lake shore bancorp inc (LSBK) Key Developments
Lake Shore Bancorp Inc. Declares Cash Dividend, Payable on May 22, 2015
May 21 15
Lake Shore Bancorp Inc.'s Board of Directors approved a $0.07 per share cash dividend on the company's common stock, payable on May 22, 2015, to shareholders of record as of May 8, 2015.
Lake Shore Bancorp Inc. Declares Quarterly Cash Dividend, Payable on May 22, 2015; Reports Unaudited Earnings Result for the First Quarter Ended March 31, 2015
Apr 29 15
Lake Shore Bancorp Inc. declared a quarterly cash dividend of $0.07 per share on its outstanding common stock. The dividend is payable on May 22, 2015 to shareholders of record as of May 8, 2015.
The company reported unaudited earnings result for the first quarter ended March 31, 2015. The company announced first quarter 2015 net income of $0.6 million, or $0.10 per diluted share, compared to net income of $0.8 million, or $0.14 per diluted share, for the first quarter of 2014. The decrease in first quarter 2015 net income over the same period in the prior year was primarily driven by a decrease in net interest income, an increase in non-interest expense, an increase in income tax expense resulting from changes to the New York State bank franchise tax, and an increase in provision for loan losses, partially offset by increased non-interest income. The impact of the change in the state tax laws resulted in a one-time tax expense of $128,000 being recorded during the current quarter, which was partially offset by a decrease in taxable income. First quarter 2015 net interest income was $3.6 million, compared with net interest income of $3.7 million for first quarter 2014. Interest income for first quarter 2015 was $4.4 million, a decline of $0.1 million compared to the prior year quarter. The decline was primarily a result of a $0.2 million reduction in interest earned on investment securities reflecting a $20.5 million decrease in the average balance of the securities portfolio since March 31, 2014. Return on average assets was 0.47% against 0.64% a year ago. Return on average equity was 3.14% against 4.64% reported a year ago.
Lake Shore Bancorp Inc., Annual General Meeting, May 20, 2015
Apr 9 15
Lake Shore Bancorp Inc., Annual General Meeting, May 20, 2015., at 08:30 US Eastern Standard Time. Location: The Lighthouse Room of the Clarion Hotel. Agenda: To elect three Class One directors to serve for a three-year term expiring at the 2018 annual meeting of shareholders; to approve, on an advisory basis, a non-binding resolution regarding the compensation of the company’s named executive officers; to ratify the appointment of Baker Tilly Virchow Krause, LLP as the company’s independent registered public accounting firm for the year ending December 31, 2015; and to transact such other business as may properly come before the annual meeting, and any adjournment or postponement thereof.
Lake Shore Bancorp Inc. Approves Fourth Quarter Dividend, Payable on March 10, 2015
Feb 5 15
Lake Shore Bancorp Inc. announced that the company’s board of directors approved a $0.07 per share cash dividend on its common stock, payable on March 10, 2015, to shareholders of record as of February 19, 2015.
Lake Shore Bancorp Inc. Reports Unaided Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
Jan 29 15
Lake Shore Bancorp Inc. reported unaided earnings results for the fourth quarter and year ended December 31, 2014. For the period, the company reported interest income was $4,419,000 against $4,706,000 a year ago. Net interest income was $3,578,000 against $3,845,000 a year ago. Income before income taxes was $876,000 against $1,407,000 a year ago. Net income was $796,000 against $1,051,000 a year ago. Diluted earnings per share was $0.14 per share against $0.18 against a year ago. Return on average assets was 0.66% against $0.87% a year ago. Return on average equity was $4.49% against 6.36% year ago. Lower interest income for the quarter was the result of a 30 basis point decrease in the average interest rate for earning assets, reflecting a shift of a portion of the Banks interest earning assets into shorter-duration and lower yield liquid alternatives. Fourth quarter 2014 interest expense declined by $20,000 compared to fourth quarter 2013, a result of a $5.3 million decrease in the average balance of interest bearing liabilities.
For the year, the company reported interest income was $17,879,000 against $18,614,000 a year ago. Net interest income was $14,531,000 against $15,058,000 a year ago. Income before income taxes was $3,725,000 against $4,711,000 a year ago. Net income was $3,158,000 against $3,743,000 a year ago. Diluted earnings per share was $0.55 per share against $0.65 against a year ago. Return on average assets was 0.65% against $0.77% a year ago. Return on average equity was $4.58% against 5.64% year ago. The decline in net income for the quarter and year was largely attributable to the Banks ongoing strategy to better position its interest earning assets for a rising interest rate environment.