EWSB reports Q3 loss, borrowings up to $44.8M as deposits fall

Q: What was EWSB's Q3 2025 net income (EWSB)?

Net loss was $3,340,658, with basic and diluted EPS of $(4.74).

Q: How many EWSB shares are outstanding?

As of November 14, 2025, 752,538 common shares were issued and outstanding.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

EWSB Bancorp, Inc. reported a third‑quarter net loss of $3,340,658, with basic and diluted EPS of $(4.74). For the nine months, net loss was $4,187,959. Net interest income rose to $1,224,170 in Q3 (from $806,643 a year ago), while noninterest income was $432,055 and noninterest expense was $1,803,426. The quarter included a provision for income taxes of $3,176,877.

Balance sheet trends were mixed. Total assets were $280,213,927 versus $273,305,779 at year‑end. Loans, net, increased to $196,872,466. Deposits declined to $219,140,134 (from $231,519,470), while borrowed funds increased to $44,824,000 (from $24,200,000). Stockholders’ equity decreased to $12,877,186, as retained earnings fell and accumulated other comprehensive loss improved to $(5,432,727) from $(6,852,253).

Securities marks improved. Available‑for‑sale unrealized losses were $2,806,113 (better than $3,930,023 at year‑end). Held‑to‑maturity securities showed net unrealized gains of $224,841. As of November 14, 2025, common shares outstanding were 752,538.

Insights

Losses persist despite stronger net interest income.

EWSB posted a Q3 net loss of $3.34M as higher interest revenue was offset by expenses and a sizable tax provision of $3.18M. Net interest income improved year over year to $1.22M, aided by loan growth to $196.87M.

Funding shifted: deposits fell to $219.14M while FHLB borrowings rose to $44.82M. This mix supports asset growth ($280.21M) but may pressure margins if higher-cost funding persists.

Securities valuation trends were favorable, with AFS unrealized losses at $2.81M versus $3.93M at year‑end and HTM in a net gain. Actual performance will hinge on deposit flows and funding costs disclosed in subsequent reports.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

11/14/2025 - 04:02 PM

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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 September 30, 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: 000-56690

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 November 14, 2025, the Registrant had 752,538 shares of common stock, par value $0.01 per share issued and outstanding.

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TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40
PART II.	OTHER INFORMATION
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

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.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets


	September 30, 2025		December 31, 2024
	(unaudited)
Assets
Cash and cash equivalents	$	1,006,872	$	1,188,634
Time deposits with other financial institutions		4,499,624		4,498,778
Debt securities available for sale (amortized cost of $25,204,362 and $26,736,859 as of September 30, 2025 and December 31, 2024, respectively)		22,398,249		22,806,836
Debt securities held to maturity (fair value of $38,618,397 and $38,162,626 as of September 30, 2025 and December 31, 2024, respectively)		38,393,556		39,006,631
Loans, net of allowance of $1,150,008 and $1,126,422 as of September 30, 2025 and December 31, 2024, respectively		196,872,466		186,354,436
Land held for sale		435,328		834,828
Office properties and equipment, net		2,354,896		2,411,422
Federal Home Loan Bank stock		2,759,245		1,879,971
Cash value of life insurance		7,888,879		7,699,074
Deferred tax assets (net of allowance of $3,241,934 and $0 as of September 30, 2025 and December 31, 2024, respectively)		1,961,757		5,326,564
Accrued interest receivable and other assets		1,643,055		1,298,605

TOTAL ASSETS	$	280,213,927	$	273,305,779

Liabilities and Equity
Deposits:
Non-interest bearing	$	9,501,236	$	9,461,778
Interest bearing		209,638,898		222,057,692
Total deposits		219,140,134		231,519,470
Borrowed funds		44,824,000		24,200,000
Advance payments by borrowers for taxes and insurance		1,790,247		485,212
Accrued interest payable and other liabilities		1,582,360		1,474,341

Total liabilities		267,336,741		257,679,023

Equity:
Common stock ($0.01 par value, 4,000,000 shares authorized, 752,538 issued and outstanding as of September 30, 2025 and December 31, 2024)		7,525		7,525
Additional paid-in capital		5,471,871		5,472,763
Retained earnings		13,311,203		17,499,162
Unallocated common shares held by Employee Stock Ownership Plan (ESOP)		(480,686)		(500,441)
Accumulated other comprehensive income (loss)		(5,432,727)		(6,852,253)

Total stockholders' equity		12,877,186		15,626,756

TOTAL LIABILITIES AND EQUITY	$	280,213,927	$	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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income:
Loans, including fees	$	2,533,974	$	2,165,404	$	7,267,336	$	6,232,409
Securities:
Taxable		245,333		261,963		749,980		794,457
Tax-exempt		9,396		9,400		28,185		28,200
Other		67,709		37,507		174,503		122,731

Total interest income		2,856,412		2,474,274		8,220,004		7,177,797

Interest expense:
Deposits		1,158,361		1,341,142		3,803,970		3,832,847
Borrowed funds		473,881		326,489		1,101,435		898,110

Total interest expense		1,632,242		1,667,631		4,905,405		4,730,957

Net interest income		1,224,170		806,643		3,314,599		2,446,840
Provision for credit losses		16,580		9,652		142,243		130,142

Net interest income after provision for credit losses		1,207,590		796,991		3,172,356		2,316,698

Noninterest income:
Service charges on deposit accounts		17,273		19,860		51,784		60,212
Interchange income		57,430		60,606		173,953		179,950
Mortgage banking income		77,404		66,293		186,353		194,265
Gain on sale of mortgage loans		89,005		62,714		204,175		163,894
Increase in cash value of life insurance		64,080		60,554		189,806		174,248
Gain on interest rate swap		52,326		88,246		52,326		261,691
Other		74,537		152,034		253,946		371,138

Total noninterest income		432,055		510,307		1,112,343		1,405,398

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Noninterest expense:
Salaries and related benefits		1,065,737		1,027,241		3,256,220		3,075,624
Occupancy expense, net		141,176		165,351		462,060		499,010
Data processing		224,982		247,212		847,449		811,875
Advertising		27,854		25,282		87,902		109,635
FDIC insurance premiums		93,613		79,809		224,149		231,292
Loss on sale of other real estate owned		22,213		—		22,213		—
Other		227,851		244,175		769,349		678,266

Total noninterest expense		1,803,426		1,789,070		5,669,342		5,405,702

Income (loss) before provision for (benefit from) income taxes		(163,781)		(481,772)		(1,384,643)		(1,683,606)
Provision for (benefit from) income taxes		3,176,877		(150,223)		2,803,316		(511,701)
Net income (loss)	$	(3,340,658)	$	(331,549)	$	(4,187,959)	$	(1,171,905)
Basic and diluted earnings per share	$	(4.74)		n/a	$	(5.95)		n/a
Weighted average shares outstanding		704,140		n/a		703,482		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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	(3,340,658)	$	(331,549)	$	(4,187,959)	$	(1,171,905)
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available for sale debt securities		326,218		959,567		1,123,910		704,677
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		266,491		272,479		808,207		826,554

Other comprehensive income (loss), before tax		592,709		1,232,046		1,932,117		1,531,231
Tax effect of other comprehensive income (loss) items		(157,245)		(326,862)		(512,591)		(406,236)

Other comprehensive income (loss), net of tax		435,464		905,184		1,419,526		1,124,995

Comprehensive income (loss)	$	(2,905,194)	$	573,635	$	(2,768,433)	$	(46,910)

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 Stock				Additional Paid-		Retained		Shares Held		Comprehensive
	Shares		Amount		In Capital		Earnings		by ESOP		Income (Loss)		Total Equity

	Three Months Ended September 30, 2025
Balance at June 30, 2025		752,538	$	7,525	$	5,472,852	$	16,651,861	$	(487,271)	$	(5,868,191)	$	15,776,776
Net income (loss)		—		—		—		(3,340,658)		—		—		(3,340,658)
ESOP shares committed to be released		—		—		(981)				6,585		—		5,604
Other comprehensive income (loss)		—		—		—		—		—		435,464		435,464
Balance at September 30, 2025		752,538	$	7,525	$	5,471,871	$	13,311,203	$	(480,686)	$	(5,432,727)	$	12,877,186


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

	Three Months Ended September 30, 2024
Balance at June 30, 2024		—	$	—	$	—	$	18,358,617	$	—	$	(7,442,338)	$	10,916,279
Net income (loss)		—		—		—		(331,549)		—		—		(331,549)
Proceeds of stock offering and issuance of common shares (net of issuance cost of $2.0 million)		752,538		7,525		5,470,717		—		—		—		5,478,242
Purchase of common shares by ESOP (52,678 shares)		—		—		—		—		(526,780)		—		(526,780)
ESOP shares committed to be released		—		—		—		—		2,813		—		2,813
Other comprehensive income (loss)		—		—		—		—		—		905,184		905,184
Balance at September 30, 2024		752,538	$	7,525	$	5,470,717	$	18,027,068	$	(523,967)	$	(6,537,154)	$	16,444,189


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

	Nine Months Ended September 30, 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)		—		—		—		(4,187,959)		—		—		(4,187,959)
ESOP shares committed to be released		—		—		(892)		—		19,755		—		18,863
Other comprehensive income (loss)		—		—		—		—		—		1,419,526		1,419,526
Balance at September 30, 2025		752,538	$	7,525	$	5,471,871	$	13,311,203	$	(480,686)	$	(5,432,727)	$	12,877,186


