WSBK 8-K
Winchester Bancorp, Inc./MD/ (WSBK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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.
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Winchester Bancorp, Inc., the holding company for Winchester Savings Bank, issued a press release reporting its financial results for the year ended June 30, 2026.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On July 29, 2026, the Board of Directors of Winchester Bancorp, Inc. (the “Company”) approved, in accordance with the Company’s Bylaws and Articles of Incorporation, a change in the Company’s fiscal year end from June 30 to December 31 of each year.
As a result of this change, the Company intends to file a transition report on Form 10-K for the six-month transition period starting July 1, 2026 and ending December 31, 2026 (the “Transition Period”), which is the period between the closing of the Company’s most recent fiscal year on June 30, 2026 and the opening date of the Company’s newly selected fiscal year on January 1, 2027.
During the Transition Period, the Company expects to file a quarterly report on Form 10-Q for the quarter ending September 30, 2026, and then expects to file quarterly reports based on the new fiscal year beginning with the first fiscal quarter ending March 31, 2027.
In connection with the change in fiscal year, Article VI, Section 5 of the Company’s Bylaws was amended to reflect the new fiscal year (the “Amendment”). The Amendment is filed herewith as Exhibit 3.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
3.2 Amendment to Bylaws
99.1 Press Release dated July 30, 2026
104.1 Cover Page Interactive Data file (embedded within the inline XBRL Document)
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.
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Winchester Bancorp, Inc. |
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Date: July 30, 2026 |
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By: |
/s/ John A. Carroll |
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John A. Carroll |
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President and Chief Executive Officer |
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Exhibit 3.2
AMENDMENT OF
BYLAWS OF
WINCHESTER BANCORP, INC.
July 29, 2026
The undersigned, being the Corporate Secretary of Winchester Bancorp, Inc. (the “Company”), hereby certifies that the Board of Directors of the Company approved an amendment to the Bylaws of the Company (the “Bylaws”), effective as of the date indicated above.
1. Article VI, Section 5 of the Bylaws is hereby amended by deleting such section in its entirety and substituting therefore the following:
“Section 5. Fiscal Year.
The fiscal year of the Corporation shall commence on the first day of January and end on the last day of December in each year.”
/s/ Paula M. Cotter
Paula M. Cotter, Corporate Secretary
1
Exhibit 99.1
Winchester Bancorp, Inc.
Announces Results for the Year Ended June 30, 2026
Investor Contact
John A. Carroll
President and Chief Executive Officer
(781) 729-2130
WINCHESTER, MA, July 30, 2026 - Winchester Bancorp, Inc. (NASDAQ-WSBK) (the "Company"), the holding company for Winchester Savings Bank (the "Bank"), today announced its fiscal 2026 financial results. The Company reported net income of $4.4 million, or $0.49 per common share, as compared to net loss of $874,000 for the year ended June 30, 2025, an increase of $5.3 million in net income. Operating net income for the year ended June 30, 2025, which excludes our contribution to the Winchester Savings Bank Charitable Foundation, Inc. (the "Charitable Foundation"), was $750,000 (non-GAAP), making the year over year increase $3.7 million on an adjusted basis.
“In our first full year as a public company, we've demonstrated the ability to deploy capital prudently to grow the franchise. Loan and deposit growth were both impressive year-over-year, up $119.6 million, or 15.9% and $130.1 million, or 19.1%, respectively. Total assets grew more than $146.5 million, or 15.4%, while profitability also improved, with margin expanding to 2.55% from 2.05% and efficiency improving to 75.2% from 85.5% (non-GAAP), both compared to June 30, 2025," said John A. Carroll, President and Chief Executive Officer. "Our first year as a public company was a strong one, from establishing our municipal department to delivering double digit growth and improved earnings. We look forward to building on that momentum as we enter our second year of creating shareholder value,” Carroll added.
BALANCE SHEET
Total assets were $1.10 billion at June 30, 2026, representing an increase of $146.6 million, or 15.4%, from June 30, 2025.
