EWSB 10-Q Quarterly Report March 31, 2025 | Alphaminr
EWSB Bancorp, Inc. /MD/
ALPHAMINR

EWSB 10-Q Quarter ended March 31, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
EWSB BANCORP, INC_March 31, 2025
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us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0002013792 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0002013792 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0002013792 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0002013792 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0002013792 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0002013792 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002013792 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002013792 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002013792 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0002013792 srt:MinimumMember ewsb:FederalLoanHomeBankAdvancesShortTermPeriodMember 2025-01-01 2025-03-31 0002013792 srt:MaximumMember ewsb:FederalLoanHomeBankAdvancesShortTermPeriodMember 2025-01-01 2025-03-31 0002013792 ewsb:FederalLoanHomeBankAdvancesShortTermPeriodMember 2025-03-31 0002013792 ewsb:FederalLoanHomeBankAdvancesFixedTermPeriodMember 2025-03-31 0002013792 ewsb:FederalLoanHomeBankAdvancesShortTermPeriodMember 2024-12-31 0002013792 ewsb:FederalLoanHomeBankAdvancesFixedTermPeriodMember 2024-12-31 0002013792 us-gaap:CommonStockMember 2025-03-31 0002013792 us-gaap:CommonStockMember 2024-12-31 0002013792 2024-09-20 0002013792 2024-03-31 0002013792 2023-12-31 0002013792 us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0002013792 us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0002013792 us-gaap:CorporateDebtSecuritiesMember 2025-03-31 0002013792 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0002013792 us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0002013792 us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0002013792 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-01-01 2025-03-31 0002013792 us-gaap:CollateralPledgedMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-01-01 2024-12-31 0002013792 2024-01-01 2024-03-31 0002013792 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2025-03-31 0002013792 us-gaap:ConsumerPortfolioSegmentMember ewsb:MarineAndRecreationalLoanSegmentMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:HomeEquityLoanMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:ConstructionLoansMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember srt:MultifamilyMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember ewsb:OneToFourFamilyResidentialMember 2025-03-31 0002013792 ewsb:RealEstatePortfolioSegmentMember ewsb:EquityLineOfCreditMember 2025-03-31 0002013792 us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0002013792 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ConsumerOtherMember 2024-12-31 0002013792 us-gaap:ConsumerPortfolioSegmentMember ewsb:MarineAndRecreationalLoanSegmentMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:HomeEquityLoanMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:ConstructionLoansMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember srt:MultifamilyMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember ewsb:OneToFourFamilyResidentialMember 2024-12-31 0002013792 ewsb:RealEstatePortfolioSegmentMember ewsb:EquityLineOfCreditMember 2024-12-31 0002013792 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​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

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: 333-277828

EWSB BANCORP, INC .

(Exact Name of Registrant as Specified in Its Charter)

​

​

​

Maryland

33-2899738

(State of Other Jurisdiction of Incorporation or Organization)

​

(I.R.S. Employer Identification No.)

​

109 West Second Street , Kaukauna , Wisconsin 54130

(Address of Principal Executive Offices) (Zip Code)

( 920 ) 766-4646

(Registrant’s Telephone Number, Including Area Code)

Not applicable

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

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

​

​

​

​

​

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

​

EWSB

​

OTCQB Market

​

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​

​

​

​

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

☒

Smaller Reporting Company

☒

Emerging growth company

☒

​

​

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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

​

​

​

TABLE OF CONTENTS

​

​

​

​

​

Page

PART I.

FINANCIAL INFORMATION

​

Item 1.

Financial Statements

1

​

Consolidated Balance Sheets as of M arch 31, 2025 (unaudited) and December 31, 202 4

1

​

Consolidated Statements of Operations for the Three Months ended March 31, 2025 and 2024 (unaudited)

2

​

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024 (unaudited)

4

​

Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024 (unaudited)

5

​

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)

6

​

Notes to Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

34

PART II.

OTHER INFORMATION

​

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

Item 3.

Defaults Upon Senior Securities

35

Item 4.

Mine Safety Disclosures

35

Item 5.

Other Information

35

Item 6.

Exhibits

36

Signatures

36

​

​

​

i

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.