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

	Nine Months Ended September 30, 2024
Balance at January 1, 2024		—	$	—	$	—	$	19,198,973	$	—	$	(7,662,149)	$	11,536,824
Net income (loss)		—		—		—		(1,171,905)		—		—		(1,171,905)
Proceeds of stock offering and issuance of common shares (net of issuance cost of $2.0 million)		752,538		7,525		5,470,717		—		—		—		5,478,242
Purchase of common shares by ESOP (52,678 shares)		—		—		—		—		(526,780)		—		(526,780)
ESOP shares committed to be released		—		—		—		—		2,813		—		2,813
Other comprehensive income (loss)		—		—		—		—		—		1,124,995		1,124,995
Balance at September 30, 2024		752,538	$	7,525	$	5,470,717	$	18,027,068	$	(523,967)	$	(6,537,154)	$	16,444,189

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EWSB BANCORP, INC. AND SUBSIDIARY

See accompanying notes to unaudited consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (unaudited)



	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:	$	(1,807,716)	$	(1,355,426)

Cash flows from investing activities:
Proceeds from maturities and paydowns of securities available for sale		1,564,299		931,069
Proceeds from maturities and paydowns of securities held to maturity		1,500,000		1,500,000
Purchase of FHLB stock		(879,274)		(250,690)
Net decrease/(increase) in loans		(10,426,074)		(7,245,859)
Purchase of office properties and equipment		(59,983)		(105,514)
Proceeds from sale of other real estate owned		377,287		—
Net cash flows provided by (used in) investing activities		(7,923,745)		(5,170,994)

Cash flows from financing activities:
Net change in deposits	$	(12,379,336)	$	(6,627,410)
Net change in advance payments by borrowers for taxes and insurance		1,305,035		1,469,159
Principal payments on notes payable		—		(400,000)
Net increase/(decrease) from FHLB short-term advances activity		(2,876,000)		(10,329,000)
Proceeds from FHLB long-term advances		37,000,000		13,500,000
Maturities of FHLB long-term advances		(13,500,000)		—
Net increase from Federal Reserve Bank Term Funding Program borrowing		—		3,500,000
Proceeds from issuance of common stock, net of costs		—		5,478,242
Loan to ESOP		—		(526,780)
Net cash flows provided by (used in) financing activities		9,549,699		6,064,211

Net change in cash and cash equivalents		(181,762)		(462,209)
Cash and cash equivalents at beginning of period		1,188,634		1,608,709
Cash and cash equivalents at end of period	$	1,006,872	$	1,146,500

Supplemental cash flow information:
Cash paid during the period for:
Interest	$	4,973,300	$	4,464,935
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 and nine months ended September 30, 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 September 30, 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
September 30, 2025
Securities available for sale:
Mortgage-backed securities	$	8,340,357	$	—	$	(928,655)	$	7,411,702
State and political subdivisions		13,393,970		—		(1,436,838)		11,957,132
Corporate securities		3,470,035		—		(440,620)		3,029,415
Total securities available for sale	$	25,204,362	$	—	$	(2,806,113)	$	22,398,249


			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 nine months ended September 30, 2025 and 2024.

The following tables show the fair value and gross unrealized losses of AFS debt securities in an unrealized loss position at September 30, 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
September 30, 2025
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	7,411,702	$	(928,655)	$	7,411,702	$	(928,655)
State and political subdivisions		—		—		11,957,132		(1,436,838)		11,957,132		(1,436,838)
Corporate securities		—		—		3,029,415		(440,620)		3,029,415		(440,620)
Totals	$	—	$	—	$	22,398,249	$	(2,806,113)	$	22,398,249	$	(2,806,113)

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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 September 30, 2025, 48 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 September 30, 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 September 30, 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.


	September 30, 2025
			Estimated
Available-for-sale	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years		8,692,333		7,938,070
Due after five years through ten years		8,024,156		6,919,534
Due after ten years		147,516		128,943

Subtotal		16,864,005		14,986,547
Mortgage-backed securities		8,340,357		7,411,702
Total	$	25,204,362	$	22,398,249

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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 September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses.


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
September 30, 2025	Cost		Gains		Losses		Fair Value
Securities held to maturity:
U.S. government sponsored agencies	$	28,177,733	$	227,011	$	(27,800)	$	28,376,944
U.S. Treasury securities		10,215,823		25,630		—		10,241,453
Total securities held to maturity	$	38,393,556	$	252,641	$	(27,800)	$	38,618,397


			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 September 30, 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 September 30, 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.


	September 30, 2025
	Amortized		Estimated
Held-to-maturity	Cost		Fair Value
Due in one year or less	$	9,347,244	$	9,360,625
Due after one year through five years		15,060,493		15,211,366
Due after five years through ten years		13,142,679		13,202,839
Due after ten years		843,140		843,567
Total	$	38,393,556	$	38,618,397

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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 September 30, 2025 and December 31, 2024 is as follows:


	September 30, 2025		December 31, 2024
Real estate:
One to four family residential	$	132,284,375	$	130,077,444
Home equity		2,086,404		2,241,326
Equity line of credit		6,948,464		5,823,673
Construction		15,583,759		6,755,376
Multi-family		1,222,682		1,271,343
Commercial		1,961,239		2,587,784
Commercial installment		3,609,616		3,513,472
Consumer:
Marine and recreational		31,039,953		31,150,048
Other consumer		3,463,799		4,211,711

Subtotal		198,200,291		187,632,177
Allowance for credit losses		(1,150,008)		(1,126,422)
Unearned loan fees		(177,817)		(151,319)
Loans, net	$	196,872,466	$	186,354,436

Changes in the allowance for the three and nine months ended September 30, 2025 and 2024, are as follows:


	For the three months ended September 30, 2025
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs			Recoveries	Balance
Real estate:
One to four family residential	$	693,116	$	(80,281)	$	(686)	$	—	$	612,149
Home equity		10,925		(1,270)		—		—		9,655
Equity line of credit		35,904		(3,750)		—		—		32,154
Construction		120,632		54,319		—		—		174,951
Multi-family		6,322		(664)		—		—		5,658
Commercial		23,293		(3,334)		—		—		19,959
Commercial Installment		37,357		(515)		—		—		36,842
Consumer:
Marine and recreational		242,894		47,547		(57,684)		—		232,757
Other consumer		25,909		(26)		—		—		25,883
Total	$	1,196,352	$	12,026	$	(58,370)	$	—	$	1,150,008

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EWSB BANCORP, INC. AND SUBSIDIARY


	For the three months ended September 30, 2024
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs		Recoveries		Balance
Real estate:
One to four family residential	$	654,119	$	(45,311)	$	—	$	—	$	608,808
Home equity		11,691		(146)		—		—		11,545
Equity line of credit		24,073		(40)		—		—		24,033
Construction		86,964		(3,734)		—		—		83,230
Multi-family		7,689		(703)		—		—		6,986
Commercial		22,848		6,456		—		—		29,304
Commercial Installment		51,140		(6,395)		—		—		44,745
Consumer:
Marine and recreational		275,279		(4,593)		—		—		270,686
Other consumer		34,595		(678)		—		199		34,116
Total	$	1,168,398	$	(55,144)	$	—	$	199	$	1,113,453


	For the nine months ended September 30, 2025
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs			Recoveries	Balance
Real estate:
One to four family residential	$	639,578	$	(26,743)	$	(686)	$	—	$	612,149
Home equity		11,020		(1,365)		—		—		9,655
Equity line of credit		28,634		3,520		—		—		32,154
Construction		73,444		101,507		—		—		174,951
Multi-family		6,251		(593)		—		—		5,658
Commercial		30,624		(10,665)		—		—		19,959
Commercial Installment		42,629		(5,787)		—		—		36,842
Consumer:
Marine and recreational		259,197		31,244		(57,684)		—		232,757
Other consumer		35,045		(9,162)		—		—		25,883
Total	$	1,126,422	$	81,956	$	(58,370)	$	—	$	1,150,008


	For the nine months ended September 30, 2024
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs		Recoveries		Balance
Real estate:
One to four family residential	$	654,754	$	(45,946)	$	—	$	—	$	608,808
Home equity		11,045		500		—		—		11,545
Equity line of credit		22,193		1,840		—		—		24,033
Construction		21,293		61,937		—		—		83,230
Multi-family		7,948		(962)		—		—		6,986
Commercial		26,323		2,981		—		—		29,304
Commercial Installment		44,972		(227)		—		—		44,745
Consumer:
Marine and recreational		241,624		38,951		(9,889)		—		270,686
Other consumer		26,644		6,272		—		1,200		34,116
Total	$	1,056,796	$	65,346	$	(9,889)	$	1,200	$	1,113,453

The ACL on loans excludes $141,831 of allowance for unfunded commitments as of September 30, 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 $4,554 was made for the three months ended September 30, 2025. A provision for credit loss on unfunded loan commitments of $60,287 was made for the nine

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EWSB BANCORP, INC. AND SUBSIDIARY

months ended September 30, 2025. A provision for credit loss on unfunded loan commitments of $64,796 was made for three and nine months ended September 30, 2024.

As of September 30, 2025 there were three collateral dependent loans totaling $17,707 in the other consumer loan segment. These loans were secured by automobiles and did not carry a specific allocation to the ACL as of September 30, 2025. Additionally, there were two collateral dependent loan totaling $26,652 in the marine and recreational loan with one of these loans carrying a specific allocation of $810 to the ACL as of September 30, 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 September 30, 2025 and December 31, 2024.


