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Lake Shore Beats Its Expectations

Sat, 02 May 2009 14:45:00 GMT

May 2--Lake Shore Bancorp said profits for the first quarter fell 38.4 percent because of lower loan income, a loss on an investment, a higher set-aside for losses and higher expenses for a new branch in Tonawanda.
The Dunkirk-based parent of Lake Shore Savings Bank reported earnings of $405,000, or 7 cents per share, down from $658,000, or 11 cents per share, a year ago.
"We are pleased with our results for the first quarter," CEO David C. Mancuso said.

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Lake Shore Bancorp Turns Down Federal Aid

Tue, 17 Feb 2009 17:25:00 GMT

Feb. 17--Lake Shore Bancorp said it won't seek a federal government investment after all, despite caution about the economy, as it reported a 29 percent gain in fourth-quarter profits amid record loan and deposit growth last year.
The bank's total revenues grew, despite a $202,000 one-time "other-than-temporary" charge to cut the value of an investment security that was not issued by a government-sponsored entity like Fannie Mae or Freddie Mac.
So Lake Shore will try to boost loan growth this year, both in mortgages and small business lending.

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Lake Shore Bancorp Decides Not to Take Government TARP Money

Mon, 16 Feb 2009 15:50:00 GMT

Feb. 16--Lake Shore Bancorp said it won't seek a federal government investment after all, despite caution about the economy, as it reported a 29 percent gain in fourth-quarter profits amid record loan and deposit growth last year.
The bank's total revenues grew, despite a $202,000 one-time "other-than-temporary" charge to cut the value of an investment security that was not issued by a government-sponsored entity like Fannie Mae or Freddie Mac.
The company said its board of directors voted to withdraw the bank's application to the U.S. Treasury Department for an investment under the Capital Purchase Program, which is part of the broader Troubled Asset Relief Program, or TARP.

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Five Star Bank Parent Sells Shares into Federal TARP Aid Program ; Financial Institutions Sold $37.5 Million

Fri, 26 Dec 2008 00:52:00 GMT

The parent of Five Star Bank said Wednesday that it has completed the sale of $37.5 million in preferred shares and warrants to buy common stock to the U.S. Treasury Department as part of the government's Capital Purchase Program.
Warsaw-based Financial Institutions sold 7,503 shares of preferred stock and a warrant for Treasury to buy up to 378,175 shares of common stock at an exercise price of $14.88 per share.
With the purchase, Financial Institutions becomes the latest local bank to receive money from the government as part of the $700 billion Troubled Assets Relief Program approved by Congress earlier in the fall.

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Five Star Bank Parent Sells Shares into Federal TARP Aid Program

Thu, 25 Dec 2008 11:50:00 GMT

Dec. 25--The parent of Five Star Bank said Wednesday that it has completed the sale of $37.5 million in preferred shares and warrants to buy common stock to the U. S. Treasury Department as part of the government's Capital Purchase Program.
The transaction was completed on Tuesday.
With the purchase, Financial Institutions becomes the latest local bank to receive money from the government as part of the $700 billion Troubled Assets Relief Program approved by Congress earlier in the fall.

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Area Banks Consider Joining Federal Stock-Purchase Program

Thu, 30 Oct 2008 13:48:00 GMT

Oct. 30--Lake Shore Bancorp and Evans Bancorp will probably apply to participate in the Department of the Treasury's bank stock purchase program, their chief executive officers said this week.
Officials of Dunkirk-based Lake Shore, parent of Lake Shore Savings Bank, are "currently reviewing all the pros and cons of the program," President and CEO David Mancuso said by email.
Additionally, he noted, the bank is still "under no obligation," and has up to three months afterwards in which it can withdraw, giving it time to continue its evaluation.

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Lake Shore Bancorp Purchase Defunct First Niagara Bank Branch

Fri, 17 Oct 2008 16:48:00 GMT

Oct. 17--Lake Shore Bancorp bought a vacant Kenmore branch from First Niagara Financial Group, expanding its market reach further from its South Towns roots in a bid to garner more customers.
The four-year-old branch was formerly occupied by Greater Buffalo Savings Bank, which First Niagara acquired early this year.
The branch sale closed on Wednesday, with Ciminelli Real Estate handling both sides of the deal.

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M&T, HSBC Shares Left Off Short Sale List

Wed, 24 Sep 2008 13:50:00 GMT

Sep. 24--A strange omission by the Securities and Exchange Commission nearly allowed "short-selling" in the stock of M&T Bank Corp. and HSBC Holdings Plc, while banning it in the area's smaller community banks.
The order specifically covered companies as large as Bank of America Corp., Citigroup, KeyCorp and J. P. Morgan Chase, and as small as Evans Bancorp and Lake Shore Bancorp.
"We were surprised that we were left off and were on the phone with the SEC first thing Friday morning when we saw that the list was incomplete," said M&T spokesman C. Michael Zabel.

