Winchester Bancorp, Inc./MD/

Winchester Bancorp, Inc.

Overview

• Winchester Bancorp, Inc. is a Maryland corporation formed in December 2024 to serve as the registered bank holding company of Winchester Savings Bank following a mutual holding company reorganization completed on April 30, 2025.
• As part of 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 issued additional shares to Winchester Bancorp, MHC and Winchester Savings Bank Charitable Foundation, Inc.
• The Company and Winchester Bancorp, MHC are bank holding companies. Winchester Savings Bank is the sole operating subsidiary.
• Subsidiaries include Sachem Holdings, Inc.; Aberjona Holdings, Inc.; 1871 Company, LLC; and Wedgemere Holdings, LLC, which hold investment properties or premises.

Operations and business focus

• The Bank is a Massachusetts-chartered savings bank headquartered in Winchester, MA.
• Primary activities: accepting deposits and investing those funds in real estate-related loans, other loan types, and investment securities.
• Lending focus: one- to four-family residential real estate, multi-family real estate, commercial real estate, construction loans, home equity loans/lines of credit, and to a lesser extent commercial and consumer lending.
• Geographic emphasis: eastern Massachusetts, with a primary market area in Middlesex County and surrounding communities.

Financial highlights (as of June 30, 2026)

• Total assets: $1.1 billion
• Total deposits: $809.2 million
• Total stockholders’ equity: $120.5 million
• Net income (year ended June 30, 2026): $4.4 million
• Net loss (year ended June 30, 2025): $0.874 million

Corporate office

• 661 Main Street, Winchester, Massachusetts 01890
• Phone: (781) 729-2130

Employees

• 71 full-time employees
• 8 part-time and seasonal employees

Banking operations and market presence

• Main office: Winchester, MA.
• Four full-service branch offices in eastern Massachusetts, including locations in Arlington, Danvers, and Woburn.
• Deposits are insured by the FDIC (DIF) and the Massachusetts Depositors Insurance Fund (MA DIF) in excess of FDIC coverage.

Loan portfolio (as of June 30, 2026)

• Total loans (gross): $873.8 million
• Loan mix:
  • One- to four-family residential real estate: $405.3 million (46.5%)
  • Multi-family real estate: $212.6 million (24.3%)
  • Construction loans: $116.4 million (13.3%)
  • Commercial real estate: $106.6 million (12.2%)
  • Home equity loans and lines of credit: $28.95 million (3.3%)
  • Commercial: $3.87 million (0.4%)
  • Consumer and other: $0.17 million (0.1%)
• Net deferred loan origination costs: $1.714 million
• Allowance for credit losses: $4.783 million
• Net loans: $870.773 million

Selected portfolio details

• One- to four-family residential loans: average balance ≈ $482,000; 81.9% owner-occupied.
• Commercial real estate loans: average balance ≈ $1.3 million; largest reported loan ≈ $8.9 million; eight loan relationships reported at $10 million or more; majority non-owner-occupied.
• Multi-family real estate loans: average balance ≈ $2.3 million; focused on larger multi-unit properties.
• Construction loans: $116.4 million, largely commercial construction and often structured as construction-to-permanent loans.

Asset quality

• Non-performing loans (NPLs): $1.59 million
• NPLs to total loans: 0.18%
• Non-accrual loans: $1.59 million (aggregate)
• Foreclosed assets: none
• Classified assets:
  • Substandard loans: $424 thousand
  • Doubtful loans: $1,166 thousand
  • Total classified loans: $1,590 thousand
  • Special mention (watch) loans: $197 thousand

Investment securities (as of June 30, 2026)

• Securities held to maturity: cost $56.2 million; fair value $54.7 million; weighted average yield 3.34%
• Securities available for sale: cost $69.6 million; fair value $68.8 million; weighted average yield 4.26%
• Total securities: fair value approximately $123.5 million; total cost approximately $125.8 million
• Portfolio components: U.S. government and government-sponsored enterprise securities, agency mortgage-backed securities, municipal bonds, and corporate bonds

Funding and liquidity

• Core deposits: $527.7 million (about 65.2% of total deposits)
• Deposit composition (amounts and share of total deposits; average rates shown where provided):
  • Noninterest-bearing demand: $63.2 million (7.8%)
  • NOW and demand deposits: $53.9 million (6.7%)
  • Savings accounts: $150.0 million (18.5%; avg rate 2.31%)
  • Money market accounts: $260.6 million (32.2%; avg rate 3.21%)
  • Certificates of deposit: $281.5 million (34.8%; avg rate 3.46%)
  • Total deposits: $809.2 million; average deposit rate: 2.66%
• Borrowings and lines:
  • Federal Home Loan Bank of Boston advances outstanding: $158.2 million; additional borrowing capacity reported at $118.8 million
  • FHLBB line of credit: $5.3 million (undrawn)
  • Federal Reserve BIC line of credit: $102.0 million (secured line; no borrowings outstanding as of 6/30/2026)
• The Bank uses deposit funding supplemented by FHLB advances and other borrowing sources to support liquidity and asset growth.

Branch network and real estate

• Main office in Winchester, MA and four full-service branches in eastern Massachusetts (including Arlington, Danvers, and Woburn).
• Real property net book value: $5.6 million

Regulation and governance

• The Bank is regulated by the FDIC and the Massachusetts Division of Banks; the Company and Winchester Bancorp, MHC are regulated by the Federal Reserve Board and the FDIC.
• The Company operates under a mutual holding company structure, with Winchester Bancorp, MHC as a controlling member.
• The Company is an emerging growth company and a smaller reporting company for SEC purposes.

Governance and risk matters

• The 10-K discloses concentration risk in commercial and multi-family real estate lending and geographic concentration in the Boston area.
• Other identified exposures include interest rate risk, environmental liabilities, cybersecurity, and operational risk.
• The 10-K references an exclusive forum provision for certain stockholder matters and ownership limitations tied to the mutual structure.
• The Company terminated a defined benefit pension plan effective February 1, 2026, and disclosed related potential costs.

Business summary

Winchester Bancorp, Inc. is the registered bank holding company for Winchester Savings Bank, a community-focused savings bank centered on deposit gathering and real estate lending. The Bank’s balance sheet at mid‑2026 reflected total assets of about $1.1 billion, deposits of about $809 million, and stockholders’ equity of about $121 million. The loan portfolio is concentrated in residential, multi-family, commercial real estate, and construction lending, supported by a securities portfolio and a funding mix that includes core deposits and FHLB borrowing. Financial results for the year ended June 30, 2026 showed net income of $4.4 million after a net loss in the prior year.