10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-42627

WINCHESTER BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	33-3361275
(State or other jurisdiction of<br><br>incorporation or organization)	(I.R.S. Employer<br>Identification No.)
661 Main Street<br>Winchester, Massachusetts	01890
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 729-2130

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br><br>Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WSBK	The NASDAQ Stock Market LLC

Indicate 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate 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). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 13, 2026, the registrant had 9,295,376 shares of common stock outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40
PART II.	OTHER INFORMATION	41
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	41
Item 6.	Exhibits	42
Signatures		43

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

	Three months ended					Nine months ended
	March 31,					March 31,
	2026		2025			2026			2025
	(In thousands, except share data)
Interest and dividend income:
Interest and fees on loans	$	10,861	$	9,479		$	31,965		$	27,739
Interest and dividends on securities		1,183		744			3,463			2,266
Interest on federal funds sold and other interest-bearing deposits		472		390			1,439			1,347
Total interest and dividend income		12,516		10,613			36,867			31,352
Interest expense:
Interest on deposits		4,903		4,681			14,449			14,633
Interest on Federal Home Loan Bank advances		1,316		1,559			4,316			4,547
Total interest expense		6,219		6,240			18,765			19,180
Net interest income		6,297		4,373			18,102			12,172
Provision (benefit) for credit losses		325		(21	)		393			1,379
Net interest income, after provision (benefit) for credit losses		5,972		4,394			17,709			10,793
Non-interest income:
Customer service fees		185		167			567			535
Income on bank owned life insurance		117		115			355			351
Loss on available for sale securities, net		—		—			(317	)		—
Gain (loss) on marketable equity securities, net		—		(71	)		—			152
Gain on sale of loans		—		—			8			—
Miscellaneous		65		88			187			150
Total non-interest income		367		299			800			1,188
Non-interest expense:
Salaries and employee benefits		2,659		2,531			8,049			7,690
Occupancy and equipment, net		464		409			1,373			1,199
Data processing		477		356			1,267			1,008
Deposit insurance		165		210			535			638
Marketing and advertising		216		120			544			312
Net periodic pension and post retirement benefit, less service costs		—		—			(73	)		(723	)
Other general and administrative		864		695			2,652			1,901
Total non-interest expense		4,845		4,321			14,347			12,025
Income (loss) before income taxes		1,494		372			4,162			(44	)
Provision (benefit) for income taxes		349		67			981			(90	)
Net income	$	1,145	$	305		$	3,181		$	46
Share Data:
Average common shares outstanding, basic and diluted		8,973,154	N/A				8,968,996		N/A
Basic and diluted net income per share	$	0.13	N/A			$	0.35		N/A

The accompanying notes are an integral part of these condensed consolidated financial statements.

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (unaudited)

	Three months ended						Nine months ended
	March 31,						March 31,
	2026			2025			2026			2025
	(In thousands)
Net income	$	1,145		$	305		$	3,181		$	46
Other comprehensive income (loss):
Securities available for sale:
Unrealized holding gains (losses)		(389	)		367			273			749
Reclassification adjustment for losses realized in income		—			—			317			—
Net unrealized gains (losses)		(389	)		367			590			749
Tax effect		88			(83	)		(133	)		(169	)
Net-of-tax amount		(301	)		284			457			580
Comprehensive income	$	844		$	589		$	3,638		$	626

The accompanying notes are an integral part of these consolidated financial statements.

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Three Months Ended March 31, 2026 and 2025

	Shares of Common Stock		Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated<br>Other<br>Comprehensive<br>Income (Loss)			Unearned Compensation ESOP			Total<br>Stockholders' Equity
	(In thousands, except share data)
Balance at December 31, 2025		9,295,376	$	93	$	39,564	$	82,756	$	(928	)	$	(3,238	)	$	118,247
Comprehensive income (loss)		—		—		—		1,145		(301	)		—			844
ESOP shares released and committed to be released		—		—		10		—		—			43			53
Balance at March 31, 2026		9,295,376	$	93	$	39,574	$	83,901	$	(1,229	)	$	(3,195	)	$	119,144
	Surplus		Accumulated<br>Other<br>Comprehensive<br>Income (Loss)			Total<br>Surplus
---	---	---	---	---	---	---	---
	(In thousands)
Balance at December 31, 2024	$	81,835	$	(1,510	)	$	80,325
Comprehensive income		305		284			589
Balance at March 31, 2025	$	82,140	$	(1,226	)	$	80,914

The accompanying notes are an integral part of these consolidated financial statements.

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Nine Months Ended March 31, 2026 and 2025

	Shares of Common Stock		Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated<br>Other<br>Comprehensive<br>Income (Loss)			Unearned Compensation ESOP			Total<br>Stockholders' Equity
	(In thousands, except share data)
Balance at June 30, 2025		9,295,376	$	93	$	39,571	$	80,720	$	(1,686	)	$	(3,346	)	$	115,352
Comprehensive income		—		—		—		3,181		457			—			3,638
ESOP shares released and committed to be released		—		—		3		—		—			151			154
Balance at March 31, 2026		9,295,376	$	93	$	39,574	$	83,901	$	(1,229	)	$	(3,195	)	$	119,144
	Surplus		Accumulated<br>Other<br>Comprehensive<br>Income (Loss)			Total<br>Surplus
---	---	---	---	---	---	---	---
	(In thousands)
Balance at June 30, 2024	$	82,094	$	(1,806	)	$	80,288
Comprehensive income		46		580			626
Balance at March 31, 2025	$	82,140	$	(1,226	)	$	80,914

The accompanying notes are an integral part of these consolidated financial statements.

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

For the Nine Months Ended March 31, 2026 and 2025

	Nine months ended
	March 31,
	2026			2025
	(In thousands)
Cash flows from operating activities:
Net income	$	3,181		$	46
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		393			1,379
Net amortization of securities		25			273
Depreciation and amortization		757			627
Increase in cash surrender value of bank owned life insurance		(355	)		(351	)
Amortization (accretion) of net deferred loan origination costs/fees		100			(41	)
Losses on sale of securities available for sale, net		317			—
Gain on marketable equity securities, net		—			(152	)
Deferred tax provision		63			—
Net change in:
Accrued interest receivable		(293	)		104
Other assets		(473	)		(1,204	)
Accrued expenses and other liabilities		549			(110	)
Net cash provided by operating activities		4,264			571
Cash flows from investing activities:
Activity in securities available for sale:
Maturities, calls and prepayments		9,398			14,153
Sales		7,195			—
Purchases		(34,122	)		(17,493	)
Activity in securities held to maturity:
Maturities, calls and prepayments		4,739			12,688
Purchases		(6,391	)		(9,000	)
Redemption (purchase) of Federal Home Loan Bank stock		70			(338	)
Loan originations, net of principal payments		(90,950	)		(47,262	)
Purchase of premises and equipment, net		(53	)		(259	)
Net cash used by investing activities		(110,114	)		(47,511	)
Cash flows from financing activities:
Net increase in deposits		104,516			67,689
Net change in short-term Federal Home Loan Bank advances		10,500			(15,470	)
Proceeds from long-term Federal Home Loan Bank advances		—			30,000
Repayment of long-term Federal Home Loan Bank advances		(10,617	)		(13,000	)
Net increase in mortgagors’ escrow accounts		159			224
Net cash provided by financing activities		104,558			69,443
Net change in cash and cash equivalents		(1,292	)		22,503
Cash and cash equivalents at beginning of year		55,244			44,114
Cash and cash equivalents at end of year	$	53,952		$	66,617
Supplemental cash flow information:
Interest paid on deposits	$	14,525		$	14,647
Interest paid on Federal Home Loan Bank advances		4,378			4,847
Income taxes paid, net of (refunds)		1,216			232

The accompanying notes are an integral part of these condensed consolidated financial statements.

Winchester Bancorp, Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying audited consolidated financial statements of Winchester Bancorp, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information. Accordingly, they do not include all the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial condition and result of operations for the periods have been included.

For additional information and disclosures required under U.S. GAAP, refer to the Company's Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.

Certain previously reported amounts have been reclassified to conform with current period's presentation.

Basis of consolidation and presentation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiary Winchester Savings Bank (the “Bank”) and the Bank's wholly owned subsidiaries, Sachem Holdings, Inc., Aberjona Holdings, Inc., 1871 Company, LLC, and Wedgemere Holdings, LLC. Sachem Holdings, Inc. and Aberjona Holdings, Inc. function as Massachusetts security corporations that buy, sell and hold securities. 1871 Company, LLC's principal activity is holding of bank premises. Wedgemere Holdings, LLC's principal activity is the holding of properties acquired in settlement of loans.

All significant intercompany balances and transactions have been eliminated in consolidation.

Business

The Company is a Maryland corporation whose primary purpose is to act as the holding company for the Bank. The Bank provides a variety of financial services to individuals and small businesses through its offices in Winchester, Woburn, Danvers and Arlington, Massachusetts. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential, commercial and multi-family real estate and construction loans.

Reorganization

On December 4, 2024, the Board of Trustees of the Bank adopted a plan of reorganization from a Mutual Savings Bank to a Mutual Holding Company and Plan of Stock Issuance (the "Plan"). The Plan received the required approvals of various regulatory agencies. The Bank’s reorganization and the related stock offering of the Company were consummated on April 30, 2025. The Company sold 3,997,012 shares of common stock at $10.00 per share for gross proceeds of $39,970,000. In connection with the reorganization, the Company also issued 5,112,457 shares of common stock to Winchester Bancorp, MHC, the Company’s mutual holding company parent, and issued 185,907 shares of common stock to the Winchester Savings Bank Charitable Foundation, Inc.

