Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 22 – Subsequent Events

On February 6, 2019, the Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s common stock, payable on March 15, 2019 to shareholders of record as of February 21, 2019. Lake Shore, MHC, which holds 3,636,875 shares, or approximately 60.6%of the Company’s total outstanding stock as of the record date, elected to waive its right to receive this cash dividend of approximately $436,000. On February 6, 2019, a special meeting of the MHC members (i.e., Lake Shore Savings Bank depositors) was held to vote on a proposal to authorize the MHC to waive its right to receive dividends aggregating up to $0.48 per share that may be declared by the Company in the 12 months subsequent to the approval by members (in accordance with the regulation of the Board of Governors of the Federal Reserve System). At the special meeting, a majority of the eligible member votes of the MHC approved the waiver of the receipt of dividends on shares owned by the MHC. Lake Shore, MHC submitted the results of this vote along with other information to the Federal Reserve Board in order to obtain their non-objection of the dividend waiver. As of March 7, 2019, Lake Shore, MHC received notice of 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 6, 2020, aggregating up to $0.48 per share. The MHC waived $1.5 million of dividends during the year ended December 31, 2018. Cumulatively, Lake Shore, MHC has waived approximately $10.8 million of cash dividends as of December 31, 2018.  The dividends waived by Lake Shore, MHC are considered a restriction on the retained earnings of the Company.