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    Winchester Bancorp, Inc. Announces Results for the Quarter Ended December 31, 2025

    1/28/26 4:04:00 PM ET
    $WSBK
    Get the next $WSBK alert in real time by email

    Winchester Bancorp, Inc. (NASDAQ-WSBK) (the "Company"), the holding company for Winchester Savings Bank (the "Bank"), today announced its second quarter 2026 financial results. The Company reported net income of $1.1 million or $0.12 per common share compared to a net income of $373,000 for the quarter ended December 31, 2024, an increase of $701,000, or 187.9%, in net income. For the six months ended December 31, 2025, the Company reported net income of $2.0 million, or $0.23 per common share, as compared to a net loss of $259,000, for the six months ended December 31, 2024, an increase of $2.3 million in net income.

    "The Bank had a successful second quarter, highlighted by continued loan demand, strong deposit growth and margin improvements. Deposit growth of $29.9 million outpaced loan growth of $7.0 million during the quarter as our newly established municipal channel continues to add value allowing us to restructure wholesale funding. Margin improvements are a result of a more stabilized interest rate environment and balance sheet growth. Net income was $0.12 per common share for the quarter and other financial metrics such as book value per share, efficiency and loan to deposit ratio, continue to trend in the right direction. As we enter the third quarter, we will continue to pursue our strategic plan and focus on orderly and disciplined capital management and balance sheet growth," said John A. Carroll, President and Chief Executive Officer.

    BALANCE SHEET

    Total assets were $1.02 billion on December 31, 2025, representing an increase of $66.5 million, or 7.0%, from June 30, 2025.

    • Cash and cash equivalents were $54.8 million, reflecting a decrease of $459,000 from June 30, 2025.
    • Net loans were $800.2 million, representing an increase of $48.9 million or 6.5%, from June 30, 2025, as demand for new originations continues to be strong. The main driver of the new growth was in multifamily which has increased $24.4 million, or 14.6%, since June 30, 2025. Residential real estate and construction loans also increased by $10.8 million and $8.9 million, respectively.
    • Investment securities totaled $122.7 million, representing an increase of $7.4 million or 6.4% for the quarter due to purchases of U.S. treasuries and government agency securities.
    • Deposits totaled $746.3 million, representing an increase of $67.1 million, or 9.9% since June 30, 2025. The increase in deposits was a result of growth of $63.2 million in municipal customer deposits. As a result of the increase in municipal deposits, money market accounts increased $76.6 million. Savings accounts and certificates of deposit decreased $8.9 million and $9.9 million, respectively, while demand deposit accounts increased $9.3 million.
    • FHLB borrowings totaled $143.6 million, representing a decrease of $3.4 million or 2.3% from $147.0 million from June 30, 2025.
    • Stockholders' equity was $118.2 million, representing an increase of $2.9 million from $115.4 million, or 2.5% from June 30, 2025. The increase was driven by net income of $2.0 million for the six months ended December 31, 2025 and a decrease in accumulated other comprehensive loss of $758,000.

    NET INTEREST INCOME

    Net interest income was $6.1 million for the quarter ended December 31, 2025, compared to $4.0 million for the quarter ended December 31, 2024, representing an increase of $2.0 million, or 50.4%. Net interest margin expanded by 59 basis points to 2.51% for the quarter ended December 31, 2025 compared to 1.92% for the quarter ended December 31, 2024.

    • The increase in interest income during the quarter ended December 31, 2025 was primarily attributable to the increase in the average balance of loans and investment securities.
    • The decrease in interest expense during the quarter was attributable to the decrease in average rates on interest bearing deposit accounts.

    NON-INTEREST INCOME

    Non-interest income was $382,000 for the quarter ended December 31, 2025 compared to $388,000 for the quarter ended December 31, 2024.

    NON-INTEREST EXPENSE

    Non-interest expense was $4.7 million for the quarter ended December 31, 2025, representing a decrease of $88,000 or 1.8% from the prior quarter due primarily to a decrease in employee benefits due to lower payroll taxes and bonus expense.

