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Lake Shore Bancorp

Nasdaq:LSBK
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LSBK
Nasdaq
$88M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

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. The last earnings update was 25 days ago. More info.


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LSBK Share Price and Events
7 Day Returns
1%
NasdaqGM:LSBK
-1.6%
US Mortgage
-0.7%
US Market
1 Year Returns
-13.8%
NasdaqGM:LSBK
1.6%
US Mortgage
3%
US Market
LSBK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Lake Shore Bancorp (LSBK) 1% -0.3% -5.1% -13.8% 11.3% 22.2%
US Mortgage -1.6% -1% 0.5% 1.6% 34.6% 42.2%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • LSBK underperformed the Mortgage industry which returned 1.6% over the past year.
  • LSBK underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
LSBK
Industry
5yr Volatility vs Market

LSBK Value

 Is Lake Shore Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Lake Shore Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Lake Shore Bancorp.

NasdaqGM:LSBK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $13.14 * 4.6%
$0.60
Book Value of Equity per Share Median Book Value from the past 5 years. $13.14
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:LSBK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.905 (1 + (1- 21%) (28.11%))
1.071
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.071 * 5.96%)
9.11%

Discounted Cash Flow Calculation for NasdaqGM:LSBK using Excess Returns Model Model

The calculations below outline how an intrinsic value for Lake Shore Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGM:LSBK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.6% – 9.11%) * $13.14)
$-0.60
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.60 / (9.11% - 2.73%)
$-9.33
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $13.14 + $-9.33
$3.81
NasdaqGM:LSBK Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.81
Current discount Discount to share price of $15.00
= -1 x ($15.00 - $3.81) / $3.81
-293.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Lake Shore Bancorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Lake Shore Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Lake Shore Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:LSBK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.66
NasdaqGM:LSBK Share Price ** NasdaqGM (2019-05-17) in USD $15
United States of America Mortgage Industry PE Ratio Median Figure of 131 Publicly-Listed Mortgage Companies 14.3x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Lake Shore Bancorp.

NasdaqGM:LSBK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:LSBK Share Price ÷ EPS (both in USD)

= 15 ÷ 0.66

22.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lake Shore Bancorp is overvalued based on earnings compared to the US Mortgage industry average.
  • Lake Shore Bancorp is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Lake Shore Bancorp's expected growth come at a high price?
Raw Data
NasdaqGM:LSBK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.76x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
12%per year
United States of America Mortgage Industry PEG Ratio Median Figure of 49 Publicly-Listed Mortgage Companies 1.35x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Lake Shore Bancorp, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Lake Shore Bancorp's assets?
Raw Data
NasdaqGM:LSBK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.54
NasdaqGM:LSBK Share Price * NasdaqGM (2019-05-17) in USD $15
United States of America Mortgage Industry PB Ratio Median Figure of 144 Publicly-Listed Mortgage Companies 1.14x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqGM:LSBK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:LSBK Share Price ÷ Book Value per Share (both in USD)

= 15 ÷ 13.54

1.11x

* Primary Listing of Lake Shore Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lake Shore Bancorp is good value based on assets compared to the US Mortgage industry average.
X
Value checks
We assess Lake Shore Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage industry average (and greater than 0)? (1 check)
  5. Lake Shore Bancorp has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LSBK Future Performance

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

  • No analysts cover Lake Shore Bancorp, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Lake Shore Bancorp expected to grow at an attractive rate?
  • Lake Shore Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Lake Shore Bancorp's earnings growth is positive but not above the United States of America market average.
  • Unable to compare Lake Shore Bancorp's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:LSBK Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:LSBK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 12%
United States of America Mortgage Industry Earnings Growth Rate Market Cap Weighted Average 9.9%
United States of America Mortgage Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:LSBK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:LSBK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 20 4
2018-12-31 20 6 4
2018-09-30 20 6 4
2018-06-30 19 5 3
2018-03-31 19 5 4
2017-12-31 19 6 3
2017-09-30 18 5 3
2017-06-30 17 5 3
2017-03-31 17 5 2
2016-12-31 18 4 4
2016-09-30 19 4 4
2016-06-30 19 4 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Lake Shore Bancorp's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Lake Shore Bancorp is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:LSBK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Lake Shore Bancorp Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:LSBK Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.66
2018-12-31 0.66
2018-09-30 0.59
2018-06-30 0.57
2018-03-31 0.59
2017-12-31 0.55
2017-09-30 0.48
2017-06-30 0.45
2017-03-31 0.38
2016-12-31 0.58
2016-09-30 0.70
2016-06-30 0.79

