# EDGAR Filing Document

**Accession Number:** 0002047235
**File Stem:** 0001193125-26-046248
**Filing Date:** 2026-2
**Character Count:** 162567
**Document Hash:** 733bbdce6b6dabd2770f9547e1d70cd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-046248.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001193125-26-046248

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Winchester Bancorp, Inc./MD/
- **CENTRAL INDEX KEY:** 0002047235
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42627
- **FILM NUMBER:** 26619987

**BUSINESS ADDRESS:**
- **STREET 1:** 661 MAIN STREET
- **CITY:** WINCHESTER
- **STATE:** MA
- **ZIP:** 01890
- **BUSINESS PHONE:** (781) 729-2130

**MAIL ADDRESS:**
- **STREET 1:** 661 MAIN STREET
- **CITY:** WINCHESTER
- **STATE:** MA
- **ZIP:** 01890

?xml version='1.0' encoding='ASCII'? 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** **December 31,** 2025

**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>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 661 Main StreetWinchester**,** 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>**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 February 2, 2026, the registrant had 9,295,376 shares of common stock outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) | 2 |
| Item 1. | [<u>Financial Statements (Unaudited)</u>](#item_1_financial_statements) | 2 |
|  | [<u>Consolidated Balance Sheets</u>](#condensed_consolidated_balance_sheets) | 2 |
|  | [<u>Consolidated Statements of Operations</u>](#condensed_consolidated_statements_of_ope) | 3 |
|  | [<u>Consolidated Statements of Comprehensive Income</u>](#condensed_consolidated_statements_of_com) | 4 |
|  | [<u>Consolidated Statements of Changes in Stockholders' Equity</u>](#consolidated_statements_changes_surplus) | 5 |
|  | [<u>Consolidated Statements of Cash Flows</u>](#condensed_consolidated_statements_of_cas) | 7 |
|  | [<u>Notes to Unaudited Consolidated Financial Statements</u>](#notes_to_unaudited_condensed_consolidate) | 8 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_management_discussion_and_analy) | 25 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_dis) | 40 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 40 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) | 41 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 41 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 41 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_sec) | 41 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 41 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 41 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 41 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 42 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 43 |

---

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Winchester Bancorp, Inc. and Subsidiaries** 

**Consolidated Balance Sheets (unaudited)**

**December 31, 2025 and June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2025** | **2025** |
|  | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Assets |  |  |
| Cash and due from banks | $1068 | $7513 |
| Interest-bearing deposits | 53717 | 47731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 54785 | 55244 |
| Securities available for sale, at fair value | 63854 | 47299 |
| Securities held to maturity, at amortized cost | 58893 | 57211 |
| Federal Home Loan Bank stock, at cost | 6161 | 6278 |
| Loans, net of allowance for credit losses of $4,396 at December 31, 2025 <br> and $4,151 at June 30, 2025 | 800153 | 751220 |
| Bank owned life insurance | 11163 | 10925 |
| Premises and equipment, net | 5927 | 6418 |
| Accrued interest receivable | 3626 | 3327 |
| Net deferred tax asset | 994 | 1212 |
| Other assets | 10414 | 10244 |
| Total assets | $1015970 | $949378 |
| Liabilities and stockholders' equity |  |  |
| Non-interest-bearing deposits | $64377 | $55696 |
| Interest-bearing deposits | 681946 | 623486 |
| Federal Home Loan Bank advances | 143596 | 147000 |
| Mortgagors' escrow accounts | 1987 | 1756 |
| Accrued expenses and other liabilities | 5817 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 897723 | 834026 |
| Commitments and contingencies |  |  |
| Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding |  |  |
| Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued and outstanding as of December 31, 2025 and June 30, 2025 | 93 | 93 |
| Additional paid-in capital | 39564 | 39571 |
| Unearned compensation (ESOP) | (3238) | (3346) |
| Retained earnings | 82756 | 80720 |
| Accumulated other comprehensive loss | (928) | (1686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 118247 | 115352 |
| Total liabilities and stockholders' equity | $1015970 | $949378 |

---

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

------

**Winchester Bancorp, Inc. and Subsidiaries** 

**Consolidated Statements of Operations (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Interest and dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $10702 | $9245 | $21104 | $18260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on securities | 1167 | 755 | 2280 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on federal funds sold and other interest-bearing deposits | 545 | 507 | 967 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 12414 | 10507 | 24351 | 20737 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | 4876 | 4942 | 9546 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Federal Home Loan Bank advances | 1475 | 1534 | 3000 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 6351 | 6476 | 12546 | 12939 |
| Net interest income | 6063 | 4031 | 11805 | 7798 |
| Provision for credit losses | 388 | 238 | 68 | 1400 |
| Net interest income, after provision for credit losses | 5675 | 3793 | 11737 | 6398 |
| Non-interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 191 | 180 | 382 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on bank owned life insurance | 119 | 118 | 238 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on available for sale securities, net |  |  | (317) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on marketable equity securities, net |  | 52 |  | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of loans | 8 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 64 | 38 | 130 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 382 | 388 | 433 | 889 |
| Non-interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 2621 | 2174 | 5390 | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment, net | 513 | 413 | 909 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 381 | 305 | 789 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance | 160 | 207 | 370 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 144 | 96 | 328 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic pension and post retirement benefit, less service costs |  |  | (73) | (723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 888 | 572 | 1789 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 4707 | 3767 | 9502 | 7703 |
| Income (loss) before income taxes | 1350 | 414 | 2668 | (416) |
| Provision (benefit) for income taxes | 276 | 41 | 632 | (157) |
| Net income (loss) | $1074 | $373 | $2036 | $(259) |
| Share Data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shares outstanding, basic and diluted | 8969031 | N/A | 8966962 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net income per share | $0.12 | N/A | $0.23 | 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** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Net income (loss) | $1074 | $373 | $2036 | $(259) |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) | 182 | (362) | 662 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for losses realized in income |  |  | 317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) | 182 | (362) | 979 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | (38) | 81 | (221) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net-of-tax amount | 144 | (281) | 758 | 296 |
| Comprehensive income | $1218 | $92 | $2794 | $37 |

---

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

------

**Winchester Bancorp, Inc. and Subsidiaries** 

**Consolidated Stat** **ements of Changes in Stockholders' Equity (unaudited)**

**Three Months Ended December 31, 2025 and 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Balance at September 30, 2025 | 9295376 | $93 | $39567 | $81682 | $(1072) | $(3278) | $116992 |
| Comprehensive income |  |  |  | 1074 | 144 |  | 1218 |
| ESOP shares released and committed to be released |  |  | (3) |  |  | 40 | 37 |
| Balance at December 31, 2025 | 9295376 | $93 | $39564 | $82756 | $(928) | $(3238) | $118247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Surplus** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Surplus** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at September 30, 2024 | $81462 | $(1229) | $80233 |
| Comprehensive income (loss) | 373 | (281) | 92 |
| Balance at December 31, 2024 | $81835 | $(1510) | $80325 |

