# EDGAR Filing Document

**Accession Number:** 0002047235
**File Stem:** 0000950170-25-100224
**Filing Date:** 2025-7
**Character Count:** 30665
**Document Hash:** 63b2e084a738af9ea54c6d8d072c6d21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100224.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100224

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42627
- **FILM NUMBER:** 251167054

**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'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025<br>

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Winchester Bancorp, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Maryland | 001-42627 | 33-3361275 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 661 Main Street |  |  |
| Winchester**,** Massachusetts |  | 01890 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (781) 729-2130<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par vale $0.01 per share | WSBK | The Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On July 30, 2025, Winchester Bancorp, Inc., the holding company for Winchester Savings Bank, issued a press release reporting its financial results for the year ended June 30, 2025.

A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

## **Item 9.01 Financial Statements and Exhibits.** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

## <u>Exhibit No.</u> <u>Description</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [<u>Press Release dated July 30, 2025</u>](wsbk-ex99_1.htm)

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**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: July 30, 2025 | By: | /s/ John A. Carroll |
|  |  | **John A. Carroll** |
|  |  | **President and Chief Executive Officer** |

---

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## Exhibit 99.1

Exhibit 99.1

![img194328608_0.jpg](img194328608_0.jpg)

**Announces Results for the Year Ended June 30, 2025**

**<u>Investor Contact</u>** 

John A. Carroll

President and Chief Executive Officer

IR@WinchesterSavings.com

(781) 729-2130

WINCHESTER, MA, July 30, 2025 - Winchester Bancorp, Inc. (NASDAQ-WSBK) (the "Company"), the holding company for Winchester Savings Bank (the "Bank"), today announced its 2025 financial results.

As described in the prospectus for its initial public offering ("IPO"), concurrent with the completion of its reorganization and stock offering, the Company made a one-time donation of $400,000 in cash and 185,907 shares of common stock to the Winchester Savings Bank Charitable Foundation at a total market value of $2.3 million, resulting in an after-tax charge of $1.6 million. As a result of this contribution the Company reported a net loss of $874,000 for the year ended June 30, 2025, compared to net income of $786,000 for the year ended June 30, 2024. Net income excluding the charitable foundation contribution (non-GAAP) was $750,000 for the year ended June 30, 2025, compared to $786,000 for the year ended June 30, 2024. Non-GAAP reconciliation tables are included in this release.

"In the fourth quarter, we completed our reorganization and concurrent stock offering, building on our 154-year legacy. Both the capital we raised, and the newly formed Winchester Savings Bank Charitable Foundation, will positively impact our customers and the communities we serve for many years to come," said John A. Carroll, President and Chief Executive Officer.

**BALANCE SHEET**

Total assets were $949.4 million as of June 30, 2025, representing an increase of $96.4 million, or 11.3%, from June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash and cash equivalents increased to $55.2 million from $44.1 million, a $11.1 million, or 25.2%, year over year as a result of the cash raised in the reorganization and stock offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loans were $751.2 million, representing an increase of $69.3 million or 10.2% from the prior year as demand for new originations continued. The main driver of the new growth was in multi-family, residential real estate and commercial real estate loans, which increased $41.8 million, $18.8 million and $16.9 million, respectively, partially offset by a decline in the construction portfolio of $5.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment securities totaled $104.5 million, representing an increase of $17.9 million or 20.6% from the prior year due to purchases of U.S. treasuries and government agency securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deposits totaled $679.2 million, representing an increase of $43.8 million, or 6.9% from the prior year. The increase in deposits was a result of growth in customer deposits, primarily money market and certificate of deposit accounts, which increased by $35.1 million and $21.0 million, respectively, partially offset by decreases in savings and demand deposit accounts, which decreased by $8.2 million and $4.1 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shareholders' equity was $115.4 million, representing an increase of $35.1 million from $80.3 million, or 43.7% from the prior year. The increase was driven by net stock offering proceeds, which totaled $37.8 million partially offset by the one-time contribution to the Charitable Foundation and $3.3 million for the purchase of 334,633 shares of common stock by the employee stock ownership plan ("ESOP") in the offering.

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**NET INTEREST INCOME**

Net interest income was $17.5 million for the year ended June 30, 2025, compared to $14.4 million for the prior year, representing an increase of $3.1 million, or 21.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The increase in net interest income was primarily driven by an increase in net interest margin of 15 basis points, to 2.05% for the year ended June 30, 2025, compared to 1.90% for the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The increase in interest income during the year ended June 30, 2025 was primarily attributable to an increase in average earning assets of $100.0 million, and an increase of 38 basis points in average asset yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The increase in interest expense during the year ended June 30, 2025 was driven by increases in average interest-bearing liabilities of $94.0 million, along with an increase of 23 basis points in the average cost of interest-bearing liabilities.

**NON-INTEREST EXPENSE**

Non-interest expense was $18.8 million for the year ended June 30, 2025, compared to $14.9 million for the prior year, representing an increase of $3.9 million, or 26.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other general and administrative expense in 2025 include $2.3 million of expense resulting from the contribution to the Winchester Savings Bank Charitable Foundation in connection with the Company's reorganization and stock offering.

