Lake Shore Bancorp, Inc. /MD/ 10-Q

Item 1A. Risk Factors. Refer to Part I, Item 1A, Risk Factors, of our Form 10-K for the year ended December 31, 2024 and Forward-Looking Statements from Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q for a discussion of certain risks affecting us. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations. There have been no material changes to the risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024. Item 2. Unregistered S ales of Equity Securities and Use of Proceeds The following table reports information regarding repurchases by Lake Shore Bancorp of its common stock in each month of the quarter ended September 30, 2025. The Company’s stock repurchase program was terminated effective July 18, 2025 in connection with the consummation of the conversion of Lake Shore, MHC from mutual-to-stock form. Share amounts disclosed herein related to periods prior to the date of conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio applied in the conversion (1.3549). COMPANY PURCHASES OF EQUITY SECURITIES Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (1)(2) July 1 through July 31, 2025 — $ — — — August 1 through August 31, 2025 — — — — September 1 through September 30, 2025 — — — — Total — $ — — — (1) On August 13, 2021, our Board of Directors adopted a stock repurchase program. The stock repurchase program authorized the Company to repurchase up to an aggregate of 144,062 shares, or approximately 5% of its outstanding shares, excluding the shares held by Lake Shore, MHC. The Company’s stock repurchase program was terminated effective July 18, 2025 in connection with the consummation of the conversion of Lake Shore, MHC from mutual-to-stock form. (2) On October 22, 2025, our Board of Directors adopted a plan to repurchase up to 5% of our outstanding shares of common stock. Repurchases under the plan are expected to commence following the one-year anniversary of the recently completed conversion of Lake Shore, MHC from mutual-to-stock form, or on July 20, 2026. 49