Private company

LAKE SHORE BANCORP, INC.

LAKE SHORE BANCORP, INC. is a savings institution company.1 It is headquartered in Dunkirk, New York.1

Last updated Oct 20, 2026.

Overview

  • IndustrySavings Institution, Federally Chartered1
  • HeadquartersDunkirk, New York1
  • Incorporated inUnited States2
  • Business address31 East Fourth Street, Dunkirk, Ny 140482
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Lake Shore Bancorp, Inc. (“Lake Shore Bancorp,” the “Company,” “us,” or “we”) operates as a mid-tier, federally chartered savings and loan holding company for Lake Shore Savings Bank (“Lake Shore Savings” or the “Bank”). A majority of Lake Shore Bancorp’s issued and outstanding common stock (63.4% as of December 31, 2024) is held by Lake Shore, MHC (the “MHC”), a federally chartered mutual holding company, which serves as the parent company to Lake Shore Bancorp. The remaining shares of common stock are owned by public stockholders and Lake Shore Bancorp’s Employee Stock Ownership Plan (“ESOP”). Our common stock is traded on the Nasdaq Global Market under the symbol “LSBK”. Unless the context otherwise requires, all references herein to Lake Shore Bancorp or Lake Shore Savings include Lake Shore Bancorp and Lake Shore Savings on a consolidated basis.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

517.0%Net margin4
5.2%Revenue growth, 20225
7.0%Return on equity6
0.31×Debt to equity4
$7.8MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Interest26¢$2.4M
  • Income tax13¢$1.2M
  • Profit61¢$5.7M

Out of $1.1M in revenue.54

Where each dollar of operating cash went, fiscal 2022

  • Capital spending5¢$406.0K
  • Dividends paid18¢$1.4M
  • Share buybacks1¢$85.0K
  • Kept or used elsewhere76¢$6.3M

Out of $8.2M of cash from operations.4

Financial statements

Revenue7895$1.1M in 2022−40% since 2018
0$500.0K$1.0M$1.5M$2.0M2018: $1.9M$1.9M20182019: $1.1M$1.1M2019−39%2020: $878.0K$878.0K2020−22%2021: $1.0M$1.0M2021+19%2022: $1.1M$1.1M2022+5%
Net income78954$5.7M in 2022+43% since 2018
0$2.0M$4.0M$6.0M$8.0M2018: $4.0M$4.0M20182019: $4.1M$4.1M2019+2%2020: $4.6M$4.6M2020+12%2021: $6.2M$6.2M2021+36%2022: $5.7M$5.7M2022−8%
Fiscal year20182019202020212022
Revenue$1.9M7$1.1M8$878.0K9$1.0M5$1.1M5
Interest$3.6M7$5.2M8$4.4M9$2.7M5$2.4M4
Income before tax$7.5M5$6.9M4
Income tax$585.0K7$655.0K8$824.0K9$1.3M5$1.2M4
Net income$4.0M7$4.1M8$4.6M9$6.2M5$5.7M4
Earnings per share$0.667$0.688$0.779$1.055$0.974
Earnings per share (diluted)$0.667$0.688$0.779$1.055$0.974
Shares (weighted, basic)5.9M shares55.9M shares4
Shares (weighted, diluted)5.9M shares55.9M shares4

Compare LAKE SHORE BANCORP, INC. with another company

Corporate structure

LAKE SHORE BANCORP, INC. sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of LAKE SHORE BANCORP, INC.

  • Joseph Stilwell Filed SC 13G/A on LAKE SHORE BANCORP, INC., latest Feb 1, 2022
  • LAKE SHORE BANCORP, INC. Dunkirk, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What LAKE SHORE BANCORP, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$22.1M6 Dec 31, 2024$22.0M6 Dec 31, 2023+0.3%
Accumulated depreciation$14.8M6 Dec 31, 2024$14.1M6 Dec 31, 2023+5.1%
Property and equipment, net$7.2M6 Dec 31, 2024$7.9M6 Dec 31, 2023−8.3%
Operating-lease assets (leased space)$938.0K6 Dec 31, 2024$231.0K6 Dec 31, 2023+306.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$33.1M6 Dec 31, 2024$53.7M6 Dec 31, 2023−38.3%
Deposits held (banks)$573.0M6 Dec 31, 2024$590.9M6 Dec 31, 2023−3.0%

Properties, in its own words

We conduct our business through our corporate headquarters, administrative offices, and ten branch offices. At December 31, 2024, the net book value of our buildings and premises was $6.6 million and the net book value of the computer equipment and other furniture and fixtures, and equipment at our offices totaled $608,000. For more information, see Note 6 and Note 9 in the notes to our audited consolidated financial statements beginning on page F -1 of this report.

