Lake Shore Bancorp

LSBK • NASDAQ

Lake Shore Bancorp is a banks - regional company in the financial services sector on NASDAQ, led by Kim C. Liddell, with a market cap of $110.0M. As of Q3 2025, 28% of shares are held by 32 institutional investors, with Stilwell Value LLC as the largest holder at 9.44%.

President and Chief Executive OfficerKim C. Liddell

Market Cap$110.0M

Banks - Regional

Financial Services

Employees117.0

Websitelakeshoresavings.com

Country

United States of America

Overview

Overview of institutional ownership in LSBK as of Q3 2025 with a market cap of $101.7M

All Institutions

Institutions: 32
Value Held: $28.4M
Shares Held: 2.2M
Avg Position: $887.2K
Median Position: $329.8K

Hedge Funds

Hedge Funds: 8
Value Held: $15.9M
Shares Held: 1.2M
Avg Position: $2.0M
Median Position: $857.6K

Ownership Breakdown

Institutional (non-HF)

12.29%

$12.5M

Hedge Funds

15.62%

$15.9M

Retail & Other

72.09%

$73.3M

Based on market cap of $101.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in LSBK as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
S Stilwell Value LLC Hedge Fund•Activist	Ravi Bipin Shah CFO	$9.6M 3.42% of portfolio	9.44% 738.7K shares	Q1 2015 Held for 10y 8m	$280.8M
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$4.3M 0.00% of portfolio	4.21% 329.4K shares	Q3 2025 Held for 2 months	$317.45B
O Oppenheimer & Close, LLC Institution	-	$2.3M 1.56% of portfolio	2.30% 180.0K shares	Q3 2025 Held for 2 months	$150.2M
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	Nathaniel Hall August President	$1.9M 0.13% of portfolio	1.89% 147.6K shares	Q3 2025 Held for 2 months	$1.4B
HBK Sorce Advisory LLC Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	$1.3M 0.03% of portfolio	1.34% 105.3K shares	Q2 2016 Held for 9y 5m	$4.1B
G GRAHAM CAPITAL WEALTH MANAGEMENT, LLC RIA/Wealth	Stash John Graham Managing Partner	$988.4K 1.02% of portfolio	0.97% 76.0K shares	Q3 2025 Held for 2 months	$96.5M
M3F, Inc. Hedge Fund•Long/Short	William Chester Waller Managing Partner	$972.4K 0.28% of portfolio	0.96% 74.8K shares	Q2 2023 Held for 2y 5m	$352.9M
P Peapod Lane Capital LLC Institution	-	$889.5K 0.80% of portfolio	0.87% 68.4K shares	Q3 2025 Held for 2 months	$111.8M
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$742.8K 0.00% of portfolio	0.73% 57.1K shares	Q3 2025 Held for 2 months	$75.8B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$584.4K 0.00% of portfolio	0.57% 45.0K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B

Net Capital Flow

Institutional buying and selling activity for LSBK in Q3 2025

Traded: +$22.1M
Buyers: 31
Sellers: 2
Total Bought: +$22.6M
Total Sold: −$428.2K
Avg Position: $835.0K

Biggest Buyers

Institution	Net Bought	Current Position
S Stilwell Value LLC Hedge Fund•Activist	+$8.0M +616.8K shares	$9.6M 738.7K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$4.3M +329.4K shares	$4.3M 329.4K shares
O Oppenheimer & Close, LLC Institution	+$2.3M +180.0K shares	$2.3M 180.0K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	+$1.9M +147.6K shares	$1.9M 147.6K shares
G GRAHAM CAPITAL WEALTH MANAGEMENT, LLC RIA/Wealth	+$988.4K +76.0K shares	$988.4K 76.0K shares
P Peapod Lane Capital LLC Institution	+$889.5K +68.4K shares	$889.5K 68.4K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$742.8K +57.1K shares	$742.8K 57.1K shares
Fourthstone LLC Hedge Fund•Long/Short	+$546.0K +42.0K shares	$546.0K 42.0K shares
HBK Sorce Advisory LLC Hedge Fund•Multi-Strategy	+$477.4K +37.4K shares	$1.3M 105.3K shares
Marshall Wace LLP Institution	+$271.8K +20.9K shares	$271.8K 20.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
M3F, Inc. Hedge Fund•Long/Short	−$412.4K −31.7K shares	$972.4K 74.8K shares
Farther Finance Advisors, LLC RIA/Wealth	−$15.8K −1.0K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited LSBK in Q3 2025

