Lake Shore Bancorp, Inc. Announces Fourth Quarter 2024 and Year End Financial Results

Core Viewpoint - Lake Shore Bancorp, Inc. reported a significant increase in net income for the fourth quarter and the full year of 2024, driven by reduced non-interest expenses and improved operational efficiency [1][2]. Financial Performance - The company reported unaudited net income of $1.5 million, or $0.26 per diluted share, for Q4 2024, compared to $749,000, or $0.13 per diluted share, for Q4 2023, marking a 96.1% increase [1][7]. - For the year ended December 31, 2024, net income was $4.9 million, or $0.88 per diluted share, compared to $4.8 million, or $0.82 per diluted share, for 2023, reflecting a 2.3% increase [1][7]. Net Interest Income - Net interest income for Q4 2024 decreased by $42,000, or 0.8%, to $5.3 million compared to Q3 2024, and decreased by $217,000, or 3.9%, compared to Q4 2023 [3][4]. - For the year ended December 31, 2024, net interest income decreased by $3.3 million, or 13.5%, to $21.1 million compared to $24.4 million for 2023 [4][9]. Non-Interest Income - Non-interest income for Q4 2024 was $1.1 million, an increase of $277,000, or 35.0%, compared to Q3 2024, and an increase of $145,000, or 15.7%, compared to Q4 2023 [14]. - For the year ended December 31, 2024, non-interest income was $3.3 million, an increase of $669,000, or 25.4%, compared to 2023 [15]. Non-Interest Expense - Non-interest expense for Q4 2024 was $5.3 million, an increase of $72,000, or 1.4%, compared to Q4 2023 [16]. - For the year ended December 31, 2024, non-interest expense decreased by $1.8 million, or 8.4%, to $20.0 million compared to $21.8 million for 2023 [17]. Balance Sheet Summary - Total assets as of December 31, 2024, were $685.5 million, a decrease of $39.6 million, or 5.5%, compared to $725.1 million at December 31, 2023 [24]. - Total deposits decreased to $573.0 million, a decrease of $17.9 million, or 3.0%, compared to $590.9 million at December 31, 2023 [24]. - Stockholders' equity increased to $89.9 million, a $3.6 million increase, or 4.2%, compared to $86.3 million at December 31, 2023 [25]. Credit Quality - The allowance for credit losses on loans was $5.1 million as of December 31, 2024, down from $6.5 million as of December 31, 2023 [20]. - Non-performing assets as a percentage of total assets increased to 0.55% at December 31, 2024, compared to 0.47% at December 31, 2023 [20][21].