​

​

​

ii

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

​

​

​

​

​

​

​

​

March 31, 2025

​

December 31, 2024

​

​

(unaudited)

​

​

Assets

​

​

​

​

Cash and cash equivalents

​

$

1,125,467

​

$

1,188,634

Time deposits with other financial institutions

​

​

4,499,059

​

4,498,778

Debt securities available for sale (amortized cost of $ 26,466,664 and $ 26,736,859 as of March 31, 2025 and December 31, 2024, respectively)

​

​

23,030,254

​

22,806,836

Debt securities held to maturity (fair value of $ 39,098,969 and $ 38,162,626 as of March 31, 2025 and December 31, 2024, respectively)

​

​

39,302,816

​

39,006,631

Loans, net of allowance of $ 1,190,255 and $ 1,126,422 as of March 31, 2025 and December 31, 2024, respectively

​

​

189,853,281

​

186,354,436

Land held for sale

​

​

834,828

​

834,828

Office properties and equipment, net

​

​

2,418,195

​

2,411,422

Federal Home Loan Bank stock

​

​

1,903,782

​

1,879,971

Cash value of life insurance

​

​

7,761,299

​

7,699,074

Net deferred tax assets

​

​

5,324,975

​

5,326,564

Accrued interest receivable and other assets

​

​

1,300,229

​

1,298,605

​

​

​

​

​

​

​

TOTAL ASSETS

​

$

277,354,185

​

$

273,305,779

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

Deposits:

​

​

​

Non-interest bearing

​

$

8,291,770

​

$

9,461,778

Interest bearing

​

​

223,354,314

​

222,057,692

Total deposits

​

​

231,646,084

​

231,519,470

Borrowed funds

​

​

27,835,000

​

24,200,000

Advance payments by borrowers for taxes and insurance

​

​

862,843

​

485,212

Accrued interest payable and other liabilities

​

​

1,384,173

​

1,474,341

​

​

​

​

​

​

​

Total liabilities

​

​

261,728,100

​

257,679,023

​

​

​

​

​

​

​

Equity:

​

​

​

Common stock ($ 0.01 par value, 4,000,000 shares authorized, 752,538 shares issued and outstanding as of March 31, 2025 and December 31, 2024)

​

​

7,525

​

7,525

Additional paid-in capital

​

​

5,473,225

​

​

5,472,763

Retained earnings

​

​

16,930,521

​

17,499,162

Unallocated common shares held by Employee Stock Ownership Plan (ESOP)

​

​

( 493,856 )

​

​

( 500,441 )

Accumulated other comprehensive income (loss)

​

​

( 6,291,330 )

​

( 6,852,253 )

​

​

​

​

​

​

​

Total stockholders' equity

​

​

15,626,085

​

15,626,756

​

​

​

​

​

​

​

TOTAL LIABILITIES AND EQUITY

​

$

277,354,185

​

$

273,305,779

​

See accompanying notes to unaudited consolidated financial statements.

​

1

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited)

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​

2025

​

2024

Interest income:

​

​

​

​

Loans, including fees

​

$

2,287,479

​

$

1,981,859

Securities:

​

​

​

​

Taxable

​

​

256,037

​

​

267,992

Tax-exempt

​

​

9,398

​

​

9,403

Other

​

​

50,815

​

​

42,509

​

​

​

​

​

​

​

Total interest income

​

​

2,603,729

​

​

2,301,763

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

Deposits

​

​

1,379,097

​

​

1,215,111

Borrowed funds

​

​

262,331

​

​

262,591

​

​

​

​

​

​

​

Total interest expense

​

​

1,641,428

​

​

1,477,702

​

​

​

​

​

​

​

Net interest income

​

​

962,301

​

​

824,061

Provision for credit losses

​

​

110,290

​

​

—

​

​

​

​

​

​

​

Net interest income after provision for credit losses

​

​

852,011

​

​

824,061

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

Service charges on deposit accounts

​

​

14,582

​

​

10,380

Interchange income

​

​

56,354

​

​

57,139

Mortgage banking income

​

​

51,606

​

​

63,845

Gain on sale of mortgage loans

​

​

45,561

​

​

50,721

Increase in cash value of life insurance

​

​

62,225

​

​

54,201

Gain on interest rate swap

​

​

—

​

​

86,290

Other

​

​

90,014

​

​

146,183

​

​

​

​

​

​

​

Total noninterest income

​

​

320,342

​

​

468,759

​

See accompanying notes to unaudited consolidated financial statements.