**ASSET QUALITY**

Asset quality remains strong. The allowance for credit losses on loans in total and as a percentage of total gross loans as of June 30, 2025 was $4.2 million and 0.55%, respectively, as compared to $3.5 million and 0.50%, respectively, as of June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company recorded a provision for credit losses of $2.1 million for 2025 compared to $514,000 in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the year ended June 30, 2025, the Company recorded net charge offs of $1.4 million compared to no charge offs for the year ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total non-performing assets were $2.2 million, or 0.23%, of total assets as of June 30, 2025, and $1.4 million, or 0.16% of total assets, as of June 30, 2024.

**ABOUT WINCHESTER BANCORP, INC.**

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

**NON-GAAP FINANCIAL MEASURES**

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures, including net income excluding contribution to the charitable foundation, noninterest expense excluding contribution to the charitable foundation, earnings per share excluding contribution to the charitable foundation, return on average assets excluding contribution to the charitable foundation, return on average shareholders' equity excluding contribution to the charitable foundation, and efficiency ratio excluding contribution to the charitable foundation. The Company's management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

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**FORWARD-LOOKING STATEMENTS**

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

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

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**Winchester Bancorp, Inc. and Subsidiaries**

**Consolidated Balance Sheets (unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Assets |  |  |
| Cash and due from banks | $7513 | $3183 |
| Interest-bearing deposits | 47731 | 40931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 55244 | 44114 |
| Securities available for sale, at fair value | 47299 | 31090 |
| Marketable equity securities, at fair value |  | 2112 |
| Securities held to maturity, at amortized cost | 57211 | 55548 |
| Federal Home Loan Bank stock, at cost | 6278 | 5763 |
| Loans, net of allowance for credit losses of $4,151 at June 30, 2025 <br> and $3,451 at June 30, 2024 | 751220 | 681951 |
| Bank owned life insurance | 10925 | 10459 |
| Premises and equipment, net | 6418 | 6981 |
| Accrued interest receivable | 3327 | 3165 |
| Net deferred tax asset | 1212 |  |
| Other assets | 10244 | 11785 |
|  | $949378 | $852968 |
| Liabilities and shareholders' equity |  |  |
| Non-interest-bearing deposits | $55696 | $52442 |
| Interest-bearing deposits | 623486 | 582951 |
| Federal Home Loan Bank advances | 147000 | 129469 |
| Mortgagors' escrow accounts | 1756 | 1642 |
| Net deferred tax liability |  | 70 |
| Accrued expenses and other liabilities | 6088 | 6106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 834026 | 772680 |
| 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 June 30, 2025, none issued and outstanding as of June 30, 2024 | 93 |  |
| Additional paid-in capital | 39571 |  |
| Unearned compensation ESOP 334,633 and no shares unallocated at June 30, 2025 and June 30, 2024, respectively | (3346) |  |
| Retained earnings | 80720 | 82094 |
| Accumulated other comprehensive loss | (1686) | (1806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 115352 | 80288 |
| Total liabilities and shareholders' equity | $949378 | $852968 |

---

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**Winchester Bancorp, Inc. and Subsidiaries**

**Consolidated Statements of Operations (unaudited)**

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

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| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Interest and dividend income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $37528 | $30643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on securities | 3128 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on federal funds sold and other interest-bearing deposits | 2057 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 42713 | 34863 |
| Interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | 19115 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Federal Home Loan Bank advances | 6076 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 25191 | 20489 |
| Net interest income | 17522 | 14374 |
| Provision for credit losses | 2066 | 514 |
| Net interest income, after provision for credit losses | 15456 | 13860 |
| Non-interest income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 728 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income on bank owned life insurance | 466 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on available for sale securities, net |  | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on marketable equity securities, net | 374 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed assets |  | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of loans |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 224 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 1792 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 9689 | 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment, net | 1579 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 1368 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit insurance | 848 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 462 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic pension and post retirement cost (benefit), less service costs | (73) | (723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 4905 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 18778 | 14885 |
| Income (loss) before income taxes | (1530) | 754 |
| Provision (benefit) for income taxes | (656) | (32) |
| Net income (loss) | $(874) | $786 |
| Share Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average common shares outstanding, basic and diluted | 8817329 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net loss per share | $(0.10) | N/A |

---

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**Winchester Bancorp, Inc. and Subsidiaries**