Leased or · Original

The rest of Item 2

Location · Owned · Date Acquired

Corporate Headquarters

31 East Fourth Street

Branch Offices:

Chautauqua County branches

128 East Fourth Street

Dunkirk, NY 14048 · Owned/Leased(1) · 1926

30 East Main Street

Fredonia, NY 14063 · Owned · 1996

1 Green Avenue, WE

Jamestown, NY 14701 · Owned/Leased(2) · 1996

106 East Main Street

Westfield, NY 14787 · Owned · 1998

Erie County branches

5751 Transit Road

East Amherst, NY 14051 · Owned · 2003

3111 Union Road

Orchard Park, NY 14127 · Owned · 2003

59 Main Street

Hamburg, NY 14075 · Leased(3) · 2005

3438 Delaware Avenue

Kenmore, NY 14217 · Owned · 2008

570 Dick Road

Depew, NY 14043 · Leased(4) · 2009

4950 Main Street

Snyder, NY 14226 · Owned · 2012

Administrative Offices:

125 East Fourth Street

123 East Fourth Street

115 East Fourth Street

Jamestown, NY 14701 · Owned · 1997

The building is owned. Additional parking lot is leased on a month-to-month basis.

The building is owned. The land is leased. The lease expires in 2030, and has two, five-year extension terms that can be executed at our option.

The lease expires in 2028 and has two, five-year extension terms that can be executed at our option.

The lease expires in 2029.

Item 2 of the 10-K filed Mar 14, 2025.3

Leadership

Who has led LAKE SHORE BANCORP, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David C. Mancuso2006–2011
  2. Daniel P. Reininga2012–2023

President

  1. David C. Mancuso2006–2011
  2. Daniel P. Reininga2012–2023

Chief financial officer

  1. Rachel A. Foley2006–2023
  2. Taylor Gilden2023–now

Chief operating officer

  1. Daniel P. Reininga2010
  2. Jennifer L. Zatkos2022–2023
2010201520202025
Board members and other officers (26)

Timeline

  1. Jul 18, 20258-K Other events44
  2. Jul 8, 20258-K Other events45
  3. Jul 1, 20258-K Shareholder vote; Other events46
  4. May 23, 20258-K Other events47
  5. May 21, 20258-K Financial statements and exhibits48
  6. May 21, 20258-K Shareholder vote49
  7. May 20, 20258-K Entered a material agreement50
  8. Apr 29, 20258-K Results of operations51
  9. Mar 14, 20258-K Executive or director change; Other events52
  10. Mar 13, 20258-K Ended a material agreement53
  11. Feb 5, 20258-K Executive or director change; Shareholder vote54
  12. Jan 30, 20258-K Other events55
  13. Feb 15, 2012New chief executive Daniel P. Reininga becomes CEO13
  14. Apr 13, 2006New chief executive David C. Mancuso becomes CEO14

Calendar

When it reported results

  1. Apr 29, 2025Reported quarterly or annual results51
  2. Jan 24, 2025Reported quarterly or annual results56
  3. Oct 23, 2024Reported quarterly or annual results57
  4. Jul 24, 2024Reported quarterly or annual results58
  5. Apr 22, 2024Reported quarterly or annual results59
  6. Jan 31, 2024Reported quarterly or annual results60
  7. Oct 26, 2023Reported quarterly or annual results61
  8. Jul 27, 2023Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

168 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 62 major events, 73 insider forms, 1 large holders, 17 other. The latest 20:

  1. Aug 5, 2025POS AM EDGAR
  2. Aug 5, 2025POS AM EDGAR
  3. Aug 5, 2025POS AM EDGAR
  4. Jul 18, 20258-K EDGAR
  5. Jul 18, 202515-12G EDGAR
  6. Jul 8, 20258-K EDGAR
  7. Jul 1, 20258-K EDGAR
  8. May 23, 20258-K EDGAR
  9. May 21, 20258-K EDGAR
  10. May 21, 20258-K EDGAR
  11. May 20, 20258-K EDGAR
  12. May 15, 202510-Q EDGAR
  13. Apr 29, 20258-K EDGAR
  14. Apr 25, 20254 EDGAR
  15. Apr 11, 2025DEF 14A EDGAR
  16. Apr 11, 2025ARS EDGAR
  17. Mar 14, 20258-K EDGAR
  18. Mar 14, 20254 EDGAR
  19. Mar 14, 20254 EDGAR
  20. Mar 14, 20254 EDGAR

The 168 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 21 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 4, 2024Sanvidge Kevin M.DirectorBuy1,149$13.52$15.5KForm 4
Nov 1, 2024Sanvidge Kevin M.DirectorBuy3,230$13.58$43.9KForm 4
Aug 27, 2024Segarra Ann MDirectorBuy1,700$12.76$21.7KForm 4
Aug 27, 2024Gilden Taylor MChief Financial OfficerBuy400$12.76$5.1KForm 4
Aug 26, 2024Passafaro Ronald JDirectorBuy3,000$12.71$38.1KForm 4
Jun 6, 2024Segarra Ann MDirectorBuy18,800$12.95$243.5KForm 4
Jun 5, 2024Segarra Ann MDirectorBuy3,000$12.94$38.8KForm 4
May 24, 2024Gilden Taylor MChief Financial OfficerBuy462$12.47$5.8KForm 4
Apr 25, 2024Sanvidge Kevin M.DirectorBuy3,000$10.81$32.4KForm 4
Mar 5, 2024Passafaro Ronald JDirectorBuy1,500$11.41$17.1KForm 4
Nov 1, 2023LIDDELL KIM CBuy7,000$10.17$71.2KForm 4
Oct 31, 2023Sanvidge Kevin M.DirectorBuy1,000$10.16$10.2KForm 4
Oct 31, 2023Passafaro Ronald JDirectorBuy1,800$10.17$18.3KForm 4
Aug 12, 2023Gilden TaylorChief Financial OfficerBuy1,000$10.50$10.5KForm 4
Aug 3, 2023Passafaro Ronald JDirectorBuy1,000$10.60$10.6KForm 4
Jul 18, 2023Sanvidge Kevin M.DirectorBuy200$10.77$2.2KForm 4
May 4, 2023LIDDELL KIM CBuy2,029$11.25$22.8KForm 4
May 3, 2023Mehltretter John LDirectorBuy1,000$11.49$11.5KForm 4
May 3, 2023LIDDELL KIM CBuy20,163$11.50$231.8KForm 4
May 2, 2023LIDDELL KIM CBuy50$11.25$562Form 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Kim C. Liddell64$560.6K$1.1M64
2024Jeffrey M. Werdein58$284.8K$454.2K64
2024Taylor M. Gilden34$262.6K$433.7K64
2023President and Chief Executive Officer$370.2K$568.3K64
2023Executive Vice PresidentCommercial Division$269.8K$395.6K64
2023Chief Financial Officer and Treasurer$139.4K$213.3K64

SEC filer profile

How LAKE SHORE BANCORP, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLAKE SHORE BANCORP, INC.1
  • CIK0001341318
  • Employer ID (EIN)20-47292883
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inX13
  • Fiscal year endsDecember 311
  • Industry code (SIC)6035 Savings Institution, Federally Chartered1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address31 East Fourth Street, Dunkirk, NY 140481
  • Phone716-366-40701
  • Shares outstanding5,759,172 as of May 12, 202512
  • Public float$22.0M as of Jun 30, 20243
  • AuditorYount, Hyde & Barbour, P.C., Winchester, Virginia PCAOB ID 613; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceNov 2, 20051
  • Filings716 in all: 4 (272), 8-K (252), 10-Q (58), 3 (30), DEF 14A (21), 10-K (20), SC 13G/A (8), 4/A (6)1
    All 29 form types

    8-K/A (6), DEFA14A (5), SC 13G (4), UPLOAD (4), ARS (3), POS AM (3), S-1/A (3), S-8 (3), SC 13D/A (3), 424B3 (2), 5 (2), SC 13D (2), 10-Q/A (1), 15-12G (1), 3/A (1), 425 (1), 8-A12G (1), CORRESP (1), PX14A6G (1), S-1 (1), SE (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) May 15, 2025
    Proxy statement (DEF 14A) Apr 11, 2025
    Latest 8-K (8-K) Jul 18, 2025