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Lake Shore Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Lake Shore Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Lake Shore Bancorp has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LSBK Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Lake Shore Bancorp's growth in the last year to its industry (Mortgage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Lake Shore Bancorp's year on year earnings growth rate has been positive over the past 5 years.
  • Lake Shore Bancorp's 1-year earnings growth exceeds its 5-year average (10.1% vs 1.1%)
  • Lake Shore Bancorp's earnings growth has not exceeded the US Mortgage industry average in the past year (10.1% vs 39%).
Earnings and Revenue History
Lake Shore Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Lake Shore Bancorp Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:LSBK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 20.22 3.96 13.89
2018-12-31 20.02 4.00 13.89
2018-09-30 19.56 3.58 13.57
2018-06-30 19.33 3.46 13.29
2018-03-31 19.32 3.60 13.05
2017-12-31 18.92 3.38 12.90
2017-09-30 17.82 2.94 12.83
2017-06-30 17.37 2.76 12.68
2017-03-31 16.76 2.28 12.65
2016-12-31 18.17 3.52 12.46
2016-09-30 18.75 4.21 12.17
2016-06-30 19.14 4.69 12.01
2016-03-31 18.87 4.72 11.80
2015-12-31 17.14 3.34 11.76
2015-09-30 16.92 3.30 11.61
2015-06-30 16.16 2.75 11.58
2015-03-31 16.47 2.95 11.57
2014-12-31 16.54 3.16 11.43
2014-09-30 16.93 3.41 11.22
2014-06-30 17.15 3.71 11.05
2014-03-31 17.02 3.61 11.00
2013-12-31 17.05 3.74 10.84
2013-09-30 16.58 3.55 10.76
2013-06-30 16.32 3.43 10.68
2013-03-31 16.27 3.53 10.45
2012-12-31 16.42 3.63 10.40
2012-09-30 16.28 3.35 10.31
2012-06-30 16.67 3.65 10.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Lake Shore Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Lake Shore Bancorp used its assets less efficiently than the US Mortgage industry average last year based on Return on Assets.
  • Unable to establish if Lake Shore Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Lake Shore Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Lake Shore Bancorp has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LSBK Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Lake Shore Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Lake Shore Bancorp Company Filings, last reported 1 month ago.

