Lake Shore Bancorp, Inc. the holding company for Lake Shore Savings Bank (the “Bank”), announced Thursday that it received the written approval from the Federal Reserve Bank of Philadelphia to pay a cash dividend of 18 cents 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 72 cents per share during the 12-month period ending April 2, 2025. 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.

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

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.