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, 2025 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, 2025. 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 March 31, 2026. COMPANY PURCHASES OF EQUITY SECURITIES Period Total Number of Shares Purchased (1) 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 (2) January 1 through January 31, 2026 — — — — February 1 through February 28, 2026 — — — — March 1 through March 31, 2026 2,102 $ 15.43 — — Total 2,102 $ 15.43 — — (1) Shares purchased represent shares that were elected to be withheld from the vesting of restricted stock awards to cover income tax withholdings for the individuals upon vesting. Shares were repurchased into authorized and unissued shares. (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. 42