---

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)**

**Six Months Ended December 31, 2025 and 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** | **(In thousands, except share data)** |
| Balance at June 30, 2025 | 9295376 | $93 | $39571 | $80720 | $(1686) | $(3346) | $115352 |
| Comprehensive income |  |  |  | 2036 | 758 |  | 2794 |
| ESOP shares released |  |  | (7) |  |  | 108 | 101 |
| Balance at December 31, 2025 | 9295376 | $93 | $39564 | $82756 | $(928) | $(3238) | $118247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Surplus** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total<br>Surplus** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at June 30, 2024 | $82094 | $(1806) | $80288 |
| Comprehensive income (loss) | (259) | 296 | 37 |
| Balance at December 31, 2024 | $81835 | $(1510) | $80325 |

---

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 Six Months Ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Six months ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(In thousands)** | **(In thousands)** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $2036 | $(259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 68 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of securities | 24 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 544 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender value of bank owned life insurance | (238) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of net deferred loan origination fees | 38 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on sale of securities available for sale, net | 317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on marketable equity securities, net |  | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax provision | 288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | (299) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 588 | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (458) | (856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided (used) by operating activities | 2908 | (277) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in securities available for sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities, calls and prepayments | 4683 | 11889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | 7195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | (27743) | (13500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in securities held to maturity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities, calls and prepayments | 3219 | 9714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | (4954) | (7002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase (redemption) of Federal Home Loan Bank stock | 116 | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan originations, net of principal payments | (49797) | (44824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of premises and equipment, net | (53) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | (67334) | (44140) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in deposits | 67140 | 25599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in short-term Federal Home Loan Bank advances | 1000 | 6049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term Federal Home Loan Bank advances |  | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term Federal Home Loan Bank advances | (4404) | (10000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in mortgagors' escrow accounts | 231 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 63967 | 41851 |
| Net change in cash and cash equivalents | (459) | (2566) |
| Cash and cash equivalents at beginning of year | 55244 | 44114 |
| Cash and cash equivalents at end of year | $54785 | $41548 |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid on deposits | $9625 | $10042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid on Federal Home Loan Bank advances | 3026 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of (refunds) | 911 | 30 |

---

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 primarily 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 not 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the Company's loan policies, procedures and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in international, national, regional, and local economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the nature and volume of the portfolio and terms of loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in experience, depth, and ability of lending management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the volume, trend, and severity of past due financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the quality of the organization's loan review system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of underlying collateral for collateral-dependent loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 discounted cash flow ("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 December 31, 2025 and June 30, 2025, with gross unrealized gains and losses, follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Securities Available for Sale</u>** |  |  |  |  |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise obligations | $16276 | $16 | $(16) | $16276 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 37363 | 568 | (17) | 37914 |
| Corporate bonds and obligations | 10410 |  | (746) | 9664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $64049 | $584 | $(779) | $63854 |
| **<u>Securities Held to Maturity</u>** |  |  |  |  |
| U.S. Government and U.S. Government-sponsored<br> enterprise obligations | $30719 | $7 | $(713) | $30013 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 16988 | 169 | (149) | 17008 |
| Corporate bonds and obligations | 9265 |  | (779) | 8486 |
| Municipal bonds | 1921 | 298 | (72) | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held to maturity | $58893 | $474 | $(1713) | $57654 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Securities Available for Sale</u>** |  |  |  |  |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise obligations | $8000 | $1 | $(39) | $7962 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 22485 | 119 | (37) | 22567 |
| Corporate bonds and obligations | 17988 |  | (1218) | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $48473 | $120 | $(1294) | $47299 |
| **<u>Securities Held to Maturity</u>** |  |  |  |  |
| U.S. Government and U.S. Government-sponsored<br> enterprise obligations | $28721 | $2 | $(1034) | $27689 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 17233 | 82 | (244) | 17071 |
| Corporate bonds and obligations | 9312 |  | (885) | 8427 |
| Municipal bonds | 1945 | 282 | (91) | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held to maturity | $57211 | $366 | $(2254) | $55323 |

---

The amortized cost and fair value of debt securities by contractual maturity at December 31, 2025 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** | **Available for Sale** | **Held to Maturity** | **Held to Maturity** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Within 1 year | $— | $— | $2453 | $2442 |
| Over 1 year through 5 years | 10410 | 9664 | 29457 | 28223 |
| Over 5 years through 10 years | 6994 | 6995 |  |  |
| Over 10 years | 9282 | 9281 | 9995 | 9981 |
|  | 26686 | 25940 | 41905 | 40646 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 37363 | 37914 | 16988 | 17008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities | $64049 | $63854 | $58893 | $57654 |

---

There were no realized losses on securities for the three months ended December 31, 2025 and 2024 or the six months ended December 31, 2024. During the six months ended December 31, 2025, the Company sold $7.2 million of available for sale securities resulting in gross realized losses of $317,000.

<u>Allowance for Credit Losses-Securities</u> 

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 six months ended December 31, 2025.

Information pertaining to securities with gross unrealized losses at December 31, 2025 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** | **Less Than Twelve Months** | **Twelve Months or Over** | **Twelve Months or Over** |
|  | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
|  |  | **(In thousands)** | **(In thousands)** |  |
| **<u>December 31, 2025</u>** |  |  |  |  |
| **<u>Securities Available for Sale</u>** |  |  |  |  |
| U.S. Government and U.S. Government-<br> sponsored enterprise obligations | $7 | $7272 | $9 | $2991 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 16 | 6826 | 1 | 85 |
| Corporate bonds and obligations |  |  | 746 | 9664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $23 | $14098 | $756 | $12740 |
| **<u>Securities Held to Maturity</u>** |  |  |  |  |
| U.S. Government and U.S. Government-sponsored<br> enterprise obligations | $5 | $1993 | $708 | $25516 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities |  |  | 149 | 2814 |
| Corporate bonds and obligations |  |  | 779 | 8486 |
| Municipal bonds |  |  | 72 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held to maturity | $5 | $1993 | $1708 | $37963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less Than Twelve Months** | **Less Than Twelve Months** | **Twelve Months or Over** | **Twelve Months or Over** |
|  | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
|  |  | **(In thousands)** | **(In thousands)** |  |
| **<u>June 30, 2025</u>** |  |  |  |  |
| **<u>Securities Available for Sale</u>** |  |  |  |  |
| U.S. Government and U.S. Government-<br> sponsored enterprise obligations | $39 | $6961 | $— | $— |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 29 | 6697 | 8 | 2438 |
| Corporate bonds and obligations |  |  | 1218 | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities available for sale | $68 | $13658 | $1226 | $19208 |
| **<u>Securities Held to Maturity</u>** |  |  |  |  |
| U.S. Government and U.S. Government-sponsored<br> enterprise obligations | $19 | $2981 | $1015 | $22209 |
| U.S. Government agency and U.S. Government-<br> sponsored enterprise residential mortgage-<br> backed securities | 20 | 6297 | 224 | 3177 |
| Corporate bonds and obligations |  |  | 885 | 8427 |
| Municipal bonds |  |  | 91 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total securities held to maturity | $39 | $9278 | $2215 | $34949 |

---

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 December 31, 2025, 104 debt securities have unrealized losses with aggregate depreciation of 3.49% 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 December 31, 2025.

