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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


☐	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 incorporation or organization)	(I.R.S. Employer 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

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.01 per share

     WSBK

     The NASDAQ Stock Market 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.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements (Unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40

PART II.	OTHER INFORMATION	41

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	41
Item 6.	Exhibits	42
Signatures		43

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)
Assets
Cash and due from banks	$	1,068		$	7,513
Interest-bearing deposits		53,717			47,731
Total cash and cash equivalents		54,785			55,244
Securities available for sale, at fair value		63,854			47,299
Securities held to maturity, at amortized cost		58,893			57,211
Federal Home Loan Bank stock, at cost		6,161			6,278
Loans, net of allowance for credit losses of $4,396 at December 31, 2025 and $4,151 at June 30, 2025		800,153			751,220
Bank owned life insurance		11,163			10,925
Premises and equipment, net		5,927			6,418
Accrued interest receivable		3,626			3,327
Net deferred tax asset		994			1,212
Other assets		10,414			10,244
Total assets	$	1,015,970		$	949,378
Liabilities and stockholders' equity
Non-interest-bearing deposits	$	64,377		$	55,696
Interest-bearing deposits		681,946			623,486
Federal Home Loan Bank advances		143,596			147,000
Mortgagors’ escrow accounts		1,987			1,756
Accrued expenses and other liabilities		5,817			6,088
Total liabilities		897,723			834,026
Commitments and contingencies
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding		—			—
Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued and outstanding as of December 31, 2025 and June 30, 2025		93			93
Additional paid-in capital		39,564			39,571
Unearned compensation (ESOP)		(3,238	)		(3,346	)
Retained earnings		82,756			80,720
Accumulated other comprehensive loss		(928	)		(1,686	)
Total stockholders' equity		118,247			115,352
Total liabilities and stockholders' equity	$	1,015,970		$	949,378

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				Six months ended
	December 31,				December 31,
	2025		2024		2025			2024
	(In thousands, except share data)
Interest and dividend income:
Interest and fees on loans	$	10,702	$	9,245	$	21,104		$	18,260
Interest and dividends on securities		1,167		755		2,280			1,521
Interest on federal funds sold and other interest-bearing deposits		545		507		967			956
Total interest and dividend income		12,414		10,507		24,351			20,737
Interest expense:
Interest on deposits		4,876		4,942		9,546			9,951
Interest on Federal Home Loan Bank advances		1,475		1,534		3,000			2,988
Total interest expense		6,351		6,476		12,546			12,939
Net interest income		6,063		4,031		11,805			7,798
Provision for credit losses		388		238		68			1,400
Net interest income, after provision for credit losses		5,675		3,793		11,737			6,398
Non-interest income:
Customer service fees		191		180		382			368
Income on bank owned life insurance		119		118		238			235
Loss on available for sale securities, net		—		—		(317	)		—
Gain on marketable equity securities, net		—		52		—			223
Gain on sale of loans		8		—		—			—
Miscellaneous		64		38		130			63
Total non-interest income		382		388		433			889
Non-interest expense:
Salaries and employee benefits		2,621		2,174		5,390			5,159
Occupancy and equipment, net		513		413		909			790
Data processing		381		305		789			652
Deposit insurance		160		207		370			428
Marketing and advertising		144		96		328			192
Net periodic pension and post retirement benefit, less service costs		—		—		(73	)		(723	)
Other general and administrative		888		572		1,789			1,205
Total non-interest expense		4,707		3,767		9,502			7,703
Income (loss) before income taxes		1,350		414		2,668			(416	)
Provision (benefit) for income taxes		276		41		632			(157	)
Net income (loss)	$	1,074	$	373	$	2,036		$	(259	)
Share Data:
Average common shares outstanding, basic and diluted		8,969,031	N/A			8,966,962		N/A
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						Six months ended
	December 31,						December 31,
	2025			2024			2025			2024
	(In thousands)
Net income (loss)	$	1,074		$	373		$	2,036		$	(259	)
Other comprehensive income:
Securities available for sale:
Unrealized holding gains (losses)		182			(362	)		662			382
Reclassification adjustment for losses realized in income		—			—			317			—
Net unrealized gains (losses)		182			(362	)		979			382
Tax effect		(38	)		81			(221	)		(86	)
Net-of-tax amount		144			(281	)		758			296
Comprehensive income	$	1,218		$	92		$	2,794		$	37

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

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Three Months Ended December 31, 2025 and 2024


	Shares of Common Stock		Common Stock		Additional Paid in Capital			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Unearned Compensation ESOP			Total Stockholders' Equity
	(In thousands, except share data)
Balance at September 30, 2025		9,295,376	$	93	$	39,567		$	81,682	$	(1,072	)	$	(3,278	)	$	116,992
Comprehensive income		—		—		—			1,074		144			—			1,218
ESOP shares released and committed to be released		—		—		(3	)		—		—			40			37
Balance at December 31, 2025		9,295,376	$	93	$	39,564		$	82,756	$	(928	)	$	(3,238	)	$	118,247


