{"product_id":"lsbk-vrio-analysis","title":"Lake Shore Bancorp, Inc. (LSBK): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Lake Shore Bancorp, Inc. (LSBK) truly built for long-term success? This VRIO analysis cuts straight to the core, revealing whether its current resources are Valuable, Rare, Inimitable, and Organized enough to secure a sustainable competitive advantage. Scroll down now to see the distilled verdict on what truly drives their market position.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e1. Post-Conversion Capital Structure\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at the immediate impact of that big July 2025 conversion and stock offering, and honestly, it was a game-changer for the balance sheet. The direct takeaway is that the successful capital raise immediately provided the necessary firepower to support growth and manage risk, which is exactly what a newly public entity needs.\u003c\/p\u003e\n\u003cp\u003eThe core value driver here is the capital infusion. The subscription offering closed, netting Lake Shore Bancorp, Inc. exactly \u003cstrong\u003e$49.5 million\u003c\/strong\u003e in gross proceeds, which immediately strengthened their capital position. This wasn't just a paper transaction; it translated directly into tangible financial health metrics as of September 30, 2025, giving management the runway to execute their new strategy.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math on how that capital translated into stability, based on their Q3 2025 reporting:\u003c\/p\u003e\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eMetric\u003c\/td\u003e\n    \u003ctd\u003eValue (as of 9\/30\/2025)\u003c\/td\u003e\n    \u003ctd\u003eContext\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eGross Proceeds from Offering\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$49.5 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eDirect cash injection from the offering\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eBook Value Per Share\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$17.80\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eSignificant increase post-conversion\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eTier 1 Leverage Ratio\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e16.34%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eIndicates a well-capitalized position\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eTotal Risk-Based Capital Ratio\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e22.76%\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eStrong buffer against unexpected losses\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eQ3 2025 Net Income\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003e$2.4 million\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eSignifies immediate profitability improvement\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e is moderate because while many mutuals convert, executing a clean conversion and raising capital successfully in a tight market isn't a given; timing matters a lot. \u003cstrong\u003eImitability\u003c\/strong\u003e is also moderate; the steps are known, but replicating the exact successful timing and market reception is tough to copy overnight. The successful closing and the immediate declaration of a dividend - like the \u003cstrong\u003e$0.09\u003c\/strong\u003e per share declared in October 2025 - show strong executive alignment, pointing to high \u003cstrong\u003eOrganization\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe VRIO assessment lands on a \u003cstrong\u003eTemporary Competitive Advantage\u003c\/strong\u003e. That capital boost buys time, definitely, but the advantage fades unless LSBK deploys that cash smartly into loan growth or strategic acquisitions. You have to watch how they use those funds.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eValue: Capital boost enables strategic flexibility.\u003c\/li\u003e\n\u003cli\u003eRarity: Successful execution in a tough market.\u003c\/li\u003e\n\u003cli\u003eImitability: Process is known, timing is hard to repeat.\u003c\/li\u003e\n\u003cli\u003eOrganization: Strong alignment shown by immediate dividend.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e2. New York Commercial Bank Charter\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eThe conversion from a federal savings bank charter to a New York chartered commercial bank became effective after the close of business on \u003cstrong\u003eJuly 18, 2025\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eValue\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe expanded legal authority permits a broader range of commercial lending and services, building upon a pre-conversion loan portfolio heavily weighted toward commercial real estate.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCommercial Real Estate Loans as of December 31, 2024: \u003cstrong\u003e$321.0 million\u003c\/strong\u003e, representing \u003cstrong\u003e58.7%\u003c\/strong\u003e of the total gross loan portfolio.