    ASSET QUALITY

    Asset quality remains strong. The allowance for credit losses on loans in total and as a percentage of total gross loans as of December 31, 2025 was $4.4 million and 0.55%, compared to $4.1 million and 0.55%, as of June 30, 2025, and $3.6 million and 0.50% as of December 31, 2024.

    • During the quarter ended December 31, 2025, the Company recorded net charge offs of $310,000 compared to net charge offs of $270,000 for the quarter ended September 30, 2025.
    • Non-performing assets totaled $3.6 million, or 0.36% of total assets, as of December 31, 2025, an increase of $1.7 million from $1.9 million, or 0.24% of total assets, as of September 30, 2025. The increase was primarily due to one construction loan that was placed on non-accrual during the quarter.

    ABOUT WINCHESTER BANCORP, INC.

    Winchester Bancorp, Inc. is a mid-tier holding company of Winchester Savings Bank and is the majority owned subsidiary of Winchester Bancorp, MHC. Winchester Savings Bank's mission is to operate and grow a profitable community-oriented financial institution that is dedicated to meeting the banking needs of individuals and small businesses in the communities in which it operates.

    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, demand for loan products, deposit flows, changes in the interest rate environment, the effects of inflation, general economic conditions (including potential recessionary conditions) or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve Board; changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; changes in asset quality, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding; the effects of continued U.S. Government shutdown; changes in demand for our products and services; legislative, accounting, tax and regulatory changes; the imposition of tariffs or other domestic or international governmental policies; the current or anticipated impact of military conflict, terrorism or other geopolitical events; a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged, the failure to maintain current technologies and the failure to retain or attract employees.

    You should not place undue reliance on forward-looking statements. Winchester Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    Winchester Bancorp, Inc. and Subsidiaries

    Consolidated Balance Sheets (unaudited)

    (Dollars in thousands, except share and per share data)

     

     

     

    December 31,

     

    June 30,

     

     

    2025

     

    2025

    Assets

     

     

     

     

    Cash and due from banks

     

    $

    1,068

     

     

    $

    7,513

     

    Interest-bearing deposits

     

     

    53,717

     

     

     

    47,731

     

    Total cash and cash equivalents

     

     

    54,785

     

     

     

    55,244

     

    Securities available for sale, at fair value

     

     

    63,854

     

     

     

    47,299

     

    Securities held to maturity, at amortized cost

     

     

    58,893

     

     

     

    57,211

     

    Federal Home Loan Bank stock, at cost

     

     

    6,161

     

     

     

    6,278

     

    Loans, net of allowance for credit losses of $4,396 at December 31, 2025

    and $4,151 at June 30, 2025

     

     

    800,153

     

     

     

    751,220

     

    Bank owned life insurance

     

     

    11,163

     

     

     

    10,925

     

    Premises and equipment, net

     

     

    5,927

     

     

     

    6,418

     

    Accrued interest receivable

     

     

    3,626

     

     

     

    3,327

     

    Net deferred tax asset

     

     

    994

     

     

     

    1,212

     

    Other assets

     

     

    10,414

     

     

     

    10,244

     

     

     

    $

    1,015,970

     

     

    $

    949,378

     

    Liabilities and stockholders' equity

     

     

     

     

    Non-interest-bearing deposits

     

    $

    64,377

     

     

    $

    55,696

     

    Interest-bearing deposits

     

     

    681,946

     

     

     

    623,486

     

    Federal Home Loan Bank advances

     

     

    143,596

     

     

     

    147,000

     

    Mortgagors' escrow accounts

     

     

    1,987

     

     

     

    1,756

     

    Accrued expenses and other liabilities

     

     

    5,817

     

     

     

    6,088

     

    Total liabilities

     

     

    897,723

     

     

     

    834,026

     

    Commitments and contingencies

     

     

     

     

    Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding

     

     

    —

     

     

     

    —

     

    Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued and outstanding as of December 31, 2025 and June 30, 2025

     

     

    93

     