A liquidation account was established by Winchester Bancorp, Inc. for the benefit of eligible account holders equal to the percentage of the shares of common stock issued in the offering to persons other than Winchester Bancorp, MHC multiplied by the net worth of Winchester Savings Bank as of September 30, 2024. In the unlikely event of a complete liquidation of (i) the Bank or (ii) the Bank and the Company, all claims of creditors, including those of depositors, will be paid first. However, except with respect to the liquidation account to be established, a depositor’s claim would be solely for the principal amount of his or her deposit accounts plus accrued interest. Depositors generally would not have an interest in the value of the assets of Winchester Savings Bank or Winchester Bancorp, Inc. above that amount. On any June 30 annual closing date, if the amount in any applicable deposit account is less than the amount in the deposit account as of the close of business on November 30, 2023, or any other annual closing date, then the liquidation account as well as the interest in the liquidation account relating to such deposit account would be reduced from time to time by the proportion of any such reduction, and such interest will cease to exist if such deposit account is closed. In addition, no interest in the liquidation account would ever be increased despite any subsequent increase in the related deposit account.

Use of estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The allowance for credit losses is a material estimate that is particularly susceptible to significant change in the near term.

Fair value hierarchy

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.

Level 1 – Valuation is based on quoted prices in active markets for identical assets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets.

Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.

Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Defined benefit pension plan investments in hedge funds are measured using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

Accrued Interest Receivable

The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on nonaccrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest.

Allowance for Credit Losses-Loans

The allowance for credit losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

For the year ended June 30, 2025, the Company measured the allowance for credit losses using the Scaled CECL Allowance for Losses Estimator (“SCALE”) which has asset size limitations for institutions to use the methodology. Effective July 1, 2025 the Company could no longer use SCALE and changed its Allowance for Credit Loss methodology to use a quantitative Discounted Cash Flow (“DCF”) model combined with the assessment of certain qualitative factors.

Collectively evaluated loans

The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. The Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative DCF model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to

estimate expected credit losses, which are derived from industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following:

• changes in the Company’s loan policies, procedures and strategies;
• changes in international, national, regional, and local economic and business conditions;
• changes in the nature and volume of the portfolio and terms of loans;
• changes in experience, depth, and ability of lending management;
• changes in the volume, trend, and severity of past due financial assets;
• changes in the quality of the organization’s loan review system;
• changes in the value of underlying collateral for collateral-dependent loans;
• the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
• the effect of competition and legal/regulatory requirements on the portfolio.

Individually Evaluated Loans

Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a DCF approach or a fair value of collateral approach. The latter approach will be used for loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

Unallocated component

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated portion of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating collectively and individually evaluated loans in the portfolio.

Allowance for Credit Losses- Off-Balance Sheet Credit Exposures

The Company has off-balance sheet financial instruments, which include commitments to extend credit, standby letters of credit and commercial letters of credit. The Company estimates expected credit losses over the contractual period in which the Company is exposed to risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company.

The Company’s allowance for credit losses on off-balance sheet credit exposures is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets, with adjustments to the reserve recognized in the provision for credit losses in the consolidated statements of operations. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans with an additional assumption of probability of funding.

Derivatives and Hedging

The Company follows Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, with regard to disclosure requirements for derivatives and hedging activities, with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position and performance. Qualitative disclosures explain the Company’s objectives and strategies for using derivatives, and quantitative disclosures are made regarding the fair value of, and gains and losses on, derivative instruments, and about credit-risk-related contingent features in derivative instruments.

As required by ASC 815, the Company reports all derivatives on its balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. In a fair value hedge, hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Recent accounting pronouncements

Management has not identified any Accounting Standards Updates that have been issued but are not yet effective and could have a significant impact on the Company’s financial reporting or disclosure requirements.

2.SECURITIES

The amortized cost and fair value of available for sale and held to maturity securities, at March 31, 2026 and June 30, 2025, with gross unrealized gains and losses, follows:

	March 31, 2026
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses			Fair<br>Value
	(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government-<br>   sponsored enterprise obligations	$	16,771	$	—	$	(110	)	$	16,661
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		37,137		468		(129	)		37,476
Corporate bonds and obligations		11,880		—		(813	)		11,067
Total securities available for sale	$	65,788	$	468	$	(1,052	)	$	65,204
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored<br>   enterprise obligations	$	30,717	$	—	$	(783	)	$	29,934
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		16,917		100		(185	)		16,832
Corporate bonds and obligations		9,241		—		(841	)		8,400
Municipal bonds		1,909		306		(70	)		2,145
Total securities held to maturity	$	58,784	$	406	$	(1,879	)	$	57,311
	June 30, 2025
---	---	---	---	---	---	---	---	---	---
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses			Fair<br>Value
	(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government-<br>   sponsored enterprise obligations	$	8,000	$	1	$	(39	)	$	7,962
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		22,485		119		(37	)		22,567
Corporate bonds and obligations		17,988		—		(1,218	)		16,770
Total securities available for sale	$	48,473	$	120	$	(1,294	)	$	47,299
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored<br>   enterprise obligations	$	28,721	$	2	$	(1,034	)	$	27,689
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		17,233		82		(244	)		17,071
Corporate bonds and obligations		9,312		—		(885	)		8,427
Municipal bonds		1,945		282		(91	)		2,136
Total securities held to maturity	$	57,211	$	366	$	(2,254	)	$	55,323

The amortized cost and fair value of debt securities by contractual maturity at March 31, 2026 are shown as follows. Expected maturities may differ from contractual maturities because the issuers, in certain instances, have the right to call or prepay obligations with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
	Amortized<br>Cost		Fair<br>Value		Amortized<br>Cost		Fair<br>Value
	(In thousands)
Within 1 year	$	1,013	$	998	$	6,450	$	6,373
Over 1 year through 5 years		9,367		8,569		25,424		24,199
Over 5 years through 10 years		6,490		6,435		4,995		4,947
Over 10 years		11,781		11,726		4,998		4,960
		28,651		27,728		41,867		40,479
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		37,137		37,476		16,917		16,832
Total securities	$	65,788	$	65,204	$	58,784	$	57,311

There were no realized losses on securities for the three months ended March 31, 2026 and 2025 or the nine months ended March 31, 2025. During the nine months ended March 31, 2026, the Company sold $7.2 million of available for sale securities resulting in gross realized losses of $317,000.

Allowance for Credit Losses-Securities

Available for sale (AFS) and held to maturity (HTM) securities, which are issued by the U. S. Treasury or are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that reduce or eliminate the U.S. government’s implicit guarantee on such securities. Any expected credit losses would be presented as an allowance

for credit loss. For corporate and municipal bonds, whether they are AFS or HTM, a probability of default and a loss given default analysis is performed to determine whether an allowance for credit losses is needed. There was no allowance for credit losses established on AFS or HTM securities during the nine months ended March 31, 2026.

Information pertaining to securities with gross unrealized losses at March 31, 2026 and June 30, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	Less Than Twelve Months				Twelve Months or Over
	Gross<br>Unrealized<br>Losses		Fair<br>Value		Gross<br>Unrealized<br>Losses		Fair<br>Value
			(In thousands)
March 31, 2026
Securities Available for Sale
U.S. Government and U.S. Government-<br>   sponsored enterprise obligations	$	110	$	15,661	$	—	$	—
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		124		10,170		5		2,122
Corporate bonds and obligations		—		—		813		11,067
Total securities available for sale	$	234	$	25,831	$	818	$	13,189
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored<br>   enterprise obligations	$	223	$	4,773	$	560	$	25,161
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		12		1,422		173		2,926
Corporate bonds and obligations		—		—		841		8,400
Municipal bonds		—		—		70		1,146
Total securities held to maturity	$	235	$	6,195	$	1,644	$	37,633
	Less Than Twelve Months				Twelve Months or Over
---	---	---	---	---	---	---	---	---
	Gross<br>Unrealized<br>Losses		Fair<br>Value		Gross<br>Unrealized<br>Losses		Fair<br>Value
			(In thousands)
June 30, 2025
Securities Available for Sale
U.S. Government and U.S. Government-<br>   sponsored enterprise obligations	$	39	$	6,961	$	—	$	—
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		29		6,697		8		2,438
Corporate bonds and obligations		—		—		1,218		16,770
Total securities available for sale	$	68	$	13,658	$	1,226	$	19,208
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored<br>   enterprise obligations	$	19	$	2,981	$	1,015	$	22,209
U.S. Government agency and U.S. Government-<br>   sponsored enterprise residential mortgage-<br>   backed securities		20		6,297		224		3,177
Corporate bonds and obligations		—		—		885		8,427
Municipal bonds		—		—		91		1,136
Total securities held to maturity	$	39	$	9,278	$	2,215	$	34,949

The Company monitors the credit quality of securities through the use of credit ratings. Management evaluates debt securities for impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation.

At March 31, 2026, 124 debt securities have unrealized losses with aggregate depreciation of 3.40% of the Company’s amortized cost basis. The decline in market value is attributable to changes in interest rates and not to credit quality, and the Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the securities and it is not “more likely than not” that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider these securities to be impaired at March 31, 2026.

Accrued Interest Receivable

There were no write offs during the nine months ended March 31, 2026 and the year ended June 30, 2025. The balance of accrued interest receivable on investments was $843,000 and $857,000 at March 31, 2026 and June 30, 2025, respectively.

3.LOANS

A summary of the balances of loans follows:

	March 31,			June 30,
	2026			2025
	(In thousands)
Mortgage loans:
Residential real estate	$	389,485		$	357,748
Commercial real estate		108,515			102,270
Multi-family		216,340			166,691
Construction		95,803			95,941
Home equity loans and lines-of-credit		29,034			26,786
Total mortgage loans		839,177			749,436
Commercial loans		4,127			4,335
Consumer loans		233			339
Total loans		843,537			754,110
Allowance for credit losses		(4,537	)		(4,151	)
Net deferred loan origination costs		1,544			1,261
Loans, net	$	840,544		$	751,220

The Company has sold mortgage loans in the secondary mortgage market and has retained the servicing responsibility and receives fees for the services provided. Total loans serviced for others at March 31, 2026 and June 30, 2025 amounted to $22.3 million and $22.4 million, respectively, and are not included on the accompanying consolidated balance sheets.

Activity in the allowance for credit losses, by segment, for the three months ended March 31, 2026 follows:

	Residential<br>Real Estate		Commercial<br>Real Estate			Multi-family			Construction			Home Equity			Commercial			Consumer		Unallocated			Total
	(In thousands)
Allowance for credit losses-loans
Balance at December 31, 2025	$	1,581	$	823		$	1,138		$	628		$	116		$	37		$	1	$	72		$	4,396
Provision (benefit) for credit<br>   losses		73		(64	)		188			35			(9	)		2			—		(72	)		153
Loans charged-off		—		—			—			(12	)		—			—			—		—			(12	)
Recoveries		—		—			—			—			—			—			—		—			—
Balance at March 31, 2026	$	1,654	$	759		$	1,326		$	651		$	107		$	39		$	1	$	—		$	4,537
	Residential<br>Real Estate		Commercial<br>Real Estate			Multi-family			Construction			Home Equity			Commercial			Consumer		Unallocated			Total
	(In thousands)
Allowance for off balance sheet<br> credit exposures
Balance at December 31, 2025	$	3	$	5		$	69		$	276		$	71		$	5		$	—	$	—		$	429
Provision (benefit) for credit<br>   losses		1		—			(63	)		242			(7	)		(1	)		—		—			172
Balance at March 31, 2026	$	4	$	5		$	6		$	518		$	64		$	4		$	—	$	—		$	601

The increase in the allowance for credit losses on loans during the three months ended March 31, 2026 was due to the overall growth in the loan portfolio.

Activity in the allowance for credit losses, by segment, for the nine months ended March 31, 2026 follows:

	Residential<br>Real Estate			Commercial<br>Real Estate			Multi-family			Construction			Home Equity			Commercial			Consumer			Unallocated		Total
	(In thousands)
Allowance for credit losses-loans
Balance at June 30, 2025	$	1,510		$	579		$	944		$	705		$	113		$	298		$	2		$	—	$	4,151
Provision (benefit) for credit<br>   losses		144			180			382			268			(6	)		11			(1	)		—		978
Loans charged-off		—			—			—			(322	)		—			(270	)		—			—		(592	)
Recoveries		—			—			—			—			—			—			—			—		—
Balance at March 31, 2026	$	1,654		$	759		$	1,326		$	651		$	107		$	39		$	1		$	—	$	4,537
	Residential<br>Real Estate			Commercial<br>Real Estate			Multi-family			Construction			Home Equity			Commercial			Consumer			Unallocated		Total
	(In thousands)
Allowance for off balance sheet<br> credit exposures
Balance at June 30, 2025	$	60		$	16		$	25		$	1,067		$	4		$	14		$	—		$	—	$	1,186
Provision (benefit) for credit<br>   losses		(56	)		(11	)		(19	)		(549	)		60			(10	)		—			—		(585	)
Balance at March 31, 2026	$	4		$	5		$	6		$	518		$	64		$	4		$	—		$	—	$	601

The increase in the allowance for credit losses on loans during the nine months ended March 31, 2026 was due to the change in methodology and overall growth in the loan portfolio. The decrease in the allowance for credit losses for the off balance sheet credit exposures was due to the change in methodology.

The allowance for credit losses and total loans, by loan segment, at March 31, 2026 and June 30, 2025 follows:

	Residential<br>Real Estate		Commercial<br>Real Estate		Multi-family		Construction		Home Equity		Commercial		Consumer		Unallocated		Total
	(In thousands)
March 31, 2026
Allowance for individually<br>   evaluated loans	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Allowance for collectively<br>   evaluated loans		1,654		759		1,326		651		107		39		1		—		4,537
Total allowance for credit losses	$	1,654	$	759	$	1,326	$	651	$	107	$	39	$	1	$	—	$	4,537
Individually evaluated loans	$	501	$	1,166	$	—	$	—	$	—	$	—	$	—			$	1,667
Collectively evaluated loans		388,984		107,349		216,340		95,803		29,034		4,127		233				841,870
Total loans	$	389,485	$	108,515	$	216,340	$	95,803	$	29,034	$	4,127	$	233			$	843,537
	Residential<br>Real Estate		Commercial<br>Real Estate		Multi-family		Construction		Home Equity		Commercial		Consumer		Unallocated		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	(In thousands)
June 30, 2025
Allowance for individually<br>   evaluated loans	$	—	$	—	$	—	$	—	$	—	$	270	$	—	$	—	$	270
Allowance for collectively<br>   evaluated loans		1,510		579		944		705		113		28		2		—		3,881
Total allowance for credit losses	$	1,510	$	579	$	944	$	705	$	113	$	298	$	2	$	—	$	4,151
Individually evaluated loans	$	741	$	1,166	$	—	$	—	$	—	$	270	$	—			$	2,177
Collectively evaluated loans		357,007		101,104		166,691		95,941		26,786		4,065		339				751,933
Total loans	$	357,748	$	102,270	$	166,691	$	95,941	$	26,786	$	4,335	$	339			$	754,110

Activity in the allowance for credit losses, by segment, for the three months ended March 31, 2025 follows:

	Residential<br>Real Estate		Commercial<br>Real Estate		Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated			Total
	(In thousands)
Allowance for credit losses-loans
Balance at December 31, 2024	$	1,365	$	512	$	731	$	806		$	102	$	76		$	5		$	38		$	3,635
Provision (benefit) for credit<br>   losses		54		35		71		(113	)		6		3			(3	)		(38	)		15
Loans charged-off		—		—		—		—			—		(50	)		—			—			(50	)
Recoveries		—		—		—		—			—		—			—			—			—
Balance at March 31, 2025	$	1,419	$	547	$	802	$	693		$	108	$	29		$	2		$	—		$	3,600
	Residential<br>Real Estate		Commercial<br>Real Estate		Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated			Total
	(In thousands)
Allowance for off balance sheet<br> credit exposures
Balance at December 31, 2024	$	38	$	6	$	10	$	1,005		$	3	$	15		$	—		$	—		$	1,077
Provision (benefit) for credit<br>   losses		29		38		55		(157	)		2		(3	)		—			—			(36	)
Balance at March 31, 2025	$	67	$	44	$	65	$	848		$	5	$	12		$	—		$	—		$	1,041

Activity in the allowance for credit losses, by segment, for the nine months ended March 31, 2025 follows:

	Residential<br>Real Estate		Commercial<br>Real Estate			Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated			Total
	(In thousands)
Allowance for credit losses-loans
Balance at June 30, 2024	$	1,292	$	485		$	710	$	778		$	102	$	39		$	9		$	36		$	3,451
Provision (benefit) for credit<br>   losses		127		147			92		(85	)		6		1,282			(7	)		(36	)		1,526
Loans charged-off		—		(85	)		—		—			—		(1,330	)		—			—			(1,415	)
Recoveries		—		—			—		—			—		38			—			—			38
Balance at March 31, 2025	$	1,419	$	547		$	802	$	693		$	108	$	29		$	2		$	—		$	3,600
	Residential<br>Real Estate		Commercial<br>Real Estate			Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated			Total
	(In thousands)
Allowance for off balance sheet<br> credit exposures
Balance at June 30, 2024	$	47	$	9		$	14	$	937		$	4	$	16		$	—		$	161		$	1,188
Provision (benefit) for credit<br>   losses		20		35			51		(89	)		1		(4	)		—			(161	)		(147	)
Balance at March 31, 2025	$	67	$	44		$	65	$	848		$	5	$	12		$	—		$	—		$	1,041

The following is a summary of past due and non-accrual loans at March 31, 2026 and June 30, 2025:

	30-59 Days<br>Past Due		60-89 Days<br>Past Due		90 Days<br>or Greater<br>Past Due		Total<br>Past Due		Loans on<br>Non-accrual
	(In thousands)
March 31, 2026
Residential real estate	$	512	$	—	$	74	$	586	$	501
Commercial real estate		—		—		1,166		1,166		1,166
Consumer		—		5		—		5		—
Total	$	512	$	5	$	1,240	$	1,757	$	1,667
	30-59 Days<br>Past Due		60-89 Days<br>Past Due		90 Days<br>or Greater<br>Past Due		Total<br>Past Due		Loans on<br>Non-accrual
---	---	---	---	---	---	---	---	---	---	---
	(In thousands)
June 30, 2025
Residential real estate	$	—	$	—	$	340	$	340	$	777
Commercial real estate		—		—		1,166		1,166		1,166
Commercial		—		—		270		270		270
Total	$	—	$	—	$	1,776	$	1,776	$	2,213

There are no loans 90 days or greater past due and still accruing at March 31, 2026 and June 30, 2025. The balance of accrued interest receivable on loans was $2.8 million at March 31, 2026 and $2.5 million at June 30, 2025. There was no accrued interest reversed on non-accrual loans during the three months ended March 31, 2025. There was $30,000 of accrued interest reversed during the nine months end March 31, 2025. There was no accrued interest reversed on non-accrual loans during the three and nine months ended March 31, 2026.