\u003c\/li\u003e\n\u003cli\u003eOne- to Four-Family Residential Mortgage Loans as of December 31, 2024: \u003cstrong\u003e$161.3 million\u003c\/strong\u003e, representing \u003cstrong\u003e29.5%\u003c\/strong\u003e of the total gross loan portfolio.\u003c\/li\u003e\n\u003cli\u003eCommercial Business Loans as of December 31, 2024: \u003cstrong\u003e$15.7 million\u003c\/strong\u003e, or \u003cstrong\u003e2.9%\u003c\/strong\u003e of the total gross loan portfolio.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch\u003e\u003ch\u003eRarity\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe charter conversion is a major regulatory undertaking, evidenced by the associated capital raise and structural change.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGross proceeds from the related stock offering: \u003cstrong\u003e$49.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eShares sold in the subscription offering: \u003cstrong\u003e4,950,460\u003c\/strong\u003e shares at \u003cstrong\u003e$10.00\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eThe conversion from mutual holding company to stock holding company and charter change was approved by stockholders and members on \u003cstrong\u003eJuly 1, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch\u003e\u003ch\u003eImitability\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe process required years of regulatory compliance and relationship building with the New York State chartering authority.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eOrganization\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe bank is organized to operate under the new charter, demonstrated by the successful closing of the transaction and the immediate commencement of public trading.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial Metric (Q2 2025)\u003c\/td\u003e\n\u003ctd\u003eAmount\/Rate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$734.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$554.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$627.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.84%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Assets (ROA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.11%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook Value Per Share (End Q2 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$16.13\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch\u003e\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe expanded legal authority provides a permanent structural advantage over peers restricted by older federal savings bank charters.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNumber of full-service branch locations: \u003cstrong\u003eten\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eGeographic focus: Western New York, specifically \u003cstrong\u003efour\u003c\/strong\u003e in Chautauqua County and \u003cstrong\u003esix\u003c\/strong\u003e in Erie County.\u003c\/li\u003e\n\u003cli\u003ePost-conversion common stock outstanding: Approximately \u003cstrong\u003e7,825,877\u003c\/strong\u003e shares.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e3. Deep Western New York Community Embeddedness\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: A localized focus in Chautauqua, Erie, and Cattaraugus counties builds customer loyalty and a stable, lower-cost deposit base, acting as a competitive moat against larger national banks.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Rare; true, deep, multi-decade community roots are scarce in an era of consolidation. The Bank was founded in 1891 in Dunkirk.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Very difficult; this is built on time, local reputation, and relationship capital, not balance sheet alone.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High; the bank prioritizes local support, as seen in its community grant distributions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained; this intangible asset is tough for outsiders to buy or build quickly.\u003c\/p\u003e\n\u003cp\u003eThe bank's operational footprint and commitment are quantified by its physical presence and targeted giving:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eContext\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Branch Count\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull-service locations in Western New York\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eChautauqua County Branches\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGeographic Focus Area\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eErie County Branches\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGeographic Focus Area\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunity Grant Service Area Restriction\u003c\/td\u003e\n\u003ctd\u003eChautauqua and Erie Counties\u003c\/td\u003e\n\u003ctd\u003eCurrent Guidelines\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMaximum Single Grant Contribution\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2,500\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExcept in unusual circumstances\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Reported Grant Program Total\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\u0026gt; $14,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAwarded to local non-profits\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$590.3 M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of 9\/30\/2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$742.8 M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of 9\/30\/2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe structure of the Community Reinvestment Fund demonstrates organizational alignment with local needs:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGrant funds are distributed on a bi-annual basis in June and December.