Lake Shore Bancorp, Inc. Announces Dividend and First Quarter Results | News, Sports, Jobs


Lake Shore Bancorp, Inc., the holding company of Lake Shore Savings Bank, reported unaudited net income of $1.1 million, or $0.18 per diluted share, for the first quarter of 2022, versus net income of $1.7 million, or $0.29 per diluted share, for the first quarter of 2021.

Other highlights from the first quarter of 2022 include:

¯ Net interest income increased by 3.7% to $5.5 million in the first quarter of 2022, compared to $5.3 million in the first quarter of 2021, due to a $6.0 million increase in the average balance of interest-earning assets and a 26 basis point decrease in the cost of interest-bearing liabilities;

¯ Net interest margin and interest rate spread were 3.38% and 3.30%, respectively, for the three months ended March 31, 2022, compared to 3.29% and 3.15%, respectively, for the quarter ended March 31, 2021;

¯ Total assets as at March 31, 2022 decreased by $6.3 million, or 0.9%, to $707.5 million from December 31, 2021, primarily due to a decrease $36.8 million in cash and cash equivalents and a $4.3 million decrease in available-for-sale securities, which was offset by a $33.1 million increase in loans receivable, net;

¯ Loans receivable, net, increased 6.4% to $550.3 million at March 31, 2022 compared to December 31, 2021, primarily due to net loan growth of $30.0 million commercial construction and commercial real estate in the first quarter of 2022;

¯ net income for the first quarter of 2022 was impacted by increases in non-interest expense and loan loss provision and lower non-interest income; which was partially offset by an increase in net interest income and a decrease in income tax expense compared to the first quarter of 2021; and

¯ Cash dividend payouts increased by $44,000, or 16.4%, to $312,000 for the quarter ended March 31, 2022 compared to the same period in 2021.

“We are extremely pleased to report significant growth in loan originations during the first quarter of 2022, said Daniel P. Reininga, President and CEO. “We achieved this loan growth through building strong customer relationships with excellent credit quality, which helped strengthen our net interest margin in an uncertain interest rate environment.”



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