Lake Shore Bancorp, Inc. operates as the holding company for Lake Shore Savings Bank that provides retail and commercial banking products and services. The company operates through 11 branch offices. Lake Shore Bancorp, Inc. is a subsidiary of Lake Shore, MHC. Lending Activities One- to Four-Family Residential Mortgage Lending: The company’s residential mortgage loan originations are obtained from customers, residents of its local communities or referrals from local real estate agents, attorneys and builders. One- to four-family residential mortgage loan originations are for terms of 10, 15, 20 or 30 years, amortized on a monthly basis with interest and principal due either bi-weekly or monthly. Home Equity Loans and Lines of Credit: The company provides all-in-one home equity lines of credit. Home equity lines of credit are made for owner-occupied homes, and are secured by first or second mortgages on residences. All-in-one home equity lines of credit have 15 year maximum terms. Commercial Real Estate Loans: The company originates commercial real estate loans to finance or refinance the purchase of real property, which consists of developed real estate, such as office buildings, warehouses, retail properties and apartment buildings, which is typically held as collateral for the loan. The company originates various fixed and adjustable rate commercial real estate loans generally for terms up to 5 to 10 years and payments based on an amortization schedule of up to 20 years. Construction Loans: The company originates loans to finance the construction of both one- to four-family homes and commercial real estate. These loans have a 12 month or less construction period, whereby draws are taken and interest only payments are made. Commercial Loans: In addition to commercial real estate loans, the company also engages in small business commercial lending, including business installment loans, lines of credit, and other commercial loans. The company offers commercial loan services designed to give business owners borrowing opportunities for modernization, inventory, equipment, construction, consolidation, real estate, working capital, vehicle purchases, and the refinancing of existing corporate debt. Consumer Loans: The company offers various consumer loans. The largest component of its consumer loan portfolio are personal consumer loans and overdraft lines of credit, which are available for amounts up to $5,000 for unsecured loans and greater amounts for secured loans depending on the type of loan and value of the collateral. Consumer loans, excluding overdraft lines of protection, generally are offered for terms of up to 10 years, depending on the collateral, at fixed interest rates. The company’s consumer loan portfolio also consists of vehicle loans, motorcycle loans, other unsecured consumer loans up to $5,000, secured and unsecured property improvement loans, and other secured loans. Investment Portfolio The company’s investment portfolio includes U.S. Treasury bonds; municipal bonds; mortgage-backed securities; collateralized mortgage obligations -government sponsored entities; securities of Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation; asset-backed securities-private label; asset-backed securities-government sponsored entities; and equity securities. Deposits The company offers various deposit accounts having a range of interest rates and terms. The company offers regular savings deposits (consisting of Christmas Club, passbook and statement savings accounts), money market accounts savings and checking, interest bearing and non-interest bearing checking accounts (demand deposits), health savings accounts, retirement accounts, time deposits and Interest on Lawyer Accounts (IOLA). In addition to accounts for individuals, the company also offers commercial checking accounts designed for the businesses operating in its market area. Regulations The company is examined and supervised by the Board of Governors of the Federal Reserve System. The company is a savings and loan holding company within the meaning of the Home Owners’ Loan Act. The company’s common stock is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The company is subject to the information, proxy solicitation, insider trading restrictions, and other requirements under the Securities Exchange Act of 1934. The bank is examined and supervised by the Office of the Comptroller of the Currency. The bank is also a member of and owns stock in the Federal Home Loan Bank of New York. The bank is also regulated, to a lesser extent, by the Federal Deposit Insurance Corporation with respect to insurance of deposit accounts and the Board of Governors of the Federal Reserve System, with respect to reserves to be maintained against deposits and other matters. Competition The company competes with local financial institutions such as Cattaraugus County Bank and Evans Bank; regional financial institutions such as M&T Bank, Community Bank, NA, and First Niagara Bank; and national financial institutions such as Key Bank and Bank of America. History Lake Shore Bancorp, Inc. was founded in 1891.
lake shore bancorp inc (LSBK:NASDAQ GM)
31 East Fourth Street
Dunkirk, NY 14048
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