NET INTEREST INCOME
Net interest income was $25.0 million for the year ended June 30, 2026, compared to $17.5 million for the year ended June 30, 2025, representing an increase of $7.5 million, or 42.6%. Net interest margin expanded by 50 basis points to 2.55% for the year ended June 30, 2026 compared to 2.05% for the year ended June 30, 2025.
NON-INTEREST INCOME
Non-interest income was $1.3 million for the year ended June 30, 2026, compared to $1.8 million for the year ended June 30, 2025. Non-interest income for the year ended June 30, 2025 includes a one-time gain on the sale of equity securities.
NON-INTEREST EXPENSE
Non-interest expense was $19.8 million for the year ended June 30, 2026, representing an increase of $1.0 million, or 5.2%, from the year ended June 30, 2025 due to increases in salaries and employee benefits, marketing and data processing expense offset by a decrease in other general and administrative expenses as the prior year included a $2.3 million charitable foundation contribution.
ASSET QUALITY
Asset quality remains strong. The allowance for credit losses on loans in total and as a percentage of total gross loans as of June 30, 2026 was $4.8 million and 0.55%, compared to $4.2 million and 0.55% as of June 30, 2025.
ABOUT WINCHESTER BANCORP, INC.
Winchester Bancorp, Inc. is the mid-tier holding company of Winchester Savings Bank and is the majority owned subsidiary of Winchester Bancorp, MHC. Winchester Savings Bank's mission is to operate and grow a profitable community-oriented financial institution that is dedicated to meeting the banking needs of individuals and small businesses in the communities in which it operates.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in other documents it files with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and
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debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures, such as operating net income, noninterest expense on an operating basis, noninterest income on an operating basis, operating return on average shareholders' equity, operating return on average assets annualized, efficiency ratio, and diluted earnings per share excluding contribution to the Charitable Foundation. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
3
Winchester Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except share and per share data)
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June 30, |
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June 30, |
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2026 |
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2025 |
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Assets |
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Cash and due from banks |
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$ |
1,283 |
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$ |
7,513 |
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Interest-bearing deposits |
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58,764 |
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47,731 |
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Total cash and cash equivalents |
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60,047 |
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55,244 |
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Securities available for sale, at fair value |
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68,776 |
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47,299 |
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Securities held to maturity, at amortized cost |
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56,228 |
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57,211 |
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Federal Home Loan Bank stock, at cost |
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6,791 |
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6,278 |
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Loans, net of allowance for credit losses of $4,783 at June 30, 2026 |
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870,773 |
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751,220 |
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Bank owned life insurance |
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11,397 |
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10,925 |
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Premises and equipment, net |
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5,590 |
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6,418 |
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Accrued interest receivable |
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4,034 |
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3,327 |
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Net deferred tax asset |
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1,092 |
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1,212 |
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Other assets |
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11,208 |
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10,244 |
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$ |
1,095,936 |
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$ |
949,378 |
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Liabilities and stockholders' equity |
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Non-interest-bearing deposits |
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$ |
63,168 |
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$ |
55,696 |
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Interest-bearing deposits |
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746,068 |
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623,486 |
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Federal Home Loan Bank advances |
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158,158 |
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147,000 |
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Mortgagors’ escrow accounts |
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1,809 |
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1,756 |
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Accrued expenses and other liabilities |
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6,220 |
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6,088 |
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Total liabilities |
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975,423 |
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834,026 |
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Commitments and contingencies |
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Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding |
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— |
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— |
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Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued and outstanding as of June 30, 2026 and June 30, 2025 |
