8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 17, 2023

LAKE SHORE BANCORP, inc.

(Exact name of registrant as specified in its charter)

United States	000-51821	20-4729288
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

31 East Fourth Street, Dunkirk, NY 14048

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (716) 366-4070

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]   Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 7.01Regulation FD Disclosure.

On May 17, 2023, Lake Shore Bancorp, Inc. (the “Company”) will hold its annual shareholders’ meeting at Route 5 Event Center, 296 Lake Shore Drive W., Dunkirk, New York 14048 at 8:30 a.m., Eastern Time.

A copy of management’s presentation to be made at the meeting is attached as Exhibit 99.1 hereto.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

99.1 Management’s Presentation for the annual shareholders’ meeting of Lake Shore Bancorp, Inc. on May 17, 2023.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LAKE SHORE BANCORP, inc.
By:	/s/ Rachel A. Foley
Name:	Rachel A. Foley
Title:	Chief Financial Officer and Treasurer

Date: May 17, 2023

EX-99.1

Exhibit 99.1        

LS ® Lake Shore SavingsPutting People FirstANNUAL SHAREHOLDERS’ MEETINGMAY 17, 2023

LS® LAKE SHORE BANCORP, INC.Safe Harbor StatementThispresentation contains certain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward looking statements Such statements are not a guarantee of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to forecast Therefore, actual results may differ materially from those expressed or forecast in such forward looking statements The Company and Bank undertake no obligation to update publicly any forward looking statements, whether as a result of new information or otherwise There are risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such forward looking statements Information on factors that could affect the Company’s business and results is discussed in the Company’s periodic reports filed with the Securities and Exchange Commission, including in the section “Risk Factors” Forward looking statements speak only as of the date they are made The Company undertakes no obligation to publicly update or revise forward looking information, whether as a result of new, updated information, future events or otherwise2

LS® LAKE SHORE BANCORP, INC.AgendaCall to Order – Kevin M. Sanvidge, ChairmanIntroduction of Officers, Directors and Director NomineesSecretary’s ReportPresentation of ProposalsExecutive Management Report to ShareholdersVote ReportAdjournment3

LS® LAKE SHORE BANCORP, INC.Board of DirectorsDirector SinceTracy S. Bennett, Audit Committee Chairperson2010Sharon E. Brautigam, Vice Chairperson of the Board, Nominating and Governance Committee Chairperson2004Michelle M. DeBergalis, Nominating and Governance Committee member2022Kim C. Liddell, President and Chief Executive Officer2023John P. McGrath, Asset and Liability Management Committee Chairman2019John (“Jack”) L. Mehltretter, Enterprise Risk Management Chairman2016Ronald J. Passafaro, Compensation Committee Chairman1994Kevin M. Sanvidge, Chairman of the Board20124

LS® LAKE SHORE BANCORP, INC.Bank OfficersHiredHiredKim Liddell, President and Chief Executive Officer2023Rachel Sanchioni, VP, Comm. Loan Officer2022Rachel Foley, Chief Financial Officer/Treasurer and Principal Financial/Accounting Officer1999Adam Dimitri, VP, Retail Banking2006Benjamin Pietak, Controller2023Amy Harding, VP, Regional Sales Officer1997Robert Cortellucci, Chief Technology Officer2022Christina Schwindler, VP, Reg. Sales Ofc.2020Jeffrey Werdein, Executive VP, Comm. Division2014Theresa Campanella, Br. Relationship Mgr.2008Tamara Bellanti, Senior VP, Human Resources2022Eric Hohenstein, Compliance Officer2006Barbara Fancher, VP, Commercial Lending1998Nicole Piegzik, BSA Officer2023Gabriele Maddalena, VP, Senior Lending Officer2010Josh Brunner, Information Security Officer2023Michael Noville, VP, Comm. Loan Officer2019Elizabeth Rugg, Director of Internal Audit2015Dylan Rubadeaux, VP, Comm. Loan Officer20165

