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Lake Shore Bancorp Inc. (LSBK+0.82%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing total assets of $685.5 million, a decrease of 5.5% from the previous year. This was primarily due to reductions in cash and cash equivalents, net loans, and securities.
Net loans receivable decreased by $11.2 million, or 2.0%, to $544.6 million. The decrease was largely attributed to reductions in residential, one- to four-family and home equity loans.
Total deposits fell by $17.9 million, or 3.0%, to $573.0 million, with a significant portion of the decrease due to the non-renewal of brokered certificates of deposit.
Net interest income decreased by $3.3 million, or 13.5%, to $21.1 million. This was driven by a 46.2% increase in interest expense, despite a 3.1% increase in interest income.
Non-interest income rose by 25.4% to $3.3 million, primarily due to increased earnings on bank-owned life insurance and annuity assets.
Non-interest expense decreased by 8.4% to $20.0 million, largely due to reductions in professional services expenses and advertising costs.
The company reported net income of $4.9 million for the year, an increase of 2.3% from the previous year, with earnings per diluted share of $0.88.
The allowance for credit losses on loans was reduced by 20.6% to $5.1 million, reflecting improvements in economic conditions and a decrease in historical loss rates.
Lake Shore Bancorp's capital ratios remained strong, with the bank considered well-capitalized under federal regulatory standards.
The filing also outlines the company's strategic focus on increasing commercial loan originations and reducing reliance on wholesale funding sources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lake Shore Bancorp Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.