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareLSBKThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 14, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks LAKE SHORE BANCORP, INC. names in Item 1A of its 10-K filed Mar 14, 2025: 36 risks under these headings, as written.3

  • Risks Related to Lending Activities
  • We have a substantial amount of commercial real estate and commercial business loans, and we intend to continue to increase our originations of these types of loans. These loans involve credit risks that could adversely affect our financial condition and results of operations.
  • We have a significant number of loans secured by real estate, and a downturn in the local real estate market could negatively impact our profitability.
  • Our non-residential, non-owner-occupied real estate loans may expose us to increased credit risk.
  • Our historical emphasis on residential mortgage loans exposes us to lending risks.
  • Deteriorating credit quality could adversely affect our earnings.
  • We have extended off-balance sheet commitments to borrowers which expose us to credit and interest rate risk.
  • Risks Related To Our Business
  • Low demand for real estate loans may lower our profitability.
  • We depend on our executive officers and key personnel to implement our business strategy and could be harmed by the loss of their services.
  • The results of our operations may be adversely affected by environmental conditions.
  • Our business strategy includes growth, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively. Growing our operations could also cause our expenses to increase faster than our revenues.
The other 26 risks
  • Acquisitions may disrupt our business and dilute stockholder value.
  • Competition in our primary market area may reduce our ability to attract and retain deposits and originate loans.
  • Our asset size may make it more difficult for us to compete.
  • Risks Related to Interest Rates and Liquidity
  • Changes in interest rates could adversely affect our results of operations and financial condition.
  • We are subject to certain risks with respect to liquidity.
  • Adverse developments affecting the financial services industry, such as bank failures or concerns involving liquidity, may have a material effect on our operations.
  • Risks Related to Economic Conditions
  • High inflation levels could adversely impact our business and results of operations.
  • Changes in the Federal Reserve Board’s monetary or fiscal policies could adversely affect our results of operations and financial condition.
  • Risks Related to Operations
  • We face significant operational risks because of our reliance on technology. Our information technology systems may be subject to failure, interruption or security breaches.
  • We rely on third party vendors, which could expose us to and have exposed us to additional cybersecurity risks.
  • We continually encounter technological change.
  • We may be subject to risks and losses resulting from fraudulent activities that could adversely impact our financial performance and results of operations.
  • Risks Related To Laws and Regulations
  • Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations.
  • Non-compliance with the USA PATRIOT Act, Bank Secrecy Act and related regulations may subject us to fines or sanctions.
  • Our ability to pay dividends is subject to the ability of Lake Shore Savings to make capital distributions to Lake Shore Bancorp and the waiver of dividends by Lake Shore, MHC.
  • We are subject to the Community Reinvestment Act (“CRA”) and fair lending laws, and failure to comply with these laws could lead to material penalties.
  • We may be required to raise additional capital in the future, but that capital may not be available when it is needed, or it may only be available on unacceptable terms, which could adversely affect our financial condition and results of operations.
  • The Federal Reserve Board may require us to commit capital resources to support Lake Shore Savings Bank, and we may not have sufficient access to such capital resources.
  • We qualify as a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to smaller reporting companies could make our common stock less attractive to investors.
  • Other Risks Related to Our Business
  • We are a community bank and our ability to maintain our reputation, which is critical to the success of our business, may materially adversely affect our performance.
  • Legal and regulatory proceedings and related matters could adversely affect us.
  • Severe weather, acts of terrorism, geopolitical and other external events could impact our ability to conduct business.
  • Risks Related to Investment in the Company’s Stock
  • We expect that our return on equity will be low compared to other financial institutions as a result of our high level of capital.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud, and, as a result, stockholders and depositors could lose confidence in our financial reporting, which could adversely affect our business, the trading price of our stock and our ability to attract additional deposits.
  • Public stockholders do not exercise voting control over us.
  • Our stock price may be volatile due to limited trading volume.

Legal proceedings

At December 31, 2024, we are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. We believe that these routine legal proceedings, in the aggregate, are immaterial to our financial condition and results of operations.

The opening of Item 3, Legal Proceedings.3

Sources

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