No additional funds are committed to be advanced in connection with the individually evaluated loans. There were no loan modifications to borrowers experiencing financial difficulty during the nine months ended March 31, 2026 and the year ended June 30, 2025.

Credit quality information

The Company has a ten-grade internal loan rating system for commercial real estate, multi-family, commercial, and construction loans as follows:

• Loans rated in the first six grades 1-6 are considered “pass” rated loans with low to average risk.
• Loans rated 7 are considered “watch.” These loans are starting to show signs of potential weakness and are being closely monitored by management.
• Loans rated 8 are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.
• Loans rated 9 are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of existing facts, conditions and values, highly questionable and improbable.
• Loans rated 10 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted.

On a periodic basis, management formally reviews the ratings on all commercial real estate, multi-family, commercial, and construction loans. Annually, the Company engages an independent third party to review a significant portion of the loans within these segments. Management uses the results of these reviews as part of its internal review process.

Credit quality for residential real estate, home equity loans and lines-of-credit, and consumer loans is determined by monitoring delinquency reports and loan payment history, and through on-going communication with customers.

The following table presents the Company’s risk rated loans by year of origination and gross write-offs at and for the nine months ended March 31, 2026:

	As of March 31, 2026
	Loans amortized cost basis by origination year
Rating:	2026		2025		2024		2023		2022		Prior		Total
	(In thousands)
Residential Real Estate:
Performing	$	57,305	$	27,789	$	33,874	$	37,323	$	67,666	$	165,027	$	388,984
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		501		501
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	57,305	$	27,789	$	33,874	$	37,323	$	67,666	$	165,528	$	389,485
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Real Estate:
1-6 (Pass)	$	17,082	$	16,009	$	7,318	$	23,485	$	14,687	$	28,768	$	107,349
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		1,166		1,166
10 (Loss)		—		—		—		—		—		—		—
Total	$	17,082	$	16,009	$	7,318	$	23,485	$	14,687	$	29,934	$	108,515
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family:
1-6 (Pass)	$	54,527	$	10,107	$	15,574	$	75,890	$	23,469	$	36,773	$	216,340
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		—		—
10 (Loss)		—		—		—		—		—		—		—
Total	$	54,527	$	10,107	$	15,574	$	75,890	$	23,469	$	36,773	$	216,340
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction:
1-6 (Pass)	$	42,327	$	34,776	$	9,457	$	9,169	$	—	$	74	$	95,803
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		—		—
10 (Loss)		—		—		—		—		—		—		—
Total	$	42,327	$	34,776	$	9,457	$	9,169	$	—	$	74	$	95,803
Current-period gross write-offs	$	—	$	—	$	322	$	—	$	—	$	—	$	322
Home equity loans and lines-of-credit:
Performing	$	5,825	$	988	$	1,470	$	4,434	$	5,810	$	10,507	$	29,034
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	5,825	$	988	$	1,470	$	4,434	$	5,810	$	10,507	$	29,034
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial:
1-6 (Pass)	$	225	$	—	$	176	$	2,558	$	49	$	1,119	$	4,127
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		—		—
10 (Loss)		—		—		—		—		—		—		—
Total	$	225	$	—	$	176	$	2,558	$	49	$	1,119	$	4,127
Current-period gross write-offs	$	—	$	270	$	—	$	—	$	—	$	—	$	270
Consumer:
Performing	$	54	$	8	$	2	$	—	$	—	$	169	$	233
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	54	$	8	$	2	$	—	$	—	$	169	$	233
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the Bank’s risk rated loans by year of origination and gross write-offs at and for the year ended June 30, 2025:

	As of June 30, 2025
	Loans amortized cost basis by origination year
Rating:	2025		2024		2023		2022		2021		Prior		Total
	(In thousands)
Residential Real Estate:
Performing	$	42,577	$	40,068	$	45,204	$	50,964	$	80,363	$	97,661	$	356,837
Watch		—		—		—		—		—		571		571
Substandard		—		—		—		—		—		340		340
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	42,577	$	40,068	$	45,204	$	50,964	$	80,363	$	98,572	$	357,748
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Real Estate:
1-6 (Pass)	$	16,761	$	7,748	$	26,080	$	16,091	$	696	$	33,046	$	100,422
7 (Watch)		—		—		—		—		—		606		606
8 (Substandard)		—		—		—		—		—		76		76
9 (Doubtful)		—		—		—		—		—		1,166		1,166
10 (Loss)		—		—		—		—		—		—		—
Total	$	16,761	$	7,748	$	26,080	$	16,091	$	696	$	34,894	$	102,270
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	85	$	85
Multi-family:
1-6 (Pass)	$	31,823	$	6,960	$	59,122	$	29,416	$	21,366	$	18,004	$	166,691
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		—		—
10 (Loss)		—		—		—		—		—		—		—
Total	$	31,823	$	6,960	$	59,122	$	29,416	$	21,366	$	18,004	$	166,691
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction:
1-6 (Pass)	$	23,129	$	34,068	$	35,878	$	—	$	—	$	147	$	93,222
7 (Watch)		—		—		2,719		—		—		—		2,719
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		—		—		—		—		—		—
10 (Loss)		—		—		—		—		—		—		—
Total	$	23,129	$	34,068	$	38,597	$	—	$	—	$	147	$	95,941
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity loans and lines-of-credit:
Performing	$	3,554	$	2,975	$	4,325	$	4,147	$	3,307	$	8,478	$	26,786
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	3,554	$	2,975	$	4,325	$	4,147	$	3,307	$	8,478	$	26,786
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial:
1-6 (Pass)	$	—	$	—	$	1,551	$	986	$	—	$	1,528	$	4,065
7 (Watch)		—		—		—		—		—		—		—
8 (Substandard)		—		—		—		—		—		—		—
9 (Doubtful)		—		270		—		—		—		—		270
10 (Loss)		—		—		—		—		—		—		—
Total	$	—	$	270	$	1,551	$	986	$	—	$	1,528	$	4,335
Current-period gross write-offs	$	—	$	1,330	$	—	$	—	$	—	$	—	$	1,330
Consumer:
Performing	$	21	$	11	$	81	$	51	$	44	$	131	$	339
Watch		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—
Total	$	21	$	11	$	81	$	51	$	44	$	131	$	339
Current-period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

4. MINIMUM REGULATORY CAPITAL REQUIREMENTS

The Bank has elected to comply with the community bank leverage ratio framework issued by the federal banking agencies. The framework provides for a simple measure of capital adequacy, calculated as Tier 1 capital divided by average total consolidated assets, which is consistent with how the Bank currently calculates its leverage ratio. Under this framework, a bank that maintains a community bank leverage ratio of greater than 9% is considered to have satisfied the risk-based and leverage capital ratios, effective July 1, 2026 the ratio will be reduced to 8%. As of March 31, 2026 and June 30, 2025, the Bank met the minimum requirement with a community bank leverage ratio of 10.00% and 10.48%, respectively. As a small bank holding company, the Company is exempt from required minimum regulatory capital requirements.

5. FAIR VALUES OF ASSETS AND LIABILITIES

Determination of fair value

The Company uses fair value measurements to record fair value adjustments to certain assets. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, quoted market prices may not be available. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques, including collateral value. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the assets.

The following methods and assumptions were used by the Company in estimating fair value:

Cash and Cash Equivalents – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value.

Available for sale and held to maturity securities – The Company’s investment in debt securities is generally classified within Level 2 of the fair value hierarchy. For those securities, the Company obtains fair value measurements from independent pricing services which are not adjusted by management. The fair value measurements consider observable data that considers standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data.

FHLB Stock – The fair value of FHLB stock approximates the carrying amount based on the redemption provisions of the FHLB. These assets were classified as Level 2.

Loans – The fair value of loans is measured on an exit price basis incorporating discounts for credit, liquidity and marketability factors. Loans were classified as Level 3 since the valuation methodology utilizes significant unobservable inputs.

Accrued Interest Receivable – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value. These assets were classified as Level 2.

Deposits – The fair value of deposits is valued using a replacement cost of funds approach and discounted to the market rates and based on weighted remaining maturity for maturing deposits. Deposits were classified as Level 3 since the valuation methodology utilizes significant unobservable inputs.

FHLB Advances – The fair value of the FHLB Advances approximates fair value amount of these liabilities were classified as Level 2.

Accrued Interest Payable and Mortgagor's escrow accounts – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value. These liabilities were classified as Level 2.

Derivative Instruments – The fair value of derivative instruments are estimated using a third-party derivative valuation expert who relies on Level 2 inputs, mainly interest cash flow models to determine value by calculation a settlement termination value with the counterparty.

Financial instruments measured at fair value on a recurring basis

Financial instruments measured at fair value on a recurring basis are summarized below. There are no liabilities measured at fair value on recurring basis at June 30, 2025.

	March 31, 2026
							Total
	Level 1		Level 2		Level 3		Fair Value
	(In thousands)
Assets
Debt securities available for sale	$	—	$	65,204	$	—	$	65,204
Derivative assets		—		48		—		48
Total	$	—	$	65,252	$	—	$	65,252
Liabilities
Derivative liabilities	$	—	$	49	$	—	$	49
	June 30, 2025
							Total
	Level 1		Level 2		Level 3		Fair Value
Assets	(In thousands)
Debt securities available for sale	$	—	$	47,299	$	—	$	47,299
Total	$	—	$	47,299	$	—	$	47,299

Assets measured at fair value on a non-recurring basis

The Company may also be required, from time to time, to measure certain other assets and liabilities at fair value on a non-recurring basis in accordance with generally accepted accounting principles.

These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. There were no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2026 and June 30, 2025.