​

2

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited) Continued

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​

2025

​

2024

Noninterest expense:

​

​

​

​

Salaries and related benefits

​

​

1,106,569

​

​

1,031,442

Occupancy expense, net

​

​

167,974

​

​

173,109

Data processing

​

​

274,338

​

​

271,410

Advertising

​

​

27,982

​

​

41,689

FDIC insurance premiums

​

​

56,626

​

​

79,007

Other

​

​

335,036

​

​

236,137

​

​

​

​

​

​

​

Total noninterest expense

​

​

1,968,525

​

​

1,832,794

​

​

​

​

​

​

​

Income (loss) before provision for (benefit from) income taxes

​

​

( 796,172 )

​

​

( 539,974 )

Provision for (benefit from) income taxes

​

​

( 227,531 )

​

​

( 162,479 )

Net income (loss)

​

$

( 568,641 )

​

$

( 377,495 )

Basic and diluted earnings per share

​

$

( 0.81 )

​

​

n/a

Weighted average shares outstanding

​

​

702,823

​

​

n/a

​

See accompanying notes to unaudited consolidated financial statements.

​

3

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​

2025

​

2024

Net income (loss)

​

$

( 568,641 )

​

$

( 377,495 )

Other comprehensive income (loss), before tax:

​

​

​

​

Unrealized holding gain (loss) on available for sale debt securities

​

​

493,613

​

​

( 186,786 )

Reclassification adjustment for (accretion) amortization of unrealized holding gain (loss) included in accumulated other comprehensive income (loss) from the securities transferred from available for sale to held to maturity

​

​

296,185

​

​

278,520

​

​

​

​

​

​

​

Other comprehensive income (loss), before tax

​

​

789,798

​

​

91,734

Tax effect of other comprehensive income (loss) items

​

​

( 228,875 )

​

​

( 24,336 )

​

​

​

​

​

​

​

Other comprehensive income (loss), net of tax

​

​

560,923

​

​

67,398

​

​

​

​

​

​

​

Comprehensive income (loss)

​

$

( 7,718 )

​

$

( 310,097 )

​

See accompanying notes to unaudited consolidated financial statements.

​

4

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Equity (unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common

Other

​

​

​

​

​

Common Shares

​

Additional Paid-

​

Retained

​

Shares Held

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

In Capital

​

Earnings

​

by ESOP

​

Income (Loss)

​

Total Equity

​

​

Three Months Ended March 31, 2025

Balance at January 1, 2025

​

​

752,538

​

$

7,525

​

$

5,472,763

​

$

17,499,162

​

$

( 500,441 )

​

$

( 6,852,253 )

​

$

15,626,756

Net income (loss)

​

​

—

​

—

​

—

​

( 568,641 )

​

—

​

—

​

( 568,641 )

ESOP shares committed to be released

​

​

—

​

​

—

​

​

462

​

​

—

​

​

6,585

​

​

—

​

​

7,047

Other comprehensive income (loss)

​

​

—

​

—

​

—

​

—

​

—

​

560,923

​

560,923

Balance at March 31, 2025

​

​

752,538

​

$

7,525

​

$

5,473,225

​

$

16,930,521

​

$

( 493,856 )

​

$

( 6,291,330 )

​

$

15,626,085

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common

Other

​

​

​

​

​

Common Shares

​

Additional Paid-

​

Retained

​

Shares Held

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

In Capital

​

Earnings

​

by ESOP

​

Income (Loss)

​

Total Equity

​

​

Three Months Ended March 31, 2024

Balance at January 1, 2024

​

—

$

—

$

—

$

19,198,973

​

$

—

​

$

( 7,662,149 )

​

$

11,536,824

Net income (loss)

​

​

—

​

—

​

—

​

( 377,495 )

​

—

​

—

​

( 377,495 )

Other comprehensive income (loss)

​

​

—

​

—

​

—

​

—

​

—

​

67,398

​

67,398

Balance at March 31, 2024

​

​

—

​

$

—

​

$

—

​

$

18,821,478

​

$

—

​

$

( 7,594,751 )

​

$

11,226,727

​

​

See accompanying notes to unaudited consolidated financial statements.

