secwatch.observer — SEC 8-K summary
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Issuer:     LAKE SHORE BANCORP, INC. (—)
CIK:        0001341318
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0000950170-24-046214
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1341318/000095017024046214/0000950170-24-046214-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1341318/000095017024046214/lsbk-20240422.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-046214

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