NasdaqGM:LSBK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 81.06 24.65 31.11
2018-12-31 79.80 25.45 27.96
2018-09-30 78.80 24.65 38.07
2018-06-30 78.53 24.65 43.12
2018-03-31 78.19 26.95 47.54
2017-12-31 78.38 27.79 38.18
2017-09-30 78.16 26.95 44.37
2017-06-30 77.41 26.95 32.97
2017-03-31 76.60 18.95 33.89
2016-12-31 76.03 19.87 43.09
2016-09-30 77.33 18.95 38.48
2016-06-30 77.05 18.95 41.20
2016-03-31 75.83 18.95 46.23
2015-12-31 73.88 22.15 32.06
2015-09-30 73.35 18.95 32.59
2015-06-30 71.85 18.95 27.85
2015-03-31 72.53 18.95 32.94
2014-12-31 71.63 20.02 33.73
2014-09-30 69.73 18.95 41.89
2014-06-30 69.03 18.95 40.97
2014-03-31 67.41 18.95 28.11
2013-12-31 65.27 20.63 15.30
2013-09-30 65.37 20.85 19.47
2013-06-30 64.80 22.70 36.11
2013-03-31 66.99 23.90 26.47
2012-12-31 66.99 26.80 17.93
2012-09-30 67.06 29.30 39.01
2012-06-30 65.71 31.47 29.40
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Lake Shore Bancorp has an acceptable proportion of non-loan assets held.
  • Lake Shore Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at Lake Shore Bancorp are broadly funded by customer deposits.
  • Lake Shore Bancorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Lake Shore Bancorp has a sufficient allowance for bad loans.
  • Lake Shore Bancorp has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Lake Shore Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Lake Shore Bancorp has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LSBK Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.2%
Current annual income from Lake Shore Bancorp dividends.
If you bought $2,000 of Lake Shore Bancorp shares you are expected to receive $64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Lake Shore Bancorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Lake Shore Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:LSBK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Mortgage Industry Average Dividend Yield Market Cap Weighted Average of 94 Stocks 3.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:LSBK Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-07 0.480 3.116
2018-10-24 0.400 2.611
2018-07-27 0.400 2.408
2018-04-30 0.400 2.309
2018-02-08 0.400 2.393
2017-11-21 0.320 1.912
2017-10-27 0.320 2.018
2017-08-11 0.320 2.006
2017-07-26 0.320 2.034
2017-05-15 0.320 2.035
2017-04-28 0.320 2.031
2017-02-10 0.320 2.044
2016-11-01 0.280 1.829
2016-07-29 0.280 2.078
2016-04-27 0.280 2.093
2016-02-04 0.280 2.091
2015-11-12 0.280 2.082
2015-10-28 0.280 2.081
2015-07-23 0.280 2.079
2015-05-22 0.280 2.044
2015-02-05 0.280 2.073
2014-10-27 0.280 2.117
2014-07-25 0.280 2.249
2014-04-28 0.280 2.274
2014-03-26 0.280 2.275
2014-02-03 0.280 2.262
2013-11-12 0.280 2.289
2013-10-28 0.280 2.316
2013-07-29 0.280 2.410
2013-04-01 0.250 2.159
2012-10-31 0.160 1.512
2012-07-27 0.280 2.734
2012-04-27 0.280 2.770
2012-01-27 0.280 2.807
2011-10-27 0.280 2.921
2011-07-29 0.280 2.862
2011-04-29 0.280 2.635
2011-02-01 0.280 2.736
2010-10-29 0.240 2.773
2010-07-29 0.240 2.979
2010-05-04 0.240 2.969
2010-02-02 0.240 2.991
2009-10-15 0.200 2.597
2009-07-30 0.200 2.620

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Lake Shore Bancorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Lake Shore Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Lake Shore Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Lake Shore Bancorp has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LSBK Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dan Reininga
COMPENSATION $470,023
AGE 59
TENURE AS CEO 8.3 years
CEO Bio

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 Lake Shore Bancorp, Inc. since 1994. He previously served as the Executive Vice President and Chief Operations Officer of the Company from January 1, 2010 to January 27, 2011. He served as Vice Chairman of the Board from 2003 until June 2010. Mr. Reininga served as President of G.H. Graf Realty Corporation, Inc. from 1993 to December 2009. Mr. Reininga currently serves as the Chairman of the Board of G.H. Graf Realty Corporation, Inc. Mr. Reininga has a Bachelor of Science Degree from Allegheny College and a Master of Business Administration Degree from University of South Florida. He has completed the American Bankers Association (ABA) course in Advanced Asset and Liability Management and is a graduate of the ABA Stonier National Graduate School of Banking. Mr. Reininga has a sound knowledge of bank risks, internal controls and bank operations. He has served as Chairman of a family-owned real estate investment company for over fifteen years and he has been responsible for the financial and general management of seven small companies. He is also involved in numerous community and non-profit organizations, either as a board member or committee member.

