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Lake Shore Bancorp, Inc.NasdaqGM:LSBK Stock Report

Market Cap US$123.5m
Share Price
US$15.70
US$7.63
105.7% overvalued intrinsic discount
1Y38.1%
7D-0.5%
1D
Portfolio Value
​
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Lake Shore Bancorp, Inc.

NasdaqGM:LSBK Stock Report

Market Cap: US$123.5m

Lake Shore Bancorp (LSBK) Stock Overview

Operates as the bank holding company for Lake Shore Bank that provides banking products and services in New York. More details

LSBK fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends3/6

Rewards

Price-To-Earnings ratio (15.2x) is below the US market (18.6x)

Earnings grew by 63.6% over the past year

Risk Analysis

Unstable dividend track record


LSBK Community Fair Values

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Lake Shore Bancorp, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Lake Shore Bancorp
Historical stock prices
Current Share PriceUS$15.70
52 Week HighUS$16.28
52 Week LowUS$11.19
Beta0.32
1 Month Change-1.57%
3 Month Change0.74%
1 Year Change38.13%
3 Year Change84.17%
5 Year Change44.22%
Change since IPO98.80%

Recent News & Updates

Seeking Alpha • Apr 10

Even After Recent Gains, The Valuation Is Still Compelling For Lake Shore Bancorp

Summary Lake Shore Bancorp remains a Buy, driven by strong 2025 earnings, improved margins, and a compelling valuation below tangible book value. LSBK ended 2025 with a record net income of $7.3 million and a 56.4% increase in tangible book value per share to $18.10. Key operational improvements include a 52 bps net interest margin expansion, efficiency ratio gains, reduced borrowings, and nonperforming assets at just 0.23%. Risks include geographic concentration, CRE exposure, micro-cap liquidity, and a short public track record, but 2026 prospects remain positive ahead of Q1 earnings. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Apr 10

Even After Recent Gains, The Valuation Is Still Compelling For Lake Shore Bancorp

Summary Lake Shore Bancorp remains a Buy, driven by strong 2025 earnings, improved margins, and a compelling valuation below tangible book value. LSBK ended 2025 with a record net income of $7.3 million and a 56.4% increase in tangible book value per share to $18.10. Key operational improvements include a 52 bps net interest margin expansion, efficiency ratio gains, reduced borrowings, and nonperforming assets at just 0.23%. Risks include geographic concentration, CRE exposure, micro-cap liquidity, and a short public track record, but 2026 prospects remain positive ahead of Q1 earnings. Read the full article on Seeking Alpha
Seeking Alpha • Oct 20

Lake Shore Bancorp: Attractive Dividend Yield, Payout Appears Secure Due To The Earnings Outlook