***Accrued Interest Receivable***

There were no write offs during the six months ended December 31, 2025 and the year ended June 30, 2025. The balance of accrued interest receivable on investments was $955,000 and $857,000 at December 31, 2025 and June 30, 2025, respectively.

**3.** **LOANS** 

A summary of the balances of loans follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **June 30,** |
|  | **2025** | **2025** |
|  | **(In thousands)** | **(In thousands)** |
| Mortgage loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | $368499 | $357748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 105688 | 102270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-family | 191081 | 166691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 104836 | 95941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans and lines-of-credit | 28805 | 26786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | 798909 | 749436 |
| Commercial loans | 3991 | 4335 |
| Consumer loans | 220 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 803120 | 754110 |
| Allowance for credit losses | (4396) | (4151) |
| Net deferred loan origination costs | 1429 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $800153 | $751220 |

---

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 December 31, 2025 and June 30, 2025 amounted to $23.3 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 December 31, 2025 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for credit losses-loans</u>** |  |  |  |  |  |  |  |  |  |
| Balance at September 30, 2025 | $1558 | $782 | $1109 | $767 | $102 | $37 | $1 | $— | $4356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit<br> losses | 23 | 41 | 29 | 171 | 14 |  |  | 72 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans charged-off |  |  |  | (310) |  |  |  |  | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries |  |  |  |  |  |  |  |  |  |
| Balance at December 31, 2025 | $1581 | $823 | $1138 | $628 | $116 | $37 | $1 | $72 | $4396 |
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for off balance sheet</u> <br> <u>credit exposures</u>** |  |  |  |  |  |  |  |  |  |
| Balance at September 30, 2025 | $2 | $5 | $1 | $315 | $63 | $5 | $— | $— | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit<br> losses | 1 |  | 68 | (39) | 8 |  |  |  | 38 |
| Balance at December 31, 2025 | $3 | $5 | $69 | $276 | $71 | $5 | $— | $— | $429 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for credit losses-loans</u>** |  |  |  |  |  |  |  |  |  |
| Balance at June 30, 2025 | $1510 | $579 | $944 | $705 | $113 | $298 | $2 | $— | $4151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit<br> losses | 71 | 244 | 194 | 233 | 3 | 9 | (1) | 72 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans charged-off |  |  |  | (310) |  | (270) |  |  | (580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries |  |  |  |  |  |  |  |  |  |
| Balance at December 31, 2025 | $1581 | $823 | $1138 | $628 | $116 | $37 | $1 | $72 | $4396 |
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for off balance sheet</u> <br> <u>credit exposures</u>** |  |  |  |  |  |  |  |  |  |
| Balance at June 30, 2025 | $60 | $16 | $25 | $1067 | $4 | $14 | $— | $— | $1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit<br> losses | (57) | (11) | 44 | (791) | 67 | (9) |  |  | (757) |
| Balance at December 31, 2025 | $3 | $5 | $69 | $276 | $71 | $5 | $— | $— | $429 |

---

The increase in the allowance for credit losses on loans during the six months ended December 31, 2025 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 and a decrease in unadvanced credit lines.

------

The allowance for credit losses, by loan segment, at December 31, 2025 and June 30, 2025 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| <u>December 31, 2025</u> |  |  |  |  |  |  |  |  |  |
| Allowance for individually<br> evaluated loans | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Allowance for collectively<br> evaluated loans | 1581 | 823 | 1138 | 628 | 116 | 37 | 1 | 72 | 4396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses | $1581 | $823 | $1138 | $628 | $116 | $37 | $1 | $72 | $4396 |
| Individually evaluated loans | $538 | $1166 | $— | $1920 | $— | $— | $— |  | $3624 |
| Collectively evaluated loans | 367961 | 104522 | 191081 | 102916 | 28805 | 3991 | 220 |  | 799496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $368499 | $105688 | $191081 | $104836 | $28805 | $3991 | $220 |  | $803120 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| <u>June 30, 2025</u> |  |  |  |  |  |  |  |  |  |
| Allowance for individually<br> evaluated loans | $— | $— | $— | $— | $— | $270 | $— | $— | $270 |
| Allowance for collectively<br> evaluated loans | 1510 | 579 | 944 | 705 | 113 | 28 | 2 |  | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses | $1510 | $579 | $944 | $705 | $113 | $298 | $2 | $— | $4151 |
| Individually evaluated loans | $741 | $1166 | $— | $— | $— | $270 | $— |  | $2177 |
| Collectively evaluated loans | 357007 | 101104 | 166691 | 95941 | 26786 | 4065 | 339 |  | 751933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | $357748 | $102270 | $166691 | $95941 | $26786 | $4335 | $339 |  | $754110 |

---

Activity in the allowance for credit losses, by segment, for the three months ended December 31, 2024 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for credit losses-loans</u>** |  |  |  |  |  |  |  |  |  |
| Balance at September 30, 2024 | $1349 | $444 | $680 | $720 | $101 | $30 | $5 | $30 | $3359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit<br> losses | 16 | 68 | 51 | 86 | 1 | 8 |  | 8 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans charged-off |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries |  |  |  |  |  | 38 |  |  | 38 |
| Balance at December 31, 2024 | $1365 | $512 | $731 | $806 | $102 | $76 | $5 | $38 | $3635 |
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for off balance sheet</u> <br> <u>credit exposures</u>** |  |  |  |  |  |  |  |  |  |
| Balance at September 30, 2024 | $38 | $6 | $10 | $1005 | $3 | $15 | $— | $— | $1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit<br> losses |  |  |  |  |  |  |  |  |  |
| Balance at December 31, 2024 | $38 | $6 | $10 | $1005 | $3 | $15 | $— | $— | $1077 |

---

------

Activity in the allowance for credit losses, by segment, for the six months ended December 31, 2024 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for credit losses-loans</u>** |  |  |  |  |  |  |  |  |  |
| Balance at June 30, 2024 | $1292 | $485 | $710 | $778 | $102 | $39 | $9 | $36 | $3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit<br> losses | 73 | 112 | 21 | 28 |  | 1279 | (4) | 2 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans charged-off |  | (85) |  |  |  | (1280) |  |  | (1365) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries |  |  |  |  |  | 38 |  |  | 38 |
| Balance at December 31, 2024 | $1365 | $512 | $731 | $806 | $102 | $76 | $5 | $38 | $3635 |
|  | **Residential<br>Real Estate** | **Commercial<br>Real Estate** | **Multi-family** | **Construction** | **Home Equity** | **Commercial** | **Consumer** | **Unallocated** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **<u>Allowance for off balance sheet</u> <br> <u>credit exposures</u>** |  |  |  |  |  |  |  |  |  |
| Balance at June 30, 2024 | $47 | $9 | $14 | $937 | $4 | $16 | $— | $161 | $1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit<br> losses | (9) | (3) | (4) | 68 | (1) | (1) |  | (161) | (111) |
| Balance at December 31, 2024 | $38 | $6 | $10 | $1005 | $3 | $15 | $— | $— | $1077 |

