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United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.: 000-51821

 

 

 

 

LAKE SHORE BANCORP, INC.

(Exact name of registrant as specified in its charter)

United States

 

20-4729288

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

31 East Fourth Street, Dunkirk, New York

 

14048

(Address of principal executive offices)

 

(Zip code)

(716) 366-4070

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

 

 

 

 

 

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

LSBK

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

 

 

 

 

 

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date:

 

There were 5,690,776 shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 9, 2023.

 


TABLE OF CONTENTS

 

ITEM

 

PART I

PAGE

 

 

 

 

1

FINANCIAL STATEMENTS

 

 

-

Consolidated Statements of Financial Condition as of September 30, 2023 (Unaudited) and December 31, 2022

1

 

-

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

2

 

-

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

3

 

-

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, June 30, and September 30, 2023 and 2022 (Unaudited)

4

 

-

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited)

5

 

-

Notes to Unaudited Consolidated Financial Statements

6

2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

31

3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

44

4

CONTROLS AND PROCEDURES

44

 

 

 

 

 

 

PART II

 

 

 

 

 

1A

RISK FACTORS

45

2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

46

6

EXHIBITS

 

47

SIGNATURES

 

 

47

 

 

 


 

PART I Financial Information

Item 1. Financial Statements

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition

 

 

 

September 30,

 

December 31,

 

 

 

2023

 

2022

 

 

 

(Unaudited)

 

 

 

 

 

 

(Dollars in thousands, except share data)

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

4,562

 

 

$

9,091

 

Interest earning deposits

 

 

41,437

 

 

 

542

 

Cash and Cash Equivalents

 

 

45,999

 

 

 

9,633

 

Securities

 

 

57,952

 

 

 

73,047

 

Federal Home Loan Bank stock, at cost

 

 

2,347

 

 

 

2,330

 

Loans receivable, net of allowance for credit losses 2023 $6,642; 2022 $7,065

 

 

564,848

 

 

 

573,537

 

Premises and equipment, net

 

 

8,043

 

 

 

8,286

 

Accrued interest receivable

 

 

2,889

 

 

 

2,796

 

Bank-owned life insurance

 

 

23,546

 

 

 

23,218

 

Other assets

 

 

7,939

 

 

 

7,067

 

Total Assets

 

$

713,563

 

 

$

699,914

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

               Interest bearing

 

$

484,287

 

 

$

464,441

 

               Non-interest bearing

 

 

99,871

 

 

 

105,678

 

Total Deposits

 

 

584,158

 

 

 

570,119

 

Short-term borrowings

 

 

 

 

 

12,596

 

Long-term debt

 

 

36,450

 

 

 

24,950

 

Advances from borrowers for taxes and insurance

 

 

2,219

 

 

 

3,308

 

Other liabilities

 

 

8,879

 

 

 

7,757

 

Total Liabilities

 

 

631,706

 

 

 

618,730

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,690,776 shares outstanding at September 30, 2023 and 6,836,514 shares issued and 5,705,225 shares outstanding at December 31, 2022

 

 

68

 

 

 

68

 

Additional paid-in capital

 

 

31,462

 

 

 

31,459

 

Treasury stock, at cost (1,145,738 shares at September 30, 2023 and 1,131,289 shares at December 31, 2022)

 

 

(13,717

)

 

 

(13,571

)

Unearned shares held by ESOP

 

 

(1,045

)

 

 

(1,108

)

Unearned shares held by compensation plans

 

 

(79

)

 

 

(191

)

Retained earnings

 

 

78,207

 

 

 

74,859

 

Accumulated other comprehensive loss

 

 

(13,039

)

 

 

(10,332

)

Total Stockholders' Equity

 

 

81,857

 

 

 

81,184

 

Total Liabilities and Stockholders' Equity

 

$

713,563

 

 

$

699,914

 

 

See notes to unaudited consolidated financial statements.

1


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Income

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(Dollars in thousands, except per share data)

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

7,699

 

 

$

6,311

 

 

$

22,426

 

 

$

17,600

 

Investment securities, taxable

 

 

223

 

 

 

210

 

 

 

687

 

 

 

610

 

Investment securities, tax-exempt

 

 

240

 

 

 

309

 

 

 

815

 

 

 

935

 

Other

 

 

559

 

 

 

88

 

 

 

1,214

 

 

 

138

 

Total Interest Income

 

 

8,721

 

 

 

6,918

 

 

 

25,142

 

 

 

19,283

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,104

 

 

 

419

 

 

 

5,332

 

 

 

1,095

 

Short-term borrowings

 

 

 

 

 

 

 

 

87

 

 

 

 

Long-term debt

 

 

309

 

 

 

141

 

 

 

884

 

 

 

354

 

Other

 

 

13

 

 

 

13

 

 

 

39

 

 

 

43

 

Total Interest Expense

 

 

2,426

 

 

 

573

 

 

 

6,342

 

 

 

1,492

 

Net Interest Income

 

 

6,295

 

 

 

6,345

 

 

 

18,800

 

 

 

17,791

 

(Credit) Provision for Credit Losses

 

 

(199

)

 

 

 

 

 

(1,011

)

 

 

500

 

Net Interest Income After (Credit) Provision for Credit
   Losses

 

 

6,494

 

 

 

6,345

 

 

 

19,811

 

 

 

17,291

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

256

 

 

 

277

 

 

 

792

 

 

 

834

 

Debit card fees

 

 

212

 

 

 

214

 

 

 

632

 

 

 

639

 

Increase in cash surrender value of bank-owned life insurance

 

 

114

 

 

 

66

 

 

 

328

 

 

 

262

 

Unrealized gain (loss) on equity securities

 

