Lake Shore Bancorp, Inc. Announces First Quarter 2025 Financial Results

Core Viewpoint - Lake Shore Bancorp, Inc. reported a net income of $1.1 million for Q1 2025, reflecting a 4.2% increase from the same period in 2024, driven by higher net interest income and reduced non-interest expenses [1][7]. Financial Performance - The net interest income for Q1 2025 was $5.5 million, up by $124,000 or 2.3% from Q4 2024, and increased by $332,000 or 6.5% compared to Q1 2024 [3][7]. - The net interest margin improved to 3.49% in Q1 2025, an increase of 18 basis points from Q4 2024 and 39 basis points from Q1 2024 [7]. - Interest income decreased to $8.4 million in Q1 2025, down by $223,000 or 2.6% from Q4 2024, and down by $242,000 or 2.8% from Q1 2024 [4][6]. Expense Management - Non-interest expenses were $4.9 million in Q1 2025, a decrease of $397,000 or 7.5% from Q4 2024, and down by $117,000 or 2.3% from Q1 2024 [12]. - Interest expense for Q1 2025 was $2.9 million, a decrease of $347,000 or 10.7% from Q4 2024, and down by $574,000 or 16.5% from Q1 2024 [8][10]. Balance Sheet Highlights - Total assets increased to $689.0 million as of March 31, 2025, a rise of $3.5 million or 0.5% from December 31, 2024 [18]. - Total deposits rose to $582.7 million, an increase of $9.8 million or 1.7% compared to December 31, 2024 [18]. - Stockholders' equity increased to $90.7 million, a rise of $794,000 or 0.9% from December 31, 2024 [19]. Credit Quality - The allowance for credit losses on loans was $5.2 million as of March 31, 2025, compared to $5.1 million at December 31, 2024 [15]. - Non-performing assets as a percentage of total assets decreased to 0.50% at March 31, 2025, down from 0.55% at December 31, 2024 [15]. Income Tax Expense - Income tax expense for Q1 2025 was $206,000, a decrease of $72,000 or 25.9% from Q4 2024, and an increase of $23,000 or 12.6% from Q1 2024 [13][14].