\u003c\/li\u003e\n\u003cli\u003eOrganizations must have 501C3 status.\u003c\/li\u003e\n\u003cli\u003ePriority is given to projects serving the needs of the low to moderate income population or geographies.\u003c\/li\u003e\n\u003cli\u003eContributions are a one-time grant with no commitment for ongoing projects.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e4. Strong Credit Quality Metrics\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Non-performing assets (NPAs) as a percentage of total assets fell to \u003cstrong\u003e0.25%\u003c\/strong\u003e as of September 30, 2025, signaling excellent underwriting and low immediate credit risk exposure. This represents a significant improvement from \u003cstrong\u003e0.55%\u003c\/strong\u003e at December 31, 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; many peers still manage elevated NPAs from prior economic cycles, though the sector generally shows resilient credit quality.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; good credit culture is imitable, but achieving this low ratio takes time and discipline.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; management clearly prioritizes risk identification and balance sheet hygiene, evidenced by capital strength metrics such as a Tier 1 Leverage ratio of \u003cstrong\u003e16.34%\u003c\/strong\u003e at September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; credit quality can deteriorate quickly if lending standards loosen.\u003c\/p\u003e\n\u003cp\u003eFurther statistical evidence supporting strong credit quality includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAllowance for credit losses on loans as a percentage of loans at amortized cost stood at \u003cstrong\u003e0.87%\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eTotal Assets for LSBK were reported at \u003cstrong\u003e$742.8 M\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe decrease in non-performing assets from year-end 2024 to Q3 2025 was \u003cstrong\u003e$2.0 million\u003c\/strong\u003e, or \u003cstrong\u003e51.8%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eComparative Credit Quality Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eLSBK (As of 9\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003eLSBK (As of 12\/31\/2024)\u003c\/td\u003e\n\u003ctd\u003ePeer Context (Latest Available)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Performing Assets \/ Total Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.25%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.55%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePublic Sector Banks Gross NPA Ratio: \u003cstrong\u003e2.58%\u003c\/strong\u003e (March 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAllowance for Credit Losses \/ Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.87%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.93%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCommunity Banks CRE Loan Past Due\/Nonaccrual (Median): \u003cstrong\u003e0.31%\u003c\/strong\u003e (Year-End 2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e5. Improved Profitability Momentum\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e H1 2025 net income reached \u003cstrong\u003e$3.0 million\u003c\/strong\u003e, compared to $2.1 million in H1 2024. The Q2 2025 Net Interest Margin (NIM) was \u003cstrong\u003e3.84%\u003c\/strong\u003e, an improvement of 35 basis points from Q1 2025. Return on assets in Q2 2025 was \u003cstrong\u003e1.11%\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; the H1 2025 profit numbers are reported as the best since at least 2016. The Q2 2025 NIM of \u003cstrong\u003e3.84%\u003c\/strong\u003e was 70 basis points ahead of its counterpart from 2024.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; NIM expansion is often market-dependent, but their execution is noteworthy. The bank reduced reliance on wholesale Federal Home Loan Bank of New York (FHLBNY) funding by \u003cstrong\u003e$6.3 million\u003c\/strong\u003e during the first quarter of 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the bank is clearly focused on maximizing the spread between earning assets and funding costs. The company reported a decrease in non-interest expenses totaling \u003cstrong\u003e$4.6 million\u003c\/strong\u003e in Q2 2025, a \u003cstrong\u003e5.6%\u003c\/strong\u003e decrease when compared to Q2 2024.