10-Q 1 lsbk-20200930x10q.htm 10-Q lsbk 20200930 10Q





United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020



TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.:  000-51821





 

 

LAKE SHORE BANCORP, INC.

(Exact name of registrant as specified in its charter)

United States

 

20-4729288

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

31 East Fourth Street,  Dunkirk,  New York

 

14048

(Address of principal executive offices)

 

(Zip code)

(716)  366-4070

(Registrant’s telephone number, including area code)



Securities registered pursuant to Section 12(b) of the Exchange Act:



 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

LSBK

 

The Nasdaq Stock Market LLC



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 of 1934 during the preceding 12 months,  and (2) has been subject to such filing requirements for the past 90 days.

Yes  [X]No  [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  [X]No  [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



 

Large accelerated filer

Accelerated filer

Non-accelerated filer  

Smaller reporting company

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange 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 practical date:



There were 5,828,048 shares of the registrant’s common stock, $0.01 par value per share, outstanding at November 10, 2020.

 


 









 

 

 



 

TABLE OF CONTENTS

 



 

 

 

ITEM

 

PART I

PAGE



 

 

 

1

FINANCIAL STATEMENTS

 



-

Consolidated Statements of Financial Condition as of September 30, 2020 (Unaudited) and December 31, 2019

1



-

Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

2



-

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

3



-

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, June 30, and September 30,  2020 and  2019 (Unaudited)

4



-

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and  2019 (Unaudited)

6



-

Notes to Unaudited Consolidated Financial Statements

7

2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

32

3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

52

4

CONTROLS AND PROCEDURES

52



 

 

 



 

PART II

 



 

 

 

1A

RISK FACTORS

52

2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

54

6

EXHIBITS 

54

SIGNATURES

 

 

55



 

 





 

 


 

PART I Financial Information

Item 1. Financial Statements

Lake Shore Bancorp, Inc. and Subsidiary











 

 

 

 

 

 

Consolidated Statements of Financial Condition

 

 

 

 

 

 



 

 

 

 

 

 



 

September 30,

 

December 31,



 

2020

 

2019



 

(Unaudited)



 

(Dollars in thousands, except share data)



 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

8,373 

 

$

7,884 

Interest earning deposits

 

 

62,766 

 

 

22,405 

Cash and Cash Equivalents

 

 

71,139 

 

 

30,289 

Securities available for sale

 

 

81,641 

 

 

71,201 

Federal Home Loan Bank stock, at cost

 

 

1,977 

 

 

2,055 

Loans receivable, net of allowance for loan losses 2020 $5,347;  2019 $4,267

 

 

491,268 

 

 

470,816 

Premises and equipment, net

 

 

9,066 

 

 

9,415 

Accrued interest receivable

 

 

3,145 

 

 

2,153 

Bank owned life insurance

 

 

22,343 

 

 

21,969 

Other assets

 

 

2,084 

 

 

2,971 

Total Assets

 

$

682,663 

 

$

610,869 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

              Interest bearing

 

$

464,869 

 

$

422,247 

              Non-interest bearing

 

 

90,669 

 

 

61,229 

Total Deposits

 

 

555,538 

 

 

483,476 

Long-term debt

 

 

31,350 

 

 

34,650 

Advances from borrowers for taxes and insurance

 

 

1,972 

 

 

3,233 

Other liabilities

 

 

8,916 

 

 

6,670 

Total Liabilities

 

 

597,776 

 

 

528,029 

Stockholders' Equity

 

 

 

 

 

 

Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,835,237 shares outstanding at September 30, 2020 and 6,836,514 shares issued and 5,924,339 shares outstanding at December 31, 2019

 

 

68 

 

 

68 

Additional paid-in capital

 

 

31,169 

 

 

31,078 

Treasury stock, at cost (1,001,277 shares at September 30, 2020 and 912,175 shares at December 31, 2019)

 

 

(11,430)

 

 

(10,184)

Unearned shares held by ESOP

 

 

(1,300)

 

 

(1,364)

Unearned shares held by compensation plans

 

 

(147)

 

 

(39)

Retained earnings

 

 

64,501 

 

 

61,950 

Accumulated other comprehensive income

 

 

2,026 

 

 

1,331 

Total Stockholders' Equity

 

 

84,887 

 

 

82,840 

Total Liabilities and Stockholders' Equity

 

$

682,663 

 

$

610,869 



 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 



 









1


 

