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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 March 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: 333-277828

EWSB BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		33-2899738
(State of Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

109 West Second Street, Kaukauna, Wisconsin 54130

(Address of Principal Executive Offices) (Zip Code)

(920) 766-4646

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	EWSB	OTCQB Market

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, a smaller reporting company, or an emerging growth company. See 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 May 14, 2025, the Registrant had 752,538 shares of common stock, par value $0.01 per share issued and outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three Months ended March 31, 2025 and 2024 (unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		36

Table of Contents

EXPLANATORY NOTE

EWSB Bancorp, Inc. (the “Company,” “we” or “our”) is the stock holding company for East Wisconsin Savings Bank (the “Bank”). The Company became the holding company for the Bank upon the completion of the conversion of Wisconsin Mutual Bancorp, MHC (the “MHC”) from the mutual holding company to the stock holding company form of organization on September 20, 2024 the date of the conversion transaction closing. Accordingly, the unaudited financial statements, as well as other financial information at or prior to September 20, 2024, contained in this Quarterly Report on Form 10-Q relate solely to the consolidated financial results of the MHC and its subsidiaries. See also the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets


	March 31, 2025		December 31, 2024
	(unaudited)
Assets
Cash and cash equivalents	$	1,125,467	$	1,188,634
Time deposits with other financial institutions		4,499,059		4,498,778
Debt securities available for sale (amortized cost of $26,466,664 and $26,736,859 as of March 31, 2025 and December 31, 2024, respectively)		23,030,254		22,806,836
Debt securities held to maturity (fair value of $39,098,969 and $38,162,626 as of March 31, 2025 and December 31, 2024, respectively)		39,302,816		39,006,631
Loans, net of allowance of $1,190,255 and $1,126,422 as of March 31, 2025 and December 31, 2024, respectively		189,853,281		186,354,436
Land held for sale		834,828		834,828
Office properties and equipment, net		2,418,195		2,411,422
Federal Home Loan Bank stock		1,903,782		1,879,971
Cash value of life insurance		7,761,299		7,699,074
Net deferred tax assets		5,324,975		5,326,564
Accrued interest receivable and other assets		1,300,229		1,298,605

TOTAL ASSETS	$	277,354,185	$	273,305,779

Liabilities and Equity
Deposits:
Non-interest bearing	$	8,291,770	$	9,461,778
Interest bearing		223,354,314		222,057,692
Total deposits		231,646,084		231,519,470
Borrowed funds		27,835,000		24,200,000
Advance payments by borrowers for taxes and insurance		862,843		485,212
Accrued interest payable and other liabilities		1,384,173		1,474,341

Total liabilities		261,728,100		257,679,023

Equity:
Common stock ($0.01 par value, 4,000,000 shares authorized, 752,538 shares issued and outstanding as of March 31, 2025 and December 31, 2024)		7,525		7,525
Additional paid-in capital		5,473,225		5,472,763
Retained earnings		16,930,521		17,499,162
Unallocated common shares held by Employee Stock Ownership Plan (ESOP)		(493,856)		(500,441)
Accumulated other comprehensive income (loss)		(6,291,330)		(6,852,253)

Total stockholders' equity		15,626,085		15,626,756

TOTAL LIABILITIES AND EQUITY	$	277,354,185	$	273,305,779

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited)


	Three Months Ended March 31,
	2025		2024
Interest income:
Loans, including fees	$	2,287,479	$	1,981,859
Securities:
Taxable		256,037		267,992
Tax-exempt		9,398		9,403
Other		50,815		42,509

Total interest income		2,603,729		2,301,763

Interest expense:
Deposits		1,379,097		1,215,111
Borrowed funds		262,331		262,591

Total interest expense		1,641,428		1,477,702

Net interest income		962,301		824,061
Provision for credit losses		110,290		—

Net interest income after provision for credit losses		852,011		824,061

Noninterest income:
Service charges on deposit accounts		14,582		10,380
Interchange income		56,354		57,139
Mortgage banking income		51,606		63,845
Gain on sale of mortgage loans		45,561		50,721
Increase in cash value of life insurance		62,225		54,201
Gain on interest rate swap		—		86,290
Other		90,014		146,183

Total noninterest income		320,342		468,759

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited) Continued


	Three Months Ended March 31,
	2025		2024
Noninterest expense:
Salaries and related benefits		1,106,569		1,031,442
Occupancy expense, net		167,974		173,109
Data processing		274,338		271,410
Advertising		27,982		41,689
FDIC insurance premiums		56,626		79,007
Other		335,036		236,137