CEO Compensation
  • Dan's compensation has been consistent with company performance over the past year.
  • Dan's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Lake Shore Bancorp management team in years:

6.5
Average Tenure
51
Average Age
  • The average tenure for the Lake Shore Bancorp management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dan Reininga

TITLE
President
COMPENSATION
$470K
AGE
59
TENURE
8.3 yrs

Rachel Foley

TITLE
CFO & Treasurer
COMPENSATION
$262K
AGE
49
TENURE
13.2 yrs

Jeff Werdein

TITLE
Executive Vice President of Commercial Division
COMPENSATION
$356K
AGE
51
TENURE
4.8 yrs

Steven Schiavone

TITLE
Controller & Principal Accounting Officer
AGE
39
TENURE
0.3 yrs

Nicole May

TITLE
Compliance & CRA Officer
TENURE
3.5 yrs

Brenda Mikolajczak

TITLE
Assistant VP and Marketing & Sales Director

Janinne Dugan

TITLE
Vice President of Human Resource Officer
TENURE
13.3 yrs

Wendy Harrington

TITLE
Corporate Secretary

Bev Mulkin

TITLE
Vice President of Lake Shore Savings Bank
AGE
76

John Huber

TITLE
Vice President & Regional Branch Sales Manager of Lake Shore Savings Bank
Board of Directors Tenure

Average tenure and age of the Lake Shore Bancorp board of directors in years:

9.3
Average Tenure
65
Average Age
  • The tenure for the Lake Shore Bancorp board of directors is about average.
Board of Directors

Gary Winger

TITLE
Chairman of the Board
COMPENSATION
$69K
AGE
73
TENURE
6 yrs

Dan Reininga

TITLE
President
COMPENSATION
$470K
AGE
59
TENURE
25.3 yrs

Kevin Sanvidge

TITLE
Vice Chairman of the Board
COMPENSATION
$41K
AGE
63
TENURE
1.3 yrs

Nancy Yocum

TITLE
Director
COMPENSATION
$41K
AGE
71
TENURE
24.3 yrs

Dave Mancuso

TITLE
Director
COMPENSATION
$39K
AGE
72
TENURE
21.3 yrs

Sharon Brautigam

TITLE
Director
COMPENSATION
$41K
AGE
62
TENURE
15.3 yrs

Tracy Bennett

TITLE
Director
COMPENSATION
$40K
AGE
67
TENURE
9.3 yrs

Susan Ballard

TITLE
Director
COMPENSATION
$40K
AGE
54
TENURE
7.3 yrs

Jack Mehltretter

TITLE
Director
COMPENSATION
$34K
AGE
59
TENURE
2.5 yrs

James Foley

TITLE
Director Emeritus
COMPENSATION
$12K
AGE
80
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Lake Shore Bancorp insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
08. May 19 Buy Tracy Bennett Individual 07. May 19 07. May 19 96 $14.98 $1,438
25. Mar 19 Buy John Mehltretter Individual 06. Feb 17 31. Jan 19 2,500 $16.47 $39,708
25. Oct 18 Sell Beverly Sutton Individual 23. Oct 18 23. Oct 18 -82 $15.65 $-1,283
25. Oct 18 Sell Jeffrey Werdein Individual 23. Oct 18 23. Oct 18 -471 $15.65 $-7,371
24. Aug 18 Buy Tracy Bennett Individual 22. Aug 18 23. Aug 18 250 $17.25 $4,312
24. Aug 18 Buy Tracy Bennett Individual 14. Aug 18 14. Aug 18 250 $17.25 $4,308
15. Aug 18 Sell Daniel Reininga Individual 14. Aug 18 14. Aug 18 -1,226 $17.10 $-20,965
10. Aug 18 Buy Tracy Bennett Individual 09. Aug 18 10. Aug 18 250 $17.27 $4,317
03. Aug 18 Buy Tracy Bennett Individual 01. Aug 18 01. Aug 18 250 $17.25 $4,313
01. Aug 18 Buy Kevin Sanvidge Individual 01. Aug 18 01. Aug 18 45 $17.30 $779
X
Management checks
We assess Lake Shore Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Lake Shore Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LSBK News

Simply Wall St News

Could Lake Shore Bancorp, Inc.'s (NASDAQ:LSBK) Investor Composition Influence The Stock Price?

The big shareholder groups in Lake Shore Bancorp, Inc. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Lake Shore Bancorp is not a large company by global standards.

