Lake Shore Bncop SEC Filings

Lake Shore Bancorp director Ann M. Segarra received a grant of 620 shares of restricted common stock on March 18, 2026, as compensation. These shares vest on March 18, 2027. After the grant, she directly holds 6,692 common shares, including unvested restricted stock.

Footnotes state that this direct position includes 5,058 unvested shares scheduled to vest on December 9, 2026, and the new 620-share award vesting on March 18, 2027. Segarra also holds 81,840 common shares indirectly through an IRA and stock options over 10,749 shares at an exercise price of $14.85 per share, vesting 20% per year starting December 9, 2026 and expiring on December 9, 2035.

Lake Shore Bancorp, Inc. and the Stilwell activist group have amended their Schedule 13D to reflect a new standstill agreement and board changes. The group beneficially owns 773,675 shares of common stock, or about 9.9% of the 7,836,100 shares outstanding as of March 11, 2026.

Under a March 17, 2026 standstill agreement, Dennis Pollack, chosen by the Stilwell group, has been appointed to the boards of the company and its bank subsidiary, and the company will nominate and support him at the 2026 annual meeting for a term running to the 2029 annual meeting. In return, the Stilwell group has withdrawn its prior director nomination and shareholder proposal and agreed to extensive standstill restrictions, including limits on proxy solicitations, control efforts, certain M&A actions and further share acquisitions, while maintaining its activist investment aimed at improving perceived undervaluation.

Lake Shore Bancorp, Inc. entered into a standstill agreement with The Stilwell Group under which Dennis Pollack has been appointed to the Boards of the company and Lake Shore Bank. The agreement runs until the 2029 Annual Meeting of Stockholders and includes extensive standstill, voting and non‑disparagement commitments by Stilwell and Pollack. The company’s bylaws were amended so the board, by a two‑thirds vote, can waive director qualification requirements when it believes doing so is in the company’s best interest. The parties also issued a joint press release describing the appointment and their collaborative relationship.

Lake Shore Bancorp, Inc. is the holding company for Lake Shore Bank, a community bank focused on commercial and residential real estate lending in Western New York. In connection with its mutual-to-stock conversion on July 18, 2025, it sold 4,950,460 shares of common stock at $10.00 per share, raising approximately $49.5 million.

At December 31, 2025, total gross loans were $557.3 million, up from $546.5 million a year earlier. Commercial real estate loans, including construction, totaled $327.4 million and represented 58.8% of the portfolio, while one- to four-family residential mortgages were $150.1 million, or 26.9%. The allowance for credit losses was $4.9 million, allocated primarily to commercial real estate.

Time deposits totaled $203.8 million, with $184.9 million maturing within one year and uninsured deposits of $64.7 million, or 11.3% of total deposits. The bank had no borrowings outstanding and reported a community bank leverage ratio of 16.65%, which exceeds the well-capitalized standard, and held an “outstanding” community reinvestment rating.

Lake Shore Bancorp, Inc. EVP-Commercial Division Jeffrey M. Werdein reported a compensation-related share disposition tied to tax withholding. He had 368 shares of Common Stock withheld at $15.43 per share to cover taxes on vesting restricted stock, a non-market transaction.

Following this, he directly owns 51,532 Common shares, plus indirect holdings of Common Stock through an IRA, an ESOP, his spouse, and his son. He also holds fully vested stock options to buy 23,132 Common shares at an exercise price of $10.62 per share, expiring on October 21, 2026, as well as remaining restricted stock awards described in the footnotes.

Lake Shore Bancorp insider Kim C. Liddell, who serves as director, president and CEO of the bank, had 765 shares of common stock withheld on March 12, 2026 at $15.43 per share to cover a tax liability tied to vesting restricted stock.

After this tax-withholding disposition, Liddell holds 64,713 common shares directly, plus indirect holdings of 10,000 shares by spouse, 41,661 shares in an IRA, and 677 shares through an ESOP. Footnotes note 6,363 remaining restricted shares from a March 12, 2025 grant and 5,247 remaining restricted shares from an April 23, 2024 grant, each vesting in four annual installments.

Lake Shore Bancorp is the target of a proxy solicitation by Joseph Stilwell and affiliated entities seeking to submit a business proposal and nominate a director at the 2026 annual meeting.

Stilwell-affiliated vehicles report direct holdings of 469,195, 89,328, and 215,152 shares respectively, totaling 773,675 shares they may be deemed to beneficially own; timing and voting logistics are set out in a Schedule 13D amendment filed on February 18, 2026.

Lake Shore Bancorp, Inc. received an updated Schedule 13D from the Stilwell activist group, which reports beneficial ownership of 773,675 shares of common stock, or about 9.9% of the 7,825,388 shares outstanding as of December 31, 2025.

The group is escalating its campaign by serving notice of intent to nominate Timothy J. Andruschat to the board at the 2026 annual meeting and by submitting a shareholder proposal that would prohibit the company from acquiring other financial institutions until the stock consistently trades above book value. The filers state they see the shares as undervalued and aim to profit from price appreciation by asserting shareholder rights.

The group reports no share purchases or sales in the last sixty days and details a nominee agreement under which it will reimburse Andruschat’s expenses and indemnify him in connection with his potential board service.

Lake Shore Bancorp, Inc. director and Chairman of the Board reported a stock gift under a Form 4/A. On December 10, 2025, the insider transferred 1,382 shares of common stock at a price of $0.00, disposing of them from a direct holding and acquiring the same number in an indirect account listed as “As Custodian for Grandchildren.”

After this transaction, the insider directly owned 56,431 shares of common stock and indirectly owned 3,150 shares as custodian for grandchildren. The filing also lists stock options to buy 14,563 shares of common stock at an exercise price of $10.62, fully vested and expiring on October 21, 2026, and options for 2,570 shares at $7.89 per share expiring on April 22, 2034, with 514 already vested and the remaining 2,056 vesting in four equal annual installments starting April 23, 2026.