Total noninterest expense		1,968,525		1,832,794

Income (loss) before provision for (benefit from) income taxes		(796,172)		(539,974)
Provision for (benefit from) income taxes		(227,531)		(162,479)
Net income (loss)	$	(568,641)	$	(377,495)
Basic and diluted earnings per share	$	(0.81)		n/a
Weighted average shares outstanding		702,823		n/a

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss) (unaudited)


	Three Months Ended March 31,
	2025		2024
Net income (loss)	$	(568,641)	$	(377,495)
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available for sale debt securities		493,613		(186,786)
Reclassification adjustment for (accretion) amortization of unrealized holding gain (loss) included in accumulated other comprehensive income (loss) from the securities transferred from available for sale to held to maturity		296,185		278,520

Other comprehensive income (loss), before tax		789,798		91,734
Tax effect of other comprehensive income (loss) items		(228,875)		(24,336)

Other comprehensive income (loss), net of tax		560,923		67,398

Comprehensive income (loss)	$	(7,718)	$	(310,097)

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Equity (unaudited)


									Unallocated		Accumulated
									Common		Other
	Common Shares				Additional Paid-		Retained		Shares Held		Comprehensive
	Shares		Amount		In Capital		Earnings		by ESOP		Income (Loss)		Total Equity

	Three Months Ended March 31, 2025
Balance at January 1, 2025		752,538	$	7,525	$	5,472,763	$	17,499,162	$	(500,441)	$	(6,852,253)	$	15,626,756
Net income (loss)		—		—		—		(568,641)		—		—		(568,641)
ESOP shares committed to be released		—		—		462		—		6,585		—		7,047
Other comprehensive income (loss)		—		—		—		—		—		560,923		560,923
Balance at March 31, 2025		752,538	$	7,525	$	5,473,225	$	16,930,521	$	(493,856)	$	(6,291,330)	$	15,626,085


									Unallocated		Accumulated
									Common		Other
	Common Shares				Additional Paid-		Retained		Shares Held		Comprehensive
	Shares		Amount		In Capital		Earnings		by ESOP		Income (Loss)		Total Equity

	Three Months Ended March 31, 2024
Balance at January 1, 2024		—	$	—	$	—	$	19,198,973	$	—	$	(7,662,149)	$	11,536,824
Net income (loss)		—		—		—		(377,495)		—		—		(377,495)
Other comprehensive income (loss)		—		—		—		—		—		67,398		67,398
Balance at March 31, 2024		—	$	—	$	—	$	18,821,478	$	—	$	(7,594,751)	$	11,226,727

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (unaudited)



	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:	$	(853,108)	$	(1,008,468)

Cash flows from investing activities:
Proceeds from maturities and paydowns of securities available for sale		283,428		250,099
Purchase of FHLB stock		(23,811)		(139,595)
Net decrease/(increase) in loans		(3,562,678)		(1,168,690)
Purchase of office properties and equipment		(46,243)		(27,716)
Proceeds from sale of office properties and equipment		—		—
Proceeds from sale of land held for sale		—		—
Proceeds from sale of repossessed assets		—		—
Net cash flows provided by (used in) investing activities		(3,349,304)		(1,085,902)

Cash flows from financing activities:
Net change in deposits	$	126,614	$	(51,091)
Net change in advance payments by borrowers for taxes and insurance		377,631		321,995
Net increase/(decrease) from FHLB short-term advances activity		4,135,000		(12,630,000)
Proceeds from FHLB long-term advances		8,000,000		—
Maturities of FHLB long-term advances		(8,500,000)		—
Proceeds from Federal Reserve Bank Term Funding Program borrowing		—		17,000,000
Net cash flows provided by (used in) financing activities		4,139,245		4,640,904

Net change in cash and cash equivalents		(63,167)		2,546,534
Cash and cash equivalents at beginning of period		1,188,634		1,608,709
Cash and cash equivalents at end of period	$	1,125,467	$	4,155,243

Supplemental cash flow information:
Cash paid during the period for:
Interest	$	1,703,995	$	1,232,917
Taxes	$	—	$	—

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements

Note 1: Summary of Significant Accounting Policies

Organization

EWSB Bancorp, Inc. (the “Company”), a Maryland corporation and registered bank holding company, was formed to serve as the holding company for East Wisconsin Savings Bank (the “Bank”), upon conversion of Wisconsin Mutual Bancorp, MHC to the stock form of organization, which was completed on September 20, 2024. In connection with the conversion, the Company sold 752,538 shares of common stock, par value $0.01, including 52,678 shares sold to the Bank’s Employee Stock Ownership Plan, at $10.00 per share in its subscription offering for gross proceeds (before deducting offering expenses) of approximately $7.5 million. Shares of the Company’s common stock began trading on September 24, 2024 on the OTCQB Market under the trading symbol “EWSB”.

The Bank provides a variety of financial services to individual and corporate customers. The Bank operates as a full-service financial institution with a primary market area including, but not limited to, east central Wisconsin. The Company is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.

Principles of Consolidation

The financial statements include the accounts of EWSB Bancorp, Inc. and its subsidiary, East Wisconsin Savings Bank. All significant intercompany balances and transactions have been eliminated.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and related notes of EWSB Bancorp, Inc’s Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company has not changed its significant accounting and reporting policies from those disclosed in the audited financial statements for the year ended December 31, 2024.

Use of Estimates in Preparation of Financial Statements

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The determination of the allowance for credit losses and valuation allowance on deferred tax assets are particularly subject to change in the near term. Actual results may differ from these estimates. The results of operations for the three months ended March 31, 2025, are not necessarily indicative of results that may be expected for any other interim period or the entire fiscal year ending December 31, 2025.

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 2: Debt Securities

Our debt securities portfolio consists of an available for sale (“AFS”) and a held to maturity (“HTM”) securities portfolio, both of which represent interest earning debt securities.

Debt Securities AFS

The following table summarizes the amortized cost and estimated fair value of AFS securities on March 31, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		(Losses)		Fair Value
March 31, 2025
Securities available for sale:
Mortgage-backed securities	$	8,806,738	$	—	$	(1,045,621)	$	7,761,117
State and political subdivisions		14,192,368		—		(1,829,771)		12,362,597
Corporate securities		3,467,558		—		(561,018)		2,906,540
Total securities available for sale	$	26,466,664	$	—	$	(3,436,410)	$	23,030,254


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		(Losses)		Fair Value
December 31, 2024
Securities available for sale:
Mortgage-backed securities	$	9,078,650	$	—	$	(1,254,841)	$	7,823,809
State and political subdivisions		14,191,881		—		(2,052,935)		12,138,946
Corporate securities		3,466,328		—		(622,247)		2,844,081
Total securities available for sale	$	26,736,859	$	—	$	(3,930,023)	$	22,806,836

There were no sales of securities available for sale during the three months ended March 31, 2025 and 2024.

The following tables show the fair value and gross unrealized losses of AFS debt securities in an unrealized loss position at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
		Estimated		Unrealized	Estimated		Unrealized		Estimated		Unrealized
		Fair Value		Loss	Fair Value		Loss		Fair Value		Loss
March 31, 2025
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	7,761,117	$	(1,045,621)	$	7,761,117	$	(1,045,621)
State and political subdivisions		—		—		12,362,597		(1,829,771)		12,362,597		(1,829,771)
Corporate securities		—		—		2,906,540		(561,018)		2,906,540		(561,018)
Totals	$	—	$	—	$	23,030,254	$	(3,436,410)	$	23,030,254	$	(3,436,410)

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EWSB BANCORP, INC. AND SUBSIDIARY


	Less Than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Loss		Fair Value		Loss		Fair Value		Loss
December 31, 2024
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	7,823,809	$	(1,254,841)	$	7,823,809	$	(1,254,841)
State and political subdivisions		—		—		12,138,946		(2,052,935)		12,138,946		(2,052,935)
Corporate securities		—		—		2,844,081		(622,247)		2,844,081		(622,247)
Totals	$	—	$	—	$	22,806,836	$	(3,930,023)	$	22,806,836	$	(3,930,023)

At March 31, 2025, 50 debt securities designated as AFS were in an unrealized loss position. Based on our analysis of these securities, the decline in value was unrelated to credit loss and is related to changes in market interest rates since purchase, and therefore, changes in value for securities were included in other comprehensive income. In analyzing whether unrealized losses on debt securities are not related to credit losses, management takes into consideration, as applicable, whether the securities are issued by a governmental body or agency, whether the rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer, and the quality of any underlying assets or credit enhancements. Market valuations and credit loss analysis on assets in the AFS securities portfolio are reviewed and monitored on a quarterly basis. None of the investments in our AFS securities portfolio were past due as of March 31, 2025. Management has the ability and intent to hold the securities for the foreseeable future and no declines are deemed to be related to credit losses; therefore, no provision for expected credit losses or allowance is carried for the AFS portfolio.

