WSBK — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-16

• Winchester Bancorp, Inc. (the “Company”, "we", "our", "us") is a Maryland corporation that was incorporated in December 2024 to become the registered bank holding company of Winchester Savings Bank (the “Bank”) as part of the mutual holding company reorganization of the Bank, which was completed on …

• In connection with the reorganization, the Company sold 3,997,012 shares of common stock at $10.00 per share for gross proceeds of $39,970,000, and also issued 5,112,457 shares of common stock to Winchester Bancorp, MHC, and 185,907 shares of common stock to the Winchester Savings Bank Charitable Fo…

• At June 30, 2026, we had total assets of $1.1 billion, total deposits of $809.2 million and total stockholders' equity of $120.5 million. We had net income of $4.4 million and net loss of $874,000, for the years ended June 30, 2026 and 2025, respectively.

• The Company's corporate office is located at 661 Main Street, Winchester, Massachusetts 01890, and our telephone number is (781) 729-2130.

• The Bank operates from its main office in Winchester, Massachusetts and four full-service branch offices in eastern Massachusetts, located in Arlington, Danvers and Woburn. Its main office and three of its branch offices are located in Middlesex County, Massachusetts, while one of its branch offices…

Text removed vs the prior filing · source: 10-K · 2025-09-17

• Winchester Bancorp, MHC was formed in December 2024 as the Massachusetts-chartered mutual holding company for Winchester Bancorp, Inc. in connection with the reorganization of Winchester Savings Bank (the "Bank") into the “two-tier” mutual holding company form of organization. Winchester Bancorp, MH…

• Winchester Bancorp, MHC’s principal asset is the common stock of Winchester Bancorp, Inc. it received in the reorganization and offering. Presently, it is expected that the only business activity of Winchester Bancorp, MHC is to own a majority of Winchester Bancorp, Inc’s common stock. Winchester Ba…

• Winchester Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in December 2024 to become the registered bank holding company of the “Bank” as part of the mutual holding company reorganization of the Bank.

• Winchester Bancorp, Inc. completed its stock offering in connection with the mutual holding company reorganization of the Bank on April 30, 2025. The Company sold 3,997,012 shares of common stock at $10.00 per share for gross proceeds of $39,970,120. In connection with the reorganization, the Compan…

• Winchester Bancorp, Inc. as the holding company of the Bank is authorized to pursue other business activities permitted by applicable laws and regulations, which may include the acquisition of banking and financial services companies.

Text added vs the prior filing · source: 10-K · 2026-09-16

• increases, the corresponding risks and potential for losses from these loans may also increase, which could adversely affect our business, financial condition and results of operations.

• Unlike larger financial institutions that are more geographically diversified, our profitability depends primarily on the general economic conditions in our primary market area.

• We periodically make a determination of an allowance for credit losses based on available information, including, but not limited to, the quality of the loan and lease portfolio as indicated by trends in loan risk ratings, payment performance, economic conditions, the value of the underlying collate…

• Determining the allowance for credit losses inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks and trends, all of which may undergo material changes. We cannot be sure that we will be able to limit losses on those loans that are id…

• The federal banking agencies have issued joint guidance on sound risk management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, an institution is identified as having potential commercial real estate concentration risk if (i) total rep…

Text removed vs the prior filing · source: 10-K · 2025-09-17

• Unlike larger financial institutions that are more geographically diversified, our profitability depends primarily on the general economic conditions in our primary market area. Local economic conditions have a significant impact on our lending, including, the ability of borrowers to repay these loa…

• We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans. In determining the amount of the allowance for cre…

• In addition, bank regulators periodically review our allowance for credit losses and, as a result of such reviews, we may be required to increase our provision for credit losses or recognize further loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as a result of …

• Federal bank regulatory agencies have promulgated joint guidance on sound risk management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, a financial institution that, like us, is actively involved in commercial real estate lending shou…

• institution may have a concentration in commercial real estate lending if, among other factors, (i) total reported loans for construction, land acquisition and development, and other land represent 100% or more of total capital, or (ii) total reported loans secured by multi-family and non-farm resid…

Text added vs the prior filing · source: 10-K · 2026-09-16

• The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make

• estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policy discussed below to be a critical accounting policy. The estimates and assumptions th…

• Allowance for Credit Losses on Loans. The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Compan…

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

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

Text removed vs the prior filing · source: 10-K · 2025-09-17

• The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of as…

• Allowance for Credit Losses on Loans. The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Such allowance is based on losses expected to arise over the life of the asset …

• We measure the allowance for credit losses on loans using the SCALE method, which is a simple, spreadsheet-based method developed by the Federal Reserve Board to assist community banks in calculating a CECL compliant allowance for credit losses using proxy expected lifetime loss rates. The SCALE too…

• The allowance for credit losses on loans is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. For example, an increase of 25 basis points as to our lifetime…

• Loans that do not share risk characteristics are evaluated on an individual loan basis. Loans evaluated individually are not also included in the collective evaluation. For loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected …