Lake Shore Bancorp, Inc. Declares First Quarter 2024 Dividend

Rhea-AI Summary

Lake Shore Bancorp, Inc. (LSBK) declared a cash dividend of $0.18 per share for the first quarter of 2024. The Federal Reserve Bank of Philadelphia approved the dividend, and also allowed the mutual holding company parent, Lake Shore, MHC, to waive cash dividends on its common stock up to $0.72 per share until April 2025. The dividend is set to be paid on May 10, 2024, to stockholders of record as of May 6, 2024.

DUNKIRK, N.Y., April 26, 2024 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced yesterday that it received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) to pay a cash dividend of $0.18 per share to its stockholders.

Additionally, the Reserve Bank also issued a non-objection to Lake Shore, MHC (the “MHC”), the Company’s mutual holding company parent, to waive the MHC’s receipt of cash dividends on its common stock up to $0.72 per share during the twelve-month period ending April 2, 2025 (the “Dividend Waivers”). As the Company has previously disclosed, the MHC received the approval of its members (depositors of Lake Shore Savings Bank) for the Dividend Waivers on April 2, 2024.

On April 25, 2024, the Board of Directors declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend is expected to be paid on May 10, 2024 to stockholders of record as of May 6, 2024.

The MHC, which holds 3,636,875, or 64.0%, of the Company’s total outstanding common stock as of March 31, 2024, has elected to waive receipt of the dividend on its shares.

About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has eleven full-service branch locations in Western New York, including five in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Bank’s Consent Order and an Individual Minimum Capital Requirement both issued by the Office of the Comptroller of the Currency, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

Source: Lake Shore Bancorp, Inc.
Category: Financial

Investor Relations/Media Contact
Taylor M. Gilden
Chief Financial Officer and Treasurer
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1065

FAQ

What dividend did Lake Shore Bancorp, Inc. declare for the first quarter of 2024?

Lake Shore Bancorp, Inc. declared a cash dividend of $0.18 per share for the first quarter of 2024.

Which regulatory body approved the dividend payment?

The Federal Reserve Bank of Philadelphia approved the dividend payment.

When will the dividend be paid to stockholders?

The dividend is expected to be paid on May 10, 2024, to stockholders of record as of May 6, 2024.

What percentage of outstanding common stock does Lake Shore, MHC hold?

Lake Shore, MHC holds 64.0% of the Company's total outstanding common stock as of March 31, 2024.

What was the approval received by Lake Shore, MHC regarding the dividend waivers?

Lake Shore, MHC received approval to waive cash dividends on its common stock up to $0.72 per share until April 2025.