**Average Balances and Yields (unaudited)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average<br>Outstanding<br>Balance** | **Interest** | **Average<br>Yield/Rate** | **Average<br>Outstanding<br>Balance** | **Interest** | **Average<br>Yield/Rate** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $725618 | $37528 | 5.17% | $644711 | $30643 | 4.75% |
| Securities | 87850 | 3128 | 3.56% | 76982 | 2352 | 3.05% |
| Federal funds sold and other interest-bearing deposits | 42474 | 2057 | 4.84% | 34240 | 1868 | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 855941 | 42713 | 4.99% | 755933 | 34863 | 4.61% |
| Non-interest-earning assets | 39045 |  |  | 24194 |  |  |
| Allowance for credit losses on loans | (3575) |  |  | (3691) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $891411 |  |  | $776436 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| NOW and demand deposits | $55520 | 137 | 0.25% | $71008 | 578 | 0.81% |
| Savings accounts | 163597 | 3871 | 2.37% | 168498 | 3947 | 2.34% |
| Money market accounts | 104832 | 3460 | 3.30% | 64689 | 1782 | 2.75% |
| Certificates of deposit | 279500 | 11647 | 4.17% | 241168 | 9637 | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 603449 | 19115 | 3.17% | 545363 | 15944 | 2.92% |
| Borrowings | 139207 | 6076 | 4.36% | 103309 | 4545 | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 742656 | 25191 | 3.39% | 648672 | 20489 | 3.16% |
| Other non-interest-bearing liabilities | 67710 |  |  | 50073 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 810366 |  |  | 698745 |  |  |
| Shareholders' equity | 81045 |  |  | 77691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $891411 |  |  | $776436 |  |  |
| Net interest income |  | $17522 |  |  | $14374 |  |
| Net interest rate spread (1) |  |  | 1.60% |  |  | 1.45% |
| Net interest-earning assets (2) | $113285 |  |  | $107261 |  |  |
| Net interest margin (3) |  |  | 2.05% |  |  | 1.90% |
| Average interest-earning assets to<br> average interest-bearing liabilities | 115.25% |  |  | 116.54% |  |  |
| (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. | (1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. |
| (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. | (2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
| (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. | (3) Net interest margin represents net interest income divided by average total interest-earning assets. |

---

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**Winchester Bancorp, Inc. and Subsidiaries**

**Selected Financial Highlights (unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2024** |
| **Earnings Data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $17522 | $14374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | 1792 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net interest income and non-interest income | 19314 | 16153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 2066 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest expense | 18778 | 14885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax income (loss) | (1530) | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | (874) | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income excluding contribution to the charitable foundation (non-GAAP) | 750 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest expense excluding contribution to the charitable foundation (non-GAAP) | 16519 | 14885 |
| **Per share Data** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted loss per share | $(0.10) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings per share excluding contribution to the charitable foundation (non-GAAP) | $0.09 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share | $12.41 | N/A |
| **Earnings** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | (0.10)% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets excluding contribution to the charitable foundation (non-GAAP) | 0.08% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average shareholders' equity | (1.08)% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average shareholders' equity excluding contribution to the charitable foundation (non-GAAP) | 0.93% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 2.05% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of deposits | 3.17% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 97.22% | 92.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio excluding contribution to the charitable foundation (non-GAAP) | 85.53% | 92.15% |
| **Balance Sheet** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $949378 | $852968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $751220 | $681951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $115352 | $80288 |
| **Asset quality** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses (ACL) | $4151 | $3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACL/Total loans | 0.55% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;ACL/Total nonperforming loans (NPLs) | 187.57% | 245.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs/average total loans | (0.20)% |  |
| **Capital Ratios** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity/total assets | 12.15% | 9.41% |

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**Winchester Bancorp, Inc. and Subsidiaries**

**Non-GAAP Reconciliation (unaudited)**

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

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| | | |
|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2024** |
| Net income (loss) (GAAP) | $(874) | $786 |
| **Add:** |  |  |
| Non-interest expense component: |  |  |
| Winchester Charitable Foundation contribution resulting from IPO | 2259 |  |
| Total impact of non-GAAP adjustment | 2259 |  |
| Less net tax benefit associated with non-GAAP adjustments | (635) |  |
| **Net income excluding contribution to the charitable foundation (non-GAAP)** | $750 | $786 |
| Average common shares outstanding | 8817329 |  |
| **Diluted earnings per share excluding contribution to the charitable foundation (non-GAAP)** | $0.09 | N/A |
| Noninterest expense (GAAP) | $18778 | $14885 |
| **Subtract:** |  |  |
| Non-interest expense component: |  |  |
| Winchester Charitable Foundation contribution resulting from IPO | 2259 |  |
| **Noninterest expense excluding contribution to the charitable foundation (non-GAAP)** | $16519 | $14885 |
| Net income excluding contribution to the charitable foundation (non-GAAP) | $750 | $786 |
| Average assets | $891411 | $776436 |
| **Return on average assets excluding contribution to the charitable foundation (non-GAAP)** | 0.08% | 0.10% |
| Average shareholders' equity | $81045 | $77691 |
| **Return on average shareholders' equity excluding contribution to the charitable foundation (non-GAAP)** | 0.93% | 1.01% |
| Noninterest expense excluding contribution to the charitable foundation (non-GAAP) | $16519 | $14885 |
| Net interest income | $17522 | $14374 |
| Non-interest income | 1792 | 1779 |
| Total net interest income and non-interest income | $19314 | $16153 |
| **Efficiency ratio excluding contribution to the charitable foundation (non-GAAP) (1)** | 85.53% | 92.15% |
| (1) The efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income and non-interest income | (1) The efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income and non-interest income | (1) The efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income and non-interest income |

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