---

The following is a summary of past due and non-accrual loans at December 31, 2025 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)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| <u>December 31, 2025</u> |  |  |  |  |  |
| Residential real estate | $1050 | $— | $74 | $1124 | $538 |
| Commercial real estate |  |  | 1166 | 1166 | 1166 |
| Construction |  | 1920 |  | 1920 | 1920 |
| Consumer | 6 |  |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1056 | $1920 | $1240 | $4216 | $3624 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| <u>June 30, 2025</u> |  |  |  |  |  |
| Residential real estate | $— | $— | $340 | $340 | $777 |
| Commercial real estate |  |  | 1166 | 1166 | 1166 |
| Commercial |  |  | 270 | 270 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $1776 | $1776 | $2213 |

---

There are no loans 90 days or greater past due and still accruing at December 31, 2025 and June 30, 2025. The balance of accrued interest receivable on loans was $2.7 million at December 31, 2025 and $2.0 million at June 30, 2025. There was $30,000 of accrued interest reversed on non-accrual loans during the three and six months ended December 31, 2024. There was no accrued interest reversed during the three and six months end December 31, 2025.

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 six months ended December 31, 2025 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loans rated in the first six grades 1-6 are considered "pass" rated loans with low to average risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loans rated 7 are considered "watch." These loans are starting to show signs of potential weakness and are being closely monitored by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 six months ended December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** |
| **Rating:** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Residential Real Estate: |  |  |  |  |  |  |  |
| Performing | $50769 | $36589 | $41853 | $44127 | $69309 | $125184 | $367831 |
| Watch |  |  |  |  |  | 560 | 560 |
| Substandard |  |  |  |  |  | 108 | 108 |
| Doubtful |  |  |  |  |  |  |  |
| Loss |  |  |  |  |  |  |  |
| Total | $50769 | $36589 | $41853 | $44127 | $69309 | $125852 | $368499 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Commercial Real Estate: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $22072 | $5826 | $16774 | $25230 | $4170 | $30376 | $104448 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  |  |  |  | 74 | 74 |
| 9 (Doubtful) |  |  |  |  |  | 1166 | 1166 |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $22072 | $5826 | $16774 | $25230 | $4170 | $31616 | $105688 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Multi-family: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $48547 | $10006 | $34200 | $49795 | $13924 | $34609 | $191081 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  |  |  |  |  |  |
| 9 (Doubtful) |  |  |  |  |  |  |  |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $48547 | $10006 | $34200 | $49795 | $13924 | $34609 | $191081 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Construction: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $30579 | $29685 | $17784 | $24770 | $— | $98 | $102916 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  | 1920 |  |  |  | 1920 |
| 9 (Doubtful) |  |  |  |  |  |  |  |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $30579 | $29685 | $19704 | $24770 | $— | $98 | $104836 |
| Current-period gross write-offs | $— | $— | $310 | $— | $— | $— | $310 |
| Home equity loans and lines-of-credit: |  |  |  |  |  |  |  |
| Performing | $4681 | $3181 | $3167 | $4507 | $3826 | $9443 | $28805 |
| Watch |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |
| Doubtful |  |  |  |  |  |  |  |
| Loss |  |  |  |  |  |  |  |
| Total | $4681 | $3181 | $3167 | $4507 | $3826 | $9443 | $28805 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Commercial: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $— | $— | $679 | $2048 | $74 | $1190 | $3991 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  |  |  |  |  |  |
| 9 (Doubtful) |  |  |  |  |  |  |  |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $— | $— | $679 | $2048 | $74 | $1190 | $3991 |
| Current-period gross write-offs | $— | $270 | $— | $— | $— | $— | $270 |
| Consumer: |  |  |  |  |  |  |  |
| Performing | $38 | $11 | $3 | $41 | $27 | $100 | $220 |
| Watch |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |
| Doubtful |  |  |  |  |  |  |  |
| Loss |  |  |  |  |  |  |  |
| Total | $38 | $11 | $3 | $41 | $27 | $100 | $220 |
| 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** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** | **Loans amortized cost basis by origination year** |
| **Rating:** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Residential Real Estate: |  |  |  |  |  |  |  |
| Performing | $42577 | $40068 | $45204 | $50964 | $80363 | $97661 | $356837 |
| Watch |  |  |  |  |  | 571 | 571 |
| Substandard |  |  |  |  |  | 340 | 340 |
| Doubtful |  |  |  |  |  |  |  |
| Loss |  |  |  |  |  |  |  |
| Total | $42577 | $40068 | $45204 | $50964 | $80363 | $98572 | $357748 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Commercial Real Estate: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $16761 | $7748 | $26080 | $16091 | $696 | $33046 | $100422 |
| 7 (Watch) |  |  |  |  |  | 606 | 606 |
| 8 (Substandard) |  |  |  |  |  | 76 | 76 |
| 9 (Doubtful) |  |  |  |  |  | 1166 | 1166 |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $16761 | $7748 | $26080 | $16091 | $696 | $34894 | $102270 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $85 | $85 |
| Multi-family: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $31823 | $6960 | $59122 | $29416 | $21366 | $18004 | $166691 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  |  |  |  |  |  |
| 9 (Doubtful) |  |  |  |  |  |  |  |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $31823 | $6960 | $59122 | $29416 | $21366 | $18004 | $166691 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Construction: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $23129 | $34068 | $35878 | $— | $— | $147 | $93222 |
| 7 (Watch) |  |  | 2719 |  |  |  | 2719 |
| 8 (Substandard) |  |  |  |  |  |  |  |
| 9 (Doubtful) |  |  |  |  |  |  |  |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $23129 | $34068 | $38597 | $— | $— | $147 | $95941 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Home equity loans and lines-of-credit: |  |  |  |  |  |  |  |
| Performing | $3554 | $2975 | $4325 | $4147 | $3307 | $8478 | $26786 |
| Watch |  |  |  |  |  |  |  |
| Substandard |  |  |  |  |  |  |  |
| Doubtful |  |  |  |  |  |  |  |
| Loss |  |  |  |  |  |  |  |
| Total | $3554 | $2975 | $4325 | $4147 | $3307 | $8478 | $26786 |
| Current-period gross write-offs | $— | $— | $— | $— | $— | $— | $— |
| Commercial: |  |  |  |  |  |  |  |
| 1-6 (Pass) | $— | $— | $1551 | $986 | $— | $1528 | $4065 |
| 7 (Watch) |  |  |  |  |  |  |  |
| 8 (Substandard) |  |  |  |  |  |  |  |
| 9 (Doubtful) |  | 270 |  |  |  |  | 270 |
| 10 (Loss) |  |  |  |  |  |  |  |
| Total | $— | $270 | $1551 | $986 | $— | $1528 | $4335 |
| Current-period gross write-offs | $— | $1330 | $— | $— | $— | $— | $1330 |
| 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. As of December 31, 2025 and June 30, 2025, the Bank met the minimum requirement with a community bank leverage ratio of 10.17% 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:

<u>Cash and Cash Equivalent</u>s – 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.

