LAKE SHORE BANCORP, inc. (NASDAQ:LSBK) Files An 8-K Results of Operations and Financial Condition
Item 2.02Results of Operations and Financial Condition.
Lake Shore Bancorp, Inc. (the “Company”) issued a press release on April 24, 2020 disclosing its results of operations and financial condition for the first quarter of 2020.
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 8.01Other Events.
On April 22, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on its outstanding common stock. The dividend is payable on May 22, 2020 to shareholders of record as of May 7, 2020.
Lake Shore, MHC (the “MHC”), which holds 3,636,875, or 61.6%, of the Company’s total outstanding stock as of April 22, 2020, has elected to waive receipt of the dividend on its shares.
As the Company has previously disclosed, the MHC received the approval of its members (depositors of Lake Shore Savings Bank) and the non-objection of the Federal Reserve Bank of Philadelphia to waive the MHC’s receipt of cash dividends on its common stock up to $0.50 per share during the twelve month period ending February 5, 2021.
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release of Lake Shore Bancorp, Inc. dated April 24, 2020.
LAKE SHORE BANCORP, INC. Exhibit
EX-99.1 2 lsbk-20200424xex99_1.htm EX-99.1 Earnings Release 1Q20 Lake Shore Bancorp,…
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About LAKE SHORE BANCORP, inc. (NASDAQ:LSBK)
Lake Shore Bancorp, Inc. is a savings and loan holding company of Lake Shore Savings Bank (the Bank). The Bank’s loan portfolio consists of real estate loans and other loans. The real estate loans consist of residential one- to four-family, home equity, commercial and construction loans. The Bank’s other loans consists of commercial and consumer loans. The Bank provides all-in-one home equity lines of credit to its customers. The Bank’s primary sources of funds consist of deposits, scheduled amortization and prepayments of loans and securities, maturities and sales of investments and loans, interest earning deposits at other financial institutions and funds provided from operations. The Company operates through over 10 branch offices. It has branches in Chautauqua County, New York, which are located in Dunkirk, Fredonia, Jamestown, Lakewood and Westfield. In Erie County, New York, its branch offices are located in Depew, East Amherst, Hamburg, Kenmore, Orchard Park and Snyder.