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; NIM compression is a constant threat in banking. The Q3 2025 NIM was \u003cstrong\u003e3.72%\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eThe recent profitability momentum is supported by key financial metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ2 2025 Net Income was \u003cstrong\u003e$1.9 million\u003c\/strong\u003e, or \u003cstrong\u003e$0.34\u003c\/strong\u003e per diluted share.\u003c\/li\u003e\n\u003cli\u003eQ1 2025 Net Income was \u003cstrong\u003e$1.1 million\u003c\/strong\u003e, or \u003cstrong\u003e$0.19\u003c\/strong\u003e per diluted share.\u003c\/li\u003e\n\u003cli\u003eTotal assets at the end of Q2 2025 were \u003cstrong\u003e$734.8 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e7.2%\u003c\/strong\u003e from the end of 2024.\u003c\/li\u003e\n\u003cli\u003eTotal assets as of Q3 2025 were \u003cstrong\u003e$742.8 M\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal gross loans grew to \u003cstrong\u003e$554.4 million\u003c\/strong\u003e at the end of Q2 2025.\u003c\/li\u003e\n\u003cli\u003eTotal Loans as of Q3 2025 were \u003cstrong\u003e$552.6 M\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eComparative Financial Snapshot:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ1 2025\u003c\/th\u003e\n\u003cth\u003eQ2 2025\u003c\/th\u003e\n\u003cth\u003eQ3 2025 (as of 9\/30\/2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated for Q3\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.49%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.84%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.72%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated for Q1\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$734.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$742.8 M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated for Q1\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$627.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$590.3 M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eKey Drivers of Profitability Improvement:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet interest income for Q1 2025 increased by \u003cstrong\u003e6.5%\u003c\/strong\u003e as compared to Q1 2024.\u003c\/li\u003e\n\u003cli\u003eNet interest income increased \u003cstrong\u003e17.6%\u003c\/strong\u003e on a year-over-year basis to \u003cstrong\u003e$916,000\u003c\/strong\u003e in Q2 2025 (Note: This figure appears to be a component or a different reporting basis than the overall NII).\u003c\/li\u003e\n\u003cli\u003eNon-interest income increased \u003cstrong\u003e8.4%\u003c\/strong\u003e when compared to Q2 2024.\u003c\/li\u003e\n\u003cli\u003eNon-interest expense totaled \u003cstrong\u003e$4.6 million\u003c\/strong\u003e in Q2 2025, a \u003cstrong\u003e5.2%\u003c\/strong\u003e decrease when compared to Q1 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e6. Operational Expense Optimization\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch3\u003eNon-interest Expense Performance\u003c\/h3\u003e\n\u003cp\u003eNon-interest expenses totaled \u003cstrong\u003e$4.6 million\u003c\/strong\u003e in Q2 2025, representing a \u003cstrong\u003e5.6%\u003c\/strong\u003e decrease when compared to Q2 2024. This reduction contributed to the net income increase from \u003cstrong\u003e$1.1 million\u003c\/strong\u003e in Q2 2024 to \u003cstrong\u003e$1.9 million\u003c\/strong\u003e in Q2 2025.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ2 2024 Amount\u003c\/th\u003e\n\u003cth\u003eQ2 2025 Amount\u003c\/th\u003e\n\u003cth\u003eYear-over-Year Change\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Interest Expense\u003c\/td\u003e\n\u003ctd\u003eApprox. $4.87 million (Calculated)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-5.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e72.7%\u003c\/strong\u003e (Approx.)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (H1)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$10.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$11.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eModerately rare; many institutions struggle to cut costs while simultaneously investing in growth.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eModerate; cost-cutting programs are common, but sustained success requires strong internal controls.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003ch3\u003eExecution of Efficiency Initiatives\u003c\/h3\u003e\n\u003cp\u003eThe reported expense reduction demonstrates effective execution of efficiency initiatives, including strategic balance sheet management. The company's commitment to maintaining an efficient expense profile is a stated goal.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDecline in professional services expense of \u003cstrong\u003e$451,000\u003c\/strong\u003e, or \u003cstrong\u003e53.2%\u003c\/strong\u003e, positively impacted Q2 2024 net income compared to Q2 2023, indicating prior cost discipline.\u003c\/li\u003e\n\u003cli\u003eRepayment of wholesale funding: \u003cstrong\u003e$8.3 million\u003c\/strong\u003e of Federal Home Loan Bank of New York borrowings repaid in H1 2025, with only \u003cstrong\u003e$2.0 million\u003c\/strong\u003e outstanding as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eReduction in wholesale funding by \u003cstrong\u003e$23.0 million\u003c\/strong\u003e in H1 2024 through organic deposit growth.