Lake Shore Savings Bank Mortgage Rates, Fees & Info

Dunkirk, NY

LEI: 549300FEBB5EMDXTC518

Tax ID: 16-0516470

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lake Shore Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Lake Shore Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Buffalo, Jamestown, Rochester, Batavia, and Olean among others. Lake Shore Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

391

Origination Dollar Volume (All Markets)

$89,325,000

Employee count

110

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 142 $53,730,000 $378,380 $0 0.00%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 236 $30,270,000 $128,263 $0 0.00%
ROCHESTER, NY (FHA|USDA|VA) 2 $3,810,000 $1,905,000 $0 0.00%
Batavia, NY (FHA|USDA|VA) 6 $620,000 $103,333 $0 0.00%
Outside of Metro Areas 4 $520,000 $130,000 $0 0.00%
Olean, NY (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%

Lake Shore Savings Bank's top markets include Buffalo, Jamestown, Rochester, Batavia, and Olean among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 389 $89,045,000 $228,907 $0 0.00%
USDA 2 $280,000 $140,000 $0 0.00%

For the 2021 period, Lake Shore Savings Bank's most frequently originated loan type of loans were Conventional, with 389 originations. Their 2nd most popular type is USDA, with 2 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 205 $48,305,000 $235,634 $0 0.00%
Cash Out Refi 121 $23,185,000 $191,612 $0 0.00%
Refi 51 $11,625,000 $227,941 $0 0.00%
Home Improvement 14 $6,210,000 $443,571 $0 0.00%

For the 2021, Lake Shore Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 205 originations. The 2nd most popular reason of loans were Cash Out Refi, with 121 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 391 $89,325,000 $228,453 $0 0.00%

For the 2021, Lake Shore Savings Bank's most frequently cited loan length of loans were Other, with 391 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 146 $20,930,000 $143,356 $0 0.00%
$100,000 or less 143 $9,575,000 $66,958 $0 0.00%
$200k-400k 67 $17,735,000 $264,701 $0 0.00%
$400k-600k 14 $6,900,000 $492,857 $0 0.00%
$600k-1MM 11 $8,795,000 $799,545 $0 0.00%
$1MM+ 10 $25,390,000 $2,539,000 $0 0.00%

2021 saw Lake Shore Savings Bank place emphasis on $100k-200k loans with 146 originations, totaling $20,930,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 83 $7,085,000 $85,361 $0 0.00%
$50k-75k 80 $9,740,000 $121,750 $0 0.00%
$75k-100k 52 $8,080,000 $155,385 $0 0.00%
$100k-150k 43 $6,905,000 $160,581 $0 0.00%
$150k-250k 36 $7,620,000 $211,667 $0 0.00%
$250k+ 15 $4,535,000 $302,333 $0 0.00%

Lake Shore Savings Bank lent most frequently to those with incomes in the $50k or less range, with 83 originations. The second most popular income band? $50k-75k, with 80 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 391 $89,325,000 $228,453 $0 0.00%

Lake Shore Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 391 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 309 $42,965,000 $139,045 $0 0.00%
Not applicable 53 $41,435,000 $781,792 $0 0.00%
Not provided 17 $3,165,000 $186,176 $0 0.00%
Asian 4 $1,020,000 $255,000 $0 0.00%
Black 6 $520,000 $86,667 $0 0.00%
Asian Indian 1 $175,000 $175,000 $0 0.00%
American Indian 1 $45,000 $45,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.47%

Lake Shore Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
80.19%

Lake Shore Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 391 $89,325,000 $228,453

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
391 $89,325,000 $228,453

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Lake Shore Savings Bank 1 N Green Ave, Wegmans Plaza Jamestown, NY 14701 Full Service B&M $41,758
Lake Shore Savings Bank 4950 Main Street Buffalo, NY 14226 Full Service B&M $29,881
Lake Shore Savings Bank 570 Dick Road Depew, NY 14043 Full Service B&M $34,107
Lake Shore Savings Bank 5751 Transit Road East Amherst, NY 14051 Full Service B&M $58,419
Lake Shore Savings Bank 59 Main Street Hamburg, NY 14075 Full Service B&M $32,472
Lake Shore Savings Bank 3438 Delaware Ave. Buffalo, NY 14217 Full Service B&M $42,629
Lake Shore Savings Bank 106 East Main Street Westfield, NY 14787 Full Service B&M $25,521
Lake Shore Savings Bank 115 East 4th Street Jamestown, NY 14701 Full Service B&M $19,898
Lake Shore Savings Bank 128 East 4th St Dunkirk, NY 14048 Full Service B&M $131,986
Lake Shore Savings Bank 128 East 4th St. Dunkirk, NY 14048 Full Service Cyber Office $672
Lake Shore Savings Bank 30 East Main St. Fredonia, NY 14063 Full Service B&M $97,746
Lake Shore Savings Bank 3111 Union Road Orchard Park, NY 14127 Full Service B&M $77,347

