Lake Shore Bancorp, Inc. Announces 2023 Fourth Quarter and Year End Financial Results

DUNKIRK, N.Y., Jan. 31, 2024 (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 $749,000, or $0.13 per diluted share, for the fourth quarter of 2023 compared to net income of $1.2 million, or $0.20 per diluted share, for the fourth quarter of 2022. For the year ended December 31, 2023, the Company reported unaudited net income of $4.8 million, or $0.82 per diluted share, as compared to $5.7 million, or $0.97 per diluted share, for the year ended December 31, 2022. The Company’s 2023 financial performance was negatively impacted by the Office of the Comptroller of the Currency’s (the “OCC”) regulatory action of February 2023 resulting in increased non-interest expense.

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