     

     

    93

     

    Additional paid-in capital

     

     

    39,564

     

     

     

    39,571

     

    Unearned compensation (ESOP)

     

     

    (3,238

    )

     

     

    (3,346

    )

    Retained earnings

     

     

    82,756

     

     

     

    80,720

     

    Accumulated other comprehensive loss

     

     

    (928

    )

     

     

    (1,686

    )

    Total stockholders' equity

     

     

    118,247

     

     

     

    115,352

     

    Total liabilities and stockholders' equity

     

    $

    1,015,970

     

     

    $

    949,378

     

    Winchester Bancorp, Inc. and Subsidiaries

    Consolidated Statements of Operations (unaudited)

    (Dollars in thousands, except share and per share data)

     

     

     

    Three months ended

     

    Six months ended

     

     

    December 31,

     

    December 31,

     

     

    2025

     

    2024

     

    2025

     

    2024

     

     

    (In thousands, except share data)

    Interest and dividend income:

     

     

     

     

     

     

     

     

    Interest and fees on loans

     

    $

    10,702

     

    $

    9,245

     

    $

    21,104

     

     

    $

    18,260

     

    Interest and dividends on securities

     

     

    1,167

     

     

    755

     

     

    2,280

     

     

     

    1,521

     

    Interest on federal funds sold and other interest-bearing deposits

     

     

    545

     

     

    507

     

     

    967

     

     

     

    956

     

    Total interest and dividend income

     

     

    12,414

     

     

    10,507

     

     

    24,351

     

     

     

    20,737

     

    Interest expense:

     

     

     

     

     

     

     

     

    Interest on deposits

     

     

    4,876

     

     

    4,942

     

     

    9,546

     

     

     

    9,951

     

    Interest on Federal Home Loan Bank advances

     

     

    1,475

     

     

    1,534

     

     

    3,000

     

     

     

    2,988

     

    Total interest expense

     

     

    6,351

     

     

    6,476

     

     

    12,546

     

     

     

    12,939

     

    Net interest income

     

     

    6,063

     

     

    4,031

     

     

    11,805

     

     

     

    7,798

     

    Provision for credit losses

     

     

    388

     

     

    238

     

     

    68

     

     

     

    1,400

     

    Net interest income, after provision for credit losses

     

     

    5,675

     

     

    3,793

     

     

    11,737

     

     

     

    6,398

     

    Non-interest income:

     

     

     

     

     

     

     

     

    Customer service fees

     

     

    191

     

     

    180

     

     

    382

     

     

     

    368

     

    Income on bank owned life insurance

     

     

    119

     

     

    118

     

     

    238

     

     

     

    235

     

    Loss on available for sale securities, net

     

     

    —

     

     

    —

     

     

    (317

    )

     

     

    —

     

    Gain on marketable equity securities, net

     

     

    —

     

     

    52

     

     

    —

     

     

     

    223

     

    Gain on sale of loans

     

     

    8

     

     

    —

     

     

    —

     

     

     

    —

     

    Miscellaneous

     

     

    64

     

     

    38

     

     

    130

     

     

     

    63

     

    Total non-interest income

     

     

    382

     

     

    388

     

     

    433

     

     

     

    889

     

    Non-interest expense:

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

     

    2,621

     

     

    2,174

     

     

    5,390

     

     

     

    5,159

     

    Occupancy and equipment, net

     

     

    513

     

     

    413

     

     

    909

     

     

     

    790

     

    Data processing

     

     

    381

     

     

    305

     

     

    789

     

     

     

    652

     

    Deposit insurance

     

     

    160

     

     

    207

     

     

    370

     

     

     

    428

     

    Marketing and advertising

     

     

    144

     

     

    96

     

     

    328

     

     

     

    192

     

    Net periodic pension and post retirement benefit, less service costs

     

     

    —

     

     

    —

     

     

    (73

    )

     

     

    (723

    )

    Other general and administrative

     

     

    888

     

     

    572

     

     

    1,789

     

     

     

    1,205

     