	Total Loans by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
At September 30, 2025
Real estate
One to four family residential
Performing	$	14,132,255	$	19,956,317	$	7,276,232	$	30,878,635	$	11,046,799	$	48,994,137	$	—	$	132,284,375
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	14,132,255	$	19,956,317	$	7,276,232	$	30,878,635	$	11,046,799	$	48,994,137	$	—	$	132,284,375
Home equity
Performing	$	248,383	$	822,181	$	567,839	$	295,856	$	15,586	$	136,559	$	—	$	2,086,404
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	248,383	$	822,181	$	567,839	$	295,856	$	15,586	$	136,559	$	—	$	2,086,404
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	6,948,464	$	6,948,464
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	6,948,464	$	6,948,464
Construction
Performing	$	8,077,174	$	5,012,505	$	2,288,139	$	63,707	$	—	$	142,234	$	—	$	15,583,759
Non performing		—		—		—		—		—		—		—		—
Total construction	$	8,077,174	$	5,012,505	$	2,288,139	$	63,707	$	—	$	142,234	$	—	$	15,583,759
Multi-family
Pass	$	—	$	—	$	—	$	203,311	$	1,019,371	$	—	$	—	$	1,222,682
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—		—	$	203,311		1,019,371	$	—	$	—	$	1,222,682
Commercial
Pass	$	59,200	$	480,394	$	145,729	$	987,759	$	230,565	$	57,592	$	—	$	1,961,239
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	59,200	$	480,394	$	145,729	$	987,759	$	230,565	$	57,592	$	—	$	1,961,239
Commercial installment
Pass	$	1,132,301	$	125,182	$	167,517	$	232,724	$	814,232	$	1,137,660	$	—	$	3,609,616
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	1,132,301	$	125,182	$	167,517	$	232,724	$	814,232	$	1,137,660	$	—	$	3,609,616
Consumer
Marine and recreational
Performing	$	5,592,827	$	5,502,587	$	6,306,430	$	2,226,108	$	415,093	$	10,989,067	$	—	$	31,032,112
Non performing		—		—		—		—		—		7,841		—		7,841
Total marine and recreational	$	5,592,827	$	5,502,587	$	6,306,430	$	2,226,108	$	415,093	$	10,996,908	$	—	$	31,039,953
Other consumer
Performing	$	712,126	$	942,622	$	532,218	$	542,816	$	141,765	$	574,545	$	—	$	3,446,092
Non performing		—		—		8,741		8,966		—		—		—		17,707
Total other consumer	$	712,126	$	942,622	$	540,959	$	551,782	$	141,765	$	574,545	$	—	$	3,463,799
Total loans	$	29,954,266	$	32,841,788	$	17,292,845	$	35,439,882	$	13,683,411	$	62,039,635	$	6,948,464	$	198,200,291

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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.

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EWSB BANCORP, INC. AND SUBSIDIARY

Loan aging information as of September 30, 2025 and December 31, 2024, follows:


	Accruing
			Loans Past		Loans		Nonaccrual		Nonaccrual		Nonaccrual
	Current		Due 31-89		Past Due		loans beginning		loans end		end of period
	Loans		Days		90+ Days		of period		of period		with an ACL		Total Loans
September 30, 2025

Real estate:
One to four family residential	$	131,925,333	$	359,042	$	—	$	—	$	—	$	—	$	132,284,375
Home equity		2,086,404		—		—		—		—		—		2,086,404
Equity line of credit		6,832,136		116,328		—		—		—		—		6,948,464
Construction		15,583,759		—		—		—		—		—		15,583,759
Multi-family		1,222,682		—		—		—		—		—		1,222,682
Commercial		1,961,239		—		—		—		—		—		1,961,239
Commercial installment		3,609,616		—		—		—		—		—		3,609,616
Consumer
Marine and recreational		30,993,692		38,420		—		—		7,841		—		31,039,953
Other consumer		3,446,092		—		—		12,704		17,707		—		3,463,799

Totals	$	197,660,953	$	513,790	$	—	$	12,704	$	25,548	$	—	$	198,200,291


	Accruing
			Loans Past		Loans		Nonaccrual		Nonaccrual		Nonaccrual
	Current		Due 31-89		Past Due		loans beginning		loans end		end of period
	Loans		Days		90+ Days		of period		of period		with an ACL		Total Loans
December 31, 2024

Real estate:
One to four family residential	$	128,031,279	$	1,741,706	$	304,459	$	—	$	—	$	—	$	130,077,444
Home equity		2,241,326		—		—		—		—		—		2,241,326
Equity line of credit		5,823,673		—		—		—		—		—		5,823,673
Construction		6,754,686		690		—		—		—		—		6,755,376
Multi-family		1,271,343		—		—		—		—		—		1,271,343
Commercial		2,587,784		—		—		—		—		—		2,587,784
Commercial installment		3,513,472		—		—		—		—		—		3,513,472
Consumer
Marine and recreational		31,016,018		134,030		—		25,920		—		—		31,150,048
Other consumer		4,199,007		—		—		—		12,704		—		4,211,711

Totals	$	185,438,588	$	1,876,426	$	304,459	$	25,920	$	12,704	$	—	$	187,632,177

Interest income received on nonaccrual loans is considered to be immaterial to the consolidated financial statements.

The Bank may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms. There were no loans subject to such modifications as of September 30, 2025 or December 31, 2024.

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EWSB BANCORP, INC. AND SUBSIDIARY

A summary of loans to directors, executive officers, and their affiliates as of September 30, 2025 and December 31, 2024 is as follows:


	September 30, 2025		December 31, 2024
Balance at beginning of period	$	44,715	$	27,004
New loans		—		28,230
Repayments		(13,810)		(10,519)

Balance at end of period	$	30,905	$	44,715

Note 4: Deposits

The composition of deposits at September 30, 2025 and December 31, 2024 is as follows:


	September 30, 2025		December 31, 2024
Non-interest-bearing demand	$	9,501,236	$	9,461,778
Interest-bearing demand		31,144,689		40,044,250
Savings		26,965,298		28,885,850
Money market		39,778,930		42,827,392
Certificates of deposit		111,749,981		110,300,200

Total deposits	$	219,140,134	$	231,519,470

The aggregate amount of certificates of deposit in denominations of $250,000 or more at September 30, 2025 and December 31, 2024 was approximately $19,326,000 and $18,798,000, respectively.

The scheduled maturities of certificates of deposit as of September 30, 2025 are summarized as follows:



Twelve months ended September 30,		Amount
2026	$	84,742,783
2027		16,225,433
2028		4,802,706
2029		3,459,960
2030		2,519,099

Total	$	111,749,981

Deposits from directors, executive officers, and their affiliates totaled $2,729,166 and $2,514,749 at September 30, 2025 and December 31, 2024, respectively.

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 5: Borrowed Funds

Borrowed funds consisted of the following at September 30, 2025 and December 31, 2024:


	September 30, 2025					December 31, 2024
	Average Rate			Amount		Average Rate			Amount
Federal Home Loan Bank:
Fixed rate, short term advances		4.22	%	$	1,824,000		4.44	%	$	4,700,000
Fixed rate, fixed term advances		3.94	%		43,000,000		3.82	%		19,500,000
Total borrowings				$	44,824,000				$	24,200,000

The Company utilizes fixed rate short term advances from the Federal Home Loan Bank (“FHLB”) as a flexible source of liquidity. Terms of these advances range from 1 – 27 days.

The following is a summary of scheduled maturities of non-short term borrowed funds as of September 30, 2025:


	Average Rate			Amount
2025		4.31	%	$	2,000,000
2026		4.01	%		21,000,000
2027		3.93	%		12,000,000
2028		3.68	%		8,000,000

Total				$	43,000,000

Actual maturities may differ from the scheduled principal maturities due to call options on the various advances.

The Company has a master contract agreement with the FHLB that provides for borrowing up to a FHLB determined percent of the book value of the Company’s qualifying one- to four-family residential real estate loans. The loans pledged as security for FHLB borrowings totaled approximately $75,951,000 and $68,175,000 at September 30, 2025 and December 31, 2024, respectively. FHLB advances are also secured by $2,759,245 and $1,879,971 of FHLB stock owned by the Company at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, the Company has unused borrowing capacity of $30,191,000 based on total collateral pledged as of this date. The Company will be required to purchase additional FHLB activity stock to support borrowings beyond current activity stock holdings.

At September 30, 2025 and December 31, 2024, the Company has short-term borrowing availability through the Federal Reserve Bank’s discount window of up to $25 million. The Company is required to pledge securities and/or loans in order to borrow at the discount window. The Company had no short-term borrowings through the Federal Reserve discount window and did not pledge securities or loans as of September 30, 2025 and December 31, 2024.

At September 30, 2025 and December 31, 2024, the Company had an unsecured $6.0 million federal funds line of credit with a correspondent bank.

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Note 6: Income Taxes

During the 3^rd quarter of 2025, management continued to assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets, including net operating losses for federal and state income tax purposes. A significant piece of objective negative evidence evaluated is the cumulative taxable losses incurred during the nine month period ended September 30, 2025 and during the three preceding calendar years. Such objective negative evidence limits the ability to consider other subjective evidence such as our projections for future growth and taxable income. On the basis of this evaluation, a valuation allowance of $3.2 million has been recorded during the period ended September 30, 2025 to recognize only the portion of the deferred tax asset that is more likely than not to be realized.

The primary differences between income taxes at the federal statutory rate and the provision for income taxes during the periods presented include state taxes, tax-exempt interest and non-interest income, and the recording of the valuation allowance.

The major components of the net deferred tax assets as of September 30, 2025 and December 31, 2024, are presented below:


	September 30, 2025		December 31, 2024
Deferred tax assets
Net operating losses and temporary differences net of deferred tax liabilities	$	3,241,934	$	2,852,217
Unrealized loss on securities available for sale and held to maturity		1,961,757		2,474,347

Total deferred tax assets		5,203,691		5,326,564
Valuation allowance		(3,241,934)		—
Net deferred tax asset	$	1,961,757	$	5,326,564

Note 7: Equity and Regulatory Matters

The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum regulatory capital amounts and ratios (set forth in the table on the next page). It is management’s opinion, as of September 30, 2025, that the Bank meets all applicable statutory capital adequacy requirements.