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93 |
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93 |
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Additional paid-in capital |
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39,586 |
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39,571 |
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Unearned compensation (ESOP) |
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(3,151 |
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(3,346 |
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Retained earnings |
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85,141 |
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80,720 |
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Accumulated other comprehensive loss |
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(1,156 |
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(1,686 |
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Total stockholders' equity |
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120,513 |
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115,352 |
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Total liabilities and stockholders' equity |
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$ |
1,095,936 |
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$ |
949,378 |
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4
Winchester Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(Dollars in thousands, except share and per share data)
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Year ended |
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June 30, |
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2026 |
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2025 |
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(In thousands, except share data) |
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Interest and dividend income: |
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Interest and fees on loans |
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$ |
43,783 |
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$ |
37,528 |
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Interest and dividends on securities |
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4,678 |
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3,128 |
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Interest on federal funds sold and other interest-bearing deposits |
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1,919 |
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2,057 |
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Total interest and dividend income |
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50,380 |
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42,713 |
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Interest expense: |
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Interest on deposits |
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19,764 |
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19,115 |
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Interest on Federal Home Loan Bank advances |
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5,623 |
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6,076 |
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Total interest expense |
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25,387 |
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25,191 |
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Net interest income |
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24,993 |
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17,522 |
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Provision for credit losses |
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789 |
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2,066 |
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Net interest income, after provision for credit losses |
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24,204 |
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15,456 |
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Non-interest income: |
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Customer service fees |
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773 |
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728 |
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Income on bank owned life insurance |
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472 |
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466 |
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Loss on available for sale securities, net |
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(317 |
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— |
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Gain (loss) on marketable equity securities, net |
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— |
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374 |
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Gain on sale of loans |
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8 |
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— |
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Miscellaneous |
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332 |
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224 |
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Total non-interest income |
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1,268 |
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1,792 |
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Non-interest expense: |
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Salaries and employee benefits |
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11,748 |
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9,688 |
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Occupancy and equipment, net |
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1,819 |
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1,579 |
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Data processing |
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1,749 |
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1,368 |
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Deposit insurance |
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715 |
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848 |
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Marketing and advertising |
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734 |
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462 |
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Net periodic pension and post retirement benefit, less service costs |
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(697 |
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(73 |
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Other general and administrative |
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3,684 |
