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United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2022

¨ 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 x

Smaller reporting company x

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 5,707,387 shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 10, 2022.

TABLE OF CONTENTS

ITEM

PART I

PAGE

1

FINANCIAL STATEMENTS

-

Consolidated Statements of Financial Condition as of September 30, 2022 (Unaudited) and December 31, 2021

1

-

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

2

-

Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

3

-

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, June 30, and September 30, 2021 and 2022 (Unaudited)

4

-

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (Unaudited)

6

-

Notes to Unaudited Consolidated Financial Statements

7

2

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

33

3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

50

4

CONTROLS AND PROCEDURES

50

PART II

1A

RISK FACTORS

50

2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

51

6

EXHIBITS

52

SIGNATURES

52

PART I Financial Information

Item 1. Financial Statements

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Financial Condition

September 30,

December 31,

2022

2021

(Unaudited)

(Dollars in thousands, except share data)

Assets

Cash and due from banks

$

8,124 

$

37,533 

Interest earning deposits

11,552 

30,052 

Cash and Cash Equivalents

19,676 

67,585 

Securities

71,273 

88,816 

Federal Home Loan Bank stock, at cost

1,763 

1,606 

Loans receivable, net of allowance for loan losses 2022 $6,849; 2021 $6,118

561,170 

517,206 

Premises and equipment, net

8,382 

8,736 

Accrued interest receivable

2,587 

2,483 

Bank owned life insurance

23,139 

22,877 

Other assets

7,738 

4,430 

Total Assets

$

695,728 

$

713,739 

Liabilities and Stockholders' Equity

Liabilities

Deposits:

Interest bearing

$

468,940 

$

482,508 

Non-interest bearing

114,420 

110,676 

Total Deposits

583,360 

593,184 

Long-term debt

24,950 

21,950 

Advances from borrowers for taxes and insurance

1,786 

3,198 

Other liabilities

7,470 

7,431 

Total Liabilities

617,566 

625,763 

Stockholders' Equity

Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,707,587 shares outstanding at September 30, 2022 and 6,836,514 shares issued and 5,692,410 shares outstanding at December 31, 2021

68 

68 

Additional paid-in capital

31,437 

31,350 

Treasury stock, at cost (1,128,927 shares at September 30, 2022 and 1,144,104 shares at December 31, 2021)

(13,549)

(13,660)

Unearned shares held by ESOP

(1,130)

(1,194)

Unearned shares held by compensation plans

(245)

(157)

Retained earnings

74,129 

70,591 

Accumulated other comprehensive (loss) income

(12,548)

978 

Total Stockholders' Equity

78,162 

87,976 

Total Liabilities and Stockholders' Equity

$

695,728 

$

713,739 

See notes to consolidated financial statements.

 

1

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Income

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

(Unaudited)

(Dollars in thousands, except per share data)

Interest Income

Loans, including fees

$

6,311 

$

5,997 

$

17,600 

$

17,274 

Investment securities, taxable

210 

188 

610 

550 

Investment securities, tax-exempt

309 

269 

935 

842 

Other

88 

11 

138 

25 

Total Interest Income

6,918 

6,465 

19,283 

18,691 

Interest Expense

Deposits

419 

494 

1,095 

1,704 

Long-term debt

141 

119 

354 

401 

Other

13 

15 

43 

48 

Total Interest Expense

573 

628 

1,492 

2,153 

Net Interest Income

6,345 

5,837 

17,791 

16,538 

Provision for Loan Losses

-

-

500 

650 

Net Interest Income after Provision for Loan Losses

6,345 

5,837 

17,291 

15,888 

Non-Interest Income

Service charges and fees

277 

265 

834 

765 

Debit card fees

214 

224 

639 

656 

Earnings on bank owned life insurance

66 

104 

262 

313 

Unrealized gain (loss) on equity securities

2 

(14)

(7)

(34)

Unrealized gain on interest rate swap

91 

25 

344 

121 

Recovery on previously impaired investment securities

2 

18 

12 

50 

Net (loss) gain on sale of loans

-

69 

(18)

278 

Other

16 

16 

54 

61 

Total Non-Interest Income

668 

707 

2,120 

2,210 

Non-Interest Expense

Salaries and employee benefits

2,504 

2,375 

7,371 

6,719 

Occupancy and equipment

738 

708 

2,273 

2,048 

Professional services

562 

454 

1,196 

1,203 

Data processing

403 

425 

1,094 

1,158 

Advertising

197 

189 

456 

502 

Postage and supplies

54 

67 

168 

207 

FDIC insurance

46 

48 

138 

135 

Other

366 

228 

1,283 

870 

Total Non-Interest Expense

4,870 

4,494 

13,979 

12,842 

Income before Income Taxes

2,143 

2,050 

5,432 

5,256 

Income Tax Expense

372 

359 

916 

884 

Net Income

$

1,771 

$

1,691 

$

4,516 

$

4,372 

Basic and diluted earnings per common share

$

0.30 

0.29 

0.77 

0.74 

Dividends declared per share

$

0.18 

$

0.14 

$

0.50 

$

0.40