As of September 30, 2025, the Bank is categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum regulatory capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The payment of dividends by the Bank would be restricted if the Bank does not meet the minimum Capital Conservation Buffer as defined by Basel III regulatory capital guidelines and/or if, after payment of the dividend, the Bank would be unable to maintain satisfactory regulatory capital ratios.

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EWSB BANCORP, INC. AND SUBSIDIARY

The Bank’s actual capital amounts and ratios as of September 30, 2025 and December 31, 2024, are presented in the following tables:


										To Be Well Capitalized
					For Capital Adequacy					Under Prompt Corrective
	Actual				Purposes					Action Provisions
(Dollars in Thousands)	Amount		Ratio		Amount		Ratio			Amount		Ratio
September 30, 2025

Bank
Common Equity Tier 1 capital (to risk-weighted assets)	$	17,160	10.4	%	≥ $	7,449	≥	4.5	%	≥ $	10,760	≥	6.5	%
Tier 1 capital (to risk-weighted assets)		17,160	10.4	%	≥	9,932	≥	6.0	%	≥	13,243	≥	8.0	%
Total capital (to risk-weighted assets)		18,452	11.1	%	≥	13,243	≥	8.0	%	≥	16,554	≥	10.0	%
Tier 1 capital (to average assets)		17,160	6.0	%	≥	11,415	≥	4.0	%	≥	14,269	≥	5.0	%


										To Be Well Capitalized
					For Capital Adequacy					Under Prompt Corrective
	Actual				Purposes					Action Provisions
(Dollars in Thousands)	Amount		Ratio		Amount		Ratio			Amount		Ratio
December 31, 2024

Bank
Common Equity Tier 1 capital (to risk-weighted assets)	$	18,520	11.8	%	≥ $	7,091	≥	4.5	%	≥ $	10,243	≥	6.5	%
Tier 1 capital (to risk-weighted assets)		18,520	11.8	%	≥	9,455	≥	6.0	%	≥	12,606	≥	8.0	%
Total capital (to risk-weighted assets)		19,728	12.5	%	≥	12,606	≥	8.0	%	≥	15,758	≥	10.0	%
Tier 1 capital (to average assets)		18,520	6.9	%	≥	10,709	≥	4.0	%	≥	13,387	≥	5.0	%

In addition to the above minimum regulatory capital measures, the Board of Directors has designated that the Bank will have and maintain its tier one capital as a percentage of average total assets at a minimum of 8.0% and its level of total capital to risk-weighted assets at a minimum of 11.0%. At September 30, 2025, the Bank’s tier one capital as a percentage of average total assets capital ratio of 6.0% was not in compliance with the minimum ratio as designated by the Board of Directors. The Bank’s total capital to risk-weighted assets ratio of 11.1% was in compliance with the minimum ratio designated by the Board of Directors.

In addition to the above minimum regulatory capital measures, the State of Wisconsin requires a state-chartered savings bank to maintain a net worth ratio in an amount not less than 6.0%. At September 30, 2025, the Bank’s net worth ratio of 4.60% was not in compliance with the minimum requirement.

Note 8: Fair Value Measurements

Accounting standards describe three levels of inputs that may be used to measure fair value (the fair value hierarchy). The level of an asset or liability within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement of that asset or liability.

Following is a brief description of each level of the fair value hierarchy:

Level 1 - Fair value measurement is based on quoted prices for identical assets or liabilities in active observable markets.

Level 2 - Fair value measurement is based on: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active; or (3) valuation

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models and methodologies for which all significant assumptions are or can be corroborated by observable market data.

Level 3 - Fair value measurement is based on valuation models and methodologies that incorporate at least one significant assumption that cannot be corroborated by observable market data. Level 3 measurements reflect the Company’s estimates about assumptions market participants would use if measured at fair value on a recurring basis under GAAP.

Some assets and liabilities, such as securities available for sale, are measured at fair value on a recurring basis under GAAP. Other assets and liabilities, such as individually evaluated loans, may be measured at fair value on a nonrecurring basis. As of September 30, 2025 and December 31, 2024, the Company did not have any significant assets or liabilities that were measured at fair value on a nonrecurring basis.

Following is a description of the valuation methodology and significant inputs used for each asset measured at fair value on a recurring basis, as well as the classification of the asset within the fair value hierarchy.

Securities available for sale- Securities available for sale are classified as Level 2 measurements within the fair value hierarchy. Level 2 securities include U.S. government sponsored agencies, obligations of states and political subdivisions, corporate securities, and mortgaged-backed securities. The fair value measurement of a Level 2 security is based on recent sales of similar securities and other observable market data.

Information regarding the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, follows:


			Recurring Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
	Assets		Markets for		Other			Significant
	Measured at		Identical		Observable			Unobservable
	Fair Value		Instruments		Inputs			Inputs
	September 30, 2025		(Level 1)		(Level 2)			(Level 3)
Financial assets:
Securities available for sale:
Mortgage-backed securities	$	7,411,702	$	—	$	7,411,702	$	—
State and political subdivisions		11,957,132		—		11,957,132		—
Corporate securities		3,029,415		—		3,029,415		—
Total securities available for sale	$	22,398,249	$	—	$	22,398,249	$	—

Financial liabilities:
Fair value hedge on fixed rate loans	$	121,695	$	—	$	121,695	$	—


			Recurring Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
	Assets		Markets for		Other			Significant
	Measured at		Identical		Observable			Unobservable
	Fair Value		Instruments		Inputs			Inputs
	December 31, 2024		(Level 1)		(Level 2)			(Level 3)
Financial assets:
Securities available for sale:
Mortgage-backed securities	$	7,823,809	$	—	$	7,823,809	$	—
State and political subdivisions		12,138,946		—		12,138,946		—
Corporate securities		2,844,081		—		2,844,081		—
Total securities available for sale	$	22,806,836	$	—	$	22,806,836	$	—

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 9: Fair Value of Financial Instruments

Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 7 – Fair Value Measurements. The following disclosures include financial instruments that are not carried at fair value on the Consolidated Balance Sheets. The calculation of estimated fair values is based on market conditions at a specific point in time and may not reflect current or future fair values.

Certain financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The carrying value of these financial instruments assumes to approximate the fair value of these instruments. These instruments include cash and cash equivalents, non-interest-bearing deposit accounts, time deposits with other financial institutions, FHLB stock, escrow deposits, FHLB advances and accrued interest receivable and payable. The fair market values of loans and interest-bearing deposits are calculated using the discounted cash flow (present value) method.

The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments as of September 30, 2025 and December 31, 2024, follows:


	Carrying								Estimated
	Amount								Fair Value
	September 30, 2025		(Level 1)		(Level 2)		(Level 3)		September 30, 2025
Financial assets:
HTM debt securities:
U.S. government sponsored agencies	$	28,177,733	$	—	$	28,376,944	$	—	$	28,376,944
U.S. Treasury securities	$	10,215,823	$	10,241,453	$	—	$	—	$	10,241,453
Loans, net	$	196,872,466	$	—	$	—	$	187,127,000	$	187,127,000
Financial liabilities:
Interest-bearing deposits	$	209,638,898	$	—	$	200,766,000	$	—	$	200,766,000
Fixed rate, fixed term FHLB advances	$	43,000,000	$	—	$	43,204,796	$	—	$	43,204,796


	Carrying								Estimated
	Amount								Fair Value
	December 31, 2024		(Level 1)		(Level 2)		(Level 3)		December 31, 2024
Financial assets:
HTM debt securities:
U.S. government sponsored agencies	$	28,306,633	$	—	$	27,494,019	$	—	$	27,494,019
U.S. Treasury securities	$	10,699,998	$	10,668,607	$	—	$	—	$	10,668,607
Loans, net	$	186,354,436	$	—	$	—	$	177,234,000	$	177,234,000
Financial liabilities:
Interest-bearing deposits	$	222,057,692	$	—	$	200,557,000	$	—	$	200,557,000
Fixed rate, fixed term FHLB advances	$	19,500,000	$	—	$	19,459,137	$	—	$	19,459,137

Note 10: Derivatives

The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The aggregate fair value of the swaps are recorded in other

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EWSB BANCORP, INC. AND SUBSIDIARY

assets or other liabilities with changes in fair value recorded as gains or losses in noninterest income or noninterest expense on the consolidated statements of income (loss).

The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

Fair Value Hedge: An interest rate swap with a notional amount totaling $25.0 million as of September 30, 2025 was designated as a fair value last of layer hedge for certain fixed rate prepayable loans.

Note 11: Earnings Per Share (“EPS”)

Basic EPS represents income available to common stockholders divided by weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that should then share in the earnings of the Company. Diluted EPS is computed by dividing net income attributed to common stockholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents.



	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Net income (loss) applicable to common shares outstanding	$	(3,340,658)	$	(4,187,959)

Average number of common shares outstanding		752,538		752,538
Less: Average unallocated ESOP shares		48,398		49,056
Average number of common shares outstanding used to calculate basic earnings per share		704,140		703,482
Earnings per common share basic and diluted	$	(4.74)	$	(5.95)

There were no securities or other contracts that had a dilutive effect during the nine months ended September 30, 2025, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares”, are not deemed outstanding for EPS calculations. All unallocated ESOP shares have been excluded from the calculation of basic and diluted EPS. Earnings per share for the three and nine months ended September 30, 2025, was calculated using 704,140 and 703,482 weighted average shares outstanding, respectively. The Company did not present earnings per share for the three and nine months ended September 30, 2024, because the year-to-date weighted average computation, as a result of the conversion during the period, would present a figure that would not aid investors in understanding the Company’s financial results.

Note 12: ESOP

Employees of the Bank may participate in the Bank’s Employee Stock Ownership Plan (“ESOP”). The ESOP borrowed funds from the Company to purchase 52,678 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP and the ESOP uses funds it receives to repay the loan. When payments are made, ESOP shares are allocated to participants based on relative compensation. The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of stockholders’ equity.

