Lake Shore Bancorp(US:LSBK)2025-04-29 20:30Financial Performance - Net income for the first quarter of 2025 was $1.1 million, an increase of $43,000, or 4.2%, compared to the first quarter of 2024[2]. - Net income for Q1 2025 was $1,057 thousand, compared to $1,014 thousand in Q1 2024, marking a growth of 4.24%[26]. - Net income for the quarter was $1,057 thousand, a decrease of 28% from $1,469 thousand in the prior quarter[29]. - Basic and diluted earnings per share increased to $0.19 in Q1 2025 from $0.17 in Q1 2024, reflecting a growth of 11.76%[26]. - Basic and diluted earnings per share decreased to $0.19 from $0.26 in the previous quarter, reflecting a 26.9% decline[29]. Interest Income and Margin - Net interest income increased by $124,000, or 2.3%, to $5.5 million compared to the fourth quarter of 2024, and increased by $332,000, or 6.5%, compared to the first quarter of 2024[4]. - Net interest income for the three months ended March 31, 2025, was $5,465 thousand, up from $5,133 thousand in the same period of 2024, representing an increase of 6.47%[26]. - Net interest income after provision for credit losses was $5,417 thousand, down from $5,954 thousand in the previous quarter[29]. - The interest rate spread widened to 2.94% in Q1 2025 from 2.55% in Q1 2024, reflecting improved interest income relative to interest expense[26]. - The net interest margin improved to 3.49% in Q1 2025 from 3.10% in Q1 2024, indicating better profitability on interest-earning assets[26]. - Net interest margin improved to 3.49%, an increase of 18 basis points from the fourth quarter of 2024 and 39 basis points from the first quarter of 2024[6]. Assets and Deposits - Total assets increased by $3.5 million, or 0.5%, to $689.0 million as of March 31, 2025, compared to $685.5 million at December 31, 2024[19]. - Total assets increased to $688,996 thousand as of March 31, 2025, compared to $685,504 thousand at December 31, 2024, reflecting a growth of 0.22%[25]. - Total deposits rose by $9.8 million, or 1.7%, to $582.7 million at March 31, 2025, compared to $573.0 million at December 31, 2024[20]. Non-Interest Income and Expense - Non-interest income was $724,000 for the first quarter of 2025, a decrease of $344,000, or 32.2%, compared to the fourth quarter of 2024[12]. - Total non-interest income rose to $724 thousand in Q1 2025, compared to $707 thousand in Q1 2024, an increase of 2.41%[26]. - Total non-interest income decreased to $724 thousand from $1,068 thousand in the prior quarter, a decline of 32.3%[29]. - Non-interest expense decreased by $397,000, or 7.5%, to $4.9 million compared to the fourth quarter of 2024[14]. Equity and Credit Losses - Stockholders' equity increased by $794,000, or 0.9%, to $90.7 million at March 31, 2025, primarily due to net income earned[21]. - The allowance for credit losses on loans was $5.2 million as of March 31, 2025, compared to $5.1 million as of December 31, 2024[16]. Debt and Funding - Long-term debt decreased significantly to $4,000 thousand as of March 31, 2025, down from $10,250 thousand at December 31, 2024, a reduction of 61.07%[25]. - The Company reduced its reliance on wholesale funding by repaying $6.3 million of FHLBNY borrowings during the first quarter of 2025[6]. Efficiency and Returns - The efficiency ratio improved to 78.82% in Q1 2025 from 85.53% in Q1 2024, indicating better cost management[26]. - Return on average assets increased to 0.62% in Q1 2025 from 0.57% in Q1 2024, showing enhanced asset utilization[26]. - Return on average assets decreased to 0.62% from 0.85% in the previous quarter[29]. - Return on average equity decreased to 4.65% from 6.52% in the prior quarter[29]. Loan Performance - Non-performing loans as a percent of loans at amortized cost improved slightly to 0.62% from 0.69% in the previous quarter[29]. Book Value - Book value per share increased to $15.74 from $15.67 in the previous quarter[29].