Lake Shore Bancorp, Inc. Declares Second Quarter 2024 Dividend

Rhea-AI Summary

Lake Shore Bancorp, Inc. (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank, has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend is set to be paid on August 16, 2024 to stockholders of record as of August 12, 2024. This decision follows the written approval from the Federal Reserve Bank of Philadelphia received on July 8, 2024. Lake Shore Bancorp operates eleven full-service branch locations in Western New York, offering a range of retail and commercial lending and deposit services. The company's stock is traded on the NASDAQ Global Market under the ticker 'LSBK'.

Positive

• Declared cash dividend of $0.18 per share
• Received approval from Federal Reserve Bank for dividend payment
• Operates eleven full-service branch locations in Western New York

Negative

• None.

Insights

Financial Analyst

Lake Shore Bancorp's announcement of a $0.18 per share dividend for Q2 2024 is a routine update that maintains the company's dividend policy. While consistent dividends can be viewed positively by income-focused investors, this news alone doesn't significantly alter the company's financial outlook.

A few key points to consider:

• The dividend amount remains unchanged from previous quarters, suggesting financial stability but not growth.
• The dividend yield, based on the current stock price, is in line with regional bank averages, neither standing out as particularly high nor low.
• The requirement for Federal Reserve approval before declaring the dividend indicates the company is operating under regulatory scrutiny, which is common for smaller banks but worth monitoring.

For investors, this news primarily signals business-as-usual for Lake Shore Bancorp. The consistent dividend payout may appeal to income-seeking investors, but it doesn't provide new insights into the company's growth prospects or overall financial health. Potential investors should look beyond this announcement to broader financial metrics and the bank's competitive position in Western New York for a more comprehensive assessment.

DUNKIRK, N.Y., July 31, 2024 (GLOBE NEWSWIRE) -- Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that 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 August 16, 2024 to stockholders of record as of August 12, 2024. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on July 8, 2024 to pay a cash dividend of $0.18 per share to its stockholders.

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, dividend 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 is the dividend amount declared by Lake Shore Bancorp (LSBK) for Q2 2024?

Lake Shore Bancorp (LSBK) has declared a cash dividend of $0.18 per share for the second quarter of 2024.

When will Lake Shore Bancorp (LSBK) pay its Q2 2024 dividend?

Lake Shore Bancorp (LSBK) is expected to pay its Q2 2024 dividend on August 16, 2024 to stockholders of record as of August 12, 2024.

Did Lake Shore Bancorp (LSBK) receive approval for its dividend payment?

Yes, Lake Shore Bancorp (LSBK) received written approval from the Federal Reserve Bank of Philadelphia on July 8, 2024 to pay the cash dividend of $0.18 per share.

How many branch locations does Lake Shore Savings Bank operate?

Lake Shore Savings Bank operates eleven full-service branch locations in Western New York, including five in Chautauqua County and six in Erie County.