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EWSB BANCORP, INC. AND SUBSIDIARY

Each December, the Bank makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. Expense recorded during the nine months ended September 30, 2025 is $18,863.

Shares held by the ESOP as of September 30, 2025, were as follows:



	September 30, 2025
Shares committed for allocation		4,610
Unallocated		48,068
Total ESOP shares		52,678

Fair value of unearned shares at September 30, 2025	$	425,402

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis is intended to enhance your understanding of our financial condition and results of operations. The financial information in this section is derived from the accompanying financial statements. You should read the financial information in this section in conjunction with the business and financial information contained in this Quarterly Report on Form 10-Q and in EWSB Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “could,” “indicate,” “would,” “believe,” “contemplate,” “continue,” “intend,” “target” and words of similar meaning. These forward-looking statements include, but are not limited to:

●

statements of our goals, intentions and expectations;

●

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

●

statements regarding the quality of our loan portfolio; and

●

estimates of our risks and future costs and benefits.

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. We are under no duty to and do not undertake any obligation to update any forward-looking statements after the date of this prospectus.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

●

our ability to manage our vulnerability to interest rates;

●

general economic conditions, either nationally or in our market areas, that are worse than expected including as a result of employment levels and labor shortages, and the effects of inflation, a potential recession or slowed economic growth caused by supply chain disruptions, tariffs or otherwise;

●

inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments, including our mortgage servicing rights asset, or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make;

●

changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;

●

our ability to comply with the confidential memorandum of understanding (“MOU”) with the Wisconsin Department of Financial Institutions (the “Department”) and the Federal Deposit Insurance Corporation (the “FDIC”);

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●

changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;

●

our ability to access cost-effective funding;

●

fluctuations in real estate values and residential real estate market conditions;

●

demand for loans and deposits in our market area;

●

our ability to execute on our business strategies, including increasing our loan originations;

●

competition among depository and other financial institutions;

●

changes in the securities or secondary mortgage markets;

●

changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums;

●

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

●

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

●

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

●

a failure or breach of our operational or security systems or infrastructure, including cyberattacks;

●

our ability to manage market risk, credit risk and operational risk;

●

changes in consumer spending, borrowing and savings habits;

●

changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

●

our ability to attract and retain key employees; and

●

changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Critical Accounting Policies and Use of Critical Accounting Estimates

Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. As of September 30, 2025, there have been no material changes to our critical accounting policies as compared to the critical accounting policies disclosed under “Management’s Discussion and Analysis of Financial Condition and Results of

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Operations-Critical Accounting Policies” in EWSB Bancorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024.

Comparison of Financial Condition at September 30, 2025 and December 31, 2024

Total Assets. Total assets increased $6.9 million, or 2.5%, to $280.2 million at September 30, 2025 from $273.3 million at December 31, 2024. The change was primarily the result of a $10.5 million increase in portfolio loans, and a $879,000 increase in Federal Home Loan Bank stock offset by a $3.4 million decrease in the net deferred tax asset and $1.0 million decrease in total investment securities.

Cash and Cash Equivalents and Time Deposits with Other Financial Institutions. Total cash and due from banks and time deposits with other financial institutions decreased $181,000, or 3.2% to $5.5 million at September 30, 2025 from $5.7 million at December 31, 2024. The change was related to general business activity.

Securities Available-for-Sale. Securities available-for-sale declined $409,000, or 1.8%, to $22.4 million at September 30, 2025 from $22.8 million at December 31, 2024. The decrease was primarily due to $1.6 million in maturities in investment securities and principal paydowns on mortgage-backed securities offset by a $1.2 million increase in the market value of the portfolio due to a decrease in market interest rates during the nine months ended September 30, 2025. The proceeds from maturities and principal paydowns are utilized to manage liquidity and support loan growth.

Securities Held-to-Maturity. Securities held-to-maturity decreased $613,000, or 1.7%, to $38.4 million at September 30, 2025 from $39.0 million at December 31, 2024. The decrease in securities held-to-maturity was due to $1.5 million of investment securities maturities offset by $883,000 in amortization of unrealized losses and discounts.

Loans, net. Loans, net increased $10.5 million, or 5.6%, to $196.9 million at September 30, 2025 from $186.4 million at December 31, 2024. Construction, one- to four-family, home equity loans and lines of credit, and commercial installment loans increased $8.8 million, $2.2 million, $1.0 million and $96,000, respectively, to $15.6 million, $132.2 million, $9.0 million, and $3.6 million at September 30, 2025, respectively, as a result of loan production exceeding payoffs and amortization. These increases were partially offset by decreases to other consumer loans, commercial real estate, marine and recreational, and multi-family loans of $748,000, $627,000, $110,000 and $49,000, to $3.5 million, $2.0 million, $31.0 million, and $1.2 million at September 30, 2025, respectively.

Deposits. Total deposits decreased $12.4 million or 5.3% to $219.1 million at September 30, 2025, from $231.5 million at December 31, 2024. Non-interest bearing deposits increased $40,000, or 0.4%, to $9.5 million at September 30, 2025, which is comparable to $9.5 million at December 31, 2024. Total interest-bearing deposits, other than time deposits, decreased approximately $13.9 million, or 12.4%, to $97.8 million at September 30, 2025, from $111.8 million at December 31, 2024. Certificates of deposits increased $1.5 million, or 1.3%, to $111.7 million at September 30, 2025, from $110.3 million at December 31, 2024. The most significant portion of the $13.9 million decline in interest-bearing deposits related to a $9.4 million reduction in brokered non-maturity deposits. We did not hold brokered deposits at September 30, 2025 compared to $9.4 million at December 31, 2024. Other deposit mix changes were consistent with industry trends as consumers continue to transition to higher yielding term deposits due to the interest rate environment.

Borrowings. We had $44.8 million of borrowings at September 30, 2025 as compared to $24.2 million at December 31, 2024. The increase of $20.6 million in FHLB borrowings were used to offset the brokered deposit decline and to fund portfolio loan growth during the nine months ended September 30, 2025.

Stockholders’ Equity. Total stockholders’ equity decreased $2.8 million to $12.9 million at September 30, 2025 from $15.6 million at December 31, 2024. Accumulated other comprehensive loss decreased $1.4 million due to an increase in the market value of the investment portfolio related to a decline in market interest rates which was offset by a decrease in retained earnings of $4.2 million which resulted from the net loss incurred for the nine months ended September 30, 2025.

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Average Balances and Yields. The following tables set forth average balance sheets, average yields and costs, and certain other information at the dates and for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using daily average balances. Non-accrual loans are included in the computation of average balances only. Average loan balances exclude any loans held for sale.


	For the Three Months Ended September 30,
	2025							2024
	Average							Average
	Outstanding					Average		Outstanding					Average
	Balance			Interest		Yield/Rate		Balance			Interest		Yield/Rate

	(Dollars in thousands)
Interest-earning assets:
Loans (1)	$	198,746		$	2,534	5.06	%	$	180,501		$	2,165	4.82	%
Securities available for sale		22,428			121	2.14	%		23,415			135	2.32	%
Securities held to maturity		38,450			133	1.37	%		39,263			136	1.39	%
Cash, cash equivalents and other interest-earning assets		8,612			68	3.13	%		7,138			38	2.14	%
Total interest-earning assets	$	268,236		$	2,856	4.22	%	$	250,317		$	2,474	3.98	%
Noninterest-earning assets	$	15,657						$	17,844
Total assets	$	283,893						$	268,161

Interest-bearing liabilities:
Interest-bearing demand deposits	$	28,274		$	8	0.11	%	$	30,244		$	8	0.11	%
Savings deposits		31,984			4	0.05	%		32,517			4	0.05	%
Money market		40,806			69	0.67	%		42,998			76	0.71	%
Certificates of deposit		110,657			1,077	3.86	%		111,489			1,253	4.52	%
Total interest-bearing deposits	$	211,721		$	1,158	2.17	%	$	217,248		$	1,341	2.48	%
Borrowed funds		47,284			474	3.98	%		28,165			326	4.66	%
Total interest-bearing liabilities	$	259,005		$	1,632	2.50	%	$	245,413		$	1,667	2.73	%
Noninterest-bearing demand deposits		9,162							11,160
Other noninterest-bearing liabilities		1,063							1,215
Total liabilities		269,230							257,788
Total equity		14,663							10,373
Total liabilities and equity	$	283,893						$	268,161
Net interest income				$	1,224						$	807
Net interest rate spread (2)						1.72	%						1.25	%
Net interest-earning assets (3)	$	9,231						$	4,904
Net interest margin (4)						1.81	%						1.30	%
Average interest-earning assets to interest-bearing liabilities		103.6	%						102.0	%

(1)	Net deferred fee income included in interest earned on loans totaled $96,000 for the three months ended September 30, 2025 and $61,000 for the three months ended September 30, 2024.

(2)	Net interest rate spread represents the difference between the weighted average earned yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)	Net interest margin represents net interest income divided by average total interest-earning assets.