Lake Shore Bancorp, Inc. and Subsidiary



 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2020

 

 

2019

 

2020

 

2019



 

(Unaudited)



 

(Dollars in thousands, except per share data)

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

   Loans, including fees

 

$

5,366 

 

$

5,653 

 

$

16,637 

 

$

15,676 

   Investment securities, taxable

 

 

239 

 

 

278 

 

 

746 

 

 

863 

   Investment securities, tax-exempt

 

 

302 

 

 

328 

 

 

882 

 

 

1,082 

   Other

 

 

15 

 

 

60 

 

 

92 

 

 

312 

         Total Interest Income

 

 

5,922 

 

 

6,319 

 

 

18,357 

 

 

17,933 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

   Deposits

 

 

833 

 

 

1,173 

 

 

2,950 

 

 

3,249 

   Short-term borrowings

 

 

 -

 

 

33 

 

 

 -

 

 

46 

   Long-term debt

 

 

164 

 

 

142 

 

 

513 

 

 

409 

   Other

 

 

17 

 

 

18 

 

 

52 

 

 

55 

         Total Interest Expense

 

 

1,014 

 

 

1,366 

 

 

3,515 

 

 

3,759 

         Net Interest Income

 

 

4,908 

 

 

4,953 

 

 

14,842 

 

 

14,174 

Provision for Loan Losses

 

 

300 

 

 

300 

 

 

1,125 

 

 

725 

         Net Interest Income after Provision for Loan Losses

 

 

4,608 

 

 

4,653 

 

 

13,717 

 

 

13,449 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

   Service charges and fees

 

 

407 

 

 

473 

 

 

1,206 

 

 

1,345 

   Earnings on bank owned life insurance

 

 

128 

 

 

128 

 

 

374 

 

 

370 

   Unrealized (loss) gain on equity securities

 

 

(6)

 

 

22 

 

 

(24)

 

 

57 

   Unrealized gain (loss) on interest rate swap

 

 

23 

 

 

(15)

 

 

(156)

 

 

(109)

   Recovery on previously impaired investment securities

 

 

20 

 

 

13 

 

 

48 

 

 

39 

   Net gain on sale of loans

 

 

184 

 

 

27 

 

 

333 

 

 

29 

   Other

 

 

15 

 

 

21 

 

 

53 

 

 

73 

         Total Non-Interest Income

 

 

771 

 

 

669 

 

 

1,834 

 

 

1,804 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

   Salaries and employee benefits

 

 

2,172 

 

 

2,111 

 

 

6,311 

 

 

6,509 

   Occupancy and equipment

 

 

647 

 

 

632 

 

 

1,921 

 

 

1,855 

   Data processing

 

 

353 

 

 

346 

 

 

1,012 

 

 

1,022 

   Professional services

 

 

245 

 

 

239 

 

 

741 

 

 

735 

   Advertising

 

 

166 

 

 

168 

 

 

537 

 

 

520 

   Postage and supplies

 

 

59 

 

 

58 

 

 

204 

 

 

181 

   FDIC insurance

 

 

44 

 

 

 

 

79 

 

 

71 

   Other

 

 

236 

 

 

364 

 

 

850 

 

 

976 

         Total Non-Interest Expense

 

 

3,922 

 

 

3,919 

 

 

11,655 

 

 

11,869 

         Income before Income Taxes

 

 

1,457 

 

 

1,403 

 

 

3,896 

 

 

3,384 

Income Tax Expense

 

 

226 

 

 

191 

 

 

581 

 

 

469 

         Net Income

 

$

1,231 

 

$

1,212 

 

$

3,315 

 

$

2,915 

Basic and diluted earnings per common share

 

$

0.21 

 

$

0.20 

 

$

0.56 

 

$

0.48 

Dividends declared per share

 

$

0.12 

 

$

0.12 

 

$

0.36 

 

$

0.36 



 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 



























2


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income









 

 

 

 

 

 

 



 

 

Three Months Ended September 30,



 

 

2020

 

2019



 

 

(Unaudited)



 

 

(Dollars in thousands)

Net Income

 

 

$

1,231 

 

 

1,212 

Other Comprehensive (Loss) Income, net of tax benefit (expense):

 

 

 

 

 

 

 

Unrealized holding (losses) gains on securities available for sale, net of tax (benefit) expense

 

 

 

(122)

 

 

207 

Reclassification adjustments related to:

 

 

 

 

 

 

 