​

5

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

2025

2024

Cash flows from operating activities:

​

$

( 853,108 )

​

$

( 1,008,468 )

​

​

​

​

​

​

​

Cash flows from investing activities:

​

​

​

​

Proceeds from maturities and paydowns of securities available for sale

​

​

283,428

​

​

250,099

Purchase of FHLB stock

​

​

( 23,811 )

​

​

( 139,595 )

Net decrease/(increase) in loans

​

​

( 3,562,678 )

​

​

( 1,168,690 )

Purchase of office properties and equipment

​

​

( 46,243 )

​

​

( 27,716 )

Proceeds from sale of office properties and equipment

​

​

—

​

​

—

Proceeds from sale of land held for sale

​

​

—

​

​

—

Proceeds from sale of repossessed assets

​

​

—

​

​

—

Net cash flows provided by (used in) investing activities

​

​

( 3,349,304 )

​

​

( 1,085,902 )

​

​

​

​

​

​

​

Cash flows from financing activities:

​

​

​

​

Net change in deposits

​

$

126,614

​

$

( 51,091 )

Net change in advance payments by borrowers for taxes and insurance

​

​

377,631

​

​

321,995

Net increase/(decrease) from FHLB short-term advances activity

​

​

4,135,000

​

​

( 12,630,000 )

Proceeds from FHLB long-term advances

​

​

8,000,000

​

​

—

Maturities of FHLB long-term advances

​

​

( 8,500,000 )

​

​

—

Proceeds from Federal Reserve Bank Term Funding Program borrowing

​

​

—

​

​

17,000,000

Net cash flows provided by (used in) financing activities

​

​

4,139,245

​

​

4,640,904

​

​

​

​

​

​

​

Net change in cash and cash equivalents

​

​

( 63,167 )

​

​

2,546,534

Cash and cash equivalents at beginning of period

​

​

1,188,634

​

​

1,608,709

Cash and cash equivalents at end of period

​

$

1,125,467

​

$

4,155,243

​

​

​

​

​

​

​

Supplemental cash flow information:

​

​

​

​

Cash paid during the period for:

​

​

​

​

Interest

​

$

1,703,995

​

$

1,232,917

Taxes

​

$

—

​

$

—

​

See accompanying notes to unaudited consolidated financial statements.

​

​

6

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements

Note 1: Summary of Significant Accounting Policies

Organization

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

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

Principles of Consolidation

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

Basis of Presentation

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

Use of Estimates in Preparation of Financial Statements

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

7

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Note 2: Debt Securities

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

Debt Securities AFS

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

​

​

Cost

​

Gains

​

(Losses)

​

Fair Value

March 31, 2025

​

​

​

​

Securities available for sale:

​

​

​

​

Mortgage-backed securities

​

$

8,806,738

$

—

​

$

( 1,045,621 )

​

$

7,761,117

State and political subdivisions

​

14,192,368

—

​

( 1,829,771 )

​

12,362,597

Corporate securities

​

3,467,558

—

​

( 561,018 )

​

2,906,540

Total securities available for sale

​

$

26,466,664

$

—

​

$

( 3,436,410 )

​

$

23,030,254

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

​

​

Cost

​

Gains

​

(Losses)

​

Fair Value

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Securities available for sale:

​

​

​

​

Mortgage-backed securities

​

$

9,078,650

$

—

​

$

( 1,254,841 )

​

$

7,823,809

State and political subdivisions

​

14,191,881

—

​

( 2,052,935 )

​

12,138,946

Corporate securities

​

3,466,328

—

​

( 622,247 )

​

2,844,081

Total securities available for sale

​

$

26,736,859

$

—

​

$

( 3,930,023 )

​

$

22,806,836

​

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

12 Months or More

​

Total

​

​

​

Estimated

​

​

Unrealized

​

Estimated

​

Unrealized

​

Estimated

​

Unrealized

​

​

​

Fair Value

​

​

Loss

​

Fair Value

​

Loss

​

Fair Value

​

Loss

March 31, 2025

​

​

​

​

​

​

Securities available for sale:

​

​

​

​

​

​

Mortgage-backed securities

$

—

$

—

​

$

7,761,117

​

$

( 1,045,621 )

​

$

7,761,117

​

$

( 1,045,621 )

State and political subdivisions

—

—

​

12,362,597

​

( 1,829,771 )

​

12,362,597

​

( 1,829,771 )

Corporate securities

—

—

​

2,906,540

​

( 561,018 )

​

2,906,540

​

( 561,018 )

Totals

$

—

$

—

​

$

23,030,254

​

$

( 3,436,410 )

​

$

23,030,254

​

$

( 3,436,410 )

​

​

8

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

12 Months or More

​

Total

​

​

Estimated

​

Unrealized

​

Estimated

​

Unrealized

​

Estimated

​

Unrealized

​

​

Fair Value

​

Loss

​

Fair Value

​

Loss

​

Fair Value

​

Loss

December 31, 2024

​

​

​

​

​

​

Securities available for sale:

​

​

​

​

​

​

Mortgage-backed securities

$

—

$

—

​

$

7,823,809

​

$

( 1,254,841 )

​

$

7,823,809

​

$

( 1,254,841 )

State and political subdivisions

—

—

​

12,138,946

​

( 2,052,935 )

​

12,138,946

​

( 2,052,935 )

Corporate securities

—

—

​

2,844,081

​

( 622,247 )

​

2,844,081

​

( 622,247 )

Totals

$

—

$

—

​

$

22,806,836

​

$

( 3,930,023 )

​

$

22,806,836

​

$

( 3,930,023 )

​

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

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

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

​

​

​

Estimated

Available-for-sale

​

Amortized Cost

​

Fair Value

Due in one year or less

$

795,093

$

791,942

Due after one year through five years

​

6,640,628

​

5,931,413

Due after five years through ten years

​

10,076,791

​

8,420,057

Due after ten years

​

147,414

​

125,725

​

​

​

​

​

​

​

Subtotal

​

17,659,926

​

15,269,137

Mortgage-backed securities

​

8,806,738

​

7,761,117

Total

​

$

26,466,664

​

$

23,030,254

​

​

9

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Debt Securities HTM

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

March 31, 2025

​

Cost

​

Gains

​

Losses

​

Fair Value

Securities held to maturity:

​

​

​

​

U.S. government sponsored agencies

​

$

28,514,187

$

17,148

​

$

( 227,078 )

​

$

28,304,257

U.S. Treasury securities

​

10,788,629

6,566

​

( 483 )

​

10,794,712

Total securities held to maturity

​

$

39,302,816

$

23,714

​

$

( 227,561 )

​

$

39,098,969

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

December 31, 2024

​

Cost

​

Gains

​

Losses

​

Fair Value

Securities held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government sponsored agencies

​

$

28,306,633

​

$

282

​

$

( 812,896 )

​

$

27,494,019

U.S. Treasury securities

​

10,699,998

​

—

​

( 31,391 )

​

10,668,607

Total securities held to maturity

​

$

39,006,631

​

$

282

​

$

( 844,287 )

​

$

38,162,626

​

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

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

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Amortized

​

Estimated

Held-to-maturity

​

Cost

​

Fair Value

Due in one year or less

$

6,341,418

$

6,342,455

Due after one year through five years

​

14,949,630

​

14,939,301

Due after five years through ten years

​

14,414,863

​

14,281,719

Due after ten years

​

3,596,905

​

3,535,494

Total

​

$

39,302,816

​

$

39,098,969

​

​

​

10

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Note 3: Loans and Allowance for Credit Losses

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

​

​

​

​

​

​

​

​

​

March 31, 2025

December 31, 2024

Real estate:

​

​

​

​

​

​

One to four family residential

​

$

131,573,882

​

$

130,077,444

Home equity

​

2,252,877

​

2,241,326

Equity line of credit

​

5,880,412

​

5,823,673

Construction

​

9,137,794

​

6,755,376

Multi-family

​

1,392,504

​

1,271,343

Commercial

​

2,344,887

​

2,587,784

Commercial installment

​

3,646,149

​

3,513,472

Consumer:

​

​

​

Marine and recreational

​

30,885,011

​

31,150,048

Other consumer

​

4,093,700

​

4,211,711

​

​

​

​

​

​

Subtotal

​

191,207,216

​

187,632,177

Allowance for credit losses

​

( 1,190,255 )

​

( 1,126,422 )

Unearned loan fees

​

( 163,680 )

​

( 151,319 )

Loans, net

​

$

189,853,281

​

$

186,354,436

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended March 31, 2025

​

​

Beginning

​

Provision for

​

​

​

​

​

​

​

Ending

​

​

Balance

​

Credit Loss

​

Charge-offs

​

​

Recoveries

​

Balance

Real estate:

​

​

​

​

​

One to four family residential

​

$

639,578

​

$

99,815

$

—

$

—

​

$

739,393

Home equity

​

11,020

​

1,640

​

—

—

​

12,660

Equity line of credit

​

28,634

​

4,417

​

—

—

​

33,051

Construction

​

73,444

​

26,026

​

—

—

​

99,470

Multi-family

​

6,251

​

1,576

​

—

—

​

7,827

Commercial

​

30,624

​

( 5,821 )

​

—

—

​

24,803

Commercial Installment

​

42,629

​

( 4,062 )