LS® LAKE SHORE BANCORP, INC.Business of Annual Shareholders MeetingElection of Directors:Elect two Class Three directors to serve until the 2026 annual meeting:Class Three DirectorsMichelle M. DeBergalisJohn (“Jack”) L. Mehltretter6

LS® LAKE SHORE BANCORP, INC.Business of Annual Shareholders Meeting (Continued)Say on Pay Proposal: A non-binding “say on pay” proposal to approve the compensation of the named executive officers.Appointment of Independent Registered Public Accounting Firm: Ratify the appointment of Baker Tilly US, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023.7

LS® LAKE SHORE BANCORP, INC.Executive Management PresentationKim C. Liddell, President and Chief Executive Officer8

LS® LAKE SHORE BANCORP, INC.An Overview of Lake Shore SavingsProjectedMedianProjectedCompanyDeposit PopulationHHHH IncomeDepositsMarketChangeIncomeChangein MarketShare2023-202820232023-2028CountyRank Branches($000)(%)m($)(%)Chautauqua55317,83114.93(224)56,39315.21Erie1111266,9530.440.5166,85611.01luiai11f 0*+New York Franchise(0.99)61,16913.29State of New York(0.13)80,71613.05National2.1473,50313.37Lake Shore Savings Bank is a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York, with a longstanding history of community banking since 1891Current focus on organic growth of loan portfolio primarily through commercial real estate and commercial business loansSince going public, net loans have increased from $205.3 million on June 30, 2006 to $574.4 million as of March 31, 2023Operates 11 full-service branch locations in two counties within Western New YorkLake Shore ranks 5th in deposit market share in Chautauqua County with 5 branches; ranks 11th in Erie County with 6 branchesConverted to MHC structure on April 4, 2006, raising $29.8 million in gross proceeds and trades on NASDAQ under the symbol LSBKSource: S&P Global Market Intelligence. Deposit information as of June 30, 2022, updated for any pending acquisitions.New York Franchise demographic information weighted by deposits by county9

LS® LAKE SHORE BANCORP, INC.An Overview of Lake Shore Savings (Continued)Stockholder Informal1OwnershipMutual Holding Company63.9%Institutional7.9%Insider*7.9%(NASDAQ: LSBK)Market Information as of 5/15/23Total Market Cap (mm)$65.0Minority Market Cap (mm)$23.5Book Value Per Share *'$14.70Price / Tangible Book78%Price / FC Tangible Book54%Price / MRQ EPS9.8xOwnership information based on Proxy Statement and S&P Global, Inc. as of 3/31/2023. Market Information as of 5/15/2023.*Includes 3.00% of the shares of common stock outstanding owned by the ESOP.** Book value per share is the same as tangible book value per share.10

LS® LAKE SHORE BANCORP, INC.Financial HighlightsDollars in Thousands (except per share anxrunts)2023 FQ12022 FQ1QoQChangeAssets$730,315$707,4523.2%Net Loans$574,408$550,2864.4%Deposits$595,207$592,8200.4%Net Income$1,684$1,06158.7%Basic Earnings Per Share$0.29$0.1861.1%Book Value Per Share$14.70$14.451.7%ROA A0.94%0.98%(4.1%)Efficiency Ratio'80.60%73.10%10.3%Non-Performing Assets$2,866$9,678(70.4%)Dollars in Thousands(except per share amounts)FY 2022FY 2021YoYChangeTAssets$699,914$713,739(1.9%)Net Loans$573,537$517,20610.9%Deposits$570,119$593,184(3.9%)Net Income$5,708$6,187(7.7%)Basic Earnings Per Share$0.97$1.05(7.6%)Book Value Per Share$14.23$15.45(7.9%)ROAA0.82%0.88%(6.7%)Efficiency Ratio'71.92%67.73%6.2%Non-Performing Assets$3,000$9,757(69.3%)Financial data is presented for Lake Shore’s Fiscal Year Ended December 31 for each respective year or for Lake Shore’s quarter ended March 31 for each respective quarter.* Efficiency Ratio represents non-interest expense divided by the sum of net interest income and non-interest income.11

