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Lake Shore Bancorp, Inc. Announces
2023 Third Quarter Financial Results
DUNKIRK, N.Y. — October 26, 2023 — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.6 million, or $0.27 per diluted share, for the 2023 third quarter compared to net income of $1.8 million, or $0.30 per diluted share, for the 2022 third quarter. For the first nine months of 2023, the Company reported unaudited net income of $4.1 million, or $0.69 per diluted share, as compared to $4.5 million, or $0.77 per diluted share, for the first nine months of 2022.
“Lake Shore delivered solid results for the third quarter despite significant expenses related to our efforts to remediate previously disclosed regulatory matters,” stated Kim Liddell, President, CEO, and Director. “We continue to look for opportunities to effectively manage expense and improve results for our shareholders. Deposit competition remains fierce and continues to be at the forefront of our focus.”
2023 Third Quarter and Year-to-Date Financial Highlights:
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Lake Shore Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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The increase in stockholders equity was primarily attributed to $4.1 million in net income earned during the first nine months of 2023, partially offset by a $2.7 million unrealized mark-to-market loss on the available for sales securities portfolio recognized in other comprehensive loss, and the initial entry of $0.7 million recorded to retained earnings upon the adoption of CECL.
The increase in interest expense on deposits was primarily due to a 138 basis points increase in the average interest rate paid on deposit accounts as the deposit mix shifted towards higher cost time deposits.
The increase in interest expense on deposits was primarily due to a 115 basis points increase in the average interest rate paid on deposit accounts as the deposit mix shifted towards higher cost time deposits.
The Company adopted ASU 2016-13 - Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, ("CECL") for all financial assets measured at amortized cost using the modified retrospective method on January 1, 2023 and replaced the allowance for loan losses incurred loss model discussed in the Form 10-K for the year ended December 31, 2022 with the allowance for credit losses model.
The increase in the average yield of interest-earning assets was primarily driven by an 89 basis points increase in the average yield of average loans and a $32.2 million increase in the average balance of loans.
Income tax expense was $332,000...Read more
Income tax expense was $838,000...Read more
Cash and cash equivalents increased...Read more
The increase was primarily due...Read more
Net interest margin increased to...Read more
Advertising expense increased $58,000, or...Read more
Net interest margin decreased to...Read more
The increase in the average...Read more
Professional services increased by $891,000,...Read more
Net income was $4.1 million...Read more
Net income was $1.6 million...Read more
The allowance for credit losses...Read more
Total non-performing assets increased by...Read more
As shown in the above...Read more
The Bank elected to be...Read more
We expect that our non-interest...Read more
We expect that our non-interest...Read more
Management considers past events, current...Read more
The average yield of interest-earning...Read more
Based on our deposit retention...Read more
Comparison of Financial Condition at...Read more
Interest expense increased $1.9 million,...Read more
Interest expense increased $4.9 million,...Read more
At September 30, 2023, we...Read more
The effective tax rate was...Read more
The effective tax rate for...Read more
During the nine months ended...Read more
The Company?s strategic focus is...Read more
Securities decreased by $15.0 million,...Read more
The provision for credit losses...Read more
The decrease in income tax...Read more
Financial Statements, Disclosures and Schedules
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Lake Shore Bancorp, Inc. provided additional information to their SEC Filing as exhibits
Ticker: LSBK
CIK: 1341318
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-23-063087
Submitted to the SEC: Mon Nov 13 2023 4:54:35 PM EST
Accepted by the SEC: Mon Nov 13 2023
Period: Saturday, September 30, 2023
Industry: Savings Institution Federally Chartered