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	For the Nine Months Ended September 30,
	2025							2024
	Average							Average
	Outstanding					Average		Outstanding					Average
	Balance			Interest		Yield/Rate		Balance			Interest		Yield/Rate

	(Dollars in thousands)
Interest-earning assets:
Loans (1)	$	193,894		$	7,267	5.03	%	$	177,510		$	6,233	4.69	%
Securities available for sale		22,587			375	2.23	%		23,416			412	2.35	%
Securities held to maturity		38,983			403	1.39	%		39,797			410	1.38	%
Cash, cash equivalents and other interest-earning assets		8,311			175	2.83	%		7,627			123	2.15	%
Total interest-earning assets	$	263,775		$	8,220	4.18	%	$	248,350		$	7,178	3.86	%
Noninterest-earning assets	$	15,947						$	17,364
Total assets	$	279,722						$	265,714

Interest-bearing liabilities:
Interest-bearing demand deposits	$	33,097		$	127	0.51	%	$	30,411		$	24	0.11	%
Savings deposits		31,085			13	0.06	%		32,648			13	0.05	%
Money market		42,922			245	0.77	%		46,422			243	0.70	%
Certificates of deposit		111,610			3,419	4.11	%		109,343			3,553	4.34	%
Total interest-bearing deposits	$	218,714		$	3,804	2.33	%	$	218,824		$	3,833	2.34	%
Borrowed funds		36,604			1,101	4.04	%		25,882			898	4.63	%
Total interest-bearing liabilities	$	255,318		$	4,905	2.58	%	$	244,706		$	4,731	2.58	%
Noninterest-bearing demand deposits		8,813							9,684
Other noninterest-bearing liabilities		1,307							1,242
Total liabilities		265,438							255,632
Total equity		14,284							10,082
Total liabilities and equity	$	279,722						$	265,714
Net interest income				$	3,315						$	2,447
Net interest rate spread (2)						1.60	%						1.28	%
Net interest-earning assets (3)	$	8,457						$	3,644
Net interest margin (4)						1.69	%						1.32	%
Average interest-earning assets to interest-bearing liabilities		103.3	%						101.5	%

(1)	Net deferred fee income included in interest earned on loans totaled $272,000 for the nine months ended September 30, 2025 and $162,000 for the nine months ended September 30, 2024.

(2)	Net interest rate spread represents the difference between the weighted average earned yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)	Net interest margin represents net interest income divided by average total interest-earning assets.

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Rate/Volume Analysis. The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025 vs. 2024						2025 vs. 2024
					Total						Total
	Increase (Decrease) Due to				Increase		Increase (Decrease) Due to				Increase
	Volume		Rate		(Decrease)		Volume		Rate		(Decrease)

	(In thousands)
Interest-earning assets:
Loans	$	222	$	147	$	369	$	614	$	420	$	1,034
Securities available-for-sale		(6)		(9)		(14)		(14)		(23)		(37)
Securities held-to-maturity		(3)		(0)		(3)		(8)		1		(7)
Cash, cash equivalents and other interest-earning assets		8		23		30		14		38		52
Total interest-earning assets		221		161		382		606		436		1,042

Interest-bearing liabilities:
Interest-bearing demand deposits		(0)		0		0		10		93		103
Savings deposits		(0)		0		(0)		—		—		—
Money market		(4)		(3)		(7)		(20)		23		3
Certificates of deposit		(9)		(167)		(176)		69		(203)		(134)
Total interest-bearing deposits		(14)		(169)		(183)		59		(87)		(28)
Borrowed funds		225		(77)		148		320		(118)		202
Total interest-bearing liabilities		211		(246)		(35)		379		(205)		174
Change in net interest income	$	11	$	407	$	417	$	227	$	641	$	868

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Comparison of Operating Results for the Three Months Ended September 30, 2025 and 2024

Net Income/(Loss). We recorded a net loss of $3.3 million for the three months ended September 30, 2025, compared to a net loss of $332,000 for the three months ended September 30, 2024, a change of $3.0 million year-over-year. The increase in our net loss year-over-year resulted primarily from a $417,000 increase in net interest income offset by a $6,000 increase in the provision for credit losses, a $78,000 decrease in noninterest income, a $14,000 increase in noninterest expense, and a $3.3 million increase in the provision for income taxes due to recording a valuation allowance as further discussed.

Interest Income. Interest income increased $382,000, or 15.8%, to $2.9 million for the three months ended September 30, 2025, from $2.5 million for the three months ended September 30, 2024, due to a $378,000 increase in interest and fees on loans. The increase in interest and fees on loans was primarily due to an increase of 24 basis points in the weighted average yield on the loan portfolio to 5.06% for the three months ended September 30, 2025, from 4.82% for the same period in 2024. Interest income on securities and other investments increased $14,000 to $322,000 for the three months ended September 30, 2025 primarily due to a $29,000 increase in dividends on Federal Home Loan Bank stock offset by a $17,000 decline in interest income on investment securities. The increase in dividend income relates to additional stock purchased in the Federal Home Loan Bank and decline in investment interest income is related to average balance decreases primarily related to security maturities.

Interest Expense. Total interest expense decreased $35,000, or 1.5%, remaining consistent at approximately $1.6 million for the three months ended September 30, 2025 and 2024. Interest expense on deposits declined $183,000, to $1.2 million for the three months ended September 30, 2025, from $1.3 million for the three months ended September 30, 2024. This decrease was due to a $5.5 million decline in average total interest bearing deposit balances for the three months ended September 30, 2025 compared to the same period in 2024. The weighted average rate paid on deposits declined 31 basis points to 2.17% for the three months ended September 30, 2025.

Interest expense on borrowed funds increased $148,000 for the three months ended September 30, 2025 to $484,000 compared to $326,000 for the three months ended September 30, 2024. The weighted average rate paid on borrowed funds declined 60 basis points to 4.06% for the three months ended September 30, 2025, from 4.66% for the three months ended September 30, 2024 while the average balance of borrowed funds increased $19.1 million, or 68.3%, to $47.3 million for the three months ended September 30, 2025 from $28.2 million for the three months ended September 30, 2024. The increase in the average balance was generally related to a decline in brokered deposit balances and the measured use of borrowings to support the increase in the loan portfolio.

Net Interest Income. Net interest income increased $417,000, or 51.8%, to $1.2 million for the three months ended September 30, 2025 from $807,000 for the three months ended September 30, 2024, primarily due to an increase in the interest rate spread to 1.72% for the three months ended September 30, 2025 from 1.25% for the three months ended September 30, 2024 and an increase in the net interest margin to 1.81% for the three months ended September 30, 2025, from 1.30% for the three months ended September 30, 2024. The increases in the interest rate spread and the net interest margin were primarily due to an increase in the weighted average yield on loans and a $18.2 million increase in average loan balances to $198.7 million for the three months ended September 30, 2025 compared to $180.5 million for the three months ended September 30, 2024.

Provision for Credit Losses. Based on management’s analysis of the adequacy of the ACL on loans and unfunded loan commitments, a provision of $12,000 was made to the ACL on loans and $5,000 to the ACL for unfunded loan commitments for the three months ended September 30, 2025. A provision of $9,700 was made to the ACL on loans for the three months ended September 30, 2024. No provision was made to the ACL for unfunded loan commitments for the three months ended September 30, 2024. The adequacy of the ACL and provision expense is based on an analysis of current credit characteristics in conjunction with loss history of the loan portfolio and peer group loss data.

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Noninterest Income. Noninterest income declined $78,000, or 15.3%, to $432,000 for the three months ended September 30, 2025 from $510,000 for the three months ended September 30, 2024. The change resulted primarily from a $56,000 decrease in other noninterest income related primarily to fee income on off balance sheet deposit service revenue, a $36,000 decrease in the gain recognized on an interest rate swap, and a $6,000 decrease in the deposit accounts service charge revenue and interchange income. These declines in non-interest income were offset by an increase of $26,000 in gains on sale of mortgage loans, a $11,000 increase in mortgage banking income; and a $4,000 increase in bank owned life insurance income and a $10,000 increase in insurance agency income. The table below sets forth our noninterest income for the three months ended September 30, 2025 and 2024:


	Three Months Ended
	September 30,				Change
	2025		2024		Amount		Percent
Service charges on deposit accounts	$	17,273	$	19,860	$	(2,587)	(13.0)	%
Interchange income		57,430		60,606		(3,176)	(5.2)	%
Mortgage banking income		77,404		66,293		11,111	16.8	%
Gain on sale of mortgage loans		89,005		62,714		26,291	41.9	%
Increase in cash value of life insurance		64,080		60,554		3,526	5.8	%
Gain on interest rate swap		52,326		88,246		(35,920)	(40.7)	%
Other		74,537		152,034		(77,497)	(51.0)	%
Total noninterest income	$	432,055	$	510,307	$	(78,252)	(15.3)	%

Noninterest Expense. Noninterest expense increased $14,000, or 0.8%, to $1.8 million for the three months ended September 30, 2025 which is consistent with the three months ended September 30, 2024. Salary and benefit expenses increased $38,000 due to additional salary expense and benefits including expenses related to the ESOP, FDIC insurance premiums increased $14,000, and loss of $22,000 was recognized on the sale of other real estate owned. These increases were offset by a $24,000 decrease in occupany expense due to the closing of a branch earlier in the year, a $22,000 decrease in data processing expense, and a $16,000 decrease in other operating expense. The table below sets forth our noninterest expense for the three months ended September 30, 2025 and 2024:


	Three Months Ended
	September 30,				Change
	2025		2024		Amount		Percent
Salaries and related benefits	$	1,065,737	$	1,027,241	$	38,496	3.7	%
Occupancy expense, net		141,176		165,351		(24,175)	(14.6)	%
Data processing		224,982		247,212		(22,230)	(9.0)	%
Advertising		27,854		25,282		2,572	10.2	%
FDIC insurance premiums		93,613		79,809		13,804	17.3	%
Loss on sale of other real estate owned		22,213		—		22,213	n/a
Other		227,851		244,175		(16,324)	(6.7)	%
Total noninterest expense	$	1,803,426	$	1,789,070	$	14,356	0.8	%

Income Tax Expense. Our provision for income taxes increased $3.3 million to a provision of $3.2 million for the three months ended September 30, 2025, from a benefit of $150,000 for the three months ended September 30, 2024 due to the recording of a $3.2 million valuation allowance against our deferred tax asset offset by a $85,000 decrease in the income tax benefit related to a reduction in the loss before provision for (benefit from) income taxes for the three months ended September 30, 2025.

