Lake Shore sees increase in earnings
Lake Shore Bancorp Inc. on Wednesday reported second-quarter earnings of $1.7 million. On a per-share basis, the Dunkirk, New York-based company said it had profit of 29 cents.
“During the first six months of 2022, we produced meaningful growth in our net interest margin, while also significantly enhancing our asset quality. These results have not only improved our net income when compared to 2021, they have also further strengthened our historically robust capital position.” stated Daniel P. Reininga, President and Chief Executive Officer. “Our strong financial and capital position will allow us to react appropriately to the challenges of the current interest rate and economic environment.”
The holding company for Lake Shore Savings Bank posted revenue of $7.2 million in the period. Its adjusted revenue was $6.7 million.
Also Wednesday, the company’s Board of Directors approved a quarterly cash dividend of 18 cents per share of common stock. The dividend is payable on Aug. 19, to shareholders of record as of Aug. 2. Lake Shore, MHC, which holds 3,636,875 shares, or 63.7%, of the company’s total outstanding stock as of July 19, has elected to waive receipt of the dividend on its shares.