
|
559,432 |
|
|
|
|
7,583 |
|
|
|
5.42 |
% |
| Total interest-earning
assets |
|
|
|
644,879 |
|
|
|
|
8,590 |
|
|
|
5.33 |
% |
|
|
|
665,130 |
|
|
|
|
8,613 |
|
|
|
5.18 |
% |
| Other assets |
|
|
|
49,207 |
|
|
|
|
|
|
|
|
|
|
|
47,143 |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
|
694,086 |
|
|
|
|
|
|
|
|
|
$ |
|
712,273 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand & NOW accounts |
|
$ |
|
64,465 |
|
|
$ |
|
15 |
|
|
|
0.09 |
% |
|
$ |
|
72,182 |
|
|
$ |
|
18 |
|
|
|
0.10 |
% |
| Money market accounts |
|
|
|
153,407 |
|
|
|
|
912 |
|
|
|
2.38 |
% |
|
|
|
130,813 |
|
|
|
|
823 |
|
|
|
2.52 |
% |
| Savings accounts |
|
|
|
55,451 |
|
|
|
|
9 |
|
|
|
0.06 |
% |
|
|
|
66,115 |
|
|
|
|
13 |
|
|
|
0.08 |
% |
| Time deposits |
|
|
|
214,150 |
|
|
|
|
2,207 |
|
|
|
4.12 |
% |
|
|
|
214,203 |
|
|
|
|
1,883 |
|
|
|
3.52 |
% |
| Borrowed funds & other
interest-bearing liabilities |
|
|
|
10,641 |
|
|
|
|
106 |
|
|
|
3.98 |
% |
|
|
|
36,476 |
|
|
|
|
318 |
|
|
|
3.49 |
% |
| Total interest-bearing
liabilities |
|
|
|
498,114 |
|
|
|
|
3,249 |
|
|
|
2.61 |
% |
|
|
|
519,789 |
|
|
|
|
3,055 |
|
|
|
2.35 |
% |
| Other non-interest bearing
liabilities |
|
|
|
105,881 |
|
|
|
|
|
|
|
|
|
|
|
109,309 |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
90,091 |
|
|
|
|
|
|
|
|
|
|
|
83,175 |
|
|
|
|
|
|
|
|
| Total liabilities &
stockholders' equity |
|
$ |
|
694,086 |
|
|
|
|
|
|
|
|
|
$ |
|
712,273 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
|
$ |
|
5,341 |
|
|
|
|
|
|
|
|
|
$ |
|
5,558 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
2.83 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
3.34 |
% |
(1) The tax equivalent adjustment for bank
qualified tax exempt municipal securities, using a federal
statutory rate of 21%, results in rates of 2.91% and 3.80% for the
three months ended December 31, 2024 and 2023, respectively.(2)
Annualized.
| |
|
| Average
Balance Sheets, Interest, and Rates (Annual
Comparison) |
|
| |
|
| |
|
For the Year Ended |
|
|
For the Year Ended |
|
| |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
| |
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
|
Average |
|
|
Interest Income/ |
|
|
Yield/ |
|
| |
|
Balance |
|
|
Expense |
|
|
Rate |
|
|
Balance |
|
|
Expense |
|
|
Rate |
|
| |
|
(Unaudited) |
|
| |
|
(Dollars in thousands) |
|
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits & federal funds sold |
|
$ |
|
48,639 |
|
|
$ |
|
2,460 |
|
|
|
5.06 |
% |
|
$ |
|
36,948 |
|
|
$ |
|
1,805 |
|
|
|
4.89 |
% |
| Securities(1) |
|
|
|
60,347 |
|
|
|
|
1,631 |
|
|
|
2.70 |
% |
|
|
|
67,840 |
|
|
|
|
1,941 |
|
|
|
2.86 |
% |
| Loans, including fees |
|
|
|
547,525 |
|
|
|
|
30,713 |
|
|
|
5.61 |
% |
|
|
|
567,319 |
|
|
|
|
30,009 |
|
|
|
5.29 |
% |
| Total interest-earning
assets |
|
|
|
656,511 |
|
|
|
|
34,804 |
|
|
|
5.30 |
% |
|
|
|
672,107 |
|
|
|
|
33,755 |
|
|
|
5.02 |
% |
| Other assets |
|
|
|
49,629 |
|
|
|