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Lake Shore Bancorp, Inc. Announces Third Quarter Earnings, Lease of Building for New Branch, and Appointment of Chief Operating Officer

Fri, 30 Oct 2009 20:47:00 GMT

Lake Shore Bancorp, Inc. (the "Company") (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the "Bank"), reported net income for the quarter ended September 30, 2009 of $602,000, or $0.10 per diluted share compared to net income of $867,000, or $0.14 per diluted share for the quarter ended September 30, 2008.
The increase was the result of changes in premiums mandated by the FDIC and the application of one-time assessment credits granted by the FDIC in 2007 against 2008 premiums.
Our year to date loan originations are at record levels and our deposit share in Erie County continues to increase," said President and Chief Executive Officer David C. Mancuso.

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Lake Shore Bancorp, Inc. Announces Second Quarter Earnings

Tue, 04 Aug 2009 22:01:00 GMT

Lake Shore Bancorp, Inc. Announces Second Quarter Earnings[More...]

Lake Shore Bancorp, Inc. Announces Quarterly Cash Dividend

Fri, 24 Jul 2009 20:54:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per share on its outstanding common stock. The dividend is payable on August 14, 2009 to the Company’s shareholders of record as of July 31, 2009. The Company is the majority-owned subsidiary of Lake Shore, MHC, a federal mutual holding company which owned 58.7% of the Company’s outstanding shares as of June 30, 2009. Lake Shore, MHC has filed a regulatory notice of its intent to waive dividends paid on the shares of the Company it owns.[More...]

Lake Shore Bancorp, Inc. Announces New Stock Repurchase Program

Fri, 27 Feb 2009 13:47:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors authorized a new program to repurchase up to 129,298 shares of the Company’s common stock. This amount represents 5% of the Company’s outstanding common stock that is not owned by Lake Shore, MHC, as of February 25, 2009. This repurchase program supersedes all of the prior Company stock repurchase programs. Any purchases under the program will be made via open market transactions, negotiated block transactions or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, at the discretion of management. The amount and exact timing of any purchases will depend on market conditions and a variety of other factors, at the discretion of management, and there is no assurance that the Company will repurchase shares during any period.[More...]

Lake Shore Bancorp, Inc. Reports Results for the Fourth Quarter and Fiscal Year 2008 and Announces Withdrawal of TARP Application

Fri, 13 Feb 2009 22:55:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported net income of $871,000, or $0.15 per diluted share, for the quarter ended December 31, 2008, which represents a 29.0% increase compared to net income of $675,000, or $0.10 per diluted share, for the quarter ended December 31, 2007.[More...]

Lake Shore Bancorp, Inc. Announces Quarterly Cash Dividend and Participation in FDIC's Transaction Account Guarantee Program

Fri, 23 Jan 2009 18:52:00 GMT

Lake Shore Bancorp, Inc. (the "Company") (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the "Bank"), announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per share on its outstanding common stock.
Lake Shore, MHC has filed a regulatory notice of its intent to waive dividends paid on the shares of the Company it owns.
The Company also announced that it is participating in the FDIC's Transaction Account Guarantee Program, which provides unlimited FDIC insurance on certain transaction accounts until December 31, 2009.

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Lake Shore Bancorp, Inc. Announces Quarterly Cash Dividend and Participation in FDIC’s Transaction Account Guarantee Program

Fri, 23 Jan 2009 18:09:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per share on its outstanding common stock. The dividend is payable on February 13, 2009 to the Company’s shareholders of record as of January 30, 2009. The Company is the majority-owned subsidiary of Lake Shore, MHC, a federal mutual holding company which owned 58.1% of the Company’s outstanding shares as of December 31, 2008. Lake Shore, MHC has filed a regulatory notice of its intent to waive dividends paid on the shares of the Company it owns.[More...]

Lake Shore Bancorp, Inc. Reports Results for Third Quarter

Thu, 30 Oct 2008 20:52:00 GMT

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Lake Shore Bancorp, Inc. Announces Quarterly Cash Dividend and Purchase of New Branch

Thu, 16 Oct 2008 20:18:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per share on its outstanding common stock. The dividend is payable on November 14, 2008 to the Company’s shareholders of record as of October 30, 2008. The Company is the majority-owned subsidiary of Lake Shore, MHC, a federal mutual holding company which owned 57.4% of the Company’s outstanding shares as of September 30, 2008. Lake Shore, MHC has filed a regulatory notice of its intent to waive dividends paid on the shares of the Company it owns.[More...]

Lake Shore Bancorp, Inc. Announces New Stock Repurchase Program

Thu, 28 Aug 2008 15:19:00 GMT

Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ Global Market: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that its Board of Directors authorized a new program to repurchase up to 135,541 shares of the Company’s common stock. This amount represents 5% of the Company’s outstanding common stock that is not owned by Lake Shore, MHC, as of August 27, 2008. This repurchase program supersedes all of the prior Company stock repurchase programs. Any purchases under the program will be made through open market transactions, negotiated block transactions or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, at the discretion of management. The amount and exact timing of any purchases will depend on market conditions and a variety of other factors, at the discretion of management, and there is no assurance that the Company will repurchase shares during any period.[More...]