The following is a summary of amortized cost and estimated fair value of debt securities by contractual maturity as of March 31, 2025. Contractual maturities will differ from expected maturities for mortgage-backed securities because borrowers may have the right to call or prepay obligations without penalties.


	March 31, 2025
			Estimated
Available-for-sale	Amortized Cost		Fair Value
Due in one year or less	$	795,093	$	791,942
Due after one year through five years		6,640,628		5,931,413
Due after five years through ten years		10,076,791		8,420,057
Due after ten years		147,414		125,725

Subtotal		17,659,926		15,269,137
Mortgage-backed securities		8,806,738		7,761,117
Total	$	26,466,664	$	23,030,254

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EWSB BANCORP, INC. AND SUBSIDIARY

Debt Securities HTM

The following table summarizes the amortized cost and estimated fair value of HTM securities at March 31, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses.


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
March 31, 2025	Cost		Gains		Losses		Fair Value
Securities held to maturity:
U.S. government sponsored agencies	$	28,514,187	$	17,148	$	(227,078)	$	28,304,257
U.S. Treasury securities		10,788,629		6,566		(483)		10,794,712
Total securities held to maturity	$	39,302,816	$	23,714	$	(227,561)	$	39,098,969


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
December 31, 2024	Cost		Gains		Losses		Fair Value
Securities held to maturity:
U.S. government sponsored agencies	$	28,306,633	$	282	$	(812,896)	$	27,494,019
U.S. Treasury securities		10,699,998		—		(31,391)		10,668,607
Total securities held to maturity	$	39,006,631	$	282	$	(844,287)	$	38,162,626

Investment securities classified as HTM are recorded at amortized cost subject to measurement of credit losses on financial instruments, also known as Current Expected Credit Losses (“CECL”). This methodology consists of measuring the value of investments on a collective basis when similar risk characteristics exist. Our investment policy requires securities designated as HTM to carry an explicit or implicit guarantee of the United States Government (i.e., issued by the U.S. Treasury and federal agencies of the United States). Market valuations and credit loss analysis on assets in the HTM securities portfolio are reviewed and monitored on a quarterly basis. None of the investments in our HTM securities portfolio were past due as of March 31, 2025. An allowance for credit losses (“ACL”) is not calculated or recorded based on the implied guarantee of these securities.

The following table summarizes the remaining contractual principal maturities of investment securities classified as HTM as of March 31, 2025. For United States agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain United States agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity.


	March 31, 2025
	Amortized		Estimated
Held-to-maturity	Cost		Fair Value
Due in one year or less	$	6,341,418	$	6,342,455
Due after one year through five years		14,949,630		14,939,301
Due after five years through ten years		14,414,863		14,281,719
Due after ten years		3,596,905		3,535,494
Total	$	39,302,816	$	39,098,969

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 3: Loans and Allowance for Credit Losses

A summary of loans by major category as of March 31, 2025 and December 31, 2024 is as follows:


	March 31, 2025		December 31, 2024
Real estate:
One to four family residential	$	131,573,882	$	130,077,444
Home equity		2,252,877		2,241,326
Equity line of credit		5,880,412		5,823,673
Construction		9,137,794		6,755,376
Multi-family		1,392,504		1,271,343
Commercial		2,344,887		2,587,784
Commercial installment		3,646,149		3,513,472
Consumer:
Marine and recreational		30,885,011		31,150,048
Other consumer		4,093,700		4,211,711

Subtotal		191,207,216		187,632,177
Allowance for credit losses		(1,190,255)		(1,126,422)
Unearned loan fees		(163,680)		(151,319)
Loans, net	$	189,853,281	$	186,354,436

Changes in the allowance for the three months ended March 31, 2025 and 2024, are as follows:


	For the three months ended March 31, 2025
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs			Recoveries	Balance
Real estate:
One to four family residential	$	639,578	$	99,815	$	—	$	—	$	739,393
Home equity		11,020		1,640		—		—		12,660
Equity line of credit		28,634		4,417		—		—		33,051
Construction		73,444		26,026		—		—		99,470
Multi-family		6,251		1,576		—		—		7,827
Commercial		30,624		(5,821)		—		—		24,803
Commercial Installment		42,629		(4,062)		—		—		38,567
Consumer:
Marine and recreational		259,197		(52,156)		—		—		207,041
Other consumer		35,045		(7,602)		—		—		27,443
Total	$	1,126,422	$	63,833	$	—	$	—	$	1,190,255

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EWSB BANCORP, INC. AND SUBSIDIARY


	For the three months ended March 31, 2024
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs		Recoveries		Balance
Real estate:
One to four family residential	$	654,754	$	(56,134)	$	—	$	—	$	598,620
Home equity		11,045		(1,100)		—		—		9,945
Equity line of credit		22,193		(744)		—		—		21,449
Construction		21,293		27,342		—		—		48,635
Multi-family		7,948		(791)		—		—		7,157
Commercial		26,323		(4,169)		—		—		22,154
Commercial Installment		44,972		6,577		—		—		51,549
Consumer:
Marine and recreational		241,624		22,900		(9,289)		—		255,235
Other consumer		26,644		6,119		—		—		32,763
Total	$	1,056,796	$	—	$	(9,289)	$	—	$	1,047,507

The ACL on loans excludes $128,001 of allowance for unfunded commitments as of March 31, 2025 and $81,544 as of December 31, 2024 and is recorded within accrued interest payable and other liabilities on the Consolidated Balance Sheets. A provision for credit loss on unfunded loan commitments of $46,457 was made for the three months ended March 31, 2025. No provision for credit loss on unfunded loan commitments was made for the three months ended March 31, 2024.

As of March 31, 2025 there were two collateral dependent loans totaling $11,250 in the other consumer loans segment. These loans were secured by automobiles and did not have a specific allocation to the ACL as of March 31, 2025.

As of December 31, 2024 there were two collateral dependent loans totaling $12,704 in the other consumer loans segment. These loans were secured by automobiles and did not have a specific allocation to the ACL as of December 31, 2024.

The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for credit losses. The credit quality indicators monitored differ depending on the class of loan.

Multi-family, commercial real estate, and commercial installment loans are generally evaluated using the following internally prepared ratings:

●	Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable.

●	Special mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.

●	Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable.

●	Doubtful ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely.

One to four family residential, home equity, equity line of credit, construction, marine and recreational, and other consumer loans are generally evaluated based on whether the loan is performing according to the contractual terms of the loan.

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EWSB BANCORP, INC. AND SUBSIDIARY

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and year of origination at March 31, 2025 and December 31, 2024.


	Total Loans by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
At March 31, 2025
Real estate
One to four family residential
Performing	$	4,623,084	$	19,717,175	$	9,253,160	$	32,625,178	$	11,503,312	$	53,851,973	$	—	$	131,573,882
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	4,623,084	$	19,717,175	$	9,253,160	$	32,625,178	$	11,503,312	$	53,851,973	$	—	$	131,573,882
Home equity
Performing	$	74,473	$	888,030	$	686,969	$	427,888	$	16,239	$	159,278	$	—	$	2,252,877
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	74,473	$	888,030	$	686,969	$	427,888	$	16,239	$	159,278	$	—	$	2,252,877
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	5,880,412	$	5,880,412
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	5,880,412	$	5,880,412
Construction
Performing	$	698,519	$	5,587,640	$	2,585,149	$	67,586	$	—	$	198,900	$	—	$	9,137,794
Non performing		—		—		—		—		—		—		—		—
Total construction	$	698,519	$	5,587,640	$	2,585,149	$	67,586	$	—	$	198,900	$	—	$	9,137,794
Multi-family
Pass	$	—	$	—	$	—	$	207,717	$	1,184,787	$	—	$	—	$	1,392,504
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—		—	$	207,717		1,184,787	$	—	$	—	$	1,392,504
Commercial
Pass	$	—	$	486,944	$	150,052	$	1,287,961	$	242,538	$	177,392	$	—	$	2,344,887
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	—	$	486,944	$	150,052	$	1,287,961	$	242,538	$	177,392	$	—	$	2,344,887
Commercial installment
Pass	$	422,767	$	112,613	$	202,399	$	339,593	$	1,008,574	$	1,560,203	$	—	$	3,646,149
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	422,767	$	112,613	$	202,399	$	339,593	$	1,008,574	$	1,560,203	$	—	$	3,646,149
Consumer
Marine and recreational
Performing	$	1,554,700	$	6,774,074	$	7,569,272	$	2,886,893	$	602,917	$	11,497,155	$	—	$	30,885,011
Non performing		—		—		—		—		—		—		—		—
Total marine and recreational	$	1,554,700	$	6,774,074	$	7,569,272	$	2,886,893	$	602,917	$	11,497,155	$	—	$	30,885,011
Other consumer
Performing	$	289,798	$	686,377	$	439,933	$	495,713	$	173,851	$	1,996,778	$	—	$	4,082,450
Non performing		—		—		—		11,250		—		—		—		11,250
Total other consumer	$	289,798	$	686,377	$	439,933	$	506,963	$	173,851	$	1,996,778	$	—	$	4,093,700
Total loans	$	7,663,341	$	34,252,853	$	20,886,934	$	38,349,779	$	14,732,218	$	69,441,679	$	5,880,412	$	191,207,216

