Core Insights - Lake Shore Bancorp, Inc. reported a net income of $1.1 million for Q2 2024, a 36.8% increase from $816,000 in Q2 2023, primarily due to reduced non-interest expenses [1][18] - For the first half of 2024, net income was $2.1 million, down from $2.5 million in the same period of 2023 [1] - The company reduced reliance on wholesale funding by $23 million while growing organic deposits by 1.65% in the first half of 2024 [1][18] Financial Performance - Net interest income for the first half of 2024 decreased by $2.2 million, or 17.3%, to $10.3 million compared to $12.5 million in the first half of 2023 [3] - Interest income for the first half of 2024 was $17.4 million, an increase of $942,000, or 5.7%, compared to $16.4 million in the first half of 2023 [4] - Non-interest income increased by $338,000, or 30.5%, to $1.4 million in the first half of 2024 compared to the same period in 2023 [6] Expense Management - Non-interest expense for Q2 2024 was $4.9 million, a decrease of $1.0 million, or 17.0%, from $5.9 million in Q2 2023 [7] - The decrease in non-interest expenses was attributed to a reduction in professional services expense by $451,000, or 53.2%, and a significant drop in advertising costs by $163,000, or 91.1% [7][25] Credit Quality - Non-performing assets as a percentage of total assets increased to 0.56% at June 30, 2024, from 0.47% at December 31, 2023 [8][41] - The allowance for credit losses on loans was $5.9 million at June 30, 2024, down from $6.5 million at December 31, 2023 [26] Balance Sheet Highlights - Total assets decreased by $14.1 million, or 1.9%, to $711 million at June 30, 2024, compared to $725.1 million at December 31, 2023 [28] - Stockholders' equity increased to $86.9 million at June 30, 2024, up $658,000, or 0.8%, from $86.3 million at December 31, 2023 [10] - Total deposits were $589.4 million at June 30, 2024, a slight decrease of $1.5 million, or 0.3%, from $590.9 million at December 31, 2023 [28] Capital Ratios - The company's Tier 1 Leverage ratio was 13.02% and the Total Risk-Based capital ratio was 18.64% at June 30, 2024, indicating a well-capitalized position [18][36]

Lake Shore Bancorp, Inc. Announces Second Quarter 2024 Financial Results "I am pleased with Lake Shore's earnings for the second quarter of 2024 and year-to-date. We continue to remain disciplined and focused on executing our strategic plan and it is beginning to bear results," stated Kim C. Liddell, President, CEO, and Director. "I am proud of our team and their efforts to enhance shareholder value and the overall performance of the organization." • Net income increased to $1.1 million during the second qu ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 LAKE SHORE BANCORP, INC. (Exact name of registrant as specified in its charter) | United States | 20-4729288 | | --- | --- | | (State or other jurisdiction of inco ...

Lake Shore Bancorp, Inc. Announces 2024 First Quarter Financial Results DUNKIRK, N.Y. — April 22, 2024 — 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. Net income decreased $670,000, or 39.8%, when compared to the 2023 first quarter and was n ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 Lake Shore Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) United States (State or Other Jurisdiction 20-4729288 of Incorporation or Organizati ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 LAKE SHORE BANCORP, INC. (Exact name of registrant as specified in its charter) United States 20-4729288 (State or other jurisdiction of incorporation or organ ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 (716) 366-4070 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: | | Trading | | | --- | --- ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 LAKE SHORE BANCORP, INC. (Exact name of registrant as specified in its charter) United States 20-4729288 (State or other jurisdiction of incorporation or organ ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 Lake Shore Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) United States (State or Other Jurisdiction 20-4729288 of Incorporation or Organizati ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q United States 20-4729288 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 000-51821 LAKE SHORE BANCORP, INC. (E ...