Summary The top line is moderately rate sensitive. Therefore, the rising rate environment will lift the margin and support earnings. Loan growth will likely remain at a satisfactory level thanks to New York’s economic activity. LSBK is offering a high dividend yield of over 5%. The dividend appears secure due to a positive earnings outlook for next year and adequate capitalization. The December 2022 target price suggests a high upside from the current market price. Earnings of Lake Shore Bancorp, Inc. (LSBK) will likely stay flattish this year and then grow at a healthy rate next year. Moderate loan growth and margin expansion will likely sustain earnings through the end of 2023. I'm expecting Lake Shore Bancorp to report earnings of $1.02 per share for 2022 and $1.17 per share for 2023. The year-end target price suggests a high upside from the current market price. Further, Lake Shore Bancorp is offering an attractive dividend yield. Based on the total expected return, I'm adopting a buy rating on Lake Shore Bancorp. New York's Economy to Sustain Loan Growth Lake Shore Bancorp's loan book grew by 5.8% during the first half of the year (11.6% annualized) which is quite good from a historical perspective. I'm expecting loan growth rate to be lower in the second half of the year compared to both the first half of 2022 and previous years. This is because interest rates are currently at the highest level since 2008. High borrowing costs are bound to dampen credit demand. However, strength in other economic factors can keep loan growth at a satisfactory level. Lake Shore Bancorp operates in the Chautauqua and Erie counties of Western New York. Excluding New York City, the state's economy is currently in very good shape. The unemployment rate is near record lows and below the national average, as shown below. Data by YCharts Further, the economic activity is recovering at a good pace compared to the past, as shown below. The Federal Reserve Bank of Philadelphia Considering these factors, I'm expecting the loan portfolio to grow by 1.25% every quarter till the end of 2023. This is at the lower end of the historical growth rate trend. Securities, Adjustable-Rate Deposits to Restrict Margin Expansion Lake Shore Bancorp’s deposit cost is quite rate sensitive because of the large balance of deposits with adjustable rates. These deposits, namely interest-bearing demand, NOW, money market, and savings accounts made up 56% of total deposits during the second quarter of 2022, according to details given in the 10-Q Filing. The large balance of debt securities will further hold back margin expansion as most securities are based on fixed rates. Securities made up 12% of total earning assets at the end of June 2022. Historically, Lake Shore Bancorp's margin has been only slightly correlated with interest rates, as shown below. SEC Filings, The Federal Reserve Bank of St. Louis Considering these factors, I'm expecting the margin to grow by 30 basis points in the second half of 2022 and 10 basis points in 2023. Earnings Likely to be Flattish this Year Before Surging Next Year The anticipated loan growth and margin expansion will support earnings through the end of 2023. On the other hand, an inflation-driven surge in salary and other non-interest expenses will drag earnings. Meanwhile, I'm expecting the provision expense to make up around 0.14% of total loans (annualized) in every quarter till the end of 2023, which is the same as the as the average from 2017 to 2019. Overall, I'm expecting Lake Shore Bancorp to report earnings of $1.02 per share for 2022, down by just 3% year-over-year. For 2023, I'm expecting earnings to grow by 15% to $1.17 per share. The following table shows my income statement estimates. FY18 FY19 FY20 FY21 FY22E FY23E Income Statement Net interest income 18 19 20 22 24 28 Provision for loan losses 0 1 2 1 1 1 Non-interest income 2 2 3 3 3 3 Non-interest expense 15 16 16 17 19 21 Net income - Common Sh. 4 4 5 6 6 7 EPS - Diluted ($) 0.66 0.68 0.77 1.05 1.02 1.17 Source: SEC Filings, Earnings Releases, Author's Estimates (In USD million unless otherwise specified) Actual earnings may differ materially from estimates because of the risks and uncertainties related to inflation, and consequently the timing and magnitude of interest rate hikes. Further, a stronger or longer-than-anticipated recession can increase the provisioning for expected loan losses beyond my estimates. Future Equity Book Value Erosion to Hurt Market Valuation Lake Shore Bancorp's equity book value has dropped by 8% during the first half of the year mostly because of the accumulation of unrealized losses on the available-for-sale (“AFS”) securities portfolio. As interest rates surged, the market value of fixed-rate AFS securities plunged, leading to unrealized losses. These losses reduced the equity book value after bypassing the income statement. Further equity book value attrition is likely because of the 150 basis points hike in fed funds rate during the third quarter and the expectation of further rate hikes through 2023. Overall, I'm expecting the equity book value to drop by 6% in the second half of 2022 due to the mark-to-market losses. The drop in equity book value will hurt Lake Shore Bancorp’s market value, as discussed below. The following table shows my balance sheet estimates.
Seeking Alpha • Jul 20

Lake Shore Bancorp raises dividend by 12.5% to $0.18/share

Lake Shore Bancorp (NASDAQ:LSBK) declares $0.18/share quarterly dividend, 12.5% increase from prior dividend of $0.16. Forward yield 5.2% Payable Aug. 19; for shareholders of record Aug. 2; ex-div Aug. 1. See LSBK Dividend Scorecard, Yield Chart, & Dividend Growth.
Analysis Article • Feb 15