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During the 3^rd quarter of 2025, management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets, including net operating losses for federal and state income tax purposes. A significant piece of objective negative evidence evaluated is the cumulative taxable loss incurred during the nine month period ended September 30, 2025 and during the three preceding calendar years. Such objective negative evidence limits the ability to consider other subjective evidence, such as our projections for future growth and taxable income and requires management to also consider available tax planning strategies. On the basis of this evaluation, a valuation allowance of $3.2 million has been recorded during the period ended September 30, 2025 to recognized only the portion of the deferred tax asset that is more likely than not to be realized.

Comparison of Operating Results for the Nine Months Ended September 30, 2025 and 2024

Net Income/(Loss). We recorded a net loss of $4.2 million for the nine months ended September 30, 2025, compared to a net loss of $1.2 million for the nine months ended September 30, 2024, a change of $3.0 million year-over-year. The change in year-over-year performance resulted primarily from a $868,000 increase in net interest income due to an overall increase in average earning asset balances and related yield on such assets offset by a decline of $293,000 in noninterest income, a $264,000 increase in noninterest expense, a $85,000 decline in the benefit from income taxes, a $12,000 increase in the provision for credit losses, and a $3.3 million increase in the provision for income taxes due to recording a valuation allowance as further discussed.

Interest Income. Interest income increased $1.0 million or 14.5%, to $8.2 million for the nine months ended September 30, 2025, from $7.2 million for the nine months ended September 30, 2024, due to a $1.0 million increase in interest and fees on loans. The increase in interest and fees on loans was primarily due to an increase of 32 basis points in the weighted average yield on the loan portfolio to 5.03% for the nine months ended September 30, 2025 from 4.71% for the same period in 2024 in conjunction with a $16.4 million increase in average loan balances year over year. Interest income on securities and other investments increased $8,000 to $953,000 for the nine months ended September 30, 2025 primarily due to an increase in dividends on Federal Home Loan Bank stock holdings offset by the interest income impact of a $1.6 million decline in average investment securities balances related to maturities and paydowns during the nine months ended September 30, 2025

Interest Expense. Total interest expense increased $174,000, or 3.7%, to $4.9 million for the nine months ended September 30, 2025, from $4.7 million for the nine months ended September 30, 2024. Interest expense on deposits decreased $28,000 or 0.8%, to $3.8 million for the nine months ended September 30, 2025 which is a comparable amount for the nine months ended September 30, 2024, due primarily to a increase in the weighted average rate paid on interest-bearing demand deposits of 40 basis points to 0.51% for the nine months ended September 30, 2025 from 0.11% for the nine months ended September 30, 2024 combined with an increase in the average balance of such deposits of $2.7 million related to brokered deposits utilized during the period year-over-year. This increase was offset by a decline of 23 basis points in the weighted average rate rate paid on certificates of deposit for the nine months ended September 30, 2025.

Interest expense on borrowed funds increased $202,000, or 22.6%, to $1.1 million for the nine months ended September 30, 2025, from $898,000 for the nine months ended September 30, 2024. The rate paid on borrowed funds decreased 59 basis points to 4.04% for the nine months ended September 30, 2025, from 4.63% for the nine months ended September 30, 2024 while the average balance of borrowed funds increased $10.7 million, or 22.6%, to $36.6 million for the nine months ended September 30, 2025 from $25.9 million for the nine months ended September 30, 2024. The increase in the average balance was generally related to the measured use of borrowings to offset brokered deposit outflows and to support the increase in the loan portfolio.

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Net Interest Income. Net interest income increased $868,000 or 35.5%, to $3.3 million for the nine months ended September 30, 2025 from $2.4 million for the nine months ended September 30, 2024, primarily due to an increase in the interest rate spread to 1.60% for the nine months ended September 30, 2025 from 1.29% for the nine months ended September 30, 2024 and an increase in the net interest margin to 1.69% for the nine months ended September 30, 2025, from 1.32% for the nine months ended September 30, 2024. The increases in the interest rate spread and the net interest margin were primarily due to an improvement in yield on total interest-earnings assets of 31 basis points resulting from an increase of loan yield of 32 basis points to 5.03% for the nine months ended September 30, 2025 compared to 4.71% for the nine months ended September 30, 2024.

Provision for Credit Losses. Based on management’s analysis of the adequacy of the ACL on loans and unfunded loan commitments, a net provision of $142,000 comprising of a provision of $82,000 to the ACL on loans and a provision of $60,000 to the ACL for unfunded loan commitments was recorded for the nine months ended September 30, 2025, compared to a provision of $130,000 to the ACL on loans for the same period in 2024. No provision to the ACL for unfunded loan commitments was made for the nine months ended September 30, 2024.

Noninterest Income. Noninterest income decreased $293,000, or 20.9%, to $1.1 million for the nine months ended September 30, 2025 from $1.4 million for the nine months ended September 30, 2024. The decrease resulted primarily from a $210,000 decline in the gain on interest rate swap, a $88,000 decrease in other noninterest income related primarily to fee income on off balance sheet deposit service revenue, an $8,000 decrease in mortgage banking servicing related income, a $8,000 decline in deposit account service charges, and a $6,000 decline in interchange income. These decreases were partially offset on a comparative basis related to a $40,000 increase in the gain on sales of mortgage loans, and a $16,000 increase in bank owned life insurance income. The table below sets forth our noninterest income for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended
	September 30,				Change
	2025		2024		Amount		Percent
Service charges on deposit accounts	$	51,784	$	60,212	$	(8,428)	(14.0)	%
Interchange income		173,953		179,950		(5,997)	(3.3)	%
Mortgage banking income		186,353		194,265		(7,912)	(4.1)	%
Gain on sale of mortgage loans		204,175		163,894		40,281	24.6	%
Increase in cash value of life insurance		189,806		174,248		15,558	8.9	%
Gain on interest rate swap		52,326		261,691		(209,365)	100.0	%
Other		253,946		371,138		(117,192)	(31.6)	%
Total noninterest income	$	1,112,343	$	1,405,398	$	(293,055)	(20.9)	%

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Noninterest Expense. Noninterest expense increased $264,000, or 4.9%, to $5.7 million for the nine months ended September 30, 2025 from $5.4 million for the nine months ended September 30, 2024. Salary and benefit expenses increased $181,000 due to additional salary expense and benefits including expenses related to the ESOP, data processing and information technology expense increased $36,000 due to the implementation of additional network and core processing services, and other noninterest expense increased $91,000 due in large part to additional professional, accounting and audit-related services. The increase in noninterest expense when comparing the two periods was partially offset by a $37,000 decrease in net occupancy expense for the nine months ended September 30, 2025, which resulted primarily from the closing of a branch office in the first quarter of 2025, a decrease of $21,000 due to reductions in general advertising and promotion activity, and a $7,000 decrease in FDIC insurance premiums. The table below sets forth our noninterest expense for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended
	September 30,				Change
	2025		2024		Amount		Percent
Salaries and related benefits	$	3,256,220	$	3,075,624	$	180,596	5.9	%
Occupancy expense, net		462,060		499,010		(36,950)	(7.4)	%
Data processing		847,449		811,875		35,574	4.4	%
Advertising		87,902		109,635		(21,733)	(19.8)	%
FDIC insurance premiums		224,149		231,292		(7,143)	(3.1)	%
Loss on sale of other real estate owned		22,213		—		22,213	n/a
Other		769,349		678,266		91,083	13.4	%
Total noninterest expense	$	5,669,342	$	5,405,702	$	263,640	4.9	%

Income Tax Expense. Our provision for income taxes increased $3.3 million to a provision of $2.8 million for the nine months ended September 30, 2025, from a benefit of $512,000 for the nine months ended September 30, 2024 due to the recording of a $3.2 million valuation allowance against our deferred tax asset.

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Management of Market Risk

General. Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. Our Asset Liability Committee is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the policy and guidelines approved by our board of directors. The Asset Liability Committee, which is a management-level committee, meets at least quarterly, or more frequently when necessary, is comprised of our President/Chief Executive Officer, Vice President of Lending and Vice President of Member Relations, and reports to the full board of directors on at least a quarterly basis. The Asset Liability Committee is responsible for recommending to the board of directors policies and procedures regarding asset/liability management, while it is the responsibility of the board of directors to determine whether to adopt such policies and procedures. We currently utilize a third-party modeling program, prepared on a quarterly basis, to evaluate our sensitivity to changing interest rates, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors.

Management of interest rate risk is one of the Bank’s highest priorities. In 2023, the Bank adopted a new asset/liability management policy and revamped its interest rate risk management processes and procedures to reduce interest rate risk exposure. Since then, the Bank has refined the input assumptions and various other input and output metrics, such as deposit decay rates, to enhance modeling accuracy. The Bank has also instituted education and training processes to provide management with information regarding emerging market forces and asset/liability-related management issues, practices and governance. Through these and other enhancements, we have significantly improved our ability to manage our interest rate risk and minimize the exposure of our earnings and capital to changes in interest rates. Pursuant to our new asset/liability management policy, we are seeking to implement the following strategies to further improve the management of our interest rate risk:

●

maintaining capital levels that exceed the thresholds for well-capitalized status under federal regulations;

●

maintaining a prudent level of liquidity, including through maintaining a portfolio of cash, short-term investments or investments with amortizing features;

●

originating shorter term or adjustable-rate loans for portfolio, which have become somewhat more attractive to many borrowers in the current rate environment, and selling the majority of our longer term, fixed-rate residential loans;

●

attempting to increase the balances of core deposits, which are less sensitive to interest rate fluctuations;

●

managing our utilization of wholesale funding with borrowings from the FHLB in a prudent manner;

●

managing the terms of our certificates of deposit; and

●

emphasizing asset quality to maximize the level of interest-earning assets.

