莱克肖尔万通金控 2026年季度报告
(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission File No.: 001-42754 Securities registered pursuant to Section 12(b) of the Exchange Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirementsfor the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company or an emerging growth company.See definition of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes [ ]No [X] Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicaldate: There were 7,862,790 shares of the registrant’s common stock, $0.01 par value per share, outstanding at May 7, 2026. TABLE OF CONTENTS 1FINANCIAL STATEMENTS-Consolidated Statements of Financial Condition as of March 31, 2026 (Unaudited)and December 31, 20251-Consolidated Statements of Income for the Three Months Ended March 31, 2026 and2025 (Unaudited)2-Consolidated Statements of Comprehensive Income for the Three Months EndedMarch 31, 2026 and 2025 (Unaudited)3-Consolidated Statements of Stockholders’ Equity for the Three Months Ended March31, 2026 and 2025 (Unaudited)4-Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026and 2025 (Unaudited)5-Notes to Unaudited Consolidated Financial Statements62MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS303QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK414CONTROLS AND PROCEDURES42 1ARISK FACTORS422UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS425OTHER INFORMATION6EXHIBITS43 PART I Financial InformationItem 1. Financial StatementsLake Shore Bancorp, Inc. and SubsidiaryConsolidated Statements of Financial Condition (Unaudited) Three Months Ended March 31,20262025(Unaudited)(Dollars in thousands)Net Income$1,923$1,057Other Comprehensive (Loss) income, net of tax benefit (expense):Unrealized holding (losses) gains on securities available for sale, net of tax benefit(expense)(689)14Reclassification adjustments related to:Recovery on previously impaired investment securities included in net income, netof tax expense—(1)Total Other Comprehensive (Loss) Income(689)13Total Comprehensive Income$1,234$1,070 See notes to unaudited consolidated financial statements. Share and per share amounts related to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactiverecognition to the exchange ratio applied in the Conversion (1.3549) (see Note 1) See notes to unaudited consolidated financial statements. Three Months Ended March 31,20262025(Unaudited)(Dollars in thousands)CASH FLOWS FROM OPERATING ACTIVITIESNet income$1,923$1,057Adjustments to reconcile net income to net cash provided by operating activities:Net amortization of investment securities1618Net amortization of deferred loan costs9363Provision for credit losses(113)48Recovery on previously impaired investment securities—(1)Unrealized gain on equity securities—(46)Depreciation and amortization of premises and equipment143156Deferred income tax benefit(54)(92)Increase in annuity asset(16)(22)Increase in cash surrender value of bank-owned life insurance(242)(216)ESOP shares committed to be released7831Stock based compensation expense12189Decrease (increase) in accrued interest receivable2(111)Increase in other assets(520)(243)Increase (decrease) in other liabilities1,359(13)Net Cash Provided by Operating Activities2,790718CASH FLOWS FROM INVESTING ACTIVITIES Lake Shore Bancorp, Inc. and SubsidiaryNotes to Unaudited Consolidated Financial Statements Note 1 – Basis of Presentation and Significant Accounting Policies and Estimates The interim unaudited consolidated financial statements include the accounts of Lake Shore Bancorp, Inc. (the“Company”, "Lake Shore Bancorp," “us”, “our”,
