Lake Shore Bancorp Q1 net income falls 39.8% to $1.0M; dividend waiver approved up to $0.72/share

LAKE SHORE BANCORP, INC.

2024-Q1 EPS reported $0.17

Net income $1.0M ($0.17 diluted EPS) vs $1.7M ($0.29) in Q1 2023, down 39.8%.
Net interest margin narrowed to 3.10% from 3.76% YoY; net interest income fell 18.4% to $5.1M.
MHC members approved waiver of dividends allowing up to $0.72/share over next year, pending Fed non-objection.
Total deposits rose $3.8M (0.6%) to $594.7M; repaid $11M brokered CDs and $10M FHLBNY borrowings.
Non-interest expense down $522K (9.5%) led by lower professional services; NPA ratio rose to 0.55%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LAKE SHORE BANCORP, INC. reported the 2024 first quarter results: net income $1.0 million, or $0.17 per diluted share, EPS $0.17 per diluted share.

Period: the 2024 first quarter
Net income: $1.0 million, or $0.17 per diluted share
EPS: $0.17 per diluted share
Result: reported results

Exact text from the filing

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.0 million, or $0.17 per diluted share, for the 2024 first quarter compared to net income of $1.7 million, or $0.29 per diluted share, for the 2023 first quarter.

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Source: SEC EDGAR

accession 0000950170-24-046214

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