Shortening the average term of our interest-earning assets by increasing our investments in shorter term assets, as well as originating loans with variable interest rates, helps to match the maturities and interest rates of our assets and liabilities better, thereby reducing the exposure of our net interest income to changes in market interest rates.

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Net Interest Income. We analyze our sensitivity to changes in interest rates through a net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our net interest income would be for a 12-month period. We then calculate what the net interest income would be for the same period under the assumptions that the U.S. Treasury yield curve increases or decreases instantaneously by various basis point increments, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for example, a 100-basis point increase in the “Change in Interest Rates” column below.

The following table sets forth, as of September 30, 2025, the calculation of the estimated changes in our net interest income that would result from the designated immediate changes in the U.S. Treasury yield curve.


At September 30, 2025
Change in Interest Rates	Net Interest Income Year 1		Year 1 Change from
(basis points) ⁽¹⁾	Forecast		Level
(Dollars in thousands)
300	$	4,855	0.50	%
200		4,850	0.39	%
100		4,845	0.29	%
Level		4,831	—	%
(100)		4,860	0.60	%
(200)		4,913	1.70	%
(300)		4,952	2.50	%

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

The table above indicates that at September 30, 2025, we would have experienced a 0.39% increase in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 1.70% increase in net interest income in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

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Economic Value of Equity. We also compute amounts by which the net present value of our assets and liabilities (economic value of equity or “EVE”) would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the U.S. Treasury yield curve increases instantaneously by 100, 200 and 300 basis point increments or decreases instantaneously by 100, 200 and 300 basis point increments, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve.

The following table sets forth, as of September 30, 2025, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the U.S. Treasury yield curve.


At September 30, 2025
			Estimated Increase
Change in Interest Rates	Estimated		(Decrease) in EVE
(basis points) ⁽¹⁾	EVE ⁽²⁾		Amount		Percent
(Dollars in thousands)
300	$	12,976	$	(5,958)	(31.47)	%
200		14,822		(4,112)	(21.72)	%
100		16,827		(2,107)	(11.13)	%
Level		18,934		n/a	—	%
(100)		21,193		2,259	11.93	%
(200)		23,484		4,550	24.03	%
(300)		25,333		6,399	33.80	%

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

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

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

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

The table above indicates that at September 30, 2025, we would have experienced a 21.72% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 24.03% increase in EVE in the event of an instantaneous parallel 200 basis point decrease in market interest rates. The change in EVE that we would experience in the event of an instantaneous parallel 200 basis point increase and decrease in market interest rates is outside of the limits set forth in the Bank’s asset/liability management policy. While the Bank has developed policies and procedures that it believes will help reduce its interest rate exposure, any targeted improvement is expected to be realized gradually given the constraints imposed by the Bank’s current balance sheet composition and capital structure as well as regulatory requirements.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. The net interest income and net economic value tables presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates, and actual results may differ.

Interest rate risk calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, mortgage servicing rights, deposits and borrowings.

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Liquidity and Capital Resources

Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. In 2023, the Bank developed and implemented an improved process to project the sources and uses of funds over short- and long-term horizons, and, in concert with our asset/liability management policy, implemented guidelines to better identify potential funding gaps. Further, we have established an early warning system for measuring and monitoring liquidity, including through the establishment of early warning indicators.

Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from maturities of securities. We are also able to borrow from the FHLB. At September 30, 2025, we had outstanding advances of $44.8 million from the FHLB. At September 30, 2025, we had unused borrowing capacity of $30.2 million from the FHLB. At September 30, 2025, we also had a $25.0 million available line of credit with the Discount Window at the Federal Reserve Bank of Chicago. In addition, at September 30, 2025 we had a $6.0 million line of credit with a correspondent bank. We have not drawn against the Discount Window or the line of credit.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments. The levels of these assets are dependent on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. For additional information, see the condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 included as part of the consolidated financial statements appearing elsewhere in this filing.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy and regulatory restrictions, we anticipate that a significant portion of maturing time deposits will be retained, and that we can supplement our funding with borrowings in the event that we allow these deposits to run off at maturity.

As a Wisconsin-chartered savings bank, we must maintain a net worth ratio of 6.0% (with “net worth ratio” defined under Wisconsin law as the Bank’s total liabilities subtracted from its total assets, plus unallocated general loan loss reserves, all divided by the Bank’s total assets). At September 30, 2025 and December 31, 2024, we had a net worth ratio of 4.60% and 5.67%, respectively.

At September 30, 2025 and December 31, 2024, our capital levels at the Bank level exceeded the levels required to be technically considered “well capitalized” under federal regulatory capital regulations. However, we operate under an MOU with the Department and the FDIC pursuant to which, among other things, we have agreed to achieve and maintain Tier 1 capital and total risk-based capital ratio levels above that which are required under federal regulatory capital regulations and a net worth ratio (as defined under Wisconsin law) of 6.0%. At September 30, 2025, we had Tier 1 capital equal to 6.0% of total average assets, total risk-based capital equal to 11.1% of risk-weighted assets and a net worth ratio of 4.60%. At December 31, 2024, we had Tier 1 capital equal to 6.9% of total average assets, total risk-based capital equal to 12.5% of risk-weighted assets and a net worth ratio of 5.67%. Our net worth ratio for purposes of compliance with Wisconsin law is calculated differently from the federal regulatory capital regulations in that it reflects the impact of the Bank’s unallocated general loan loss reserves. The Bank’s unallocated general loan loss reserves do not impact the calculation of the federal regulatory capital ratios.

The net proceeds contributed to the Bank from the stock offering completed on September 20, 2024, increased our liquidity and capital resources. Over time, the initial level of liquidity has and will continue to be reduced as net proceeds from the stock offering are used for general corporate purposes, including funding loans. Our financial condition and results of operations have been enhanced by the net proceeds from the offering, increasing our net interest-earning assets and net interest income. However, due to the increase in equity resulting from the net proceeds raised in

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the offering, as well as other factors associated with the offering, our return on equity has been and may continue to be adversely affected for a period of time following the offering. This could negatively affect the trading price of our shares of common stock.

Off-Balance Sheet Arrangements and Aggregate Contractual Obligations

Commitments. As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans we make. At September 30, 2025, we had outstanding commitments to extend credit of $30.2 million. We anticipate that we will have sufficient funds available to meet our current lending commitments. Certificates of deposit that are scheduled to mature in one year or less from September 30, 2025 totaled $84.7 million. Management expects that a substantial portion of these time deposits will be retained. However, if a substantial portion of these time deposits is not retained, we may utilize advances from the FHLB or raise interest rates on deposits to attract new accounts, which may result in higher levels of interest expense.

Our off-balance sheet credit exposures are limited to unfunded loan commitments primarily related to residential real estate loans. The unfunded commitments are evaluated on a quarterly basis. Our losses related to the unfunded commitments as of September 30, 2025 were estimated to be $142,000. We have provisioned for this exposure and recorded a reserve of $142,000 as of September 30, 2025.

Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating contracts for premises and equipment, agreements with respect to borrowed funds and deposit liabilities.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Item 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of September 30, 2025. Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Registrant’s disclosure controls and procedures were effective.

During the quarter ended September 30, 2025, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II – Other Information

Item 1. Legal Proceedings

The Company is subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s financial condition or results of operations.

Item 1A. Risk Factors

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

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

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1 or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits


3.1		Articles of Incorporation of EWSB Bancorp, Inc. ⁽¹⁾

3.2		Bylaws of EWSB Bancorp, Inc. ⁽²⁾

4		Form of Common Stock of EWSB Bancorp, Inc. (3)
31		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101		The following materials formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of September 30, 2025, (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2025, (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025, (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025, (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2025, and (vi) Notes to Consolidated Financial Statements for the three and nine months ended September 30, 2025.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

(1)	Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1, (Commission File No. 333-277828), initially filed on March 11, 2024.

(2)	Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1, (Commission File No. 333-277828), initially filed on March 11, 2024.

(3)	Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-1 (Commission File No. 333-277828), initially filed on March 11, 2024

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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.


	EWSB BANCORP, INC.


Date: November 14, 2025	/s/ Charles D. Schmalz
	Charles D. Schmalz
	President, Chief Executive Officer and Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

What was EWSB's Q3 2025 net income (EWSB)?

Net loss was $3,340,658, with basic and diluted EPS of $(4.74).

How did EWSB's deposits and borrowings change in Q3 2025?

Deposits were $219,140,134 (down from $231,519,470), and borrowed funds rose to $44,824,000 from $24,200,000.

What were EWSB's total assets and equity as of September 30, 2025?

Total assets were $280,213,927; total stockholders’ equity was $12,877,186.

How did EWSB's net interest income trend?

Q3 net interest income was $1,224,170, up from $806,643 in the prior year quarter.

What is the status of EWSB's unrealized securities marks?

AFS unrealized losses were $2,806,113; HTM showed net unrealized gains of $224,841.

How many EWSB shares are outstanding?

As of November 14, 2025, 752,538 common shares were issued and outstanding.

EWSB reports Q3 loss, borrowings up to $44.8M as deposits fall

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FAQ

What was EWSB's Q3 2025 net income (EWSB)?

How did EWSB's deposits and borrowings change in Q3 2025?

What were EWSB's total assets and equity as of September 30, 2025?

How did EWSB's net interest income trend?

What is the status of EWSB's unrealized securities marks?

How many EWSB shares are outstanding?

EWSB reports Q3 loss, borrowings up to $44.8M as deposits fall

Rhea-AI Filing Summary

Positive

Negative

Insights

Banking analyst neutral

FAQ

What was EWSB's Q3 2025 net income (EWSB)?

How did EWSB's deposits and borrowings change in Q3 2025?

What were EWSB's total assets and equity as of September 30, 2025?

How did EWSB's net interest income trend?

What is the status of EWSB's unrealized securities marks?

How many EWSB shares are outstanding?