	Surplus		Accumulated Other Comprehensive Income (Loss)			Total Surplus
	(In thousands)
Balance at September 30, 2024	$	81,462	$	(1,229	)	$	80,233
Comprehensive income (loss)		373		(281	)		92
Balance at December 31, 2024	$	81,835	$	(1,510	)	$	80,325

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 Other Comprehensive Income (Loss)			Unearned Compensation ESOP			Total Stockholders' Equity
	(In thousands, except share data)
Balance at June 30, 2025		9,295,376	$	93	$	39,571		$	80,720	$	(1,686	)	$	(3,346	)	$	115,352
Comprehensive income		—		—		—			2,036		758			—			2,794
ESOP shares released		—		—		(7	)		—		—			108			101
Balance at December 31, 2025		9,295,376	$	93	$	39,564		$	82,756	$	(928	)	$	(3,238	)	$	118,247


	Surplus			Accumulated Other Comprehensive Income (Loss)			Total Surplus
	(In thousands)
Balance at June 30, 2024	$	82,094		$	(1,806	)	$	80,288
Comprehensive income (loss)		(259	)		296			37
Balance at December 31, 2024	$	81,835		$	(1,510	)	$	80,325

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
	December 31,
	2025			2024
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	2,036		$	(259	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Provision for credit losses		68			1,400
Net amortization of securities		24			185
Depreciation and amortization		544			421
Increase in cash surrender value of bank owned life insurance		(238	)		(235	)
Amortization (accretion) of net deferred loan origination fees		38			(34	)
Losses on sale of securities available for sale, net		317			—
Gain on marketable equity securities, net		—			(223	)
Deferred tax provision		288			—
Net change in:
Accrued interest receivable		(299	)		31
Other assets		588			(707	)
Accrued expenses and other liabilities		(458	)		(856	)
Net cash provided (used) by operating activities		2,908			(277	)
Cash flows from investing activities:
Activity in securities available for sale:
Maturities, calls and prepayments		4,683			11,889
Sales		7,195			—
Purchases		(27,743	)		(13,500	)
Activity in securities held to maturity:
Maturities, calls and prepayments		3,219			9,714
Purchases		(4,954	)		(7,002	)
Purchase (redemption) of Federal Home Loan Bank stock		116			(280	)
Loan originations, net of principal payments		(49,797	)		(44,824	)
Purchase of premises and equipment, net		(53	)		(137	)
Net cash used by investing activities		(67,334	)		(44,140	)
Cash flows from financing activities:
Net increase in deposits		67,140			25,599
Net change in short-term Federal Home Loan Bank advances		1,000			6,049
Proceeds from long-term Federal Home Loan Bank advances		—			20,000
Repayment of long-term Federal Home Loan Bank advances		(4,404	)		(10,000	)
Net increase in mortgagors’ escrow accounts		231			203
Net cash provided by financing activities		63,967			41,851
Net change in cash and cash equivalents		(459	)		(2,566	)
Cash and cash equivalents at beginning of year		55,244			44,114
Cash and cash equivalents at end of year	$	54,785		$	41,548
Supplemental cash flow information:
Interest paid on deposits	$	9,625		$	10,042
Interest paid on Federal Home Loan Bank advances		3,026			3,311
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

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:

•

changes in the Company’s loan policies, procedures and strategies;

•

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

•

changes in the nature and volume of the portfolio and terms of loans;

•

changes in experience, depth, and ability of lending management;

•

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

•

changes in the quality of the organization’s loan review system;

•

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

•

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

•

the effect of competition and legal/regulatory requirements on the portfolio.

Individually Evaluated Loans

Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a 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.

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
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government- sponsored enterprise obligations	$	16,276	$	16	$	(16	)	$	16,276
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		37,363		568		(17	)		37,914
Corporate bonds and obligations		10,410		—		(746	)		9,664
Total securities available for sale	$	64,049	$	584	$	(779	)	$	63,854
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored enterprise obligations	$	30,719	$	7	$	(713	)	$	30,013
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		16,988		169		(149	)		17,008
Corporate bonds and obligations		9,265		—		(779	)		8,486
Municipal bonds		1,921		298		(72	)		2,147
Total securities held to maturity	$	58,893	$	474	$	(1,713	)	$	57,654


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government- sponsored enterprise obligations	$	8,000	$	1	$	(39	)	$	7,962
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		22,485		119		(37	)		22,567
Corporate bonds and obligations		17,988		—		(1,218	)		16,770
Total securities available for sale	$	48,473	$	120	$	(1,294	)	$	47,299
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored enterprise obligations	$	28,721	$	2	$	(1,034	)	$	27,689
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		17,233		82		(244	)		17,071
Corporate bonds and obligations		9,312		—		(885	)		8,427
Municipal bonds		1,945		282		(91	)		2,136
Total securities held to maturity	$	57,211	$	366	$	(2,254	)	$	55,323

The amortized cost and fair value of debt securities by contractual maturity at 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				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	—	$	—	$	2,453	$	2,442
Over 1 year through 5 years		10,410		9,664		29,457		28,223
Over 5 years through 10 years		6,994		6,995		—		—
Over 10 years		9,282		9,281		9,995		9,981
		26,686		25,940		41,905		40,646
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		37,363		37,914		16,988		17,008
Total securities	$	64,049	$	63,854	$	58,893	$	57,654

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.