For 2021, Lake Shore Savings Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $24,851
Net interest income $22,085
Total noninterest income $2,961
Gross Fiduciary activities income $0
Service charges on deposit accounts $645
Trading account gains and fees $0
Additional Noninterest Income $2,316
Pre-tax net operating income $7,738
Securities gains (or losses, -) $26
Income before extraordinary items $6,393
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,393
Minority interest net income $0
Net income $6,393
Sale, conversion, retirement of capital stock, net $0
Net operating income $6,371

Lake Shore Savings Bank's gross interest income from loans was $24,851,000.
Lake Shore Savings Bank's net interest income from loans was $22,085,000.
Lake Shore Savings Bank's fee based income from loans was $645,000.
Lake Shore Savings Bank's net income from loans was $6,393,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,766
Provision for credit losses $650
Total noninterest expense $16,658
Salaries and employee benefits $8,727
Premises and equipment expense $2,816
Additional noninterest expense $5,115
Applicable income taxes $1,371
Net charge-offs $389
Cash dividends $0

Lake Shore Savings Bank's interest expense for loans was $2,766,000.
Lake Shore Savings Bank's payroll and benefits expense were $8,727,000.
Lake Shore Savings Bank's property, plant and equipment expenses $2,816,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 7.0%
1-4 family residential loans 1.0%
HELOC loans 1.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $598,077
Deposits held in domestic offices $598,077
Deposits by Individuals, partnerships, and corporations $592,839
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $5,238
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $205,554
Demand deposits $116,617
Nontransaction accounts $392,523
Money market deposit accounts (MMDAs) $37,046
Other savings deposits (excluding MMDAs) $218,113
Total time deposits $137,363
Total time and savings deposits $481,460
Noninterest-bearing deposits $114,526
Interest-bearing deposits $483,551
Retail deposits $570,768
IRAs and Keogh plan accounts $25,566
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $714,033
Cash & Balances due from depository institutions $68,169
Interest-bearing balances $62,227
Total securities $88,817
Federal funds sold & reverse repurchase $0
Net loans and leases $517,222
Loan and leases loss allowance $6,118
Trading account assets $0
Bank premises and fixed assets $10,375
Other real estate owned $123
Goodwill and other intangibles $220
All other assets $29,107

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $714,033
Total Liabilities $628,810
Total deposits $598,077
Interest-bearing deposits $483,551
Deposits held in domestic offices $598,077
% insured (estimated) $81
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $24,526
Subordinated debt $0
All other liabilities $6,207

Issued Loan Types

Type Value (in 000's)
Net loans and leases $517,222
Loan and leases loss allowance $6,118
Total loans and leases (domestic) $523,340
All real estate loans $502,104
Real estate loans in domestic offices $502,104
Construction and development loans $25,619
Residential 1-4 family construction $4,344
Other construction, all land development and other land $21,275
Loans secured by nonfarm nonresidential properties $155,968
Nonfarm nonresidential secured by owner-occupied properties $42,581
Commercial real estate & other non-farm, non-residential $113,387
Multifamily residential real estate $98,951
1-4 family residential loans $221,566
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $19,345
To non-U.S. addressees $0
Loans to individuals $1,328
Credit card loans $0
Related Plans $228
Consumer Auto Loans $96
Other loans to individuals $1,004
All other loans & leases $563
Loans to foreign governments and official institutions $0
Other loans $563
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $152
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $259
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Lake Shore Savings Bank had $517,222,000 of loans outstanding in 2021. $502,104,000 of loans were in real estate loans. $25,619,000 of loans were in development loans. $98,951,000 of loans were in multifamily mortgage loans. $221,566,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $96,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 132 $37,527 $284,295
Nonfarm, nonresidential loans - <$100k 25 $982 $39,280
Nonfarm, nonresidential loans - $100-250k 40 $5,528 $138,200
Nonfarm, nonresidential loans - $250k-1MM 67 $31,017 $462,940
Commercial & Industrial, US addressed loans - <$1MM 129 $9,773 $75,760
Commercial & Industrial, US addressed loans - <$100k 87 $1,091 $12,540
Commercial & Industrial, US addressed loans - $100-250k 17 $1,198 $70,471
Commercial & Industrial, US addressed loans - $250k-1MM 25 $7,484 $299,360