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4,906 |
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Total non-interest expense |
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19,752 |
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18,778 |
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Income (loss) before income taxes |
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5,720 |
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(1,530 |
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Provision (benefit) for income taxes |
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1,299 |
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(656 |
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Net income (loss) |
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$ |
4,421 |
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$ |
(874 |
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Share Data: |
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Average common shares outstanding, basic and diluted |
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8,971,061 |
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8,961,476 |
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Basic and diluted net income (loss) per share |
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$ |
0.49 |
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$ |
(0.10 |
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5
Winchester Bancorp, Inc. and Subsidiaries
Average Balances and Yields (unaudited)
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For the Year Ended June 30, |
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2026 |
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2025 |
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Average |
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Interest |
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Average |
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Average |
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Interest |
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Average |
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(Dollars in thousands) |
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Interest-earning assets: |
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Loans |
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$ |
814,169 |
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$ |
43,783 |
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5.38 |
% |
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$ |
725,618 |
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$ |
37,528 |
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5.17 |
% |
Securities |
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118,400 |
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4,678 |
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5.27 |
% |
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87,850 |
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3,128 |
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3.56 |
% |
Interest-bearing deposits |
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46,666 |
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1,919 |
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4.11 |
% |
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42,473 |
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2,057 |
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4.84 |
% |
Total interest-earning assets |
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979,235 |
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50,380 |
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5.14 |
% |
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855,941 |
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42,713 |
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4.99 |
% |
Non-interest-earning assets |
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43,143 |
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39,045 |
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Allowance for credit losses on loans |
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(4,437 |
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(3,575 |
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Total assets |
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$ |
1,017,941 |
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$ |
891,411 |
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Interest-bearing liabilities: |
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NOW and demand deposits |
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$ |
55,838 |
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34 |
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0.06 |
% |
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$ |
55,520 |
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|
137 |
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0.25 |
% |
Savings accounts |
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154,627 |
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3,263 |
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2.11 |
% |
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163,597 |
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3,871 |
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2.37 |
% |
Money market accounts |
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197,836 |
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|
6,337 |
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3.20 |
% |
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|
104,832 |
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|
3,460 |
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|
3.30 |
% |
Certificates of deposit |
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278,312 |
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|
10,130 |
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3.64 |
% |
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279,500 |
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|
11,647 |
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|
4.17 |
% |
Total interest-bearing deposits |
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686,613 |
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|
19,764 |
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2.88 |
% |
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|
603,449 |
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19,115 |
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3.17 |
% |
Borrowings |
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136,236 |
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|
5,623 |
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4.13 |
% |
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|
139,207 |
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|
|
6,076 |
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|
4.36 |
% |
Total interest-bearing liabilities |
|
|
822,849 |
|
|
|
25,387 |
