Stock Analysis Report

Executive Summary

Lake Shore Bancorp, Inc. operates as the savings and loan holding company for Lake Shore Savings Bank that provides retail and commercial banking products and services.

Snowflake Analysis

Flawless balance sheet with proven track record.

Similar Companies

Share Price & News

How has Lake Shore Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

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

Market Performance

7 Day Return




US Mortgage


US Market

1 Year Return




US Mortgage


US Market

Return vs Industry: LSBK underperformed the US Mortgage industry which returned 18.8% over the past year.

Return vs Market: LSBK underperformed the US Market which returned 24.7% over the past year.

Shareholder returns

7 Day0.9%-1.3%-1.3%
30 Day1.1%-1.4%1.8%
90 Day2.9%-1.0%9.3%
1 Year3.8%0.5%16.9%14.4%24.6%22.0%
3 Year5.1%-2.6%25.7%17.1%49.2%39.6%
5 Year24.4%10.6%73.2%54.5%77.9%58.3%

Price Volatility Vs. Market

How volatile is Lake Shore Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Lake Shore Bancorp undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: LSBK ($15.26) is trading above our estimate of fair value ($6.53)

Significantly Below Fair Value: LSBK is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: LSBK is poor value based on its PE Ratio (23.5x) compared to the Mortgage industry average (14.2x).

PE vs Market: LSBK is poor value based on its PE Ratio (23.5x) compared to the US market (18.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate LSBK's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: LSBK is good value based on its PB Ratio (1.1x) compared to the US Mortgage industry average (1.1x).

Next Steps

Future Growth

How is Lake Shore Bancorp forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Lake Shore Bancorp has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Lake Shore Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: LSBK has high quality earnings.

Growing Profit Margin: LSBK's current net profit margins (19.2%) are higher than last year (18.3%).

Past Earnings Growth Analysis

Earnings Trend: LSBK's earnings have grown by 2.6% per year over the past 5 years.

Accelerating Growth: LSBK's earnings growth over the past year (9.4%) exceeds its 5-year average (2.6% per year).

Earnings vs Industry: LSBK earnings growth over the past year (9.4%) underperformed the Mortgage industry 23.1%.

Return on Equity

High ROE: LSBK's Return on Equity (4.7%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Lake Shore Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: LSBK has a low level of unsold assets or inventory.

Debt Coverage by Assets: LSBK's debt is not covered by short term assets (assets are 0.7x debt).

Financial Institutions Analysis

Asset Level: LSBK's level of assets compared to its equity is low.

Allowance for Bad Loans: LSBK has a sufficient allowance for bad loans.

Low Risk Liabilities: LSBK's liabilities are made up of primarily low risk sources of funding.

Loan Level: LSBK has an acceptable proportion of non-loan assets held.

Low Risk Deposits: LSBK's loans are broadly funded by customer deposits.

Level of Bad Loans: LSBK has an appropriate level of bad loans (0.73%)

Next Steps


What is Lake Shore Bancorp's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: LSBK's dividend (3.15%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: LSBK's dividend (3.15%) is low compared to the top 25% of dividend payers in the US market (3.66%).

Stability and Growth of Payments

Stable Dividend: LSBK's dividend payments have been volatile in the past 10 years.

Growing Dividend: LSBK's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.8%), LSBK's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


What is the CEO of Lake Shore Bancorp's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Dan Reininga (60yo)





Mr. Daniel P. Reininga, also known as Dan, is the President and Chief Executive Officer of Lake Shore Bancorp, Inc. (MHC) and Lake Shore Savings Bank (MHC) in January 28, 2011. He serves as the Director at ...

CEO Compensation Analysis

Compensation vs Market: Dan's total compensation ($USD470.02K) is about average for companies of similar size in the US market ($USD519.76K).

Compensation vs Earnings: Dan's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: LSBK's management team is seasoned and experienced (5 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: LSBK's board of directors are considered experienced (9 years average tenure).