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary; efficiency gains often erode as new systems or personnel are added.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e7. Nasdaq Public Listing and Visibility\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Trading on Nasdaq under LSBK increases visibility to a broader investor base, which is crucial for future capital raises or M\u0026amp;A activity.\u003c\/p\u003e\n\u003cp\u003eThe common stock commenced trading on the Nasdaq Global Market under the symbol “LSBK” on \u003cstrong\u003eJuly 21, 2025\u003c\/strong\u003e. The related stock offering generated total gross proceeds of \u003cstrong\u003e$49.5 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare for a bank of this size to have just completed this transition; it’s a new status.\u003c\/p\u003e\n\u003cp\u003eUpon completion of the conversion and stock offering, approximately \u003cstrong\u003e7,825,877\u003c\/strong\u003e shares of Lake Shore Bancorp common stock were outstanding before adjustment for fractional shares. As of December 2025, the market capitalization was reported as \u003cstrong\u003e$114.53 M\u003c\/strong\u003e or \u003cstrong\u003e$0.11 Billion USD\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; requires meeting listing standards and successfully completing the complex mutual-to-stock conversion.\u003c\/p\u003e\n\u003cp\u003eThe subscription offering involved the sale of \u003cstrong\u003e4,950,460\u003c\/strong\u003e shares at a price of \u003cstrong\u003e$10.00\u003c\/strong\u003e per share. Existing public stockholders of Lake Shore Federal Bancorp had their shares converted based on an exchange ratio of \u003cstrong\u003e1.3549\u003c\/strong\u003e shares of Lake Shore Bancorp common stock for each share held.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003cth\u003eDate\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Proceeds from Offering\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$49.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJuly 2025 Offering\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares Sold in Offering\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4,950,460\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJuly 2025 Offering\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOffering Price Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$10.00\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJuly 2025 Offering\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePost-Conversion Shares Outstanding (Approx.)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7,825,877\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBefore fractional adjustment\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrading Symbol\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eLSBK\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNasdaq Global Market\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the bank has established the necessary transfer agent relationship with Computershare.\u003c\/p\u003e\n\u003cp\u003eThe designated transfer agent and registrar for Lake Shore Bancorp, Inc. is \u003cstrong\u003eComputershare Trust Company, N.A.\u003c\/strong\u003e The bank's Total Assets as of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e were \u003cstrong\u003e$742.8 M\u003c\/strong\u003e, with Total Deposits at \u003cstrong\u003e$590.3 M\u003c\/strong\u003e and Total Loans at \u003cstrong\u003e$552.6 M\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; public listing provides a permanent platform for valuation and capital access.\u003c\/p\u003e\n\u003cp\u003eThe Net Interest Margin for the bank was reported at \u003cstrong\u003e3.72 %\u003c\/strong\u003e as of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e. The stock experienced a 52-week price change of \u003cstrong\u003e+10.85%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe stock's 52-Week High was \u003cstrong\u003e$16.9499\u003c\/strong\u003e and the 52-Week Low was \u003cstrong\u003e$11.50\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe Price\/Earnings (P\/E) Ratio was \u003cstrong\u003e13.34\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company had \u003cstrong\u003e93\u003c\/strong\u003e employees.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e8. Stable and Growing Deposit Franchise\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Total deposits reached \u003cstrong\u003e$627.5 million\u003c\/strong\u003e at the end of Q2 2025. The percentage of non-interest-bearing deposits was 14.6% of total deposits at the end of Q2 2025.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$627.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 End\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-Interest-Bearing Deposits (% of Total)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e14.