New Positions: 13
New Value: $12.8M
Exited Positions: 1
Exited Value: $15.8K

New Positions

Institution	Position Value
ALLIANCEBERNSTEIN L.P. Long Only Manager	$4.3M 329.4K shares
O Oppenheimer & Close, LLC Institution	$2.3M 180.0K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	$1.9M 147.6K shares
G GRAHAM CAPITAL WEALTH MANAGEMENT, LLC RIA/Wealth	$988.4K 76.0K shares
P Peapod Lane Capital LLC Institution	$889.5K 68.4K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$742.8K 57.1K shares
Fourthstone LLC Hedge Fund•Long/Short	$546.0K 42.0K shares
Marshall Wace LLP Institution	$271.8K 20.9K shares
Sandhill Capital Partners LLC RIA/Wealth	$260.0K 20.0K shares
Round Hill Asset Management RIA/Wealth	$204.3K 15.7K shares

Exited Positions

Institution	Previous Position
Farther Finance Advisors, LLC RIA/Wealth	$15.8K 1.0K shares

Options Activity

Institutions with the largest Call and Put options positions in LSBK as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with LSBK as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Stilwell Value LLC Hedge Fund•Activist	Ravi Bipin Shah CFO	3.42% $9.6M	9.44% 738.7K shares	Q1 2015 Held for 10y 8m	$280.8M
O Oppenheimer & Close, LLC Institution	-	1.56% $2.3M	2.30% 180.0K shares	Q3 2025 Held for 2 months	$150.2M
G GRAHAM CAPITAL WEALTH MANAGEMENT, LLC RIA/Wealth	Stash John Graham Managing Partner	1.02% $988.4K	0.97% 76.0K shares	Q3 2025 Held for 2 months	$96.5M
P Peapod Lane Capital LLC Institution	-	0.80% $889.5K	0.87% 68.4K shares	Q3 2025 Held for 2 months	$111.8M
M Minerva Advisors LLC Hedge Fund•Value	David Peter Cohen President	0.37% $575.4K	0.57% 44.3K shares	≤ Q2 2013 Held for 12y 5m+	$157.5M
M3F, Inc. Hedge Fund•Long/Short	William Chester Waller Managing Partner	0.28% $972.4K	0.96% 74.8K shares	Q2 2023 Held for 2y 5m	$352.9M
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	Nathaniel Hall August President	0.13% $1.9M	1.89% 147.6K shares	Q3 2025 Held for 2 months	$1.4B
Round Hill Asset Management RIA/Wealth	Channing Turner Lushbough President	0.13% $204.3K	0.20% 15.7K shares	Q3 2025 Held for 2 months	$154.6M
Fourthstone LLC Hedge Fund•Long/Short	Amy Morris Stone CEO	0.10% $546.0K	0.54% 42.0K shares	Q3 2025 Held for 2 months	$557.6M
HBK Sorce Advisory LLC Hedge Fund•Multi-Strategy	Matthew Atcheson Leffers President	0.03% $1.3M	1.34% 105.3K shares	Q2 2016 Held for 9y 5m	$4.1B

Hedge Fund Spotlight

Discover hedge funds investing in LSBK

Fourthstone LLC

Hedge Fund • Long/Short

Portfolio ManagerAmy Morris Stone

Portfolio Value: $557.6M
Positions: 83
Last Reported: Q3 2025

Sector Allocation

Position in Lake Shore Bancorp

Market Value: $546.0K
Shares Held: 42.0K
Portfolio Weight: 0.10%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Orrstown Financial Services ORRF	Banks - Regional Financial Services	$49.4M	8.85%
2 ChoiceOne Financial COFS	Banks - Regional Financial Services	$31.7M	5.68%
3 Community West Bancshares CWBC	Banks - Regional Financial Services	$30.5M	5.47%