<u>Available for sale and held to maturity securities</u> – 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.

<u>FHLB Stock</u> – 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.

<u>Loans</u> – 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.

<u>Accrued Interest Receivable</u> – 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.

<u>Deposits</u> – 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.

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

<u>Accrued Interest Payable and Mortgagor's escrow accounts</u> – 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.

------

<u>Derivative Instruments</u> – 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  |  | **Total** |
|  | **Level 1** | **Level 2** | **Level 3** | **Fair Value** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| <u>Assets</u> |  |  |  |  |
| Debt securities available for sale | $— | $63854 | $— | $63854 |
| Derivative assets |  | 118 |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $63972 | $— | $63972 |
| <u>Liabilities</u> |  |  |  |  |
| Derivative liabilities | $— | $118 | $— | $118 |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  |  |  | **Total** |
|  | **Level 1** | **Level 2** | **Level 3** | **Fair Value** |
| <u>Assets</u> | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Debt securities available for sale | $— | $47299 | $— | $47299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $47299 | $— | $47299 |

---

***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 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** | **Fair Value** | **Fair Value** |
|  | **Amount** | **Level 1** | **Level 2** | **Level 3** |
|  | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** | **(In Thousands)** |
| **<u>December 31, 2025</u>** |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $54785 | $54785 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 63854 |  | 63854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity | 58893 |  | 57654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 6161 |  | 6161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 118 |  | 118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 800153 |  |  | 776284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 3626 |  | 3626 |  |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 746323 |  |  | 712801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 143596 |  | 143980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgagors' escrow accounts | 1987 |  | 1987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 434 |  | 434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 118 |  | 118 |  |
| **<u>June 30, 2025</u>** |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $55244 | $55244 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 47299 |  | 47299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity | 57211 |  | 55323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 6278 |  | 6278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 751220 |  |  | 719669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 3327 |  | 3327 |  |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 679182 |  |  | 644452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 147000 |  | 147082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgagors' escrow accounts | 1756 |  | 1756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 fair value hedges for accounting purposes as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Weighted Average Rate** | **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 | 9583 | 7.9 yrs | 3.74% | 3.82% | $118 |

---

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Balance Sheet** | **Fair Value at** | **Balance Sheet** | **Fair Value at** |
|  | **Location** | **December 31, 2025** | **Location** | **December 31, 2025** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Interest rate swap on investments | Securities | $118 | Other Liabilities | $118 |

---

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 December 31, 2025.

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 six months ended December 31, 2025, 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 six months ended December 31, 2025, there were no anti-dilutive shares. Earnings per share data is not applicable for the three months and six months ended December 31, 2024 as the Company had no shares outstanding.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Six Months Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2025** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Net income applicable to common shares | $1074 | $2036 |
| Average number of common shares outstanding | 9295376 | 9295376 |
| Less: average unallocated ESOP shares | 326345 | 328414 |
| Average number of common shares outstanding used to calculate basic and diluted EPS | 8969031 | 8966962 |
| Net income per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $0.12 | $0.23 |

---

**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 December 31, 2025 and June 30, 2025 and for the three months and six months ended December 31, 2025 and 2024 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements of our goals, intentions and expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements regarding our business plans, prospects, growth and operating strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•statements regarding the quality of our loan and investment portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to access cost-effective funding;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in real estate values and in the conditions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to implement and change our business strategies;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in the securities or secondary mortgage markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in consumer spending, borrowing and savings habits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting and/or tax estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain key employees;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential effects of tariffs;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Discounted Cash Flow ("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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the Company's loan policies, procedures and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in international, national, regional, and local economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the nature and volume of the portfolio and terms of loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in experience, depth, and ability of lending management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the volume, trend, and severity of past due financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the quality of the organization's loan review system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of underlying collateral for collateral-dependent loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the existence and effect of any concentrations of credit, and changes in the level of such concentration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 December 31, 2025 would have increased our allowance for credit losses on loans at that date to $6.3 million from $4.4 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 December 31, 2025 and June 30, 2025** 

***Total Assets***. Total assets increased $66.6 million, or 7.0%, to $1.0 billion at December 31, 2025, 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 $459,000, or 0.8%, to $54.8 million at December 31, 2025 from $55.2 million at June 30, 2025.

***Investment Securities***. Investment securities, comprised of both available for sale and held to maturity securities, aggregated $122.7 million at December 31, 2025 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 $49.0 million, or 6.5%, to $803.1 million at December 31, 2025 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 $24.4 million and $10.8 million, respectively. The construction and commercial real estate portfolios also increased $8.9 million and $3.4 million, respectively. We remained focused on originating construction, commercial and residential real estate, and multi-family real estate loans as the primary drivers of loan portfolio growth.

***Deposits***. Deposits increased $67.1 million, or 9.9%, to $746.3 million at December 31, 2025 from $679.2 million at June 30, 2025. The increase was due primarily to an increase in money market accounts, which increased $77.0 million, or 63.5%, to $197.1 million at December 31, 2025 from $120.1 million at June 30, 2025; this was due to the growth in our municipal customer deposits. The offset was in certificates of deposit, which decreased $9.9 million, or 3.5%, to $273.3 million at December 31, 2025 from $283.2 million at June 30, 2025. All of our deposits are fully insured by the FDIC or the Massachusetts Depositors Insurance Fund.

***Borrowings***. Borrowings, which consisted solely of Federal Home Loan Bank of Boston advances, decreased $3.4 million, or 2.3%, to $143.6 million at December 31, 2025, compared to $147.0 million at June 30, 2025, as the inflows from the increase in deposits were used to pay off some borrowings.

***Total Stockholders' Equity***. Total stockholders' equity increased $2.9 million, and was $118.2 million at December 31, 2025 and $115.4 million at June 30, 2025. Total stockholders' equity increased due to a $758,000 decrease in accumulated other comprehensive loss to $928,000 at December 31, 2025, and by net income of $2.0 million for the six months ended December 31, 2025.

**Comparison of Operating Results for the Three Months Ended December 31, 2025 and 2024** 

***General****.* We recorded net income of $1.1 million and $373,000 for the three months ended December 31, 2025 and 2024, respectively. The increase in net income was due to an increase in interest and dividend income and a decrease in the cost of deposits, partially offset by an increase in operating expense.

***Interest and Dividend Income****.* Interest and dividend income increased $1.9 million, or 18.2%, to $12.4 million for the three months ended December 31, 2025, from $10.5 million for the three months ended December 31, 2024. Interest and fees on loans, which is our primary source of interest income, increased $1.5 million, or 15.8%, to $10.7 million for the three months ended December 31, 2025.

