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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, 2024
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 000-51821
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LAKE SHORE BANCORP, INC. |
(Exact name of registrant as specified in its charter) |
United States |
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20-4729288 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
31 East Fourth Street, Dunkirk, New York |
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14048 |
(Address of principal executive offices) |
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(Zip code) |
(716) 366-4070 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
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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 5,737,036 shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 6, 2024.
TABLE OF CONTENTS
PART I Financial Information
Item 1. Financial Statements
Lake Shore Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
Assets |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
3,458 |
|
|
$ |
4,648 |
|
Interest earning deposits |
|
|
46,523 |
|
|
|
49,082 |
|
Cash and Cash Equivalents |
|
|
49,981 |
|
|
|
53,730 |
|
Securities, at fair value |
|
|
58,782 |
|
|
|
60,442 |
|
Federal Home Loan Bank stock, at cost |
|
|
1,157 |
|
|
|
2,293 |
|
Loans receivable, net of allowance for credit losses of $5,494 at September 30, 2024 and $6,463 at December 31, 2023 |
|
|
539,005 |
|
|
|
555,828 |
|
Premises and equipment, net |
|
|
7,310 |
|
|
|
7,870 |
|
Accrued interest receivable |
|
|
2,889 |
|
|
|
2,835 |
|
Bank-owned life insurance |
|
|
29,639 |
|
|
|
29,355 |
|
Other assets |
|
|
8,833 |
|
|
|
12,765 |
|
Total Assets |
|
$ |
697,596 |
|
|
$ |
725,118 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Interest bearing |
|
$ |
488,104 |
|
|
$ |
495,738 |
|
Non-interest bearing |
|
|
99,459 |
|
|
|
95,186 |
|
Total Deposits |
|
|
587,563 |
|
|
|
590,924 |
|
Long-term debt |
|
|
10,250 |
|
|
|
35,250 |
|
Advances from borrowers for taxes and insurance |
|
|
1,652 |
|
|
|
3,307 |
|
Other liabilities |
|
|
8,254 |
|
|
|
9,364 |
|
Total Liabilities |
|
|
607,719 |
|
|
|
638,845 |
|
Stockholders' Equity |
|
|
|
|
|
|
Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,737,036 shares outstanding at September 30, 2024 and 6,836,514 shares issued and 5,686,288 shares outstanding at December 31, 2023 |
|
|
68 |
|
|
|
68 |
|
Additional paid-in capital |
|
|
31,493 |
|
|
|
31,456 |
|
Treasury stock, at cost (1,099,478 shares at September 30, 2024 and 1,150,226 shares at December 31, 2023) |
|
|
(13,218 |
) |
|
|
(13,760 |
) |
Unearned shares held by ESOP |
|
|
(959 |
) |
|
|
(1,023 |
) |
Unearned shares held by compensation plans |
|
|
(464 |
) |
|
|
(39 |
) |
Retained earnings |
|
|
81,696 |
|
|
|
78,956 |
|
Accumulated other comprehensive loss |
|
|
(8,739 |
) |
|
|
(9,385 |
) |
Total Stockholders' Equity |
|
|
89,877 |
|
|
|
86,273 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
697,596 |
|
|
$ |
725,118 |
|
See notes to unaudited consolidated financial statements.
Lake Shore Bancorp, Inc. and Subsidiary
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(Dollars in thousands, except per share data) |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
7,730 |
|
|
$ |
7,699 |
|
|
$ |
23,010 |
|
|
$ |
22,426 |
|
Investment securities, taxable |
|
|
188 |
|
|
|
223 |
|
|
|
593 |
|
|
|
687 |
|
Investment securities, tax-exempt |
|
|
217 |
|
|
|
240 |
|
|
|
650 |
|
|
|
815 |
|
Interest-earning deposits & federal funds sold |
|
|
716 |
|
|
|
559 |
|
|
|
1,962 |
|
|
|
1,214 |
|
Total Interest Income |
|
|
8,851 |
|
|
|
8,721 |
|
|
|
26,215 |
|
|
|
25,142 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
3,319 |
|
|
|
2,104 |
|
|
|
9,934 |
|
|
|
5,332 |
|
Short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
Long-term debt |
|
|
139 |
|
|
|
309 |
|
|
|
525 |
|
|
|
884 |
|
Finance lease and Other |
|
|
10 |
|
|
|
13 |
|
|
|
33 |
|
|
|
39 |
|
Total Interest Expense |
|
|
3,468 |
|
|
|
2,426 |
|
|
|
10,492 |
|
|
|
6,342 |
|
Net Interest Income |
|
|
5,383 |
|
|
|
6,295 |
|
|
|
15,723 |
|
|
|
18,800 |
|
(Credit) Provision for Credit Losses |
|
|
(229 |
) |
|
|
(199 |
) |
|
|
(866 |
) |
|
|
(1,011 |
) |
Net Interest Income After (Credit) Provision for Credit
Losses |
|
|
5,612 |
|
|
|
6,494 |
|
|
|
16,589 |
|
|
|
19,811 |
|
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
284 |
|
|
|
256 |
|
|
|
835 |
|
|
|
792 |
|
Debit card fees |
|
|
212 |
|
|
|
212 |
|
|
|
617 |
|
|
|
632 |
|
Increase in cash surrender value of bank-owned life insurance |
|
|
287 |
|
|
|
114 |
|
|
|
722 |
|
|
|
328 |
|
Unrealized (loss) gain on equity securities |
|
|
(4 |
) |
|
|
3 |
|
|
|
8 |
|
|
|
5 |
|
Unrealized loss on interest rate swap |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(58 |
) |
Recovery on previously impaired investment securities |
|
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
6 |
|
Loss on sale of securities available for sale |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(52 |
) |
Other |
|
|
11 |
|
|
|
22 |
|
|
|
50 |
|
|
|
59 |
|
Total Non-Interest Income |
|
|
791 |
|
|
|
605 |
|
|
|
2,236 |
|
|
|
1,712 |
|
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
2,742 |
|
|
|
2,773 |
|
|
|
8,155 |
|
|
|
8,363 |
|
Occupancy and equipment |
|
|
680 |
|
|
|
715 |
|
|
|
2,064 |
|
|
|
2,212 |
|
Data processing |
|
|
436 |
|
|
|
432 |
|
|
|
1,335 |
|
|
|
1,284 |
|
Professional services |
|
|
361 |
|
|
|
389 |
|
|
|
1,085 |
|
|
|
2,087 |
|
Advertising |
|
|
11 |
|
|
|
157 |
|
|
|
79 |
|
|
|
514 |
|
FDIC insurance |
|
|
130 |
|
|
|
295 |
|
|
|
693 |
|
|
|
826 |
|
Postage and Supplies |
|
|
62 |
|
|
|
59 |
|
|
|
202 |
|
|
|
189 |
|
Other |
|
|
391 |
|
|
|
376 |
|
|
|
1,093 |
|
|
|
1,139 |
|
Total Non-Interest Expense |
|
|
4,813 |
|
|
|
5,196 |
|
|
|
14,706 |
|
|
|
16,614 |
|
Income before Income Taxes |
|
|
1,590 |
|
|
|
1,903 |
|
|
|
4,119 |
|
|
|
4,909 |
|
Income Tax Expense |
|
|
258 |
|
|
|
332 |
|
|
|
657 |
|
|
|
838 |
|
Net Income |
|
$ |
1,332 |
|
|
$ |
1,571 |
|
|
$ |
3,462 |
|
|
$ |
4,071 |
|
Basic and Diluted Earnings Per Common Share |
|
$ |
0.24 |
|
|
$ |
0.27 |
|
|
$ |
0.62 |
|
|
$ |
0.69 |
|
Dividends Declared Per Share |
|
$ |
0.18 |
|
|
$ |
— |
|
|
$ |
0.36 |
|
|
$ |
— |
|
See notes to unaudited consolidated financial statements.
Lake Shore Bancorp, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(Dollars in thousands) |
|
Net Income |
|
$ |
1,332 |
|
|
$ |
1,571 |
|
Other Comprehensive Income (Loss), net of tax (expense) benefit: |
|
|
|
|
|
|
Unrealized holding gains (losses) on securities available for sale, net of tax (expense) benefit |
|
|
1,866 |
|
|
|
(3,171 |
) |
Reclassification adjustments related to: |
|
|
|
|
|
|
Recovery on previously impaired investment securities included in net income, net of
tax expense |
|
|
(1 |
) |
|
|
(2 |
) |
Net loss on sale of securities included in net income, net of tax benefit |
|
|
— |
|
|
|
3 |
|
Total Other Comprehensive Income (Loss) |
|
|
1,865 |
|
|
|
(3,170 |
) |
Total Comprehensive Income (Loss) |
|
$ |
3,197 |
|
|
$ |
(1,599 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(Dollars in thousands) |
|
Net Income |
|
$ |
3,462 |
|
|
$ |
4,071 |
|
Other Comprehensive Income (Loss), net of tax (expense) benefit: |
|
|
|
|
|
|
Unrealized holding gains (losses) on securities available for sale, net of tax (expense) benefit |
|
|
649 |
|
|
|
(2,744 |
) |
Reclassification adjustments related to: |
|
|
|
|
|
|
Recovery on previously impaired investment securities included in net income, net of
tax expense |
|
|
(3 |
) |
|
|
(5 |
) |
Net loss on sale of securities included in net income, net of tax benefit |
|
|
— |
|
|
|
42 |
|
Total Other Comprehensive Income (Loss) |
|
|
646 |
|
|
|
(2,707 |
) |
Total Comprehensive Income |
|
$ |
4,108 |
|
|
$ |
1,364 |
|
See notes to unaudited consolidated financial statements.