Recovery on previously impaired investment securities included in net income, net of tax expense

 

 

 

(16)

 

 

(10)

Total Other Comprehensive (Loss) Income

 

 

 

(138)

 

 

197 

Total Comprehensive Income

 

 

$

1,093 

 

$

1,409 



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

Nine Months Ended September 30,



 

 

2020

 

2019



 

 

(Unaudited)



 

 

(Dollars in thousands)

Net Income

 

 

$

3,315 

 

$

2,915 

Other Comprehensive Income, net of tax expense:

 

 

 

 

 

 

 

Unrealized holding gains on securities available for sale, net of tax expense

 

 

 

733 

 

 

1,471 

Reclassification adjustments related to:

 

 

 

 

 

 

 

Recovery on previously impaired investment securities included in net income, net of tax expense

 

 

 

(38)

 

 

(31)

Total Other Comprehensive Income

 

 

 

695 

 

 

1,440 

Total Comprehensive Income

 

 

$

4,010 

 

$

4,355 



 

 

 

 

 

 

 

See notes to consolidated financial statements.

 

 

 

 





3


 

Lake Shore Bancorp, Inc. and Subsidiary

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, June 30, and September 30, 2020 and 2019 (Unaudited)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Unearned

 

Unearned Shares

 

 

 

 

Accumulated

 

 

 



 

 

 

 

Additional

 

 

 

 

Shares

 

Held by

 

 

 

 

Other

 

 

 



 

Common

 

Paid-In

 

Treasury

 

Held by

 

Compensation

 

Retained

 

Comprehensive

 

 

 



 

Stock

 

Capital

 

Stock

 

ESOP

 

Plans

 

Earnings

 

Income

 

Total



 

(Dollars in thousands, except share and per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2019

 

$

68 

 

$

30,916 

 

$

(8,805)

 

$

(1,449)

 

$

(200)

 

$

59,145 

 

$

129 

 

$

79,804 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

898 

 

 

 -

 

 

898 

Other comprehensive income, net of tax expense of $167

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

628 

 

 

628 

Cumulative effect of adoption of ASU 2016-02 Leases (Topic 842) (net of $2 tax benefit effect)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(10)

 

 

 -

 

 

(10)

ESOP shares earned (1,984 shares)

 

 

 -

 

 

10 

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

31 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares granted (5,186 shares)

 

 

 -

 

 

 -

 

 

49 

 

 

 -

 

 

(49)

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (5,518 shares)

 

 

 -

 

 

18 

 

 

 -

 

 

 -

 

 

60 

 

 

 -

 

 

 -

 

 

78 

Purchase of treasury stock, at cost (7,300 shares)

 

 

 -

 

 

 -

 

 

(111)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(111)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(267)

 

 

 -

 

 

(267)

Balance - March 31, 2019

 

$

68 

 

$

30,955 

 

$

(8,867)

 

$

(1,428)

 

$

(189)

 

$

59,766 

 

$

757 

 

$

81,062 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - April 1, 2019

 

$

68 

 

$

30,955 

 

$

(8,867)

 

$

(1,428)

 

$

(189)

 

$

59,766 

 

$

757 

 

$

81,062 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

805 

 

 

 -

 

 

805 

Other comprehensive income, net of tax expense of $164

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

615 

 

 

615 

ESOP shares earned (1,983 shares)

 

 

 -

 

 

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

27 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares forfeited (760 shares)

 

 

 -

 

 

 -

 

 

(8)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (6,107 shares)

 

 

 -

 

 

23 

 

 

 -

 

 

 -

 

 

58 

 

 

 -

 

 

 -

 

 

81 

Purchase of treasury stock, at cost (43,900 shares)

 

 

 -

 

 

 -

 

 

(672)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(672)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(265)

 

 

 -

 

 

(265)

Balance - June 30, 2019

 

$

68 

 

$

30,995 

 

$

(9,547)

 

$

(1,407)

 

$

(123)

 

$

60,306 

 

$

1,372 

 

$

81,664 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - July 1, 2019

 

$

68 

 

$

30,995 

 

$

(9,547)

 

$

(1,407)

 

$

(123)

 

$

60,306 

 

$

1,372 

 

$

81,664 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,212 

 

 

 -

 

 

1,212 

Other comprehensive income, net of tax expense of $52

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

197 

 

 

197 

Stock options exercised (17,773 shares)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

ESOP shares earned (1,984 shares)

 

 

 -

 

 