------

The average balance of loans increased by $81.1 million, or 11.3%, to $797.4 million for the three months ended December 31, 2025, over the average balance for the three months ended December 31, 2024, while the average yield on loans increased by 21 basis points to 5.37% for the three months ended December 31, 2025, from 5.16% for the three months ended December 31, 2024. 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 decreased $125,000, or 1.9%, to $6.4 million for the three months ended December 31, 2025, compared to $6.5 million for the three months ended December 31, 2024. Interest expense on deposits decreased $66,000, or 1.3%, to $4.9 million for the three months ended December 31, 2025. Our average balance of interest-bearing deposits increased $66.7 million, or 11.1%, to $667.9 million, while our average cost of deposits decreased 37 basis points to 2.92% for the three months ended December 31, 2025, from 3.29% for the three months ended December 31, 2024.

Interest expense on Federal Home Loan Bank advances decreased $59,000, or 3.9%, to $1.5 million for the three months ended December 31, 2025. Our average balance of Federal Home Loan Bank advances increased $2.9 million, while our average cost of borrowings decreased 26 basis points to 4.21% for the three months ended December 31, 2025, from 4.47% for the three months ended December 31, 2024. The decrease in the Federal Home Loan Bank cost of funds is due to the decrease in advance rates.

***Net Interest Income***. Net interest income was $6.1 million for the three months ended December 31, 2025, compared to $4.0 million for the three months ended December 31, 2024, as our interest income increased faster than our interest expense. Our interest rate spread increased to 2.01% for the three months ended December 31, 2025 from 1.48% for the three months ended December 31, 2024. Our net interest margin increased to 2.51% for the three months ended December 31, 2025 from 1.92% for the three months ended December 31, 2024

***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 $388,000 for the three months ended December 31, 2025, compared to a provision of $238,000 for the three months ended December 31, 2024. The provision for credit losses on loans for the three months ended December 31, 2025 was due to an increase in loan balances and a partial charge-off.

The allowance for credit losses on loans was $4.4 million at December 31, 2025 and $4.2 million at June 30, 2025, and represented 0.55% of total loans at both December 31, 2025 and June 30, 2025 . The allowance for credit losses for off balance sheet commitments was $428,000 at December 31, 2025 and $1.1 million at June 30, 2025. The benefit for off balance sheet commitments related to the change in ACL methodology and lower balances of loan commitments as the commitments were converted to loans.

Total nonaccrual loans were $3.6 million at December 31, 2025, compared to $2.2 million at June 30, 2025. Total loans past due 30 days or greater were $4.2 million at December 31, 2025 and $1.8 million June 30, 2025. As a percentage of nonperforming loans, the allowance for credit losses on loans was 121.31% at December 31, 2025 compared to 187.57% at June 30, 2025. The increase in past due and non-accrual balances is primarily due to one construction loan that was placed on non-accrual 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>December 31,** | **Three Months Ended <br>December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Customer service fees | $191 | $180 | $11 | 6.0% |
| Bank owned life insurance | 119 | 118 | 1 | 1.1% |
| Gain on marketable equity securities, net |  | 52 | (52) | (100.0)% |
| Gain on sale of loans | 8 |  | 8 | 100.0% |
| Miscellaneous | 64 | 38 | 26 | 69.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $382 | $388 | $(6) | (1.6)% |

---

The decrease in gain 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>December 31,** | **Three Months Ended <br>December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Salaries and employee benefits | $2621 | $2174 | $447 | 20.5% |
| Occupancy and equipment, net | 513 | 413 | 100 | 24.1% |
| Data processing | 381 | 305 | 76 | 25.1% |
| Deposit insurance | 160 | 207 | (47) | (22.7)% |
| Marketing and advertising | 144 | 96 | 48 | 50.1% |
| Other | 888 | 572 | 316 | 55.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | $4707 | $3767 | $940 | 25.0% |

---

The increase in salaries and employee benefits was due to the addition of key finance 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. 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 cost for professional services related to our operation as a public reporting entity.

***Income Taxes.*** Income tax expense increased to $276,000 for the three months ended December 31, 2025, compared to $41,000 for the three months ended December 31, 2024. The effective tax rates were 20.5% and 9.9% for the three months ended December 31, 2025 and 2024, respectively, as we had lower levels of taxable income during the 2024 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 December 31, 2025 and 2024 were not material.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **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)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $797381 | $10702 | 5.37% | $716262 | $9245 | 5.16% |
| Securities | 116650 | 1167 | 4.00% | 86642 | 755 | 3.49% |
| Interest-bearing deposits | 50655 | 545 | 4.30% | 38698 | 507 | 5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 964686 | 12414 | 5.15% | 841602 | 10507 | 4.99% |
| Non-interest-earning assets | 41157 |  |  | 29012 |  |  |
| Allowance for credit losses on loans | (4491) |  |  | (3467) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1001352 |  |  | $867147 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| NOW and demand deposits | $56162 | 4 | 0.03% | $52110 | 4 | 0.03% |
| Savings accounts | 152166 | 793 | 2.09% | 162074 | 969 | 2.39% |
| Money market accounts | 187702 | 1534 | 3.27% | 98441 | 823 | 3.34% |
| Certificates of deposit | 271860 | 2545 | 3.74% | 288580 | 3146 | 4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 667890 | 4876 | 2.92% | 601205 | 4942 | 3.29% |
| Borrowings | 140125 | 1475 | 4.21% | 137205 | 1534 | 4.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 808015 | 6351 | 3.14% | 738410 | 6476 | 3.51% |
| Other non-interest-bearing liabilities | 75406 |  |  | 48073 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 883421 |  |  | 786483 |  |  |
| Stockholders' equity | 117931 |  |  | 80664 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1001352 |  |  | $867147 |  |  |
| Net interest income |  | $6063 |  |  | $4031 |  |
| Net interest rate spread (2) |  |  | 2.01% |  |  | 1.48% |
| Net interest-earning assets (3) | $156671 |  |  | $103192 |  |  |
| Net interest margin (4) |  |  | 2.51% |  |  | 1.92% |
| Average interest-earning assets to<br> average interest-bearing liabilities | 119.39% |  |  | 113.97% |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total 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. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (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>December 31, 2025 vs. 2024** | **Three Months Ended<br>December 31, 2025 vs. 2024** | **Three Months Ended<br>December 31, 2025 vs. 2024** |
|  | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** | **Total<br>Increase** |
|  | **Volume** | **Rate** | **(Decrease)** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Interest-earning assets:** |  |  |  |
| Loans | $1078 | $378 | $1456 |
| Securities | 289 | 124 | 413 |
| Interest-bearing deposits and other | 129 | (92) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 1496 | 410 | 1906 |
| **Interest-bearing liabilities:** |  |  |  |
| NOW and demand deposits | 0 | 0 | 0 |
| Savings accounts | (59) | (116) | (175) |
| Money market accounts | 746 | (36) | 710 |
| Certificates of deposit | (157) | (445) | (602) |
| Borrowings | 31 | (90) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 561 | (687) | (126) |
| Change in net interest income | $935 | $1097 | $2032 |

---

**Comparison of Operating Results for the Six Months ended December 31, 2025 and 2024** 

***General****.* We recorded net income of $2.0 million and net loss of $259,000 for the six months ended December 31, 2025 and 2024. 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 $3.6 million, or 17.4%, to $24.4 million for the six months ended December 31, 2025, from $20.7 million for the six months ended December 31, 2024. Interest and fees on loans, which is our primary source of interest income, increased $2.8 million, or 15.6%, to $21.1 million for the six months ended December 31, 2025, from $18.3 million for the six months ended December 31, 2024.

