UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-42627 WINCHESTER BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) | Maryland | 33-3 ...

[Company Announcement & Financial Highlights](index=1&type=section&id=Company%20Announcement%20%26%20Financial%20Highlights) Winchester Bancorp, Inc. reported a net income of $962 thousand, or $0.11 per common share, for Q3 2025, a significant increase from the prior quarter's net loss [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Q3 2025 saw Winchester Bancorp, Inc. achieve a net income of $962 thousand, reversing the prior quarter's loss primarily due to a one-time charitable contribution Net Income and EPS Comparison (QoQ) | Metric | Q3 2025 | Q2 2025 | | :----------------------- | :------- | :-------- | | Net Income (thousands) | $962 | ($920) | | EPS (per common share) | $0.11 | ($0.10) | - Net income increased by **$1.9 million** compared to the prior quarter[2](index=2&type=chunk) - The net loss during the quarter ended June 30, 2025, was driven by a **$2.3 million** contribution to the Winchester Savings Bank Charitable Foundation[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO John A. Carroll emphasized strong loan and deposit growth, exceeding $1 billion in total assets, and strategic initiatives like a new municipal deposit channel - Loan growth was strong at **$42.0 million**[3](index=3&type=chunk) - Deposit growth was strong at **$37.2 million**[3](index=3&type=chunk) - Total assets reached over **$1 billion**[3](index=3&type=chunk) - Management launched a new deposit channel focusing on municipal deposits to contribute to strong deposit growth for the remainder of the fiscal year[3](index=3&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes key financial performance metrics, including net interest income, credit loss provisions, non-interest income, non-interest expenses, and net income trends [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income and margin significantly increased quarter-over-quarter and year-over-year, driven by higher loan balances and improved investment security yields Net Interest Income and Margin Trends | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | Change QoQ | Change YoY | | :------------------ | :------------------ | :------------------ | :------------------ | :---------- | :---------- | | Net Interest Income | $5,741 | $5,348 | $3,768 | +$393 (7.3%)| +$1,973 (52.4%)| | Net Interest Margin | 2.49% | 2.38% | 1.84% | +9 bps | +65 bps | - The increase in interest income was primarily attributable to the increase in the average balance of loans and higher yields on investment securities as a result of new purchases and additional restructuring of the existing investment portfolio[12](index=12&type=chunk) - The decrease in interest expense was attributable to the decrease in average rates on interest-bearing deposit accounts[12](index=12&type=chunk) [Provision for Credit Loss](index=2&type=section&id=Provision%20for%20Credit%20Loss) Provision for credit loss decreased by **$1 million** quarter-over-quarter, primarily due to a methodology change and reserve releases from lower off-balance sheet commitments Provision for Credit Losses | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Change QoQ | | :------------------------ | :------------------ | :------------------ | :----------- | | Provision (benefit) for credit losses | ($320) | $687 | ($1,007) (-146.6%)| - The decrease was partially due to the change in the loan loss methodology from the Federal Reserve developed Scaled CECL Allowance for Credit Losses Estimator (SCALE) method to the Discounted Cash Flow (DCF) model[7](index=7&type=chunk) - A release of reserves occurred due to lower off-balance sheet commitments and changes to reserves for individually assessed loans[7](index=7&type=chunk) - Due to the change in methodology, provision for credit losses on loans increased by **$561 thousand**, while provision for credit losses on off-balance sheet commitments decreased by **$718 thousand**, representing a net change of **$158 thousand**[12](index=12&type=chunk) [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income) Non-interest income significantly decreased due to a **$317 thousand** loss on the sale of available-for-sale securities as management restructured the portfolio for higher yields Non-Interest Income Trends | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | Change QoQ | Change YoY | | :----------------- | :------------------ | :------------------ | :------------------ | :----------- | :----------- | | Total Non-Interest Income | $52 | $606 | $501 | ($554) (-91.4%)| ($449) (-89.6%)| | Loss on AFS Securities, net | ($317) | — | — | ($317) (100.0%)| ($317) (100.0%)| - The decrease was due to a **$317 thousand** loss on sale of available-for-sale securities as management restructured part of the portfolio to take advantage of higher yielding investments[8](index=8&type=chunk) [Non-Interest Expense](index=2&type=section&id=Non-Interest%20Expense) Non-interest