LAKE SHORE BANCORP, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (Form 8-K)

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Item 7.01. FD Regulation Disclosure.

In November 2021, Lake Shore Savings Bank (the “Bank”), the banking subsidiary of Lake Shore Bancorp, Inc. (the “Company”), experienced a data security incident that prevented employees from accessing internal systems and data for a limited period. Upon discovering this incident, the Bank immediately launched an investigation and engaged a digital forensics firm to help determine the extent of the incident and identify potentially impacted data. The Bank also promptly notified law enforcement agencies and the Bank’s primary regulator, the Office of the Comptroller of the Currency, about the incident. During its investigation, the Bank identified unauthorized access to certain data in its internal systems. However, the Bank believes that its main banking and electronic interfaces, including deposit and lending systems, online/mobile banking systems or ATM systems, were not affected by this event. Although there is no evidence that customers’ personal information was misused, the Bank informed affected customers of the incident. All involved were offered identity theft protection services. The Bank has implemented additional safeguards to help ensure the security of its network to reduce the risk of a similar event occurring in the future.

The information contained in this current report on Form 8-K furnished pursuant to this Section 7.01 is furnished and not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the stock exchanges”), or otherwise subject to the liability of this Section, nor shall it be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Exchange Act, unless it is expressly incorporated by specific reference in such deposit.

Caution Regarding Forward-Looking Statements

This current report on Form 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projections about the company’s and banking industry, and management’s beliefs and assumptions. . Words such as anticipate, expect, intend, plan, believe, estimate and variations of such words and phrases are intended to identify forward-looking statements. These statements reflect management’s current beliefs about future events and operations. These forward-looking statements are based on information currently available to the Company and the Bank as of the date of this report. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies and uncertainties, many of which are difficult to predict and are generally beyond our control, including, but not limited to, the risks of loss of data or other security breaches, including the risks associated with the cybersecurity incident discussed above, our ability to assess and remediate the cybersecurity incident , and the legal, reputational, and financial risks resulting from this or other cybersecurity incidents, the COVID-19 pandemic, the strength of United States the economy generally and the local economies in which we operate, the effect of changes in monetary and fiscal policy, including changes in the interest rate policies of the Board of Governors from Federal Reserve System, inflation, climate change, increased unemployment, deterioration in the credit quality of our loan portfolio and/or the value of collateral securing the repayment of such loans, reduction in the value of our securities placement, cost and ability to attract and retain key employees, a breach of our security or operational systems, policies or procedures, including cyberattacks on us or third party vendors or service providers, developments regulatory or legal changes, tax policy changes and our ability to implement and execute our business plan and strategy and grow our business. Accordingly, actual results may differ materially from those expressed or anticipated in such forward-looking statements. The company and the bank assume no obligation to publicly update any forward-looking statements, whether as a result of new information or otherwise.

Item 9.01. Financial statements and supporting documents.

(d) Exhibits

104 Cover page interactive data file (embedded in Inline XBRL document)

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