Summary of Fair Values of Financial Instruments

The estimated fair values, and related carrying amounts, of the Bank’s financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

	Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3
	(In Thousands)
March 31, 2026
Financial assets:
Cash and cash equivalents	$	53,952	$	53,952	$	—	$	—
Securities available for sale		65,204		—		65,204		—
Securities held to maturity		58,784		—		57,311		—
Federal Home Loan Bank stock		6,208		—		6,208		—
Derivative assets		48				48
Loans, net		840,544		—		—		824,163
Accrued interest receivable		3,620		—		3,620		—
Financial liabilities:
Deposits		783,698		—		—		745,398
Federal Home Loan Bank advances		146,883		—		146,959		—
Mortgagors’ escrow accounts		1,915		—		1,915		—
Accrued interest payable		401		—		401		—
Derivative liabilities		49		—		49		—
June 30, 2025
Financial assets:
Cash and cash equivalents	$	55,244	$	55,244	$	—	$	—
Securities available for sale		47,299		—		47,299		—
Securities held to maturity		57,211		—		55,323		—
Federal Home Loan Bank stock		6,278		—		6,278		—
Loans, net		751,220		—		—		719,669
Accrued interest receivable		3,327		—		3,327		—
Financial liabilities:
Deposits		679,182		—		—		644,452
Federal Home Loan Bank advances		147,000		—		147,082		—
Mortgagors’ escrow accounts		1,756		—		1,756		—
Accrued interest payable		538		—		538		—

6. DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to changes in the fair value of certain of its pools of fixed-rate assets due to changes in benchmark interest rates. In the prior quarter, the Company entered into an interest rate swap agreement to manage its exposure to changes in the fair value of these instruments attributable to changes in the designated benchmark interest rate. The interest rate swap agreement is designated as a fair value hedge and involves the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreement without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

Interest Rate Swaps

An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The Company has entered into an interest rate swap in which it pays fixed and receives floating rate interest in order to manage its interest rate risk exposure to the changes in fair value on certain fixed-rate investments. For interest rate swaps that are accounted for as

fair value hedges, changes in fair value are included in net income. The following table reflects the Company’s derivative position for an interest rate swap which qualifies as a fair value hedge for accounting purposes as of March 31, 2026:

				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Fixed Rate Paid			Current SOFR Rate Received			Fair Value
	(in thousands)		(in years)							(in thousands)
Interest rate swap on investments	$	9,332	7.9 yrs		3.74	%		3.82	%	$	49

The table below presents the fair value of the Company’s derivative financial instrument, as well as the classification on the Consolidated Balance Sheet as of March 31, 2026:

	Asset Derivatives			Liability Derivatives
	Balance Sheet	Fair Value at		Balance Sheet	Fair Value at
	Location	March 31, 2026		Location	March 31, 2026
	(in thousands)
Interest rate swap on investments	Securities	$	48	Other Liabilities	$	49

The Company has an agreement with its derivative counterparty that contains a provision where if the Company defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations, and it could be required to terminate its derivative positions with the counterparty. In order to mitigate counterparty default risk in conjunction with its derivative contract, the Company was required to maintain $200,000 of collateral in a deposit account with the counterparty as of March 31, 2026.

Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of the swap plus any initial margin collateral posted. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. As such, management believes the risk of incurring credit losses on the derivative contract with the counterparty is remote.

7. EARNINGS PER SHARE (EPS)

Basic EPS represents net income available to common stockholders divided by the weighted-average number of common shares outstanding during the year.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the Company. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the year, plus the effect of potential dilutive common share equivalents computed using the treasury stock method.

There were no securities that had a dilutive effect during the three months and nine months ended March 31, 2026, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the three months and nine months ended March 31, 2026, there were no anti-dilutive shares. Earnings per share data is not applicable for the three months and nine months ended March 31, 2025 as the Company had no shares outstanding.

	For the Three Months Ended		For the Nine Months Ended
	March 31,		March 31,
	2026		2026
	(Dollars in thousands)		(Dollars in thousands)
Net income applicable to common shares	$	1,145	$	3,181
Average number of common shares outstanding		9,295,376		9,295,376
Less: average unallocated ESOP shares		322,222		326,380
Average number of common shares outstanding used to calculate basic and diluted EPS		8,973,154		8,968,996
Net income per common share:
Basic and diluted	$	0.13	$	0.35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

Management’s discussion and analysis of financial condition and results of operations at March 31, 2026 and June 30, 2025 and for the three months and nine months ended March 31, 2026 and 2025 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and words of similar meaning. These forward-looking statements include, but are not limited to:

• statements of our goals, intentions and expectations;
• statements regarding our business plans, prospects, growth and operating strategies;
• statements regarding the quality of our loan and investment portfolios; and
• estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management 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.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

• general economic conditions, including any recessionary conditions and/or increases in unemployment, either nationally or in our market areas, that are worse than expected;

• changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;

• our ability to access cost-effective funding;

• fluctuations in real estate values and in the conditions;

• demand for loans, deposits and non-banking services in our market area;

• our ability to implement and change our business strategies;

• competition among depository and other financial institutions, including with respect to ability to charge overdraft fees;

• inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and will make;

• adverse changes in the securities or secondary mortgage markets;

• changes in laws or government regulations or policies affecting financial institutions and/or their holding companies, including changes in regulatory fees, capital requirements and insurance premiums;

• monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

• changes in the quality or composition of our loan or investment portfolios;

• technological changes that may be more difficult or expensive than expected;

• the inability of third-party providers to perform as expected;

• a failure or breach of our operational or information security systems or infrastructure, including cyberattacks;

• our ability to manage market risk, credit risk and operational risk;

• our ability to enter new markets successfully and capitalize on growth opportunities;

• our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;

• changes in consumer spending, borrowing and savings habits;

• changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

• changes in accounting and/or tax estimates;

• our ability to retain key employees;

• the effects of any national or global conflict, war or act of terrorism;

• the ability of the U.S. Government to remain open, function properly and manage federal debt limits;

• the potential effects of tariffs;

• the impact of a pandemic on our operations and financial results and those of our customers;

• our compensation expense associated with equity allocated or awarded to our employees; and

• changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Critical Accounting Policies

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under

different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

The following represents our critical accounting policy.

Allowance for Credit Losses on Loans. The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. The Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative DCF model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following:

• changes in the Company’s loan policies, procedures and strategies;
• changes in international, national, regional, and local economic and business conditions;
• changes in the nature and volume of the portfolio and terms of loans;
• changes in experience, depth, and ability of lending management;
• changes in the volume, trend, and severity of past due financial assets;
• changes in the quality of the organization’s loan review system;
• changes in the value of underlying collateral for collateral-dependent loans;
• the existence and effect of any concentrations of credit, and changes in the level of such concentration; and
• the effect of competition and legal/regulatory requirements on the portfolio.

The allowance for credit losses on loans is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. For example, an increase of 25 basis points as to our lifetime loss rate for qualitative factors for all loan categories at March 31, 2026 would have increased our allowance for credit losses on loans at that date to $6.6 million from $4.5 million.

Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a DCF approach or a fair value of collateral approach. The latter approach will be used for loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated portion of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating collectively and individually evaluated loans in the portfolio.

Although we believe that we use the best information available to establish the allowance for credit losses on loans, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluation. In addition, the Massachusetts Commissioner of Banks and the FDIC, as an integral part of their examination process, periodically review our allowance for credit losses on loans, and as a result of such reviews, we may have to adjust our allowance for credit losses on loans. A large loss could deplete the allowance and require increased provisions to replenish the allowance, which would adversely affect earnings.

For more information on our critical accounting policies, see Note 1 of the notes to our consolidated financial statements.

Comparison of Financial Condition at March 31, 2026 and June 30, 2025

Total Assets. Total assets increased $107.7 million, or 11.3%, to $1.06 billion at March 31, 2026, from $949.4 million at June 30, 2025. The increase was primarily due to increases in loans and investment securities.

Cash and Cash Equivalents. Cash and cash equivalents decreased $1.3 million, or 2.3%, to $54.0 million at March 31, 2026 from $55.2 million at June 30, 2025.

Investment Securities. Investment securities, comprised of both available for sale and held to maturity securities, aggregated $124.0 million at March 31, 2026 compared to $104.5 million at June 30, 2025, as we continued to invest stock offering proceeds into government agency and mortgage backed securities.

Gross Loans. Loans increased $89.4 million, or 11.9%, to $843.5 million at March 31, 2026 compared to $754.1 million at June 30, 2025. The main driver of the new growth was in multi-family and residential real estate loans, which increased $49.6 million and $31.7 million, respectively. The commercial real estate and home equity portfolios also increased $6.2 million and $2.2 million, respectively. We remained focused on originating multi-family, commercial and residential real estate loans as the primary drivers of loan portfolio growth.

Deposits. Deposits increased $104.5 million, or 15.4%, to $783.7 million at March 31, 2026 from $679.2 million at June 30, 2025. Money market accounts drove the increase, rising $108.7 million, or 90.1%, to $229.3 million at March 31, 2026 from $120.6 million at June 30, 2025, primarily due to growth in municipal customer deposits. Offsetting the increase in money market accounts was a decrease of $4.2 million, or 1.5%, in certificates of deposit to $278.9 million at March 31, 2026 from $283.2 million at June 30, 2025. All of our deposits are fully insured by the FDIC or the Depositors Insurance Fund.

Borrowings. Borrowings, which consisted solely of Federal Home Loan Bank of Boston advances, decreased $117,000, or 0.1%, to $146.9 million at March 31, 2026, compared to $147.0 million at June 30, 2025, as the inflows from the increase in deposits were used to restructure wholesale funding.

