Lake Shore Bancorp, Inc. Declares First Quarter 2024

DUNKIRK, N.Y., April 26, 2024 — Lake Shore Bancorp, Inc. , the holding company for Lake Shore Savings Bank , announced yesterday that it received the written approval from the Federal Reserve Bank of Philadelphia 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 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 . As the Company has previously disclosed, the MHC received the approval of its members 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.Lake Shore Bancorp, Inc. 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.

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