Lake Shore Bancorp (NASDAQ:LSBK) Is Increasing Its Dividend To US$0.16

The board of Lake Shore Bancorp, Inc. ( NASDAQ:LSBK ) has announced that it will be increasing its dividend on the 17th...
Analysis Article • May 13

Shareholders May Not Be So Generous With Lake Shore Bancorp, Inc.'s (NASDAQ:LSBK) CEO Compensation And Here's Why

In the past three years, the share price of Lake Shore Bancorp, Inc. ( NASDAQ:LSBK ) has struggled to generate growth...
Analysis Article • Mar 29

Is Lake Shore Bancorp, Inc. (NASDAQ:LSBK) A Great Dividend Stock?

Dividend paying stocks like Lake Shore Bancorp, Inc. ( NASDAQ:LSBK ) tend to be popular with investors, and for good...
Analysis Article • Feb 20

Lake Shore Bancorp, Inc. (NASDAQ:LSBK) Pays A US$0.13 Dividend In Just Four Days

It looks like Lake Shore Bancorp, Inc. ( NASDAQ:LSBK ) is about to go ex-dividend in the next 4 days. Investors can...
Analysis Article • Jan 27

A Look At Lake Shore Bancorp's (NASDAQ:LSBK) Share Price Returns

For many investors, the main point of stock picking is to generate higher returns than the overall market. But in any...
Analysis Article • Dec 05

Is Lake Shore Bancorp, Inc. (NASDAQ:LSBK) A Smart Pick For Income Investors?

Is Lake Shore Bancorp, Inc. ( NASDAQ:LSBK ) a good dividend stock? How can we tell? Dividend paying companies with...

Shareholder Returns

LSBKUS BanksUS Market
7D-0.5%2.4%1.1%
1Y38.1%22.3%28.7%

Return vs Industry: LSBK exceeded the US Banks industry which returned 22.3% over the past year.

Return vs Market: LSBK exceeded the US Market which returned 28.7% over the past year.

Price Volatility

Is LSBK's price volatile compared to industry and market?
LSBK volatility
LSBK Average Weekly Movement2.2%
Banks Industry Average Movement3.4%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

Stable Share Price: LSBK has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: LSBK's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
189193Kim Liddellmylsbank.com

Lake Shore Bancorp, Inc. operates as the bank holding company for Lake Shore Bank that provides banking products and services in New York. The company accepts various deposit products, such as regular savings deposits, including Christmas Club and statement savings accounts; NOW accounts; money market savings and checking accounts; interest-bearing and non-interest bearing checking accounts, such as demand deposits; health savings accounts; retirement accounts; time deposits; interest on lawyer accounts; and accounts for individuals, as well as commercial savings, checking, and money market accounts for small to medium-sized businesses. Its loan portfolio consists of commercial real estate, commercial construction, and home equity loans and lines of credit; commercial business loans comprising business installment loans, lines of credit, and other commercial loans; one- to four-family residential mortgages; and consumer loans, such as personal unsecured consumer loans, overdraft lines of credit, vehicle loans, secured and unsecured loans, and property improvement loans, as well as loans secured by certificates of deposit.

Lake Shore Bancorp, Inc. Fundamentals Summary

How do Lake Shore Bancorp's earnings and revenue compare to its market cap?
LSBK fundamental statistics
Market capUS$123.46m
Earnings (TTM)US$8.14m
Revenue (TTM)US$29.35m
15.2x
P/E Ratio
0.9x
P/B Ratio

Is LSBK overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
LSBK income statement (TTM)
RevenueUS$29.35m
Cost of RevenueUS$0
Gross ProfitUS$29.35m
Other ExpensesUS$21.22m
EarningsUS$8.14m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)1.03
Gross Margin100.00%
Net Profit Margin27.71%
Debt/Equity Ratio0%

How did LSBK perform over the long term?

See historical performance and comparison

Dividends

2.3%
Current Dividend Yield
33%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/24 03:18
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Lake Shore Bancorp, Inc. is covered by 0 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.