Total Stockholders’ Equity. Total stockholders’ equity increased $3.8 million, and was $119.1 million at March 31, 2026 and $115.4 million at June 30, 2025. Total stockholders’ equity increased due to a $457,000 decrease in accumulated other comprehensive loss to $1.2 million at March 31, 2026, and the net income increase of $3.2 million for the nine months ended March 31, 2026.

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

General. We recorded net income of $1.1 million and $305,000 for the three months ended March 31, 2026 and 2025, respectively. The increase in net income was due to an increase in interest and dividend income and a decrease in the cost of funds, partially offset by an increase in operating expense.

Interest and Dividend Income. Interest and dividend income increased $1.9 million, or 17.9%, to $12.5 million for the three months ended March 31, 2026, from $10.6 million for the three months ended March 31, 2025. Interest and fees on loans, which is our primary source of interest income, increased $1.4 million, or 14.6%, to $10.9 million for the three months ended March 31, 2026.

The average balance of loans increased by $82.1 million, or 11.2%, to $817.3 million for the three months ended March 31, 2026, over the average balance for the three months ended March 31, 2025, while the average yield on loans increased by 16 basis points to 5.32% for the three months ended March 31, 2026, from 5.16% for the three months ended March 31, 2025. The increase in the average yield was due to a change in the composition of our loan portfolio to include a higher percentage of higher yielding construction and commercial real estate loans, as well as multi-family residential real estate loans. The increase in average balance was due to our continuing to pursue new commercial relationships.

Interest Expense. Total interest expense totaled $6.2 million for the three months ended March 31, 2026 which represents a decrease of $21,000, or 0.3%, compared to the same period in 2025. Interest expense on deposits increased $222,000, or 4.7%, to $4.9 million for the three months ended March 31, 2026. Our average balance of interest-bearing deposits increased $87.0 million, or 14.2%, to $699.6 million, while our average cost of deposits decreased 26 basis points to 2.80% for the three months ended March 31, 2026, from 3.06% for the three months ended March 31, 2025.

Interest expense on Federal Home Loan Bank advances decreased $243,000, or 15.6%, to $1.3 million for the three months ended March 31, 2026. Our average balance of Federal Home Loan Bank advances decreased $12.3 million, and our average cost of borrowings decreased 34 basis points to 3.98% for the three months ended March 31, 2026, from 4.32% for the three months ended March 31, 2025. The decrease in the Federal Home Loan Bank cost of funds is due to the decrease in average borrowing balances and lower advance rates.

Net Interest Income. Net interest income was $6.3 million for the three months ended March 31, 2026, compared to $4.4 million for the three months ended March 31, 2025, as our interest income increased faster than our interest expense. Our interest rate spread increased to 2.06% for the three months ended March 31, 2026 from 1.61% for the three months ended March 31, 2025. Our net interest margin increased to 2.54% for the three months ended March 31, 2026 from 2.02% for the three months ended March 31, 2025

Provision for Credit Losses. Based on an analysis of the factors described in “Critical Accounting Policies—Allowance for Credit Losses,” we recorded a provision for credit losses of $325,000 for the three months ended March 31, 2026, compared to a benefit of $21,000 for the three months ended March 31, 2025. The increase in provision for credit losses on loans for the three months ended March 31, 2026 was primarily due to loan portfolio growth.

The allowance for credit losses on loans was $4.5 million at March 31, 2026 and $4.2 million at June 30, 2025, and represented 0.54% of total loans at March 31, 2026 and 0.55% at June 30, 2025 . The allowance for credit losses for off balance sheet commitments was $601,000 at March 31, 2026 and $1.1 million at June 30, 2025. The benefit for off balance sheet commitments is related to the change in ACL methodology and lower balances of loan commitments as the commitments were converted to loans.

Total nonaccrual loans were $1.7 million at March 31, 2026, compared to $2.2 million at June 30, 2025. Total loans past due 30 days or greater were $1.8 million at March 31, 2026, unchanged from June 30, 2025. As a percentage of nonperforming loans, the allowance for credit losses on loans was 272.17% at March 31, 2026 compared to 187.57% at June 30, 2025. The decrease in past due and non-accrual balances is primarily due to a loan payoff during the quarter.

Our estimates and assumptions used in the determination of the adequacy of the allowance could be proven incorrect in the future, and the actual amount of future provisions may exceed the amount of past provisions. Any such increase in future provisions that may be required may adversely impact our financial condition and results of operations.

Non-interest income. Non-interest income information is as follows.

	Three Months Ended <br>March 31,					Change
	2026		2025			Amount			Percent
	(Dollars in thousands)
Customer service fees	$	185	$	167		$	18			10.8	%
Bank owned life insurance		117		115			2			1.7	%
Loss on marketable equity securities, net		—		(71	)		71			(100.0	)%
Miscellaneous		65		88			(23	)		(26.1	)%
Total non-interest income	$	367	$	299		$	68			22.7	%

The decrease in loss on marketable equity securities, net, was due to the liquidation of the equities portfolio in June 2025.

Non-interest Expense. Non-interest expense information is as follows.

	Three Months Ended <br>March 31,				Change
	2026		2025		Amount			Percent
	(Dollars in thousands)
Salaries and employee benefits	$	2,659	$	2,531	$	128			5.1	%
Occupancy and equipment, net		464		409		55			13.4	%
Data processing		477		356		121			34.0	%
Deposit insurance		165		210		(45	)		(21.4	)%
Marketing and advertising		216		120		96			80.0	%
Other		864		695		169			24.3	%
Total non-interest expense	$	4,845	$	4,321	$	524			12.1	%

The increase in salaries and employee benefits was due to the addition of key finance and commercial lending staff, and higher expenses related to our health plan, while the decrease in deposit insurance expense was due to a decrease in FDIC insurance rates. The increase in data processing cost is due to investments in new technologies that will improve customer experience and efficiencies. Increases in marketing expense were due to the launch of a new website as well as a new investor relations site while increases in other expense were primarily due to higher reserves for off balance sheet commitments.

Income Taxes. Income tax expense increased to $349,000 for the three months ended March 31, 2026, compared to $67,000 for the three months ended March 31, 2025. The effective tax rates were 23.4% and 18.0% for the three months ended March 31, 2026 and 2025, respectively, as we had lower levels of taxable income during the 2025 period.

Average Balances and Yields

The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances, and the average balance of loans includes non-accrual loans. The yields set forth below include the effect of deferred fees/costs, discounts, and premiums that are amortized or accreted to interest income. Deferred loan fees for the three months ended March 31, 2026 and 2025 were not material.

	For the Three Months Ended March 31,
	2026								2025
	Average<br>Outstanding<br>Balance			Interest		Average<br>Yield/Rate (1)			Average<br>Outstanding<br>Balance			Interest		Average<br>Yield/Rate (1)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	817,314		$	10,861		5.32	%	$	735,256		$	9,479		5.16	%
Securities		122,706			1,183		3.86	%		86,597			744		3.44	%
Interest-bearing deposits		50,683			472		3.73	%		42,373			390		3.68	%
Total interest-earning assets		990,703			12,516		5.05	%		864,226			10,613		4.91	%
Non-interest-earning assets		43,553								40,668
Allowance for credit losses on loans		(4,410	)							(3,673	)
Total assets	$	1,029,846							$	901,221
Interest-bearing liabilities:
NOW and demand deposits	$	56,575			9		0.06	%	$	54,291			4		0.03	%
Savings accounts		153,877			779		2.02	%		163,830			910		2.22	%
Money market accounts		206,463			1,593		3.09	%		108,775			845		3.11	%
Certificates of deposit		282,681			2,522		3.57	%		285,692			2,922		4.09	%
Total interest-bearing deposits		699,596			4,903		2.80	%		612,588			4,681		3.06	%
Borrowings		132,152			1,316		3.98	%		144,429			1,559		4.32	%
Total interest-bearing liabilities		831,748			6,219		2.99	%		757,017			6,240		3.30	%
Other non-interest-bearing liabilities		78,897								63,356
Total liabilities		910,645								820,373
Stockholders' equity		119,201								80,848
Total liabilities and stockholders' equity	$	1,029,846							$	901,221
Net interest income				$	6,297							$	4,373
Net interest rate spread (2)							2.06	%							1.61	%
Net interest-earning assets (3)	$	158,955							$	107,209
Net interest margin (4)							2.54	%							2.02	%
Average interest-earning assets to<br>   average interest-bearing liabilities		119.11	%							114.16	%
(1) Annualized.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-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.

Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

	Three Months Ended<br>March 31, 2026 vs. 2025
	Increase (Decrease) Due to						Total<br>Increase
	Volume			Rate			(Decrease)
	(In thousands)
Interest-earning assets:
Loans	$	1,083		$	299		$	1,382
Securities		337			102			439
Interest-bearing deposits and other		77			5			82
Total interest-earning assets		1,497			406			1,903
Interest-bearing liabilities:
NOW and demand deposits		—			5			5
Savings accounts		(55	)		(76	)		(131	)
Money market accounts		759			(11	)		748
Certificates of deposit		(27	)		(373	)		(400	)
Borrowings		(122	)		(121	)		(243	)
Total interest-bearing liabilities		555			(576	)		(21	)
Change in net interest income	$	942		$	982		$	1,924

Comparison of Operating Results for the Nine Months ended March 31, 2026 and 2025

General. We recorded net income of $3.2 million and net income of $46,000 for the nine months ended March 31, 2026 and 2025, respectively. The increase in net income was due primarily to increases in net interest income and lower provision for credit losses, partially offset by an increase in non-interest expense and income tax expense.