|
|
|
|
|
|
|
|
46,057 |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
|
706,140 |
|
|
|
|
|
|
|
|
|
$ |
|
718,164 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand & NOW accounts |
|
$ |
|
67,023 |
|
|
$ |
|
64 |
|
|
|
0.10 |
% |
|
$ |
|
76,495 |
|
|
$ |
|
75 |
|
|
|
0.10 |
% |
| Money market accounts |
|
|
|
144,926 |
|
|
|
|
3,811 |
|
|
|
2.63 |
% |
|
|
|
132,816 |
|
|
|
|
1,914 |
|
|
|
1.44 |
% |
| Savings accounts |
|
|
|
59,095 |
|
|
|
|
40 |
|
|
|
0.07 |
% |
|
|
|
70,600 |
|
|
|
|
47 |
|
|
|
0.07 |
% |
| Time deposits |
|
|
|
220,856 |
|
|
|
|
9,162 |
|
|
|
4.15 |
% |
|
|
|
206,218 |
|
|
|
|
6,033 |
|
|
|
2.93 |
% |
| Borrowed funds & other
interest-bearing liabilities |
|
|
|
21,465 |
|
|
|
|
664 |
|
|
|
3.09 |
% |
|
|
|
38,701 |
|
|
|
|
1,328 |
|
|
|
3.43 |
% |
| Total interest-bearing
liabilities |
|
|
|
513,365 |
|
|
|
|
13,741 |
|
|
|
2.68 |
% |
|
|
|
524,830 |
|
|
|
|
9,397 |
|
|
|
1.79 |
% |
| Other non-interest bearing
liabilities |
|
|
|
105,018 |
|
|
|
|
|
|
|
|
|
|
|
109,907 |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
87,757 |
|
|
|
|
|
|
|
|
|
|
|
83,427 |
|
|
|
|
|
|
|
|
| Total liabilities &
stockholders' equity |
|
$ |
|
706,140 |
|
|
|
|
|
|
|
|
|
$ |
|
718,164 |
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
|
$ |
|
21,063 |
|
|
|
|
|
|
|
|
|
$ |
|
24,358 |
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
|
2.62 |
% |
|
|
|
|
|
|
|
|
|
|
3.23 |
% |
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
3.62 |
% |
(1) The tax equivalent adjustment for bank qualified tax exempt
municipal securities, using a federal statutory rate of 21%,
results in rates of 3.08% and 3.27% for the year ended December 31,
2024 and 2023, respectively.
|
|
|
Selected Quarterly Financial Data |
|
|
| |
|
As of or For the Three Months Ended |
|
| |
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| |
|
(Unaudited) |
|
| |
|
(Dollars in thousands, except per share
amounts) |
|
| Selected Financial
Condition Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
685,504 |
|
|
$ |
697,596 |
|
|
$ |
711,042 |
|
|
$ |
717,582 |
|
|
$ |
725,118 |
|
| Cash and cash equivalents |
|
|
33,131 |
|
|
|
49,981 |
|
|
|
60,987 |
|
|
|
54,953 |
|
|
|
53,730 |
|
| Securities available for
sale |
|
|
56,495 |
|
|
|
58,782 |
|
|
|
57,309 |
|
|
|
58,682 |
|
|
|
60,442 |
|
| Loans receivable, net |
|
|
544,620 |
|
|
|
539,005 |
|
|
|
544,337 |
|
|
|
555,455 |
|
|
|
555,828 |
|
| Deposits |
|
|
572,978 |
|
|
|
587,563 |
|
|
|
589,395 |
|
|
|
594,704 |
|
|
|
590,924 |
|
| Long-term debt |
|
|
10,250 |
|
|
|
10,250 |
|
|
|
23,250 |
|
|
|
25,250 |
|
|
|
35,250 |
|
| Stockholders’ equity |
|
|
89,868 |
|
|
|
89,877 |
|
|
|
86,932 |
|
|
|
86,510 |
|
|
|
86,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Statements of
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
8,590 |
|
|
$ |
8,851 |
|
|
$ |
8,754 |
|
|
$ |
8,609 |
|
|
$ |
8,613 |
|
| Interest expense |
|
|