Insider Trading

Insider Buying: LSBK insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BuyUS$89828 Oct 19
Kevin Sanvidge
Vice Chairman
Vice Chairman of the Board
Max PriceUS$14.97
SellUS$17,89015 Aug 19
Daniel Reininga
Chief Executive Officer
Max PriceUS$14.70
BuyUS$1,43808 May 19
Tracy Bennett
Member of the Board of Directors
Independent Director
Max PriceUS$14.98
BuyUS$39,70825 Mar 19
John Mehltretter
Member of the Board of Directors
Max PriceUS$16.47

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Management Team

  • Dan Reininga (60yo)


    • Tenure: 9yrs
    • Compensation: US$470.02k
  • Rachel Foley (50yo)

    CFO & Treasurer

    • Tenure: 13.8yrs
    • Compensation: US$262.17k
  • Steven Schiavone (40yo)

    Controller & Principal Accounting Officer

    • Tenure: 1yrs
  • Nicole May

    Compliance & CRA Officer

    • Tenure: 4.2yrs
  • John Huber

    Vice President & Regional Branch Sales Manager of Lake Shore Savings Bank

    • Beverly Sutton (49yo)

      Vice President of Retail Banking Operations

      • Tenure: 4.6yrs
      • Compensation: US$142.88k
    • Janinne Dugan

      VP & HR Officer

      • Tenure: 26yrs
    • Jeff Werdein (52yo)

      Executive Vice President of Commercial Division

      • Tenure: 5.4yrs
      • Compensation: US$356.32k
    • Wendy Harrington

      Corporate Secretary

      • Brenda Mikolajczak

        Assistant VP and Marketing & Sales Director

        • Tenure: 4yrs

      Board Members

      • Nancy Yocum (72yo)

        Independent Director

        • Tenure: 25yrs
        • Compensation: US$40.95k
      • Gary Winger (74yo)

        Chairman of the Board

        • Tenure: 6.7yrs
        • Compensation: US$69.12k
      • Dan Reininga (60yo)


        • Tenure: 9yrs
        • Compensation: US$470.02k
      • Dave Mancuso (73yo)

        Independent Director

        • Tenure: 22yrs
        • Compensation: US$38.80k
      • Sharon Brautigam (63yo)

        Independent Director

        • Tenure: 16yrs
        • Compensation: US$41.12k
      • Tracy Bennett (68yo)

        Independent Director

        • Tenure: 9.9yrs
        • Compensation: US$39.57k
      • Jack Mehltretter (60yo)


        • Tenure: 3.2yrs
        • Compensation: US$34.35k
      • Kevin Sanvidge (64yo)

        Vice Chairman of the Board

        • Tenure: 2yrs
        • Compensation: US$40.73k
      • Susan Ballard (55yo)

        Independent Director

        • Tenure: 8yrs
        • Compensation: US$40.18k
      • John McGrath


        • Tenure: 0.4yrs

      Company Information

      Lake Shore Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources

      Key Information

      • Name: Lake Shore Bancorp, Inc.
      • Ticker: LSBK
      • Exchange: NasdaqGM
      • Founded: 1891
      • Industry: Thrifts and Mortgage Finance
      • Sector: Banks
      • Market Cap: US$89.625m
      • Shares outstanding: 5.81m
      • Website:

      Number of Employees


      • Lake Shore Bancorp, Inc.
      • 31 East Fourth Street
      • Dunkirk
      • New York
      • 14048
      • United States


      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      LSBKNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDApr 2006


      Lake Shore Bancorp, Inc. operates as the savings and loan holding company for Lake Shore Savings Bank that provides retail and commercial banking products and services. It accepts various deposit products, such as regular savings deposits, including Christmas Club, passbook, and statement savings accounts; money market savings and checking accounts; interest bearing and non-interest bearing checking accounts comprising 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 businesses. The company’s loan portfolio consists of one-to four-family residential mortgages, home equity loans, commercial real estate loans, construction loans, business installment loans, lines of credit, and other commercial loans; and consumer loans that include personal consumer loans, overdraft lines of credit, vehicle loans, secured and unsecured property improvement loans, and other secured and unsecured loans. As of May 15, 2019, it had 11 full-service branch locations in Western New York, including 5 locations in Chautauqua County and 6 locations in Erie County, New York. The company was founded in 1891 and is headquartered in Dunkirk, New York. Lake Shore Bancorp, Inc. is a subsidiary of Lake Shore, MHC. 

      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/25 00:22
      End of Day Share Price2020/01/23 00:00
      Annual Earnings2018/12/31

      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 here.