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY


	Total Loans by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Total
At December 31, 2024
Real estate
One to four family residential
Performing	$	19,412,939	$	9,559,853	$	33,402,127	$	11,738,171	$	30,020,711	$	25,943,643	$	—	$	130,077,444
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	19,412,939	$	9,559,853	$	33,402,127	$	11,738,171	$	30,020,711	$	25,943,643	$	—	$	130,077,444
Home equity
Performing	$	863,805	$	750,208	$	438,473	$	16,623	$	91,757	$	80,460	$	—	$	2,241,326
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	863,805	$	750,208	$	438,473	$	16,623	$	91,757	$	80,460	$	—	$	2,241,326
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	5,823,673	$	5,823,673
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	5,823,673	$	5,823,673
Construction
Performing	$	3,754,653	$	2,721,970	$	73,963	$	—	$	111,209	$	93,581	$	—	$	6,755,376
Non performing		—		—		—		—		—		—		—		—
Total construction	$	3,754,653	$	2,721,970	$	73,963	$	—	$	111,209	$	93,581	$	—	$	6,755,376
Multi-family
Pass	$	—	$	—	$	—	$	209,884	$	126,373	$	935,086	$	—	$	1,271,343
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—	$	—	$	209,884	$	126,373	$	935,086	$	—	$	1,271,343
Commercial
Pass	$	704,843	$	152,169	$	1,300,428	$	248,414	$	66,094	$	115,836	$	—	$	2,587,784
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	704,843	$	152,169	$	1,300,428	$	248,414	$	66,094	$	115,836	$	—	$	2,587,784
Commercial installment
Pass	$	167,507	$	258,478	$	354,102	$	1,069,667	$	1,479,869	$	183,849	$	—	$	3,513,472
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	167,507	$	258,478	$	354,102	$	1,069,667	$	1,479,869	$	183,849	$	—	$	3,513,472
Consumer
Marine and recreational
Performing	$	6,977,323	$	8,035,562	$	3,062,227	$	650,645	$	1,510,484	$	10,913,807	$	—	$	31,150,048
Non performing		—		—		—		—		—		—		—		—
Total marine and recreational	$	6,977,323	$	8,035,562	$	3,062,227	$	650,645	$	1,510,484	$	10,913,807	$	—	$	31,150,048
Other consumer
Performing	$	785,431	$	534,610	$	613,732	$	208,806	$	40,975	$	2,015,453	$	—	$	4,199,007
Non performing		—		—		12,704		—		—		—		—		12,704
Total other consumer	$	785,431	$	534,610	$	626,436	$	208,806	$	40,975	$	2,015,453	$	—	$	4,211,711
Total loans	$	32,666,501	$	22,012,850	$	39,257,756	$	14,142,210	$	33,447,472	$	40,281,715	$	5,823,673	$	187,632,177

Year-to-date gross charge-offs for the periods presented are not included in the above tables as the amounts are considered insignificant.

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Loan aging information as of March 31, 2025 and December 31, 2024, follows:

Accruing

Loans Past

Loans

Nonaccrual

Current

Due 31-89

Past Due

loans beginning

loans end

end of period

Loans

Days

90+ Days

of period

with an ACL

Total Loans

March 31, 2025

Real estate:

EWSB Bancorp, Inc. /MD/ 10-Q