莱克肖尔万通金控 2024年度报告

(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For thefiscal yearendedDecember 31,2024☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission File No.:000-51821Lake Shore Bancorp, Inc. United States(State or Other Jurisdiction Securities registered pursuant to Section 12(b) of the Exchange Act: Securities registered pursuant to Section 12(g) of the Act:None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company.See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2024 was$22,027,733based on the per shareclosing price as of June 30, 2024 on the Nasdaq Global Market for the registrant’s common stock, which was $12.51. There were5,733,075shares of the registrant’s common stock, $.01 par value per share, outstanding at March 10, 2025.DOCUMENTS INCORPORATED BY REFERENCE: LAKE SHORE BANCORP, INC.ANNUAL REPORT ON FORM 10-KFOR THE FISCAL YEAR ENDEDDECEMBER 31, 2024TABLE OF CONTENTS ITEMPART IPAGE 1BUSINESS11ARISK FACTORS261BUNRESOLVED STAFF COMMENTS371CCYBERSECURITY372PROPERTIES393LEGAL PROCEEDINGS394MINE SAFETY DISCLOSURES39 PART II 5MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES406RESERVED407MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS417AQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK538FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA539CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE539ACONTROLS AND PROCEDURES539BOTHER INFORMATION549CDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS54 PART III 10DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE5411EXECUTIVE COMPENSATION5412SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTAND RELATED STOCKHOLDER MATTERS5413CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE5414PRINCIPAL ACCOUNTING FEES AND SERVICES54 PART IV 15EXHIBITS AND FINANCIAL STATEMENT SCHEDULES5516FORM 10-K SUMMARY57SIGNATURES58 PART I Forward-Looking Statements This annual report contains forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995. These statements are based on Lake Shore Bancorp, Inc.’s current expectations regarding itsbusiness strategies, intended results and future performance. 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 reflect management's current views of future events and operations. These forward-look