expense decreased quarter-over-quarter, primarily due to the absence of a **$2.3 million** charitable contribution from the prior quarter Non-Interest Expense Trends | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | Change QoQ | Change YoY | | :------------------ | :------------------ | :------------------ | :------------------ | :------------ | :----------- | | Total Non-Interest Expenses | $4,795 | $6,753 | $3,937 | ($1,958) (-29.0%)| +$858 (21.8%)| - Prior quarter expense included a **$2.3 million** contribution to the Winchester Savings Bank Charitable Foundation[9](index=9&type=chunk) - Excluding the charitable foundation contribution, non-interest expense increased **$322 thousand** from the prior quarter[9](index=9&type=chunk) - Audit, legal, and data processing fees increased during the quarter, offset by decreases in employee benefits due to lower expenses related to the pension plan[9](index=9&type=chunk) [Net Income (Loss)](index=5&type=section&id=Net%20Income%20%28Loss%29) The company reported a net income of **$962 thousand** for the quarter, a significant improvement from prior quarter and prior year losses Net Income (Loss) Summary | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :---------------- | :------------------ | :------------------ | :------------------ | | Net Income (Loss) | $962 | ($920) | ($632) | - Income before income taxes was **$1,318 thousand**, a significant turnaround from a loss of **$1,486 thousand** in the prior quarter[20](index=20&type=chunk) [Balance Sheet Overview](index=1&type=section&id=Balance%20Sheet%20Overview) This section provides an overview of Winchester Bancorp, Inc.'s balance sheet, detailing changes in assets, liabilities, and equity [Total Assets](index=1&type=section&id=Total%20Assets) Total assets reached **$1,005,212 thousand** as of September 30, 2025, representing a **5.9%** increase from the prior quarter Total Assets (QoQ) | Metric | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | Change QoQ | | :----------- | :------------------------ | :------------------------ | :-------------- | | Total Assets | $1,005,212 | $949,378 | +$55,834 (5.9%) | [Key Asset Changes](index=1&type=section&id=Key%20Asset%20Changes) The company saw asset growth in cash, net loans (driven by construction and commercial real estate), and investment securities due to strategic purchases Key Asset Changes (QoQ) | Asset Category | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | Change QoQ | | :---------------------- | :------------------------ | :------------------------ | :-------------- | | Cash & Cash Equivalents | $57,717 | $55,244 | +$2,473 (4.5%) | | Net Loans | $793,184 | $751,220 | +$41,964 (5.6%) | | Investment Securities | $115,355 | $104,510 | +$10,845 (10.4%)| - Main drivers of new loan growth were construction (**$15.5 million** increase) and commercial real estate loans (**$13.4 million** increase); multi-family and residential real estate portfolios also increased **$7.1 million** and **$5.7 million**, respectively[5](index=5&type=chunk) - Investment securities increased due to purchases of U.S. treasuries and government agency securities[5](index=5&type=chunk) [Key Liability & Equity Changes](index=1&type=section&id=Key%20Liability%20%26%20Equity%20Changes) Strong deposit growth, particularly from municipal customers, and increased FHLB borrowings contributed to overall liability changes, while stockholders' equity grew Key Liability & Equity Changes (QoQ) | Category | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | Change QoQ | | :------------------- | :------------------------ | :------------------------ | :-------------- | | Total Deposits | $716,423 | $679,182 | +$37,241 (5.5%) | | FHLB Borrowings | $164,000 | $147,000 | +$17,000 (11.6%)| | Stockholders' Equity | $116,992 | $115,352 | +$1,640 (1.4%) | - The increase in deposits was a result of growth of **$38.9 million** in municipal customer deposits, leading to a **$48.8 million** increase in money market accounts[5](index=5&type=chunk) - Certificate of deposit and savings accounts decreased by **$8.5 million** and **$4.6 million**, respectively, while demand deposit accounts increased by **$1.5 million**[5](index=5&type=chunk) - The increase in stockholders' equity was driven by net income of **$962 thousand** and a decrease in other comprehensive loss of **$614 thousand**[5](index=5&type=chunk) [Asset Quality](index=2&type=section&id=Asset%20Quality) This section assesses the company's asset quality, focusing on the allowance for credit losses, non-performing assets, and net charge-offs [Allowance for Credit Losses](index=2&type=section&id=Allowance%20for%20Credit%20Losses) Asset quality remains strong, with the allowance for credit losses on loans increasing slightly in absolute terms but stable as a percentage of total gross loans Allowance for Credit Losses | Metric | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | | :-------------------- | :------------------------ | :------------------------ | | ACL | $4,356 | $4,151 | | ACL/Total Gross Loans | 0.55% | 0.55% | [Non-Performing Assets and Net Charge-offs](index=2&type=section&id=Non-Performing%20Assets%20and%20Net%20Charge-offs) Total non-performing assets decreased slightly quarter-over-quarter, while the company recorded net charge-offs for the current quarter Non-Performing Assets and Net Charge-offs | Metric | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | | :-------------------------- | :------------------------ | :------------------------ | | Total Non-Performing Assets | $1,900 (0.24% of total assets) | $2,200 (0.23% of total assets) | | Net Charge-offs | $270 | $0 | - Net charge-offs of **$270 thousand** were recorded for the quarter ended September 30, 2025, compared to no charge-offs for the quarter ended June 30, 2025[13](index=13&type=chunk) [About Winchester Bancorp, Inc.](index=2&type=section&id=About%20Winchester%20Bancorp%2C%20Inc.) Winchester Bancorp, Inc. is the mid-tier holding company for Winchester Savings Bank, a community-oriented financial institution focused on serving local individuals and small businesses - Winchester Bancorp, Inc. is a mid-tier holding company of Winchester Savings Bank and is the majority owned subsidiary of Winchester Bancorp, MHC[11](index=11&type=chunk) - Winchester Savings Bank's mission is to operate and grow a profitable community-oriented financial institution that is dedicated to meeting the banking needs of individuals and small businesses in the communities in which it operates[11](index=11&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section provides a standard disclaimer for forward-looking statements, highlighting inherent uncertainties and factors that could cause actual results to differ materially - Forward-looking statements are identified by words such as 'estimate,' 'project,' 'believe,' 'intend,' 'anticipate,' 'assume,' 'plan,' 'seek,' 'expect,' 'will,' 'may,' 'should,' 'indicate,' 'would,' 'contemplate,' 'continue,' 'target' and words of similar meaning[14](index=14&type=chunk) - These statements are based on current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the company's control[14](index=14&type=chunk) - Key factors that could cause actual results to differ materially include increased competitive pressures, demand for loan products, deposit flows, changes in the interest rate environment, the effects of inflation, general economic conditions, monetary and fiscal policies, changes in portfolio quality, liquidity, asset quality, legislative/regulatory changes, and operational/security system failures[14](index=14&type=chunk) - Winchester Bancorp, Inc. undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release[15](index=15&type=chunk) [Unaudited Financial Statements](index=4&type=section&id=Unaudited%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, average balances, yields, and selected financial highlights [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section presents the unaudited consolidated balance sheets for Winchester Bancorp, Inc. as of September 30, 2025, and June 30, 2025 Consolidated Balance Sheets (Selected Items) | Item | Sept 30, 2025 (thousands) | June 30, 2025 (thousands) | | :-------------------------------- | :------------------------ | :------------------------ | | Total cash and cash equivalents | $57,717 | $55,244 | | Loans, net | $793,184 | $751,220 | | Total assets | $1,005,212 | $949,378 | | Non-interest-bearing deposits | $63,577 | $55,696 | | Interest-bearing deposits | $652,846 | $623,486 | | Federal Home Loan Bank advances | $164,000 | $147,000 | | Total liabilities | $888,220 | $834,026 | | Total stockholders' equity | $116,992 | $115,352 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) This section provides unaudited consolidated statements of operations for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024 Consolidated Statements of Operations (Selected Items) | Item | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | Total interest and dividend income | $11,937 | $11,361 | $10,231 | | Total interest expense | $6,196 | $6,013 | $6,463 | | Net interest income | $5,741 | $5,348 | $3,768 | | Provision (benefit) for credit losses | ($320) | $687 | $1,162 | | Total non-interest income | $52 | $606 | $501 | | Total non-interest expenses | $4,795 | $6,753 | $3,937 | | Income (loss) before income taxes | $1,318 | ($1,486) | ($830) | | Net income (loss) | $962 | ($920) | ($632) | [Average Balances and Yields](index=6&type=section&id=Average%20Balances%20and%20Yields) This section presents unaudited average balances, interest earned/paid, and annualized yields/rates for interest-earning assets and interest-bearing liabilities Average Balances and Yields (Selected Items) | Item | Q3 2025 Avg Balance (thousands) | Q3 2025 Avg Yield/Rate | Q2 2025 Avg Balance (thousands) | Q2 2025 Avg Yield/Rate | | :-------------------------------- | :------------------------------ | :--------------------- | :------------------------------ | :--------------------- | | Loans | $775,015 | 5.37% | $750,159 | 5.22% | | Securities | $109,870 | 4.05% | $92,553 | 3.73% | | Total interest-earning assets | $921,436 | 5.18% | $898,636 | 5.06% | | Total interest-bearing deposits | $629,541 | 2.97% | $611,811 | 2.93% | | Total interest-bearing liabilities | $770,835 | 3.22% | $758,800 | 3.17% | | Net interest margin | | 2.49% | | 2.38% | [Selected Financial Highlights](index=7&type=section&id=Selected%20Financial%20Highlights) This section summarizes key financial performance indicators and balance sheet metrics, including earnings, per share data, profitability, and asset quality ratios Selected Financial Highlights (Key Ratios) | Metric | Sept 30, 2025 | June 30, 2025 | Sept 30, 2024 | | :-------------------------------- | :------------ | :------------ | :------------ | | Return on average assets (1) | 0.40% | (0.39)% | (0.30)% | | Return on average stockholders' equity (1) | 3.32% | (4.44)% | (3.17)% | | Net interest margin (1) | 2.49% | 2.38% | 1.84% | | Cost of deposits (1) | 2.97% | 2.93% | 3.41% | | Efficiency ratio | 82.77% | 113.37% | 92.22% | | Stockholders' equity/total assets | 11.64% | 12.15% | 9.19% | | ACL/Total loans | 0.55% | 0.55% | 0.47% | | ACL/Total nonperforming loans (NPLs) | 224.67% | 187.57% | 204.94% |

Business Strategy and Growth - The company’s business strategy focuses on loan growth primarily funded by deposits, but effective management of this growth is crucial to avoid expenses outpacing revenues [210]. - The company may need to raise additional capital in the future to support growth, which could dilute existing shareholders' ownership and book value [211]. - The ability to raise capital is contingent on market conditions and financial performance, with potential limitations due to the mutual holding company structure [212]. - Intense competition in the financial services industry may limit the company’s growth and profitability, as larger competitors can offer better pricing and services [214]. - The company must maintain sufficient liquidity to meet depositor needs, and reliance on alternative funding sources may increase as growth continues [232]. Regulatory and Compliance Risks - Regulatory compliance costs and changes in laws may adversely impact operations and increase operational costs [217]. - The company exceeded all regulatory capital requirements as of June 30, 2025, and is considered "well capitalized" with a minimum community bank leverage ratio requirement of 9% [220]. - The Depositors Insurance Fund may require the company to take risk-mitigating measures if deposits grow too large, potentially increasing reliance on more expensive funding sources [253]. Economic and Market Conditions - Inflation from 2021 to 2023 has negatively impacted the value of investment securities and increased operational costs, affecting both the company and its customers [229]. - Changes in trade policies and tariffs could lead to economic challenges for customers, potentially increasing loan delinquencies and credit losses [230]. Operational Risks - The company relies heavily on its management team and key personnel, and losing them could adversely affect business strategy implementation and operational results [213]. - The introduction of new products and services may impose additional costs and operational risks, including regulatory approvals and technological requirements [237]. - The company faces significant operational risks due to reliance on technology, including potential failures, interruptions, and cybersecurity breaches [238]. - Legal and regulatory proceedings could adversely affect the company's business, reputation, and financial condition [248]. - The company may be subject to risks from fraudulent activities, particularly in loan origination and electronic transactions [243]. - The board of directors relies heavily on management and outside consultants for cybersecurity risk management, indicating a potential gap in direct cybersecurity expertise [240]. Shareholder and Governance Issues - Winchester Bancorp, Inc. is unlikely to be subject to takeover attempts by activist stockholders or other financial institutions due to its mutual holding company structure [255]. - For three years post-reorganization, no person may acquire more than 10% of common stock without Federal Reserve Board approval [256]. - Provisions in the articles of incorporation may delay or block takeover attempts, including a restriction on voting more than 10% of shares [257]. - Public stockholders own a minority of common stock, limiting their voting control over most matters [258]. - Stockholders cannot force a merger or second-step conversion without the consent of Winchester Bancorp, MHC, which holds a majority of voting stock [259]. - Current regulations require separate approval from stockholders other than Winchester Bancorp, MHC for equity incentive plans [260]. - Dividends declared by Winchester Bancorp, Inc. must also be paid to Winchester Bancorp, MHC, reducing the amount available for other stockholders [261].

