Lake Shore Bancorp Q2 net income up rises 72% yr/yr
Lake Shore Bancorp reported a 72% year-over-year increase in Q2 net income, attributed to strategic balance sheet management. Net interest income rose by 17.6%, while non-interest expenses decreased due to optimized operations. The company completed a conversion and stock offering, raising $49.5 million for growth. Key metrics included a net income of $1.92 million and a basic EPS of $0.34.
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Overview
- Lake Shore Bancorp Q2 net income rises 72% yr/yr, driven by strategic balance sheet management
- Net interest income increased 17.6% yr/yr, contributing to improved financial performance
- Co completed conversion and stock offering, raising $49.5 mln for growth
Result Drivers
- NET INTEREST INCOME - Increased by 17.6% yr/yr, driven by strategic balance sheet management
- NON-INTEREST EXPENSES - Decreased due to efforts to optimize operating expenses
- REDUCED WHOLESALE FUNDING - Repayment of $8.3 mln in Federal Home Loan Bank of New York
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q2 Net $1.92
Income mln
Q2 Net $6.12
Interest mln
Income
Q2 Basic $0.34
EPS
Q2 Net 3.8%
Interest
Margin
Q2 $2.30
Pretax mln
Profit
Press Release: (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