    Total non-interest expense

     

     

    4,707

     

     

    3,767

     

     

    9,502

     

     

     

    7,703

     

    Income (loss) before income taxes

     

     

    1,350

     

     

    414

     

     

    2,668

     

     

     

    (416

    )

    Provision (benefit) for income taxes

     

     

    276

     

     

    41

     

     

    632

     

     

     

    (157

    )

    Net income (loss)

     

    $

    1,074

     

    $

    373

     

    $

    2,036

     

     

    $

    (259

    )

    Share Data:

     

     

     

     

     

     

     

     

    Average common shares outstanding, basic and diluted

     

     

    8,969,031

     

    N/A

     

     

    8,966,962

     

     

    N/A

     

    Basic and diluted net income per share

     

    $

    0.12

     

    N/A

     

    $

    0.23

     

     

    N/A

     

    Winchester Bancorp, Inc. and Subsidiaries

    Average Balances and Yields (unaudited)

     

     

     

    For the Three Months Ended

     

     

    December 31, 2025

     

    December 31, 2024

     

     

    Average

    Outstanding

    Balance

     

    Interest

     

    Average

    Yield/Rate (1)

     

    Average

    Outstanding

    Balance

     

    Interest

     

    Average

    Yield/Rate (1)

     

     

    (Dollars in thousands)

    Interest-earning assets:

     

     

     

     

     

     

     

     

     

     

     

     

    Loans

     

    $

    797,381

     

     

    $

    10,702

     

     

    5.37

    %

     

    $

    716,262

     

     

    $

    9,245

     

     

    5.16

    %

    Securities

     

     

    116,650

     

     

     

    1,167

     

     

    4.00

    %

     

     

    86,642

     

     

     

    755

     

     

    3.49

    %

    Federal funds sold and other interest-bearing deposits

     

     

    50,655

     

     

     

    545

     

     

    4.30

    %

     

     

    38,698

     

     

     

    507

     

     

    5.24

    %

    Total interest-earning assets

     

     

    964,686

     

     

     

    12,414

     

     

    5.15

    %

     

     

    841,602

     

     

     

    10,507

     

     

    4.99

    %

    Non-interest-earning assets

     

     

    41,157

     

     

     

     

     

     

     

    29,012

     

     

     

     

     

    Allowance for credit losses on loans

     

     

    (4,491

    )

     

     

     

     

     

     

    (3,467

    )

     

     

     

     

    Total assets

     

    $

    1,001,352

     

     

     

     

     

     

    $

    867,147

     

     

     

     

     

    Interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

    NOW and demand deposits

     

    $

    56,162

     

     

     

    4

     

     

    0.03

    %

     

    $

    52,110

     

     

     

    4

     

     

    0.03

    %

    Savings accounts

     

     

    152,166

     

     

     

    793

     

     

    2.09

    %

     

     

    162,074

     

     

     

    969

     

     

    2.39

    %

    Money market accounts

     

     

    187,702

     

     

     

    1,534

     

     

    3.27

    %

     

     

    98,441

     

     

     

    823

     

     

    3.34

    %

    Certificates of deposit

     

     

    271,860

     

     

     

    2,545

     

     

    3.74

    %

     

     

    288,580

     

     

     

    3,146

     

     

    4.36

    %

    Total interest-bearing deposits

     

     

    667,890

     

     

     

    4,876

     

     

    2.92

    %

     

     

    601,205

     

     

     

    4,942

     

     

    3.29

    %

    Borrowings

     

     

    140,125

     

     

     

    1,475

     

     

    4.21

    %

     

     

    137,205

     

     

     

    1,534

     

     

    4.47

    %

    Total interest-bearing liabilities

     

     

    808,015

     

     

     

    6,351

     

     

    3.14

    %

     

     

    738,410

     

     

     

    6,476

     

     

    3.51

    %

    Other non-interest-bearing liabilities

     

     

    75,406

     

     

     

     

     

     

     

    48,073

     

     

     

     

     

    Total liabilities

     

