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States\n\nSecurities and Exchange Commission\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\n \n\n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File No.: 001-42754\n\n \n\n \n\n \n\n \n\nLAKE SHORE BANCORP, INC.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland\n\n \n\n39-3058424\n\n(State or other jurisdiction of incorporation or organization)\n\n \n\n(I.R.S. Employer Identification Number)\n\n31 East Fourth Street, Dunkirk, New York\n\n \n\n14048\n\n(Address of principal executive offices)\n\n \n\n(Zip code)\n\n(716) 366-4070\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Exchange Act:\n\n \n\n \n\n \n\n \n\n \n\n \n\nTitle of each class\n\nTrading\n\nSymbol(s)\n\nName of each exchange on which registered\n\nCommon stock, par value $0.01 per share\n\n \n\nLSBK\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.\n\nYes [X] No [ ]\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes [X] No [ ]\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\n \n\nLarge accelerated filer \n\nAccelerated filer \n\nNon-accelerated filer \n\nSmaller reporting company \n\nEmerging growth company \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes [ ] No [X]\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date:\n\n \n\nThere were 7,862,790 shares of the registrant’s common stock, $0.01 par value per share, outstanding at May 7, 2026.\n\n \n\nTABLE OF CONTENTS\n\n \n\nITEM\n\n \n\n[PART I](#parti)\n\nPAGE\n\n \n\n \n\n \n\n \n\n[1](#item1financials)\n\n[FINANCIAL STATEMENTS](#item1financials)\n\n \n\n \n\n-\n\n[Consolidated Statements of Financial Condition as of March 31, 2026 (Unaudited) and December 31, 2025](#consolidated_statements_of_financial)\n\n1\n\n \n\n-\n\n[Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#consolidated_statements_of_income)\n\n2\n\n \n\n-\n\n[Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#comprehensiveincomestatement)\n\n3\n\n \n\n-\n\n[Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#changesinequity)\n\n4\n\n \n\n-\n\n[Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#cashflowstatement)\n\n5\n\n \n\n-\n\n[Notes to Unaudited Consolidated Financial Statements](#notes_to_consolidated_financial)\n\n6\n\n[2](#item7mda)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#item7mda)\n\n30\n\n[3](#item7a)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#item7a)\n\n41\n\n[4](#item4controls)\n\n[CONTROLS AND PROCEDURES](#item4controls)\n\n42\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART II](#partii)\n\n \n\n \n\n \n\n \n\n \n\n[1A](#item1arisks)\n\n[RISK FACTORS](#item1arisks)\n\n42\n\n[2](#item2unregisteredsales)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#item2unregisteredsales)\n\n42\n\n[5](#item5)\n\n[OTHER INFORMATION](#item5)\n\n \n\n[6](#item6exhibits)\n\n[EXHIBITS](#item6exhibits)\n\n \n\n43\n\n[SIGNATURES](#signatures)\n\n \n\n \n\n43\n\n \n\n \n\n \n\n \n\nPART I Financial Information"}