WSBK 8-K

Winchester Bancorp, Inc./MD/ (WSBK)

8-K 2026-04-29 For: 2026-04-29

View Original

Added on April 29, 2026


Maryland	001-42627	33-3361275
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

661 Main Street
Winchester, Massachusetts		01890
(Address of Principal Executive Offices)		(Zip Code)


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


	Winchester Bancorp, Inc.

Date: April 29, 2026	By:	/s/ John A. Carroll
		John A. Carroll
		President and Chief Executive Officer


	March 31,			June 30,
	2026			2025
Assets
Cash and due from banks	$	1,532		$	7,513
Interest-bearing deposits		52,420			47,731
Total cash and cash equivalents		53,952			55,244
Securities available for sale, at fair value		65,204			47,299
Securities held to maturity, at amortized cost		58,784			57,211
Federal Home Loan Bank stock, at cost		6,208			6,278
Loans, net of allowance for credit losses of $4,537 at March 31, 2026 and $4,151 at June 30, 2025		840,544			751,220
Bank owned life insurance		11,280			10,925
Premises and equipment, net		5,714			6,418
Accrued interest receivable		3,620			3,327
Net deferred tax asset		1,081			1,212
Other assets		10,717			10,244
	$	1,057,104		$	949,378
Liabilities and stockholders' equity
Non-interest-bearing deposits	$	63,445		$	55,696
Interest-bearing deposits		720,253			623,486
Federal Home Loan Bank advances		146,883			147,000
Mortgagors’ escrow accounts		1,915			1,756
Accrued expenses and other liabilities		5,464			6,088
Total liabilities		937,960			834,026
Commitments and contingencies
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding		—			—
Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued and outstanding as of March 31, 2026 and June 30, 2025		93			93
Additional paid-in capital		39,574			39,571
Unearned compensation (ESOP)		(3,195	)		(3,346	)
Retained earnings		83,901			80,720
Accumulated other comprehensive loss		(1,229	)		(1,686	)
Total stockholders' equity		119,144			115,352
Total liabilities and stockholders' equity	$	1,057,104		$	949,378


	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			6,967
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			2,624
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			$	0.36		N/A

WSBK 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release dated April 29, 2026


	For the Three Months Ended
	March 31, 2026								March 31, 2025
	Average Outstanding Balance			Interest		Average Yield/Rate (1)			Average Outstanding Balance			Interest		Average 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	%
Federal funds sold and other 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 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.