     

    883,421

     

     

     

     

     

     

     

    786,483

     

     

     

     

     

    Stockholders' equity

     

     

    117,931

     

     

     

     

     

     

     

    80,664

     

     

     

     

     

    Total liabilities and stockholders' equity

     

    $

    1,001,352

     

     

     

     

     

     

    $

    867,147

     

     

     

     

     

    Net interest income

     

     

     

    $

    6,063

     

     

     

     

     

    $

    4,031

     

     

    Net interest rate spread (2)

     

     

     

     

     

     

    2.01

    %

     

     

     

     

     

     

    1.48

    %

    Net interest-earning assets (3)

     

    $

    156,671

     

     

     

     

     

     

    $

    103,192

     

     

     

     

     

    Net interest margin (4)

     

     

     

     

     

     

    2.51

    %

     

     

     

     

     

     

    1.92

    %

    Average interest-earning assets to average interest-bearing liabilities

     

     

    119.39

    %

     

     

     

     

     

     

    113.97

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Annualized.

     

     

     

     

     

     

     

     

     

     

     

     

    (2) Net interest rate spread represents the difference between the weighted average yield on interes-earning assets and the weighted average rate of interest-bearing liabilities.

    (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

    (4) Net interest margin represents net interest income divided by average total interest-earning assets.

    Winchester Bancorp, Inc. and Subsidiaries

    Selected Financial Highlights (unaudited)

    (Dollars in thousands, except share and per share data)

     

     

     

    For the Three Months Ended

     

     

    December 31,

     

     

    2025

     

    2024

     

     

     

     

     

    Earnings Data

     

     

     

     

    Net interest income

     

    $

    6,063

     

     

    $

    3,793

     

    Non-interest income

     

     

    382

     

     

     

    388

     

    Total net interest income and non-interest income

     

     

    6,445

     

     

     

    4,181

     

    Provision for credit losses

     

     

    388

     

     

     

    238

     

    Non-interest expense

     

     

    4,707

     

     

     

    3,767

     

    Pre-tax income

     

     

    1,350

     

     

     

    414

     

    Net income

     

     

    1,074

     

     

     

    373

     

     

     

     

     

     

    Per share Data

     

     

     

     

    Basic and diluted earnings per share

     

    $

    0.12

     

     

    N/A

     

    Book value per share

     

    $

    12.72

     

     

    N/A

     

     

     

     

     

     

    Earnings

     

     

     

     

    Return on average assets (1)

     

     

    0.43

    %

     

     

    0.17

    %

    Return on average stockholders' equity (1)

     

     

    3.64

    %

     

     

    1.85

    %

    Net interest margin (1)

     

     

    2.51

    %

     

     

    1.92

    %

    Cost of deposits (1)

     

     

    2.92

    %

     

     

    3.29

    %

    Efficiency ratio

     

     

    73.04

    %

     

     

    85.25

    %

     

     

     

     

     

    Balance Sheet

     

     

     

     

    Total assets

     

    $

    1,015,970

     

     

    $

    894,086

     

    Loans, net

     

    $

    800,153

     

     

    $

    725,299

     

    Total stockholders' equity

     

    $

    118,247

     

     

    $

    80,325

     

     

     

     

     

     

    Asset quality

     

     

     

     

    Allowance for credit losses (ACL)

     

    $

    4,396

     

     

    $

    3,635

     

    ACL/Total loans

     

     

    0.55

    %

     

     

    0.50

    %

    ACL/Total nonperforming loans (NPLs)

     

     

    121.31

    %

     

     

    187.86

    %

    Net charge-offs/average total loans

     

     

    (0.04

    )%

     

     

    0.02

    %

    Capital Ratios

     

     

     

     

    Stockholders' equity/total assets

     

     

    11.64

    %

     

     

    8.98

    %

     

     

     

     

     

    (1) Annualized.

     

     

     

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20260128893605/en/

    Investor Contact

    John A. Carroll

    President and Chief Executive Officer

    [email protected]

    (781) 729-2130

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