3,249 |
|
|
|
3,468 |
|
|
|
3,548 |
|
|
|
3,476 |
|
|
|
3,055 |
|
| Net interest income |
|
|
5,341 |
|
|
|
5,383 |
|
|
|
5,206 |
|
|
|
5,133 |
|
|
|
5,558 |
|
| (Credit) provision for credit
losses |
|
|
(613 |
) |
|
|
(229 |
) |
|
|
(285 |
) |
|
|
(352 |
) |
|
|
(32 |
) |
| Net interest income after
(credit) provision for credit losses |
|
|
5,954 |
|
|
|
5,612 |
|
|
|
5,491 |
|
|
|
5,485 |
|
|
|
5,590 |
|
| Total non-interest income |
|
|
1,068 |
|
|
|
791 |
|
|
|
738 |
|
|
|
707 |
|
|
|
923 |
|
| Total non-interest expense |
|
|
5,275 |
|
|
|
4,813 |
|
|
|
4,897 |
|
|
|
4,995 |
|
|
|
5,203 |
|
| Income before income taxes |
|
|
1,747 |
|
|
|
1,590 |
|
|
|
1,332 |
|
|
|
1,197 |
|
|
|
1,310 |
|
| Income tax expense |
|
|
278 |
|
|
|
258 |
|
|
|
216 |
|
|
|
183 |
|
|
|
561 |
|
| Net income |
|
$ |
1,469 |
|
|
$ |
1,332 |
|
|
$ |
1,116 |
|
|
$ |
1,014 |
|
|
$ |
749 |
|
| Basic and diluted earnings per
share |
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$ |
0.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
|
0.85 |
% |
|
|
0.76 |
% |
|
|
0.63 |
% |
|
|
0.57 |
% |
|
|
0.42 |
% |
| Return on average equity |
|
|
6.52 |
% |
|
|
6.03 |
% |
|
|
5.19 |
% |
|
|
4.69 |
% |
|
|
3.60 |
% |
| Average interest-earning assets
to average interest-bearing liabilities |
|
|
129.46 |
% |
|
|
128.81 |
% |
|
|
127.00 |
% |
|
|
126.33 |
% |
|
|
127.96 |
% |
| Interest rate spread |
|
|
2.72 |
% |
|
|
2.67 |
% |
|
|
2.56 |
% |
|
|
2.55 |
% |
|
|
2.83 |
% |
| Net interest margin |
|
|
3.31 |
% |
|
|
3.28 |
% |
|
|
3.14 |
% |
|
|
3.10 |
% |
|
|
3.34 |
% |
| Efficiency ratio |
|
|
82.30 |
% |
|
|
77.96 |
% |
|
|
82.39 |
% |
|
|
85.53 |
% |
|
|
80.24 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans as a percent
of total net loans |
|
|
0.80 |
% |
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
0.71 |
% |
|
|
0.60 |
% |
| Non-performing assets as a
percent of total assets |
|
|
0.55 |
% |
|
|
0.57 |
% |
|
|
0.56 |
% |
|
|
0.55 |
% |
|
|
0.47 |
% |
| Allowance for credit losses as a
percent of net loans |
|
|
0.93 |
% |
|
|
1.01 |
% |
|
|
1.08 |
% |
|
|
1.12 |
% |
|
|
1.16 |
% |
| Allowance for credit losses as a
percent of non-performing loans |
|
|
134.91 |
% |
|
|
137.03 |
% |
|
|
148.20 |
% |
|
|
159.19 |
% |
|
|
193.09 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, number of shares
outstanding |
|
|
5,735,226 |
|
|
|
5,737,036 |
|
|
|
5,737,036 |
|
|
|
5,684,784 |
|
|
|
5,686,288 |
|
| Treasury stock, number of shares
held |
|
|
1,101,288 |
|
|
|
1,099,478 |
|
|
|
1,099,478 |
|
|
|
1,151,730 |
|
|
|
1,150,226 |
|
| Book value per share |
|
$ |
15.67 |
|
|
$ |
15.67 |
|
|
$ |
15.15 |
|
|
$ |
15.22 |
|
|
$ |
15.17 |
|
| Tier 1 leverage ratio |
|
|
13.83 |
% |
|
|
13.37 |
% |
|
|
13.02 |
% |
|
|
12.87 |
% |
|
|
12.68 |
% |
| Total risk-based capital
ratio |
|
|
18.79 |
% |
|
|
18.85 |
% |
|
|
18.64 |
% |
|
|
18.13 |
% |
|
|
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