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 End\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUninsured Deposits (% of Total)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025 End\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.84%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; maintaining deposit growth while reducing reliance on volatile uninsured deposits is a win. The reduction in non-interest-bearing deposits from 17.9% at the end of 2024 to 14.6% in Q2 2025 suggests a shift in funding mix.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; deposit gathering is core banking, but stability is hard-won. The bank generated $49.5 million in gross proceeds from the sale of 4,950,460 shares in its July 2025 stock offering, which provided capital for prudent growth.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the bank successfully managed the deposit influx related to the stock offering. Q2 2025 Net Income was \u003cstrong\u003e$1.9 million\u003c\/strong\u003e, up 72.0% year-over-year.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; deposit betas and competitive rates can quickly change this dynamic. Non-performing assets as a percent of total assets stood at 0.24% at the end of Q2 2025.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eTotal deposits increased by \u003cstrong\u003e9.5%\u003c\/strong\u003e from the start of the year to reach \u003cstrong\u003e$627.5 million\u003c\/strong\u003e at the end of Q2 2025.\u003c\/li\u003e\n\u003cli\u003eNet income for the first half of 2025 was \u003cstrong\u003e$3.0 million\u003c\/strong\u003e, compared to \u003cstrong\u003e$2.1 million\u003c\/strong\u003e for the first half of 2024.\u003c\/li\u003e\n\u003cli\u003eThe Tier 1 Leverage ratio was 14.31% and the Total Risk-Based Capital ratio was 18.67% at March 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eLake Shore Bancorp, Inc. (LSBK) - VRIO Analysis: \u003cstrong\u003e9. Disciplined Commercial Loan Growth Focus\u003c\/strong\u003e\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The stated commitment to driving commercial loan portfolio growth, building upon the $552.6 million loan base as of 9\/30\/2025, targets higher-yielding assets, which supports the strong Net Interest Margin (NIM) of 3.72% reported for the third quarter of 2025. The loan portfolio composition as of Q2 2025 shows Commercial Real Estate at 58.5% of the gross total.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; many community banks default to residential mortgages; a true commercial focus is more strategic.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; requires developing specialized commercial lending expertise and local market knowledge.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; this is a stated strategic pillar for management, which includes maintaining an efficient expense profile and achieving prudent growth.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; loan demand and credit cycles dictate success here.\u003c\/p\u003e\n\n\u003cp\u003eFinance: Pro-forma balance sheet impact of the $49.5 million capital raise completed on July 18, 2025.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBalance Sheet Account\u003c\/th\u003e\n\u003cth\u003ePre-Raise (Reference Point)\u003c\/th\u003e\n\u003cth\u003eImpact of $49.5M Capital Raise (Pro-Forma Increase)\u003c\/th\u003e\n\u003cth\u003ePost-Raise (Illustrative)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets (Cash\/Securities)\u003c\/td\u003e\n\u003ctd\u003e$742.8 million (as of 9\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e+ $49,500,000\u003c\/td\u003e\n\u003ctd\u003e$792,300,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003e$552.6 million (as of 9\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e$0\u003c\/td\u003e\n\u003ctd\u003e$552,600,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e$590.3 million (as of 9\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e$0 (Capital raise is equity, not deposit)\u003c\/td\u003e\n\u003ctd\u003e$590,300,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Equity\u003c\/td\u003e\n\u003ctd\u003eCalculated (Total Assets - Total Liabilities)\u003c\/td\u003e\n\u003ctd\u003e+ $49,500,000\u003c\/td\u003e\n\u003ctd\u003eCalculated (Illustrative Assets - Liabilities)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe capital raise involved the sale of 4,950,460 shares at $10.00 per share.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eLoan Portfolio Composition (Q2 2025 Snapshot):\u003c\/li\u003e\n\u003cul\u003e\n\u003cli\u003eCommercial Real Estate: \u003cstrong\u003e58.5%\u003c\/strong\u003e of gross total\u003c\/li\u003e\n\u003cli\u003eResidential Mortgages: \u003cstrong\u003e27.9%\u003c\/strong\u003e of gross total\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cli\u003eKey Financial Metrics (as of 9\/30\/2025):\u003c\/li\u003e\n\u003cul\u003e\n\u003cli\u003eTotal Assets: \u003cstrong\u003e$742.8 million\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eNet Interest Margin (NIM): \u003cstrong\u003e3.72%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516201492629,"sku":"lsbk-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/lsbk-vrio-analysis.png?v=1740189599","url":"https:\/\/dcf-model.com\/products\/lsbk-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}