Lake Shore Bancorp, Inc. and Subsidiary
Consolidated Statements of Stockholders’ Equity
Three and Nine Months Ended September 30, 2024 and 2023 (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 |
|
|
Loss |
|
|
Total |
|
|
|
(Dollars in thousands, except share data) |
|
Balance - January 1, 2024 |
|
$ |
68 |
|
|
$ |
31,456 |
|
|
$ |
(13,760 |
) |
|
$ |
(1,023 |
) |
|
$ |
(39 |
) |
|
$ |
78,956 |
|
|
$ |
(9,385 |
) |
|
$ |
86,273 |
|
Net Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,014 |
|
|
|
— |
|
|
|
1,014 |
|
Other comprehensive loss, net of tax benefit of $211 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(798 |
) |
|
|
(798 |
) |
ESOP shares earned (1,984 shares) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Compensation plan shares earned, net of forfeitures (1,086 shares) |
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
Common stock repurchased on vesting for payroll taxes (1,504 shares) |
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
Balance - March 31, 2024 |
|
|
68 |
|
|
|
31,463 |
|
|
|
(13,777 |
) |
|
|
(1,002 |
) |
|
|
(29 |
) |
|
|
79,970 |
|
|
|
(10,183 |
) |
|
|
86,510 |
|
Net Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,116 |
|
|
|
— |
|
|
|
1,116 |
|
Other comprehensive loss, net of tax benefit of $112 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(421 |
) |
|
|
(421 |
) |
ESOP shares earned (1,984 shares) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Compensation plan shares granted (52,252 shares) |
|
|
— |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
|
|
(559 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Compensation plan shares earned, net of forfeitures (5,720 shares) |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
54 |
|
|
|
— |
|
|
|
— |
|
|
|
65 |
|
Cash dividends declared ($0.18 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(361 |
) |
|
|
— |
|
|
|
(361 |
) |
Balance - June 30, 2024 |
|
|
68 |
|
|
|
31,476 |
|
|
|
(13,218 |
) |
|
|
(981 |
) |
|
|
(534 |
) |
|
|
80,725 |
|
|
|
(10,604 |
) |
|
|
86,932 |
|
Net Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,332 |
|
|
|
— |
|
|
|
1,332 |
|
Other comprehensive income, net of tax expense of $496 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,865 |
|
|
|
1,865 |
|
ESOP shares earned (1,984 shares) |
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
Compensation plan shares earned, net of forfeitures (7,558 shares) |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
Cash dividends declared ($0.18 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(361 |
) |
|
|
— |
|
|
|
(361 |
) |
Balance - September 30, 2024 |
|
$ |
68 |
|
|
$ |
31,493 |
|
|
$ |
(13,218 |
) |
|
$ |
(959 |
) |
|
$ |
(464 |
) |
|
$ |
81,696 |
|
|
$ |
(8,739 |
) |
|
$ |
89,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unearned |
|
|
Unearned Shares |
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Shares |
|
|
Held by |
|
|
|
|
|
Other |
|
|
|
|
|
|
Common |
|
|
Paid-In |
|
|
Treasury |
|
|
Held by |
|
|
Compensation |
|
|
Retained |
|
|
Comprehensive |
|
|
|
|
|
|
Stock |
|
|
Capital |
|
|
Stock |
|
|
ESOP |
|
|
Plans |
|
|
Earnings |
|
|
Loss |
|
|
Total |
|
|
|
(Dollars in thousands, except per share data) |
|
Balance - January 1, 2023 |
|
$ |
68 |
|
|
$ |
31,459 |
|
|
$ |
(13,571 |
) |
|
$ |
(1,108 |
) |
|
$ |
(191 |
) |
|
$ |
74,859 |
|
|
$ |
(10,332 |
) |
|
$ |
81,184 |
|
Cumulative change in accounting principle (Note 2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(723 |
) |
|
|
— |
|
|
|
(723 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,684 |
|
|
|
— |
|
|
|
1,684 |
|
Other comprehensive income, net of tax expense of $333 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,253 |
|
|
|
1,253 |
|
ESOP shares earned (1,984 shares) |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Compensation plan shares granted (8,282 shares) |
|
|
— |
|
|
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
(78 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Compensation plan shares earned, net of forfeitures (2,510 shares) |
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
— |
|
|
|
(28 |
) |
|
|
— |
|
|
|
— |
|
|
|
(49 |
) |
Compensation plan shares forfeited (15,385 shares) |
|
|
— |
|
|
|
— |
|
|
|
(144 |
) |
|
|
— |
|
|
|
144 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock repurchased on vesting for payroll taxes (4,764 shares) |
|
|
— |
|
|
|
— |
|
|
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(56 |
) |
Balance - March 31, 2023 |
|
|
68 |
|
|
|
|