Allowance for Credit Losses-Securities

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

for credit loss. For corporate and municipal bonds, whether they are AFS or HTM, a probability of default and a loss given default analysis is performed to determine whether an allowance for credit losses is needed. There was no allowance for credit losses established on AFS or HTM securities during the 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				Twelve Months or Over
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
			(In thousands)
December 31, 2025
Securities Available for Sale
U.S. Government and U.S. Government- sponsored enterprise obligations	$	7	$	7,272	$	9	$	2,991
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		16		6,826		1		85
Corporate bonds and obligations		—		—		746		9,664
Total securities available for sale	$	23	$	14,098	$	756	$	12,740
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored enterprise obligations	$	5	$	1,993	$	708	$	25,516
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities						149		2,814
Corporate bonds and obligations		—		—		779		8,486
Municipal bonds		—		—		72		1,147
Total securities held to maturity	$	5	$	1,993	$	1,708	$	37,963


	Less Than Twelve Months				Twelve Months or Over
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
			(In thousands)
June 30, 2025
Securities Available for Sale
U.S. Government and U.S. Government- sponsored enterprise obligations	$	39	$	6,961	$	—	$	—
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		29		6,697		8		2,438
Corporate bonds and obligations		—		—		1,218		16,770
Total securities available for sale	$	68	$	13,658	$	1,226	$	19,208
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored enterprise obligations	$	19	$	2,981	$	1,015	$	22,209
U.S. Government agency and U.S. Government- sponsored enterprise residential mortgage- backed securities		20		6,297		224		3,177
Corporate bonds and obligations		—		—		885		8,427
Municipal bonds		—		—		91		1,136
Total securities held to maturity	$	39	$	9,278	$	2,215	$	34,949

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

At 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.

LOANS

A summary of the balances of loans follows:


	December 31,			June 30,
	2025			2025
	(In thousands)
Mortgage loans:
Residential real estate	$	368,499		$	357,748
Commercial real estate		105,688			102,270
Multi-family		191,081			166,691
Construction		104,836			95,941
Home equity loans and lines-of-credit		28,805			26,786
Total mortgage loans		798,909			749,436
Commercial loans		3,991			4,335
Consumer loans		220			339
Total loans		803,120			754,110
Allowance for credit losses		(4,396	)		(4,151	)
Net deferred loan origination costs		1,429			1,261
Loans, net	$	800,153		$	751,220

The Company has sold mortgage loans in the secondary mortgage market and has retained the servicing responsibility and receives fees for the services provided. Total loans serviced for others at 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 Real Estate		Commercial Real Estate		Multi-family		Construction			Home Equity		Commercial		Consumer		Unallocated		Total
	(In thousands)
Allowance for credit losses-loans
Balance at September 30, 2025	$	1,558	$	782	$	1,109	$	767		$	102	$	37	$	1	$	—	$	4,356
Provision for credit losses		23		41		29		171			14		—		—		72		350
Loans charged-off		—		—		—		(310	)		—		—		—		—		(310	)
Recoveries		—		—		—		—			—		—		—		—		—
Balance at December 31, 2025	$	1,581	$	823	$	1,138	$	628		$	116	$	37	$	1	$	72	$	4,396

	Residential Real Estate		Commercial Real Estate		Multi-family		Construction			Home Equity		Commercial		Consumer		Unallocated		Total
	(In thousands)
Allowance for off balance sheet credit exposures
Balance at September 30, 2025	$	2	$	5	$	1	$	315		$	63	$	5	$	—	$	—	$	391
Provision (benefit) for credit 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 Real Estate		Commercial Real Estate		Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated		Total
	(In thousands)
Allowance for credit losses-loans
Balance at June 30, 2025	$	1,510	$	579	$	944	$	705		$	113	$	298		$	2		$	—	$	4,151
Provision (benefit) for credit losses		71		244		194		233			3		9			(1	)		72		825
Loans charged-off		—		—		—		(310	)		—		(270	)		—			—		(580	)
Recoveries		—		—		—		—			—		—			—			—		—
Balance at December 31, 2025	$	1,581	$	823	$	1,138	$	628		$	116	$	37		$	1		$	72	$	4,396

	Residential Real Estate		Commercial Real Estate		Multi-family		Construction			Home Equity		Commercial			Consumer			Unallocated		Total
	(In thousands)
Allowance for off balance sheet credit exposures
Balance at June 30, 2025	$	60	$	16	$	25	$	1,067

Winchester Bancorp, Inc./MD/ 10-Q