LS® LAKE SHORE BANCORP, INC.Total Assets$545.7M$610.9M$686.2M$713.7M$699.9M$730.3M20182019202020212022Q1 2023Loans Receivable, NetBank Owned Life InsuranceSecurities - AFS Premises and Equipment. NetCash and Cash Equivalents ■ FHLB StockNet Income$4,000$4,087$4,558$6,187$5,708$1,684$0.66$0.68$0.77$1.05$0.9720182019202020212022Q1 2023Net IncomeBasic Earnings Per ShareLoan Portfolio$392.5M$470.8M$524.1M$517.2M$573.5M$574.4M20182019202020212022Q1 2023Residential One-to Four-Family Construction and LandCommercial Real Estate Other + Deferred Fees*Home EquityDeposit Trends0.81%1.13%0.81%0.44%0.38%0.99%$432.5M$483.5M$560.3M$593.2M$570.1M$595.2M20182019202020212022Q1 2023Time DepositsNon-Time DepositsCost of DepositsFinancial data is presented for Lake Shore’s Fiscal Year Ended December 31 for each respective year and for the three months ended March 31, 2023.12

LS® LAKE SHORE BANCORP, INC.Loan Loss Reserves / Total Net Loans0.88%0.91%1.12%1.18%1.23%1.17%20182019202020212022Q1 2023NPAs / Total Assets0.71%0.71%0.46%1.37%0.43%0.39%20182019202020212022Q1 2023Financial data is presented for Lake Shore’s Fiscal Year Ended December 31 for each respective year and for the three months ended March 31, 2023.* 2020 Loan Loss Reserves reflected a $425,000 increase in provision for loan losses primarily related to declining economic conditions as a result of the COVID-19 pandemic.13

LS® LAKE SHORE BANCORP, INC.Loan Portfolio – Office ConcentrationTotal Loan Portfolio as of 3/31/2023Commercial3%Consumer0%One- to four-family31%Home Equity9%Commercial Real Estate57%■ One- to four-family■ Home Equity ■ Commercial Real Estate ■ Commercial■ ConsumerOffice Real Estate Concentration withinTotal Commercial Loan Portfolioas of 3/31/23Office - Non Owner Occ, 12.6%Office - Non Owner Occ, 12.6%All other Commercial Loans, 81.4%Office - Non Owner Occ■ Office - Owner OccAll other Commercial LoansLoan portfolio data is as of 3/31/2023.14

LS® LAKE SHORE BANCORP, INC.Change in Deposit MixChange in Deposit MixTime DepositsSavings Accounts Money Markets Demand and NOWNon-interest bearing3/31/202212/31/20223/31/2023Total Deposits as ofMarch 31, 202316.2%13.6%23.1%12.7%34.5%■ Non-interest bearing ■ Demand and NOW ■ Money MarketsSavings Accounts ■ Time DepositsTotal Deposits as of12/31/202218.5%14.4%26.2%13.5%26.8%Non-interest bearing ■ Demand and NOW Savings Accounts ■ Time Deposits■ Money MarketsTotal Deposits as of3/31/202218.4%15.5%31.1%12.8%22.2%■ Non-interest bearing ■ Demand and NOW - Savings Accounts ■ Time Deposits■ Money Markets15

LS® LAKE SHORE BANCORP, INC.Uninsured DepositsUninsured Depositsas of 3/31/2023$84,679,361UninsuredDeposits makeup 14.4%of overalldeposits.UninsuredDeposits consistsof 284 accounts$595,207,120Total DepositsUninsured Depostis16