Interest and Dividend Income. Interest and dividend income increased $5.5 million, or 17.6%, to $36.9 million for the nine months ended March 31, 2026, from $31.4 million for the nine months ended March 31, 2025. Interest and fees on loans, which is our primary source of interest income, increased $4.2 million, or 15.2%, to $32.0 million for the nine months ended March 31, 2026, from $27.7 million for the nine months ended March 31, 2025.

The average balance of loans increased by $79.1 million, or 11.0%, to $796.6 million for the nine months ended March 31, 2026, over the average balance for the nine months ended March 31, 2025, while the average yield on loans increased by 19 basis points to 5.35% for the nine months ended March 31, 2026, from 5.16% for the nine months ended March 31, 2025. The increase in the average yield was primarily due to increases in higher yielding construction, commercial and residential real estate, and multi-family loan balances. The increase in average balance was due to our continuing to pursue new commercial relationships.

Interest Expense. Total interest expense decreased $415,000, or 2.2%, to $18.8 million for the nine months ended March 31, 2026, compared to $19.2 million for the nine months ended March 31, 2025. Interest expense on deposits decreased $184,000, or 1.3%, to $14.4 million for the nine months ended March 31, 2026, from $14.6 million for the nine months ended March 31, 2025. Our average balance of interest-bearing deposits increased $65.1 million, or 10.8%, to $665.8 million, while our average cost of deposits decreased 36 basis points to 2.89% for the nine months ended March 31, 2026, from 3.25% for the nine months ended March 31, 2025. The decrease in the average cost of deposits was due to decreases in market interest rates as well as an increase in money market accounts, which typically bear lower rates than certificates of deposits.

Interest expense on Federal Home Loan Bank advances was $4.3 million for the nine months ended March 31, 2026, compared to $4.5 million for the nine months ended March 31, 2025. We decreased Federal Home Loan Bank borrowings in

recent periods due to increases in money market accounts. The decrease in the average cost of borrowings was due to decreases in market interest rates between the periods.

Net Interest Income. Net interest income was $18.1 million for the nine months ended March 31, 2026, compared to $12.2 million for the nine months ended March 31, 2025, as our interest income increased faster than our interest expense. Our interest rate spread increased to 2.01% for the nine months ended March 31, 2026 from 1.50% for the nine months ended March 31, 2025, while our net interest margin increased to 2.52% for the nine months ended March 31, 2026 from 1.93% for the nine months ended March 31, 2025. The interest rate spread and net interest margin were both positively impacted by the lower market interest rates.

Provision for Credit Losses. Based on an analysis of the factors described in “Critical Accounting Policies—Allowance for Credit Losses,” we recorded a provision for credit losses of $393,000 for the nine months ended March 31, 2026, compared to a provision of $1.4 million for the nine months ended March 31, 2025. The decrease in the provision for credit losses on loans for the nine months ended March 31, 2026 was primarily due to lower charge offs of $592,000 compared to our charge offs of $1.4 million for the nine months ended March 31, 2025. Additionally, there was a net credit of $158,000 recorded for the nine months ended March 31, 2026 due to the change in the credit loss methodology from the Federal Reserve Scaled CECL Allowance for Credit Loss Estimated (SCALE) method to the DCF model which was completed in the first quarter of 2026.

Our estimates and assumptions used in the determination of the adequacy of the allowance could require adjustments in the future, and the actual amount of future provisions may exceed the amount of past provisions. Any such increase in future provisions that may be required may adversely impact our financial condition and results of operations.

Other Income. Other income information is as follows.

	Nine Months Ended<br>March 31,					Change
	2026			2025		Amount			Percent
	(Dollars in thousands)
Customer service fees	$	567		$	535	$	32			6.0	%
Bank owned life insurance		355			351		4			1.1	%
Gain on marketable equity securities, net		—			152		(152	)		100.0	%
Loss on sale of securities		(317	)		—		(317	)		(100.0	)%
Gain on sale of loans		8			—		8		#DIV/0!
Miscellaneous		187			150		37			24.7	%
Total other income	$	800		$	1,188	$	(388	)		(32.7	)%

The decrease in gain on marketable equity securities, net, was due to the liquidation of the portfolio in June 2025. The loss on sale of securities for the nine months ended March 31, 2026 was due to the sale of securities available for sale, which were replaced with higher yielding investment securities as part of the Company’s investment portfolio restructuring. The increase in miscellaneous other income for the nine months ended March 31, 2026 is primarily due to higher release fees on construction loans.

Operating Expense. Operating expense information is as follows.

	Nine Months Ended<br>March 31,						Change
	2026			2025			Amount			Percent
	(Dollars in thousands)
Salaries and employee benefits	$	8,049		$	7,690		$	359			4.7	%
Occupancy and equipment, net		1,373			1,199			174			14.6	%
Data processing		1,267			1,008			259			25.7	%
Deposit insurance		535			638			(103	)		(16.1	)%
Marketing and advertising		544			312			232			74.4	%
Net periodic pension and post-retirement cost <br>   (benefit), less service costs		(73	)		(723	)		650			(89.9	)%
Other		2,652			1,901			751			39.5	%
Total operating expense	$	14,347		$	12,025		$	2,322			19.3	%

The increase in salaries and employee benefits was due to the addition of key staff in finance and commercial real estate, while the increase in data processing expense was due to our implementing a new program for electronic communications and online account opening. The decrease in deposit insurance expense was due to a decrease in FDIC insurance rates. The lower credit in net periodic pension and post-retirement cost is due to the freezing of the pension plan, while the increase in marketing and advertising is due to the launch of a new website as well as a new investor relations site. The increase in other expense were primarily due to higher cost for professional services related to our operation as a public reporting entity.

Income Taxes. Income taxes increased by $1.1 million to a provision of $981,000 for the nine months ended March 31, 2026, compared to a benefit of $90,000 for the nine months ended March 31, 2025. The increase in the income tax provision was due primarily to higher income for the nine months ended March 31, 2026.

Average Balances and Yields

The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances, and the average balance of loans includes non-accrual loans. The yields set forth below

include the effect of deferred fees/costs, discounts, and premiums that are amortized or accreted to interest income. Deferred loan fees for the nine months ended March 31, 2026 and 2025 were not material.

	For the Nine Months Ended March 31,
	2026								2025
	Average<br>Outstanding<br>Balance			Interest		Average<br>Yield/Rate (1)			Average<br>Outstanding<br>Balance			Interest		Average<br>Yield/Rate (1)
	(Dollars in thousands)
Interest-earning assets:
Loans	$	796,557		$	31,965		5.35	%	$	717,442		$	27,739		5.16	%
Securities		116,404			3,463		3.97	%		86,279			2,266		3.50	%
Interest-bearing deposits		46,105			1,439		4.16	%		37,980			1,347		4.73	%
Total interest-earning assets		959,066			36,867		5.13	%		841,701			31,352		4.97	%
Non-interest-earning assets		42,620								38,819
Allowance for credit losses on loans		(4,360	)							(3,522	)
Total assets	$	997,326							$	876,998
Interest-bearing liabilities:
NOW and demand deposits	$	56,102			18		0.04	%	$	55,696			130		0.31	%
Savings accounts		155,202			2,488		2.14	%		164,342			2,952		2.40	%
Money market accounts		176,039			4,228		3.20	%		99,026			2,486		3.35	%
Certificates of deposit		278,421			7,715		3.69	%		281,572			9,065		4.29	%
Total interest-bearing deposits		665,764			14,449		2.89	%		600,636			14,633		3.25	%
Borrowings		137,900			4,316		4.17	%		136,624			4,547		4.44	%
Total interest-bearing liabilities		803,664			18,765		3.11	%		737,260			19,180		3.47	%
Other non-interest-bearing liabilities		75,943								59,314
Total liabilities		879,607								796,574
Stockholders' equity		117,719								80,424
Total liabilities and stockholders' equity	$	997,326							$	876,998
Net interest income				$	18,102							$	12,172
Net interest rate spread (2)							2.01	%							1.50	%
Net interest-earning assets (3)	$	155,402							$	104,441
Net interest margin (4)							2.52	%							1.93	%
Average interest-earning assets to<br>   average interest-bearing liabilities		119.34	%							114.17	%
(1) Annualized.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-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.

Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

	Nine Months Ended<br>March 31, 2026 vs. 2025
	Increase (Decrease) Due to						Total<br>Increase
	Volume			Rate			(Decrease)
	(In thousands)
Interest-earning assets:
Loans	$	3,145		$	1,081		$	4,226
Securities		867			330			1,197
Interest-bearing deposits		209			(117	)		92
Total interest-earning assets		4,221			1,294			5,515
Interest-bearing liabilities:
NOW and demand deposits		1			(114	)		(113	)
Savings accounts		(147	)		(317	)		(464	)
Money market accounts		1,850			(108	)		1,742
Certificates of deposit		(101	)		(1,248	)		(1,349	)
Borrowings		40			(271	)		(231	)
Total interest-bearing liabilities		1,643			(2,058	)		(415	)
Change in net interest income	$	2,578		$	3,352		$	5,930

Management of Market Risk

General. The majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage the impact of changes in market interest rates on net interest income and capital. We have an Asset/Liability Committee that is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors. The Committee establishes and monitors the volume, maturities, pricing and mix of assets and funding sources with the objective of managing assets and funding sources to provide results that are consistent with liquidity, growth, risk limits and profitability goals.

As part of our ongoing asset-liability management, we use the following strategies to manage our interest rate risk:

• emphasizing the marketing of our non-interest-bearing demand, money market, savings and demand accounts;
• investing in short- to medium-term repricing and/or maturing investment securities whenever the market allows;
• maintaining capital levels that exceed those required for well-capitalized status under federal banking regulations;
• maintaining prudent levels of liquidity;
• managing our utilization of wholesale funding with borrowings and brokered deposits; and
• continuing to diversify our loan portfolio by adding more commercial-related loans and consumer loans, which typically have shorter maturities.

