Finance

News Alert: Lake Shore Bancorp (NASDAQ:LSBK)

Lake Shore Bancorp (NASDAQ:LSBK) noted trading -24.47% off 52-week high price. On the other end, the stock has been noted 34.19% away from the low price over the last 52-weeks. The stock changed -9.36% to recent value of $12.01. The stock transacted 682 shares during most recent day however it has an average volume of 4.59K shares. The company has 6.05M of outstanding shares and 2.04M shares were floated in the market.

On April 24, 2020, Lake Shore Bancorp (NASDAQ Global Market:LSBK) the holding company for Lake Shore Savings Bank (the Bank), released unaudited results for the three months ended March 31, 2020. Net income for first quarter 2020 was $731,000, or $0.12 per diluted share, as compared to first quarter 2019 net income of $898,000, or $0.15 per diluted share. First quarter 2020 net income reflected a $425,000 increase in provision for loan losses primarily related to declining economic conditions as a result of the COVID-19 pandemic and a $134,000 decrease in non-interest income which was partially offset by a $358,000 increase in net interest income, a $29,000 decrease in income tax expense and a $5,000 decrease in non-interest expense when compared to the first quarter of 2019.

During the first quarter of 2020, Lake Shore Savings Bank was actively engaged in responding to the COVID-19 pandemic.  All bank branches remain open to serve our customers and local communities with strict social distancing protocols in place.   We have encouraged our customers to visit us via drive-thru lanes and to utilize our mobile banking, online banking and ATM services to promote social distancing. In-person lobby visits are by appointment only.   To protect the health of everyone, many employees are working remotely and cleaning protocols have been enhanced across all locations.

Its earnings per share (EPS) expected to touch remained 3.60% for this year. LSBK has an operating margin of 75.00% while its profit margin remained 16.80% for the last 12 months.

The price moved ahead of 4.32% from the mean of 20 days, -8.52% from mean of 50 days SMA and performed -17.49% from mean of 200 days price. Company’s performance for the week was -5.66%, 11.00% for month and YTD performance remained -21.50%.

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