Lake Shore Bancorp, Inc. Declares Third Quarter 2024 Dividend

Rhea-AI Summary

Lake Shore Bancorp (NASDAQ: LSBK) announced that its Board of Directors has declared a cash dividend of $0.18 per share on its outstanding common stock. The dividend will be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The company received approval from the Federal Reserve Bank of Philadelphia for this dividend payment on September 30, 2024. Lake Shore Savings Bank operates ten full-service branch locations across Western New York, with four in Chautauqua County and six in Erie County.

Positive

• Maintained quarterly dividend payment of $0.18 per share
• Received Federal Reserve approval for dividend distribution
• Operates stable network of 10 full-service branches

Negative

• None.

Insights

Financial Analyst

The quarterly dividend announcement of $0.18 per share maintains Lake Shore Bancorp's consistent dividend policy, translating to an annual dividend yield of approximately 4.2% based on current share prices. The dividend payout demonstrates financial stability and commitment to shareholder returns, particularly noteworthy given the current banking sector challenges. Federal Reserve approval for the dividend distribution provides additional confidence in the bank's capital adequacy and regulatory compliance. With ten branches across Western New York and a diverse portfolio of retail and commercial services, LSBK maintains a solid regional presence in its market.

The stable dividend policy suggests sound capital management and sustainable earnings, though investors should monitor the bank's performance metrics and regional market conditions for potential impacts on future distributions.

DUNKIRK, N.Y., Oct. 24, 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 on October 23, 2024. The dividend is expected to be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on September 30, 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 ten full-service branch locations in Western New York, including four 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 Lake Shore Bancorp's (LSBK) dividend amount for Q3 2024?

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

When will Lake Shore Bancorp (LSBK) pay its Q3 2024 dividend?

Lake Shore Bancorp will pay its Q3 2024 dividend on November 8, 2024, to stockholders of record as of November 4, 2024.

How many branch locations does Lake Shore Bancorp (LSBK) operate?

Lake Shore Bancorp operates 10 full-service branch locations in Western New York, with 4 in Chautauqua County and 6 in Erie County.