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

DUNKIRK, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.5 million, or $0.26 per diluted share, for the fourth quarter of 2024 compared to net income of $749,000, or $0.13 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported unaudited net income of $4.9 million, or $0.88 per diluted share, as compared to $4.8 million, or $0.82 per diluted share for the year ended December 31, 2023. The Company's 2024 financial performance was positively impacted by a decrease in non-interest expenses as a result of efforts to optimize operating expenses while reducing its reliance on wholesale funding by $41.0 million.

Read more at globenewswire.com