Lake Shore Bancorp, Inc. Announces Second Quarter 2025 Financial Results

DUNKIRK, N.Y. — July 23, 2025 — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the new holding company for Lake Shore Bank (the “Bank”), reported unaudited net income of $1.9 million, or $0.34 per diluted share, for the second quarter of 2025 compared to net income of $1.1 million, or $0.19 per diluted share, for the second quarter of 2024.  For the first six months of 2025, the Company reported unaudited net income of $3.0 million, or $0.53 per diluted share, as compared to $2.1 million, or $0.36 per diluted share, for the first six months of 2024. The Company’s financial performance for the second quarter of 2025 was positively impacted by an increase in net interest income and non-interest income along with a decrease in non-interest expenses as a result of strategic balance sheet management, continuing efforts to optimize operating expenses, and reducing reliance on wholesale funding.

On July 18, 2025, the Company announced that the conversion of Lake Shore, MHC from mutual to stock form, the related stock offering by the Company and the Bank’s conversion from a federal savings bank to a New York chartered commercial bank was completed. As a result of the subscription offering, the Company sold a total of 4,950,460 shares of its common stock (approximately the midpoint of the offering range) at a price of $10.00 per share for total gross proceeds of $49.5 million. Earnings per share and other share information disclosed throughout do not reflect the effect of the Company’s conversion and related stock offering.

“I am pleased with the Company’s Second Quarter and Six Month 2025 financial results. The strategic actions taken throughout the past two years are beginning to bear quality earnings momentum,” stated Kim C. Liddell, President, CEO, and Director. “I am grateful for our depositors’ support as we raised $49.5 million to provide the Company with capital needed to prudently and strategically grow. We are excited about what the future holds.”

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