DDM Analysis: LSBK

Valuation Snapshot

Stable Growth	$22.47 - $113.73	$46.43
Multi-Stage	$16.36 - $17.94	$17.14
Blended Fair Value	$31.78
Current Price	$13.00
Upside	144.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.18%	6.25%	0.14	0.00	0.19	0.14	0.13	0.17	0.11	0.10	0.12	0.08
YoY Growth	-	-	0.00%	-100.00%	32.84%	6.27%	-19.81%	44.55%	18.44%	-16.33%	45.34%	3.56%
Dividend Yield	-	-	1.21%	0.00%	2.52%	1.28%	1.20%	2.14%	0.98%	0.78%	1.00%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.45
(-) Cash Dividends Paid (M)	1.08
(=) Cash Retained (M)	3.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.89	0.56	0.33
Cash Retained (M)	3.36	3.36	3.36
(-) Cash Required (M)	-0.89	-0.56	-0.33
(=) Excess Retained (M)	2.47	2.81	3.03
(/) Shares Outstanding (M)	7.68	7.68	7.68
(=) Excess Retained per Share	0.32	0.37	0.39
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.32	0.37	0.39
(=) Adjusted Dividend	0.46	0.51	0.54
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	4.25%	5.25%	6.25%
Fair Value	$22.47	$46.43	$113.73
Upside / Downside	72.83%	257.13%	774.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.45	4.68	4.92	5.18	5.46	5.74	5.91
Payout Ratio	24.34%	37.47%	50.61%	63.74%	76.87%	90.00%	92.50%
Projected Dividends (M)	1.08	1.75	2.49	3.30	4.19	5.17	5.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	4.25%	5.25%	6.25%
Year 1 PV (M)	1.63	1.65	1.66
Year 2 PV (M)	2.16	2.20	2.24
Year 3 PV (M)	2.66	2.74	2.82
Year 4 PV (M)	3.15	3.27	3.40
Year 5 PV (M)	3.61	3.79	3.97
PV of Terminal Value (M)	112.49	117.99	123.70
Equity Value (M)	125.71	131.64	137.80
Shares Outstanding (M)	7.68	7.68	7.68
Fair Value	$16.36	$17.14	$17.94
Upside / Downside	25.87%	31.81%	37.98%

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Lake Shore Bancorp, Inc. (LSBK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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