Simply Wall St -

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

Historically, Lake Shore Bancorp, Inc. … Let's take a look at Lake Shore Bancorp in more detail. … See our latest analysis for Lake Shore Bancorp

Simply Wall St -

Should Lake Shore Bancorp (NASDAQ:LSBK) Be Disappointed With Their 30% Profit?

Better yet, you'd like to see the share price move up more than the market average. … (NASDAQ:LSBK) share price is up 30% in the last five years, that's less than the market return. … Over half a decade, Lake Shore Bancorp managed to grow its earnings per share at 0.1% a year.

Simply Wall St -

3 Days Left Before Lake Shore Bancorp, Inc. (NASDAQ:LSBK) Will Be Trading Ex-Dividend

Have you been keeping an eye on Lake Shore Bancorp, Inc.'s (NASDAQ:LSBK) upcoming dividend of US$0.12 per share payable on the 15 March 2019? … Let's take a look at Lake Shore Bancorp's most recent financial data to examine its dividend characteristics in more detail. … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)?

Simply Wall St -

Is Lake Shore Bancorp, Inc.'s (NASDAQ:LSBK) High P/E Ratio A Problem For Investors?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … To keep it practical, we'll show how Lake Shore Bancorp, Inc.'s (NASDAQ:LSBK) P/E ratio could help you assess the value on offer. … Lake Shore Bancorp has a price to earnings ratio of 25.53, based on the last twelve months.

Simply Wall St -

How Should Investors React To Lake Shore Bancorp Inc's (NASDAQ:LSBK) CEO Pay?

Dan Reininga became the CEO of Lake Shore Bancorp Inc (NASDAQ:LSBK) in 2011. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Lake Shore Bancorp Inc has a market capitalization of US$90m, and pays its CEO total annual compensation worth US$550k.

Simply Wall St -

How Does Lake Shore Bancorp Inc (NASDAQ:LSBK) Fare As A Dividend Stock?

Historically, Lake Shore Bancorp Inc (NASDAQ:LSBK) has paid a dividend to shareholders. … Let's take a look at Lake Shore Bancorp in more detail. … See our latest analysis for Lake Shore Bancorp

Simply Wall St -

Is Lake Shore Bancorp Inc's (NASDAQ:LSBK) CEO Incentives Align With Yours?

Dan Reininga took the helm as Lake Shore Bancorp Inc's (NASDAQ:LSBK) CEO and grew market cap to US$100.7m recently. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders.

Simply Wall St -

Lake Shore Bancorp Inc (NASDAQ:LSBK): Ex-Dividend Is In 2 Days, Should You Buy?

If you are interested in cashing in on Lake Shore Bancorp Inc's (NASDAQ:LSBK) upcoming dividend of US$0.10 per share, you only have 2 days left to buy the shares before its ex-dividend date, 06 August 2018, in time for dividends payable on the 21 August 2018. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Lake Shore Bancorp's latest financial data to analyse its dividend characteristics. … Check out our latest analysis for Lake Shore Bancorp?

Simply Wall St -

Lake Shore Bancorp Inc (NASDAQ:LSBK): Has Recent Earnings Growth Beaten Long-Term Trend?

Understanding Lake Shore Bancorp Inc's (NASDAQ:LSBK) performance as a company requires examining more than earnings from one point in time. … Today I will take you through a basic sense check to gain perspective on how Lake Shore Bancorp is doing by evaluating its latest earnings with its longer term trend as well as its industry peers' performance over the same period. … Check out our latest analysis for Lake Shore Bancorp?

Simply Wall St -

LSBK Company Info

Description

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 February 08, 2018, 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.

Details
Name: Lake Shore Bancorp, Inc.
LSBK
Exchange: NasdaqGM
Founded: 1891
$87,677,325
5,845,155
Website: http://www.lakeshoresavings.com
Address: Lake Shore Bancorp, Inc.
31 East Fourth Street,
Dunkirk,
New York, 14048,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM LSBK Common Stock Nasdaq Global Market US USD 04. Apr 2006
Number of employees
Current staff
Staff numbers
114
Lake Shore Bancorp employees.
Industry
Thrifts and Mortgage Finance
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:02
End of day share price update: 2019/05/17 00:00
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.