LS® LAKE SHORE BANCORP, INC.Net Interest Margin3.61%3.59%3.58%3.51%3.23%3.26%3.35%3.03%3.77%3.23%3.76%2.66%2018Y2019Y2020Y2021Y2022YQ1 2023LSBK Net Interest MarginPeer Median Net Interest MarginReturn on Average Assets0.75%0.71%0.69%0.88%0.82%0.94%0.55%0.54%0.55%0.92%0.73%0.41%20182019202020212022Q1 2023L8BK ROAAMedian Peer ROAAEfficiency Ratio*75.6%78.0%73.8%72.9%69.4%67.4%67.7%76.0%71.9%76.3%80.6%77.6%20182019202020212022Q1 2023LSBK Efficiency Ratio Median Peer Efficiency Ration17

LS® LAKE SHORE BANCORP, INC.Since IPOCreating Shareholder ValueHigh capital ratios enable organic growth without diluting shareholder valueElected the Community Bank Leverage Ratio effective January 1, 2020201820192020202120223/31/2023Tier 1/Community Bank Leverage Ratio14.0%13.0%11.8%12.0%12.4%12.3%Equity / Total Assets14.6%13.6%12.5%12.3%11.6%11.5%Common Shares Outstanding6,004,6645,924,3395,823,7865,692,4105,705,2255,693,358VolumePriceVolume (shares 000’s) LSBK(-18.5%) Nasdaq Bank (-33.6%) KBW Nasdaq Regional Bank (-28.1%) S&P500 (2.8%) Financial data is presented for Lake Shore’s Fiscal Year Ended December 31 for each respective year and for the three months ended March 31, 2023. * The tangible book value per share is the same as book value per share for each period presented. Pricing as of 5/15/23. Source: S&P Global Market Intelligence. 18

LS® LAKE SHORE BANCORP, INC. Summary After 132 years in business, we continue to be a local bank that cares about its customers and communities. At Lake Shore Savings, that has always meant “Putting People First.” We will continue to put our customers, communities, and shareholders FIRST, as we adopt new technology, products, and services to meet the future needs of our customers. 19

LS® LAKE SHORE BANCORP, INC. QUESTIONS AND ANSWERS 20

LS® LAKE SHORE BANCORP, INC. Vote Report Adjournment of Annual Shareholder’ Meeting 21

LS® LAKE SHORE BANCORP, INC. Appendix: Lake Shore Savings Peer Data Institution Name Ticker Columbia Financial, Inc. (MHC) CLBK Greene County Bancorp. Inc. (MHC) GCBC PioneerBancorp. Inc. (MHC) PB FS Rhine beck Bancorp. Inc. (MHC) RBKB Bogota Financial Corp. (MHC) BSBK BV Financial, Inc. (MHC) BVFL CFSB Bancofp. Inc. (MHC) CFSB SSB Bancorp. Inc. (MHC) SSBP Seneca Financial Corp. (MHC) SNNF Gou^meur Bancorp. Inc. (MHC) GOVB Auburn Bancorp. Inc. (MHC) ABBB City, State Total Assets ($m Fair Lawn. NJ S10.635 Catskill, NY S2.729 Albany, NY $1,835 Poughkeepsie. NY $1,351 Teaneck, NJ $950 Baltimore. MD $858 Quincy, MA $352 Pittsburgh. PA $251 Baldwinsvlle. NY $234 Gou\emeur. NY $205 Aubum. ME $102 Average Median S' Source: S&P Global Market Intelligence as of the most recent reported quarter. MHCs located in the Mid-Atlantic and Northeast Regions. Excludes merger targets. 22

XML

Document and Entity Information	May 17, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	May 17, 2023
Entity Registrant Name	LAKE SHORE BANCORP, inc.
Entity Incorporation, State or Country Code	X1
Entity File Number	000-51821
Entity Tax Identification Number	20-4729288
Entity Address, Address Line One	31 East Fourth Street
Entity Address, City or Town	Dunkirk
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14048
City Area Code	716
Local Phone Number	366-4070
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LSBK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001341318
Amendment Flag	false