Net Interest Income. We analyze our sensitivity to changes in interest rates through a net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our net interest income would be for a 12-month period. We then calculate what the net interest income would be for the same

period under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 300 basis points, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 2% to 3% would mean, for example, a 100 basis point increase in the “Change in Interest Rates” column below.

The tables below sets forth, as of March 31, 2026 and June 30, 2025, the calculation of the estimated changes in our net interest income that would result from the designated instantaneous changes in the United States Treasury yield curve.

At March 31, 2026
Change in Interest Rates<br>(Basis Points) (1)	Net Interest Income<br>Year 1 Forecast		Year 1 Change<br>From Level
	(Dollars in thousands)
+300	$	20,829		(24.5	)%
+200		23,263		(15.7	)%
+100		25,561		(7.3	)%
Level		27,588		—
-100		28,443		3.1	%
-200		27,419		5.7	%
-300		29,710		7.7	%

• Assumes an instantaneous uniform change in interest rates at all maturities.

At June 30, 2025
Change in Interest Rates<br>(Basis Points) (1)	Net Interest Income<br>Year 1 Forecast		Year 1 Change<br>From Level
	(Dollars in thousands)
+300	$	17,784		(22.6	)%
+200		19,687		(14.3	)%
+100		21,522		(6.3	)%
Level		22,972		—
-100		23,403		1.9	%
-200		23,363		1.7	%
-300		23,098		0.6	%

• Assumes an instantaneous uniform change in interest rates at all maturities.

The tables above indicate that at March 31, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 15.7% decrease in net interest income, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 5.7% increase in net interest income and at June 30, 2025, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 14.3% decrease in net interest income, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 1.7% increase in net interest income.

Economic Value of Equity. We also compute amounts by which the net present value of our assets and liabilities (economic value of equity, or “EVE”) would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 300 basis points, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve.

The tables below sets forth, as of March 31, 2026 and June 30, 2025, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the United States Treasury yield curve.

At March 31, 2026
			Estimated Increase (Decrease) in<br>EVE						EVE as a Percentage of Present<br>Value of Assets (3)
Change in Interest<br>Rates (Basis Points)(1)	Estimated<br>EVE (2)		Amount			Percent			EVE<br>Ratio (4)			Increase<br>(Decrease)<br>(Percent)
			(Dollars in thousands)
+300	$	95,473	$	(44,532	)		(31.8	)%		10.0	%		(26.1	)%
+200		112,538		(27,467	)		(19.6	)%		11.4	%		(15.3	)%
+100		127,761		(12,244	)		(8.7	)%		12.6	%		(6.4	)%
—		127,284		—			—			12.8	%		—
-100		147,111		7,106			5.1	%		13.8	%		2.5	%
-200		147,809		7,804			5.6	%		13.6	%		0.8	%
-300		142,322		2,316			1.7	%		12.9	%		(4.6	)%

• Assumes an immediate uniform change in interest rates at all maturities.
• EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
• Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
• EVE Ratio represents EVE divided by the present value of assets.

At June 30, 2025
			Estimated Increase (Decrease) in<br>EVE						EVE as a Percentage of Present<br>Value of Assets (3)
Change in Interest<br>Rates (Basis Points)<br>(1)	Estimated.<br>EVE (2)		Amount			Percent			EVE<br>Ratio (4)			Increase<br>(Decrease)<br>(Percent)
			(Dollars in thousands)
+300	$	74,858	$	(41,822	)		(35.8	)%		8.9	%		(30.1	)%
+200		91,058		(25,622	)		(22.0	)%		10.5	%		(17.4	)%
+100		105,459		(11,221	)		(9.6	)%		11.8	%		(7.1	)%
—		116,680		—			—			12.7	%		—
-100		125,288		8,608			7.4	%		13.3	%		4.2	%
-200		124,997		8,317			7.1	%		13.0	%		1.7	%
-300		123,747		7,067			6.1	%		12.6	%		(1.3	)%

• Assumes an immediate uniform change in interest rates at all maturities.
• EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
• Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
• EVE Ratio represents EVE divided by the present value of assets.

The tables above indicate that at March 31, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 19.6% decrease in EVE, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 5.6% increase in EVE, and at June 30, 2025, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 22.0% decrease in EVE, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 7.1% increase in EVE.

At March 31, 2026, all estimated changes described above with respect to net interest income and EVE with respect to potential increases in market interest rates were not in compliance with the current policy limits established by the board of trustees. We have determined that selling assets to comply with our internal policies would result in a significant loss that would deplete capital and, as a result, restrict future growth, while providing limited benefit during a period of declining market interest rates, as began in the latter half of 2024.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond

to changes in market interest rates. In this regard, the changes in net interest income and net economic value tables presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates, and actual results may differ. Furthermore, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. Additionally, certain assets, such as adjustable-rate loans, have features that restrict changes in interest rates both on a short-term basis and over the life of the asset. In the event of changes in interest rates, prepayment and early withdrawal levels would likely deviate significantly from those assumed in calculating the tables.

Interest rate risk calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, deposits and borrowings.

Liquidity and Capital Resources

Liquidity is our ability to meet current and future financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities and proceeds from maturities and calls of securities. We also have the ability to borrow from the Federal Home Loan Bank of Boston. At March 31, 2026, we had $146.9 million outstanding in advances from the Federal Home Loan Bank of Boston and a $25 million outstanding letter of credit. At March 31, 2026, we had the ability to borrow $146.1 million in additional Federal Home Loan Bank of Boston advances. At March 31, 2026, we had a $5.3 million line of credit with the Federal Home Loan Bank of Boston, which was not drawn at March 31, 2026. Additionally, at March 31, 2026, we had a $88.2 million secured line of credit through the Federal Reserve Borrower in Custody program. At that date, there were no amounts outstanding.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and cash equivalents. The levels of these assets depend on our operating, financing, lending, and investing activities during any given period.

We test the level of our liquidity monthly and quarterly. Our monthly liquidity test is the ratio of basic surplus (deficit) divided by total assets, with basic surplus/deficit consisting of liquid assets (cash and due from banks, federal funds sold, securities available for sale, loans held for sale, total equities and securities maturities and payment) divided by investment commitments (loan commitments, 10% of certificates of deposit maturing within 30 days and 5% of non-maturing deposits). Our key quarterly test is the Primary Liquidity ratio, which we calculate as total liquid assets (cash and due from banks, federal funds sold and all securities that are not pledged to secure borrowing) as a percentage of total assets.

We seek to maintain a minimum monthly liquidity ratio of 4% to 6% of assets, and a minimum quarterly Primary Liquidity ratio of 10%. At March 31, 2026 and June 30, 2025, we were in compliance with both of these guidelines.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided by operating activities was $4.3 million for the nine months ended March 31, 2026 and $571,000 for the nine months ended March 31, 2025. Net cash used by investing activities, which consists primarily of disbursements for loan originations and the purchase of investment securities, offset by principal collections on loans and proceeds from maturing securities and pay downs on securities, was $110.1 million and $47.5 million for the nine months ended March 31, 2026 and 2025, respectively. Net cash provided by financing activities was $104.6 million and $69.4 million for the nine months ended March 31, 2026 and 2025, respectively.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments based on our current strategy to increase loans with an increase in core deposits and the continued use of Federal Home Loan Bank of Boston advances, as needed.

At March 31, 2026, Winchester Savings Bank exceeded its applicable regulatory capital requirement, and was considered “well capitalized” under regulatory guidelines.

The net proceeds from the offering significantly increased our liquidity and capital resources. Over time, the initial level of liquidity will be reduced as net offering proceeds are used for general corporate purposes, including funding loans. Our financial condition and results of operations will be enhanced by the net proceeds from the offering, which will increase our net interest-earning assets and net interest income. However, due to the increase in equity resulting from the net proceeds, as well as other factors associated with the offering, our return on equity may remain lower in the immediate future.

Recent Accounting Pronouncements

There are no recent accounting pronouncements issued, but not yet adopted, that are expected to have a significant impact on our financial statements. As an emerging growth company, we have elected to use the extended transition period to delay the adoption of new or re-issued accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies.

Impact of Inflation and Changing Prices

The financial statements and related data presented herein have been prepared in accordance with GAAP, which requires the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates, generally, have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

See Item 2, above.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by the quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has been no change in our internal control over financial reporting during the most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

Item 6. Exhibits.

Furnish the exhibits required by Item 601 of Regulation S-K (§ 229.601 of this chapter).

Exhibit<br><br>Number	Description
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Winchester Bancorp, Inc.
Date: May 13, 2026	By:	/s/ John A. Carroll
		John A. Carroll
		President and Chief Executive Officer
Date: May 13, 2026	By:	/s/ Elda Heller
		Elda Heller
		Executive Vice President Chief Financial Officer and Treasurer

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John A Carroll, certify that:

• I have reviewed this Form 10-Q of Winchester Bancorp, Inc. (the "registrant");
• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
• The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
• The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026	By:	/s/ John A. Carroll
		John A. Carroll
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Elda Heller, certify that:

• I have reviewed this Form 10-Q of Winchester Bancorp, Inc. (the "registrant");
• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
• The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
• The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026	By:	/s/ Elda Heller
		Elda Heller
		Executive Vice President Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Winchester Bancorp, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

• The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 13, 2026	By:	/s/ John A. Carroll
		John A. Carroll
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Winchester Bancorp, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

• The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 13, 2026	By:	/s/ Elda Heller
		Elda Heller
		Executive Vice President Chief Financial Officer and Treasurer