The average balance of loans increased by $77.7 million, or 11.0%, to $786.2 million for the six months ended December 31, 2025, over the average balance for the six months ended December 31, 2024, while the average yield on loans increased by 22 basis points to 5.37% for the six months ended December 31, 2025, from 5.15% for the six months ended December 31, 2024. The increase in the average yield was primarily due to increases in higher yielding construction, commercial 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 $393,000, or 3.0%, to $12.5 million for the six months ended December 31, 2025, compared to $12.9 million for the six months ended December 31, 2024. Interest expense on deposits decreased $405,000, or 4.1%, to $9.5 million for the six months ended December 31, 2025, from $10.0 million for the six months ended December 31, 2024. Our average balance of interest-bearing deposits increased $54.0 million, or 9.1%, to $648.7 million, while our average cost of deposits decreased 41 basis points to 2.94% for the six months ended December 31, 2025, from 3.35% for the six months ended December 31, 2024. 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 $3.0 million for the six months ended December 31, 2025, as well as for the six months ended December 31, 2024. We decreased Federal Home Loan Bank borrowings in recent

------

periods due to increases in the 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 $11.8 million for the six months ended December 31, 2025, compared to $7.8 million for the six months ended December 31, 2024, as our interest income increased faster than our interest expense. Our interest rate spread increased to 1.98% for the six months ended December 31, 2025 from 1.43% for the six months ended December 31, 2024, while our net interest margin increased to 2.50% for the six months ended December 31, 2025 from 1.88% for the six months ended December 31, 2024. 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 $68,000 for the six months ended December 31, 2025, compared to a provision of $1.4 million for the six months ended December 31, 2024. The decrease in the provision for credit losses on loans for the six months ended December 31, 2025 was primarily due to lower charge offs of $580,000 compared to our charge offs of $1.4 million for the six months ended December 31, 2024. Additionally, there was a net credit of $158,000 recorded for the six months ended December 31, 2025 due to the change in the credit loss methodology from the Federal Reserve Scaled CECL Allowance for Credit Loss Estimated (SCALE) method to the Discounted Cash Flow (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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>December 31,** | **Six Months Ended<br>December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Customer service fees | $382 | $368 | $14 | 3.8% |
| Bank owned life insurance | 238 | 235 | 3 | 1.2% |
| Gain on marketable equity securities, net |  | 223 | (223) | 100.0% |
| Loss on sale of securities | (317) |  | (317) | (100.0)% |
| Miscellaneous | 130 | 63 | 67 | 106.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income | $433 | $889 | $(456) | (51.3)% |

---

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 six months ended December 31, 2025 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 six months ended December 31, 2025 is primarily due to higher release fees on construction loans.

***Operating Expense.*** Operating expense information is as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>December 31,** | **Six Months Ended<br>December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percent** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Salaries and employee benefits | $5390 | $5159 | $231 | 4.5% |
| Occupancy and equipment, net | 909 | 790 | 119 | 15.2% |
| Data processing | 789 | 652 | 137 | 21.0% |
| Deposit insurance | 370 | 428 | (58) | (13.6)% |
| Marketing and advertising | 328 | 192 | 136 | 70.8% |
| Net periodic pension and post-retirement cost <br> (benefit), less service costs | (73) | (723) | 650 | (89.9)% |
| Other | 1789 | 1205 | 584 | 48.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | $9502 | $7703 | $1799 | 23.4% |

---

------

The increase in salaries and employee benefits was due to the addition of key staff in finance and other areas, 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 $789,000 to a provision of $632,000 for the six months ended December 31, 2025, compared to a benefit of $157,000 for the six months ended December 31, 2024. The increase in the income tax provision was due primarily to higher income for the six months ended December 31, 2025.

------

**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 six months ended December 31, 2025 and 2024 were not material.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **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)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $786199 | $21104 | 5.37% | $708470 | $18260 | 5.15% |
| Securities | 113260 | 2280 | 4.03% | 86108 | 1521 | 3.53% |
| Interest-bearing deposits | 43602 | 967 | 4.44% | 35878 | 956 | 5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 943061 | 24351 | 5.16% | 830456 | 20737 | 4.99% |
| Non-interest-earning assets | 42152 |  |  | 28227 |  |  |
| Allowance for credit losses on loans | (4335) |  |  | (3447) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $980878 |  |  | $855236 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| NOW and demand deposits | $55881 | 9 | 0.03% | $56469 | 126 | 0.45% |
| Savings accounts | 155877 | 1709 | 2.19% | 164589 | 2041 | 2.48% |
| Money market accounts | 160760 | 2635 | 3.28% | 94165 | 1641 | 3.49% |
| Certificates of deposit | 276198 | 5193 | 3.76% | 279453 | 6143 | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 648716 | 9546 | 2.94% | 594676 | 9951 | 3.35% |
| Borrowings | 140709 | 3000 | 4.26% | 132607 | 2988 | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 789425 | 12546 | 3.18% | 727283 | 12939 | 3.56% |
| Other non-interest-bearing liabilities | 74476 |  |  | 47741 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 863901 |  |  | 775024 |  |  |
| Stockholders' equity | 116977 |  |  | 80212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $980878 |  |  | $855236 |  |  |
| Net interest income |  | $11805 |  |  | $7798 |  |
| Net interest rate spread (2) |  |  | 1.98% |  |  | 1.43% |
| Net interest-earning assets (3) | $153636 |  |  | $103173 |  |  |
| Net interest margin (4) |  |  | 2.50% |  |  | 1.88% |
| Average interest-earning assets to<br> average interest-bearing liabilities | 119.46% |  |  | 114.19% |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (3) Net interest-earning assets represent total interest-earning assets less total 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. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (4) Net interest margin represents net interest income divided by average total interest-earning assets. | (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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>December 31, 2025 vs. 2024** | **Six Months Ended<br>December 31, 2025 vs. 2024** | **Six Months Ended<br>December 31, 2025 vs. 2024** |
|  | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** | **Total<br>Increase** |
|  | **Volume** | **Rate** | **(Decrease)** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Interest-earning assets:** |  |  |  |
| Loans | $2064 | $780 | $2844 |
| Securities | 480 | 279 | 759 |
| Interest-bearing deposits | 206 | (195) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 2750 | 864 | 3614 |
| **Interest-bearing liabilities:** |  |  |  |
| NOW and demand deposits | (5) | (113) | (118) |
| Savings accounts | (108) | (224) | (332) |
| Money market accounts | 1092 | (98) | 994 |
| Certificates of deposit | (72) | (877) | (949) |
| Borrowings | 173 | (161) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1080 | (1473) | (393) |
| Change in net interest income | $1670 | $2337 | $4007 |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•emphasizing the marketing of our non-interest-bearing demand, money market, savings and demand accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investing in short- to medium-term repricing and/or maturing investment securities whenever the market allows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintaining capital levels that exceed those required for well-capitalized status under federal banking regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintaining prudent levels of liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•managing our utilization of wholesale funding with borrowings and brokered deposits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 December 31, 2025 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 December 31, 2025** | **At December 31, 2025** | **At December 31, 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 | $19143 | (26.5)% |
| +200 | 21667 | (16.8)% |
| +100 | 24061 | (7.7)% |
| Level | 26057 |  |
| -100 | 26832 | 3.0% |
| -200 | 27419 | 5.2% |
| -300 | 27866 | 6.9% |

---

------

(1)Assumes an instantaneous uniform change in interest rates at all maturities.

---

| | | |
|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **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 | $17784 | (22.6)% |
| +200 | 19687 | (14.3)% |
| +100 | 21522 | (6.3)% |
| Level | 22972 |  |
| -100 | 23403 | 1.9% |
| -200 | 23363 | 1.7% |
| -300 | 23098 | 0.6% |

---

------

(1)Assumes an instantaneous uniform change in interest rates at all maturities.

The tables above indicate that at December 31, 2025, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 16.8% 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 5.2% 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 December 31, 2025 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 December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
|  |  | **Estimated Increase (Decrease) in<br>EVE** | **Estimated Increase (Decrease) in<br>EVE** | **EVE as a Percentage of Present<br>Value of Assets (3)** | **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)** | **(Dollars in thousands)** |  |  |
| +300 | $81926 | $(45358) | (35.6)% | 9.0% | (29.8)% |
| +200 | 98825 | (28459) | (22.4)% | 10.6% | (17.8)% |
| +100 | 114727 | (12556) | (9.9)% | 11.9% | (7.3)% |
|  | 127284 |  |  | 12.8% |  |
| -100 | 135224 | 7941 | 6.2% | 13.3% | 3.3% |
| -200 | 136084 | 8801 | 6.9% | 13.0% | 1.6% |
| -300 | 131742 | 4458 | 3.5% | 12.4% | (3.6)% |

---

------

(1)Assumes an immediate uniform change in interest rates at all maturities.

(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4)EVE Ratio represents EVE divided by the present value of assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
|  |  | **Estimated Increase (Decrease) in<br>EVE** | **Estimated Increase (Decrease) in<br>EVE** | **EVE as a Percentage of Present<br>Value of Assets (3)** | **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)** | **(Dollars in thousands)** |  |  |
| +300 | $74858 | $(41822) | (35.8)% | 8.9% | (30.1)% |
| +200 | 91058 | (25622) | (22.0)% | 10.5% | (17.4)% |
| +100 | 105459 | (11221) | (9.6)% | 11.8% | (7.1)% |
|  | 116680 |  |  | 12.7% |  |
| -100 | 125288 | 8608 | 7.4% | 13.3% | 4.2% |
| -200 | 124997 | 8317 | 7.1% | 13.0% | 1.7% |
| -300 | 123747 | 7067 | 6.1% | 12.6% | (1.3)% |

---

------

(1)Assumes an immediate uniform change in interest rates at all maturities.

(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4)EVE Ratio represents EVE divided by the present value of assets.

The tables above indicate that at December 31, 2025, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 22.4% decrease in EVE, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 6.9% 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 December 31, 2025, 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 has begun 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 December 31, 2025, we had $143.6 million outstanding in advances from the Federal Home Loan Bank of Boston. At December 31, 2025, we had the ability to borrow $152.5 million in additional Federal Home Loan Bank of Boston advances. At December 31, 2025, we had a $5.3 million line of credit with the Federal Home Loan Bank of Boston, which was not drawn at December 31, 2025. Additionally, at December 31, 2025, we had a $68.9 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 December 31, 2025 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 $2.9 million for the six months ended December 31, 2025 and net cash used by operating activities was $277,000 for the six months ended December 31, 2024. 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 $67.3 million and $44.1 million for the six months ended December 31, 2025 and 2024, respectively. Net cash provided by financing activities was $64.0 million and $41.9 million for the six months ended December 31, 2025 and 2024, 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 December 31, 2025, 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.

------

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not involved in any pending legal proceedings as a plaintiff or defendant other than routine legal proceedings occurring in the ordinary course of business, and at December 31, 2025, we were not involved in any legal proceedings, the outcome of which would be material to our financial condition or results of operations.

**Item 1A. Risk Factors.**

Not applicable, as the Registrant is a smaller reporting company.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)There were no sales of unregistered securities during the period covered by this Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)There were no issuer repurchases of securities during the period covered by this Report.

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

------

**Item 6. Exhibits.**

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

---

| | |
|:---|:---|
| **Exhibit**<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.](wsbk-ex31_1.htm) |
| 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.](wsbk-ex31_2.htm) |
| 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.](wsbk-ex32_1.htm) |
| 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.](wsbk-ex32_2.htm) |
| 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. | Winchester Bancorp, Inc. |
| Date: February 11, 2026 | By: | /s/ John A. Carroll |
|  |  | **John A. Carroll** |
|  |  | **President and Chief Executive Officer** |
| Date: February 11, 2026 | By: | /s/ Elda Heller |
|  |  | **Elda Heller** |
|  |  | **Executive Vice President Chief Financial Officer and Treasurer** |

---

------

## Exhibit 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:

1. I have reviewed this Form 10-Q of Winchester Bancorp, Inc. (the "registrant");

2. 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;

3. 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;

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)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

5. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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: February 11, 2026 | By: | /s/ John A. Carroll |
|  |  | **John A. Carroll** |
|  |  | **President and Chief Executive Officer** |

---

------

## Exhibit 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:

1. I have reviewed this Form 10-Q of Winchester Bancorp, Inc. (the "registrant");

2. 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;

3. 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;

4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)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

5. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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: February 11, 2026 | By: | /s/ Elda Heller |
|  |  | **Elda Heller** |
|  |  | **Executive Vice President Chief Financial Officer and Treasurer** |

---

------

## Exhibit 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 December 31, 2025 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: February 11, 2026 | By: | /s/ John A. Carroll |
|  |  | **John A. Carroll** |
|  |  | **President and Chief Executive Officer** |

---

------

## Exhibit 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 December 31, 2025 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: February 11, 2026 | By: | /s/ Elda Heller |
|  |  | **Elda Heller** |
|  |  | **Executive Vice President Chief Financial Officer and Treasurer** |

---

------