 

3

 

 

 

2

 

 

 

5

 

 

 

(7

)

Unrealized gain (loss) on interest rate swap

 

 

 

 

 

91

 

 

 

(58

)

 

 

344

 

Recovery on previously impaired investment securities

 

 

1

 

 

 

2

 

 

 

6

 

 

 

12

 

Loss on sale of securities available for sale

 

 

(3

)

 

 

 

 

 

(52

)

 

 

 

Net loss on sale of loans

 

 

 

 

 

 

 

 

 

 

 

(18

)

Other

 

 

22

 

 

 

16

 

 

 

59

 

 

 

54

 

Total Non-Interest Income

 

 

605

 

 

 

668

 

 

 

1,712

 

 

 

2,120

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,773

 

 

 

2,504

 

 

 

8,363

 

 

 

7,371

 

Occupancy and equipment

 

 

715

 

 

 

738

 

 

 

2,212

 

 

 

2,273

 

Data processing

 

 

432

 

 

 

403

 

 

 

1,284

 

 

 

1,094

 

Professional services

 

 

389

 

 

 

562

 

 

 

2,087

 

 

 

1,196

 

Advertising

 

 

157

 

 

 

197

 

 

 

514

 

 

 

456

 

FDIC insurance

 

 

295

 

 

 

46

 

 

 

826

 

 

 

138

 

Postage and Supplies

 

 

59

 

 

 

54

 

 

 

189

 

 

 

168

 

Other

 

 

376

 

 

 

366

 

 

 

1,139

 

 

 

1,283

 

Total Non-Interest Expense

 

 

5,196

 

 

 

4,870

 

 

 

16,614

 

 

 

13,979

 

Income before Income Taxes

 

 

1,903

 

 

 

2,143

 

 

 

4,909

 

 

 

5,432

 

Income Tax Expense

 

 

332

 

 

 

372

 

 

 

838

 

 

 

916

 

Net Income

 

$

1,571

 

 

$

1,771

 

 

$

4,071

 

 

$

4,516

 

Basic and diluted earnings per common share

 

$

0.27

 

 

$

0.30

 

 

$

0.69

 

 

$

0.77

 

Dividends declared per share

 

$

 

 

$

0.18

 

 

$

 

 

$

0.50

 

 

See notes to unaudited consolidated financial statements.

 

2


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income (Loss)

 

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(Dollars in thousands)

 

Net Income

 

$

1,571

 

 

$

1,771

 

Other Comprehensive (Loss), net of tax benefit:

 

 

 

 

 

 

Unrealized holding (losses) on securities available for sale, net of tax benefit

 

 

(3,171

)

 

 

(3,954

)

Reclassification adjustments related to:

 

 

 

 

 

 

Recovery on previously impaired investment securities included in net income, net of
   tax expense

 

 

(2

)

 

 

(1

)

Net loss on sale of securities included in net income, net of tax benefit

 

 

3

 

 

 

 

Total Other Comprehensive Loss

 

 

(3,170

)

 

 

(3,955

)

Total Comprehensive Loss

 

$

(1,599

)

 

$

(2,184

)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(Dollars in thousands)

 

Net Income

 

$

4,071

 

 

$

4,516

 

Other Comprehensive (Loss), net of tax benefit:

 

 

 

 

 

 

Unrealized holding (losses) on securities available for sale, net of tax benefit

 

 

(2,744

)

 

 

(13,517

)

Reclassification adjustments related to:

 

 

 

 

 

 

Recovery on previously impaired investment securities included in net income, net of
   tax expense

 

 

(5

)

 

 

(9

)

Net loss on sale of securities included in net income, net of tax benefit

 

 

42

 

 

 

 

Total Other Comprehensive Loss

 

 

(2,707

)

 

 

(13,526

)

Total Comprehensive Income (Loss)

 

$

1,364

 

 

$

(9,010

)

 

See notes to unaudited consolidated financial statements.

3


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, June 30, and September 30, 2023 and 2022 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Unearned

 

 

Unearned Shares

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Shares

 

 

Held by

 

 

 

 

 

Other

 

 

 

 

 

 

Common

 

 

Paid-In

 

 

Treasury

 

 

Held by

 

 

Compensation

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Stock

 

 

Capital

 

 

Stock

 

 

ESOP

 

 

Plans

 

 

Earnings

 

 

Income (Loss)

 

 

Total

 

 

 

(Dollars in thousands, except share data)

 

Balance - January 1, 2022

 

$

68

 

 

$

31,350

 

 

$

(13,660

)

 

$

(1,194

)

 

$

(157

)

 

$

70,591

 

 

$

978

 

 

$

87,976

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,061

 

 

 

 

 

 

1,061

 

Other comprehensive loss, net of tax benefit of $1,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,134

)

 

 

(6,134

)

ESOP shares earned (1,984 shares)

 

 

 

 

 

8

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Compensation plan shares granted (27,132 shares)

 

 

 

 

 

 

 

 

255

 

 

 

 

 

 

(255

)

 

 

 

 

 

 

 

 

 

Compensation plan shares earned (2,749 shares)

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

 

42

 

Cash dividends declared ($0.16 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(312

)

 

 

 

 

 

(312

)

Balance - March 31, 2022

 

 

68

 

 

 

31,374

 

 

 

(13,405

)

 

 

(1,172

)

 

 

(386

)

 

 

71,340

 

 

 

(5,156

)

 

 

82,663

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,684

 

 

 

 

 

 

1,684

 

Other comprehensive loss, net of tax benefit of $914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,437

)

 

 

(3,437

)

ESOP shares earned (1,984 shares)

 

 

 

 

 

7

 

 

 

 

 

 

21