11 

 

 

 -

 

 

22 

 

 

 -

 

 

 -

 

 

 -

 

 

33 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares earned (4,277 shares)

 

 

 -

 

 

19 

 

 

 -

 

 

 -

 

 

52 

 

 

 -

 

 

 -

 

 

71 

Purchase of treasury stock, at cost (16,990 shares)

 

 

 -

 

 

 -

 

 

(255)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(255)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(480)

 

 

 -

 

 

(480)

Balance - September 30, 2019

 

$

68 

 

$

31,042 

 

$

(9,802)

 

$

(1,385)

 

$

(71)

 

$

61,038 

 

$

1,569 

 

$

82,459 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


 



 

 

 

 

 

 

 

 

 

 

Unearned

 

Unearned Shares

 

 

 

 

Accumulated

 

 

 



 

 

 

 

Additional

 

 

 

 

Shares

 

Held by

 

 

 

 

Other

 

 

 



 

Common

 

Paid-In

 

Treasury

 

Held by

 

Compensation

 

Retained

 

Comprehensive

 

 

 



 

Stock

 

Capital

 

Stock

 

ESOP

 

Plans

 

Earnings

 

Income (Loss)

 

Total



 

(Dollars in thousands, except share and per share data)

Balance - January 1, 2020

 

$

68 

 

$

31,078 

 

$

(10,184)

 

$

(1,364)

 

$

(39)

 

$

61,950 

 

$

1,331 

 

$

82,840 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

731 

 

 

 -

 

 

731 

Other comprehensive income, net of tax expense of $220

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

828 

 

 

828 

ESOP shares earned (1,984 shares)

 

 

 -

 

 

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

28 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares granted (20,830 shares)

 

 

 -

 

 

 -

 

 

196 

 

 

 -

 

 

(196)

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (1,889 shares)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

20 

 

 

 -

 

 

 -

 

 

29 

Purchase of treasury stock, at cost (26,900 shares)

 

 

 -

 

 

 -

 

 

(377)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(377)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(259)

 

 

 -

 

 

(259)

Balance - March 31, 2020

 

$

68 

 

$

31,105 

 

$

(10,365)

 

$

(1,343)

 

$

(215)

 

$

62,422 

 

$

2,159 

 

$

83,831 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - April 1, 2020

 

$

68 

 

$

31,105 

 

$

(10,365)

 

$

(1,343)

 

$

(215)

 

$

62,422 

 

$

2,159 

 

$

83,831 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,353 

 

 

 -

 

 

1,353 

Other comprehensive income, net of tax expense of $2

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

ESOP shares earned (1,984 shares)

 

 

 -

 

 

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

23 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares forfeited (332 shares)

 

 

 -

 

 

 -

 

 

(4)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

Compensation plan shares earned (3,299 shares)

 

 

 -

 

 

19 

 

 

 -

 

 

 -

 

 

31 

 

 

 -

 

 

 -

 

 

50 

Purchase of treasury stock, at cost (40,600 shares)

 

 

 -

 

 

 -

 

 

(511)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(511)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(254)

 

 

 -

 

 

(254)

Balance - June 30, 2020

 

$

68 

 

$

31,137 

 

$

(10,880)

 

$

(1,322)

 

$

(180)

 

$

63,521 

 

$

2,164 

 

$

84,508 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - July 1, 2020

 

$

68 

 

$

31,137 

 

$

(10,880)

 

$

(1,322)

 

$

(180)

 

$

63,521 

 

$

2,164 

 

$

84,508 

Net income

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,231 

 

 

 -

 

 

1,231 

Other comprehensive loss, net of tax benefit of $37

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(138)

 

 

(138)

ESOP shares earned (1,984 shares)

 

 

 -

 

 

 

 

 -

 

 

22 

 

 

 -

 

 

 -

 

 

 -

 

 

25 

Stock based compensation

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

11 

Compensation plan shares earned (3,327 shares)

 

 

 -

 

 

18 

 

 

 -

 

 

 -

 

 

33 

 

 

 -

 

 

 -

 

 

51 

Purchase of treasury stock, at cost (42,100 shares)

 

 

 -

 

 

 -

 

 

(550)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(550)

Cash dividends declared ($0.12 per share)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(251)

 

 

 -

 

 

(251)

Balance - September 30, 2020

 

$

68 

 

$

31,169 

 

$

(11,430)

 

$

(1,300)

 

$

(147)

 

$