Lake Shore Bancorp Inc. reported second-quarter earnings of $1.7 million on Wednesday. On a per-share basis, the Dunkirk, New York-based company said it made a profit of 29 cents.
“During the first six months of 2022, we achieved significant growth in our net interest margin, while significantly improving the quality of our assets. These results not only improved our net income compared to 2021, but they also reinforced our historically strong capital position. » said Daniel P. Reininga, President and CEO. “Our strong financial and capital position will allow us to respond appropriately to the challenges of the current interest rate and economic environment.”
Lake Shore Savings Bank’s holding company reported revenue of $7.2 million during the period. Its adjusted revenue was $6.7 million.
Also on Wednesday, the company’s board of directors approved a quarterly cash dividend of 18 cents per common share. The dividend is payable on August 19 to shareholders of record on August 2. Lake Shore, MHC, which owns 3,636,875 shares, or 63.7% of the company’s total outstanding shares as of July 19, has elected to forgo receiving the dividend from its stock.