Exhibit 99.1 Announces Results for the Year Ended June 30, 2025 Investor Contact John A. Carroll President and Chief Executive Officer IR@WinchesterSavings.com (781) 729-2130 WINCHESTER, MA, July 30, 2025 - Winchester Bancorp, Inc. (NASDAQ-WSBK) (the "Company"), the holding company for Winchester Savings Bank (the "Bank"), today announced its 2025 financial results. As described in the prospectus for its initial public offering ("IPO"), concurrent with the completion of its reorganization and stock offering ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 333-283752 WINCHESTER BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) | Maryland | 33-3361 ...

Filing Information [Registrant Details](index=1&type=section&id=Registrant%20Details) Provides official identification and contact information for Winchester Bancorp, Inc., the entity filing this Form 8-K - Registrant: **WINCHESTER BANCORP, INC.**[1](index=1&type=chunk) - Address: **661 Main Street, Winchester, Massachusetts 01890**[1](index=1&type=chunk) - Telephone: **(781) 729-2130**[1](index=1&type=chunk) [Filing Status](index=1&type=section&id=Filing%20Status) Filed on April 30, 2025, the Form 8-K classifies Winchester Bancorp, Inc. as an emerging growth company - Date of Report: **April 30, 2025**[1](index=1&type=chunk) - Registrant is an **emerging growth company**[3](index=3&type=chunk) Results of Operations and Financial Condition [Net Income and Credit Losses](index=2&type=section&id=Net%20Income%20and%20Credit%20Losses) Winchester Savings Bank's net income rose for three months ended March 31, 2025, due to credit loss benefit, but fell for nine months Net Income Comparison (Winchester Savings Bank) | Period Ended March 31 | 2025 Net Income | 2024 Net Income | Change (YoY) | | :-------------------- | :-------------- | :-------------- | :----------- | | Three Months | $305,000 | $192,000 | +$113,000 | | Nine Months | $46,000 | $678,000 | -$632,000 | Credit Loss Benefit/Provision (Three Months Ended March 31) | Period Ended March 31 | 2025 | 2024 | | :-------------------- | :------------------ | :---------------------- | | Credit Losses | Benefit of $21,000 | Provision of $1.4 million | [Balance Sheet Highlights](index=2&type=section&id=Balance%20Sheet%20Highlights) Winchester Savings Bank's balance sheet as of March 31, 2025, shows growth in total assets, net loans, and total surplus Key Financial Condition Metrics | Metric | March 31, 2025 | June 30, 2024 | Change | | :---------------------- | :------------- | :------------ | :------------- | | Total Assets | $923.1 million | $853.0 million | +$70.1 million | | Loans, net of allowance | $727.7 million | $682.0 million | +$45.7 million | | Total Surplus | $80.9 million | $80.3 million | +$0.6 million | [Upcoming Filings](index=2&type=section&id=Upcoming%20Filings) Detailed financial information for the quarter ended March 31, 2025, will be available in the upcoming Form 10-Q - Additional information will be provided in the **Quarterly Report on Form 10-Q** for the Quarterly Period Ended **March 31, 2025**[5](index=5&type=chunk) Exhibits and Signatures [Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) Item 9.01, covering Financial Statements and Exhibits, is explicitly marked as 'Not applicable' for this Form 8-K filing - Item 9.01 Financial Statements and Exhibits: **Not applicable**[6](index=6&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) John A. Carroll, President and CEO of Winchester Bancorp, Inc., signed the report on April 30, 2025, in compliance with the Securities Exchange Act - Report signed on **April 30, 2025**, by **John A. Carroll**, **President and Chief Executive Officer** of **Winchester Bancorp, Inc.**[10](index=10&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 333-283752 WINCHESTER BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) | | Trading | | | ...