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|
3.09 |
% |
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|
742,656 |
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|
25,191 |
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|
3.39 |
% |
Other non-interest-bearing liabilities |
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|
76,756 |
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|
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|
67,710 |
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Total liabilities |
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899,605 |
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|
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|
|
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|
810,366 |
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Stockholders' equity |
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118,336 |
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|
81,045 |
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|
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Total liabilities and stockholders' equity |
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$ |
1,017,941 |
|
|
|
|
|
|
|
|
$ |
891,411 |
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|
|
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|
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|
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Net interest income |
|
|
|
|
$ |
24,993 |
|
|
|
|
|
|
|
|
$ |
17,522 |
|
|
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|
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Net interest rate spread (1) |
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|
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|
|
|
|
2.05 |
% |
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|
|
|
|
|
|
1.60 |
% |
||||
Net interest-earning assets (2) |
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$ |
156,386 |
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|
|
|
|
|
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$ |
113,285 |
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|
|
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|
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|
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Net interest margin (3) |
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|
|
|
|
|
|
|
2.55 |
% |
|
|
|
|
|
|
|
|
2.05 |
% |
||||
Average interest-earning assets to |
|
|
119.01 |
% |
|
|
|
|
|
|
|
|
115.25 |
% |
|
|
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|
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|
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|
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(1) 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. |
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(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
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(3) Net interest margin represents net interest income divided by average total interest-earning assets. |
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6
Winchester Bancorp, Inc. and Subsidiaries
Selected Financial Highlights (unaudited)
(Dollars in thousands, except share and per share data)
|
For the Year Ended |
|
||||||
|
|
June 30, |
|
|
June 30, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
|
||
Earnings Data |
|
|
|
|
|
|
||
Net interest income |
|
$ |
24,993 |
|
|
$ |
17,522 |
|
Non-interest income |
|
|
1,268 |
|
|
|
1,792 |
|
Total net interest income and non-interest income |
|
|
26,261 |
|
|
|
19,314 |
|
Provision for credit losses |
|
|
789 |
|
|
|
2,066 |
|
Non-interest expense |
|
|
19,752 |
|
|
|
18,778 |
|
Pre-tax income (loss) |
|
|
5,720 |
|
|
|
(1,530 |
) |
Net income (loss) |
|
|
4,421 |
|
|
|
(874 |
) |
|
|
|
|
|
|
|
||
Per share Data |
|
|
|
|
|
|
||
Basic and diluted earnings per share |
|
$ |
0.49 |
|
|
$ |
(0.10 |
) |
Book value per share |
|
$ |
13.43 |
|
|
$ |
12.41 |
|
|
|
|
|
|
|
|
||
Earnings |
|
|
|
|
|
|
||
Return on average assets |
|
|
0.43 |
% |
|
|
(0.10 |
)% |
Return on average stockholders' equity |
|
|
3.74 |
% |
|
|
(1.08 |
)% |
Net interest margin |
|
|
2.55 |
% |
|
|
2.05 |
% |
Cost of deposits |
|
|
2.88 |
% |
|
|
3.17 |
% |
Efficiency ratio |
|
|
75.21 |
% |
|
|
97.22 |
% |
|
|
|
|
|
|
|
||
Balance Sheet |
|
|
|
|
|
|
||
Total assets |
|
$ |
1,095,936 |
|
|
$ |
949,378 |
|
Loans, net |
|
$ |
870,773 |
|
|
$ |
751,220 |
|
Total stockholders' equity |
|
$ |
120,513 |
|
|
$ |
115,352 |
|
|
|
|
|
|
|
|
||
Asset quality |
|
|
|
|
|
|
||
Allowance for credit losses (ACL) |
|
$ |
4,783 |
|
|
$ |
4,151 |
|
ACL/Total loans |
|
|
0.55 |
% |
|
|
0.55 |
% |
ACL/Total nonperforming loans (NPLs) |
|
|
286.92 |
% |
|
|
187.57 |
% |
Net charge-offs/average total loans |
|
|
(0.07 |
)% |
|
|
(0.20 |
)% |
Capital Ratios |
|
|
|
|
|
|
||
Stockholders' equity/total assets |
|
|
11.00 |
% |
|
|
12.15 |
% |
|
|
|
|
|
|
|
||
7
Winchester Bancorp, Inc. and Subsidiaries
Non-GAAP Reconciliation (unaudited)
(Dollars in thousands, except share and per share data)
|
Year ended |
|
||||||
|
June 30, |
|
||||||
|
|
2026 |
|
|
2025 |
|
||
|
|
|
|
|
|
|
||
Net income (loss) (GAAP) |
|
$ |
4,421 |
|
|
$ |
(874 |
) |
Add (Subtract): |
|
|
|
|
|
|
||
Non-interest expense component: |
|
|
|
|
|
|
||
Winchester Charitable Foundation contribution |
|
|
— |
|
|
|
2,259 |
|
Total impact of non-GAAP adjustment |
|
|
— |
|
|
|
2,259 |
|
Less net tax provision (benefit) associated with non-GAAP adjustments |
|
|
— |
|
|
|
(635 |
) |
Operating net income (non-GAAP) |
|
$ |
4,421 |
|
|
$ |
750 |
|
Average common shares outstanding |
|
|
8,971,061 |
|
|
|
8,817,329 |
|
Diluted earnings per share excluding contribution to the Charitable Foundation (non-GAAP) |
|
$ |
0.49 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
||
Noninterest expense (GAAP) |
|
$ |
19,752 |
|
|
$ |
18,778 |
|
Add (Subtract): |
|
|
|
|
|
|
||
Winchester Charitable Foundation contribution |
|
|
— |
|
|
|
(2,259 |
) |
Total impact of non-GAAP noninterest expense adjustments |
|
|
— |
|
|
|
(2,259 |
) |
Noninterest expense on an operating basis (non-GAAP) |
|
$ |
19,752 |
|
|
$ |
16,519 |
|
|
|
|
|
|
|
|
||
Noninterest income (GAAP) |
|
$ |
4,421 |
|
|
$ |
750 |
|
Average assets |
|
$ |
1,017,941 |
|
|
$ |
891,411 |
|
Operating return on average assets annualized (non-GAAP) |
|
|
0.43 |
% |
|
|
0.08 |
% |
Average shareholders' equity |
|
$ |
118,336 |
|
|
$ |
81,045 |
|
Operating return on average shareholders' equity (non-GAAP) |
|
|
3.74 |
% |
|
|
0.93 |
% |
|
|
|
|
|
|
|
||
Noninterest expense on an operating basis (non-GAAP) |
|
$ |
19,752 |
|
|
$ |
16,519 |
|
Net interest income |
|
|
24,993 |
|
|
|
17,522 |
|
Noninterest income on an operating basis (non-GAAP) |
|
|
1,268 |
|
|
|
1,792 |
|
Total net interest income and non-interest income |
|
$ |
26,261 |
|
|
$ |
19,314 |
|
Efficiency ratio (non-GAAP) (1) |
|
|
75.21 |
% |
|
|
85.53 |
% |
|
|
|
|
|
|
|
||
(1) The efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income and non-interest income |
|
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8