Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 12 – Subsequent Events

On July 22, 2020, the Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s common stock, payable on August 20, 2020 to shareholders of record as of August 6, 2020. Lake Shore, MHC (the “MHC”), which holds 3,636,875 shares, or approximately 62.1% of the Company’s total outstanding stock, has elected to waive receipt of the dividend on its shares. On February 28, 2020, the MHC received the non-objection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends paid by the Company during the twelve months ending February 5, 2021, aggregating up to $0.50 per share. The MHC waived $436,000 of dividends during the three months ended June 30, 2020 and $873,000 of dividends during the six months June 30, 2020. Cumulatively the MHC has waived approximately $13.2 million of cash dividends as of June 30, 2020. The dividends waived by the MHC are considered a restriction on the retained earnings of the Company.