​

—

—

​

38,567

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marine and recreational

​

259,197

​

( 52,156 )

​

—

—

​

207,041

Other consumer

​

35,045

​

( 7,602 )

​

—

—

​

27,443

Total

​

$

1,126,422

​

$

63,833

​

$

—

$

—

​

$

1,190,255

​

​

11

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended March 31, 2024

​

​

Beginning

​

Provision for

​

​

​

​

​

​

​

Ending

​

​

Balance

​

Credit Loss

​

Charge-offs

​

Recoveries

​

Balance

Real estate:

​

​

​

​

​

One to four family residential

​

$

654,754

$

( 56,134 )

$

—

$

—

​

$

598,620

Home equity

​

11,045

​

( 1,100 )

​

—

​

—

​

9,945

Equity line of credit

​

22,193

​

( 744 )

​

—

​

—

​

21,449

Construction

​

21,293

​

27,342

​

—

​

—

​

48,635

Multi-family

​

7,948

​

( 791 )

​

—

​

—

​

7,157

Commercial

​

26,323

​

( 4,169 )

​

—

​

—

​

22,154

Commercial Installment

​

44,972

​

6,577

​

—

​

—

​

51,549

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marine and recreational

​

241,624

​

22,900

​

( 9,289 )

​

—

​

255,235

Other consumer

​

26,644

​

6,119

​

—

​

—

​

32,763

Total

​

$

1,056,796

$

—

$

( 9,289 )

​

$

—

​

$

1,047,507

​

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

​

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

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

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

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

● Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable.
● Special mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.
● Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable.
● Doubtful ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely.

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

​

12

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans by Origination Year

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior

​

Revolving

​

Total

At March 31, 2025

​

​

​

​

​

​

​

​

Real estate

​

​

​

​

​

​

​

​

One to four family residential

​

​

​

​

​

​

​

​

Performing

​

$

4,623,084

​

$

19,717,175

​

$

9,253,160

​

$

32,625,178

​

$

11,503,312

​

$

53,851,973

​

$

—

​

$

131,573,882

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total one to four family residential

​

$

4,623,084

​

$

19,717,175

​

$

9,253,160

​

$

32,625,178

​

$

11,503,312

​

$

53,851,973

​

$

—

​

$

131,573,882

Home equity

​

​

​

​

​

​

​

​

Performing

​

$

74,473

​

$

888,030

​

$

686,969

​

$

427,888

​

$

16,239

​

$

159,278

​

$

—

​

$

2,252,877

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total home equity

​

$

74,473

​

$

888,030

​

$

686,969

​

$

427,888

​

$

16,239

​

$

159,278

​

$

—

​

$

2,252,877

Equity line of credit

​

​

​

​

​

​

​

​

Performing

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

5,880,412

​

$

5,880,412

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total equity line of credit

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

5,880,412

​

$

5,880,412

Construction

​

​

​

​

​

​

​

​

Performing

​

$

698,519

​

$

5,587,640

​

$

2,585,149

​

$

67,586

​

$

—

​

$

198,900

​

$

—

​

$

9,137,794

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total construction

​

$

698,519

​

$

5,587,640

​

$

2,585,149

​

$

67,586

​

$

—

​

$

198,900

​

$

—

​

$

9,137,794

Multi-family

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

207,717

​

$

1,184,787

​

$

—

​

$

—

​

$

1,392,504

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total multi-family

​

$

—

​

$

—

​

—

​

$

207,717

​

1,184,787

​

$

—

​

$

—

​

$

1,392,504

Commercial

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

486,944

​

$

150,052

​

$

1,287,961

​

$

242,538

​

$

177,392

​

$

—

​

$

2,344,887

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total commercial

​

$

—

​

$

486,944

​

$

150,052

​

$

1,287,961

​

$

242,538

​

$

177,392

​

$

—

​

$

2,344,887

Commercial installment

​

​

​

​

​

​

​

​

Pass

​

$

422,767

​

$

112,613

​

$

202,399

​

$

339,593

​

$

1,008,574

​

$

1,560,203

​

$

—

​

$

3,646,149

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total commercial installment

​

$

422,767

​

$

112,613

​

$

202,399

​

$

339,593

​

$

1,008,574

​

$

1,560,203

​

$

—

​

$

3,646,149

Consumer

​

​

​

​

​

​

​

​

Marine and recreational

​

​

​

​

​

​

​

​

Performing

​

$

1,554,700

​

$

6,774,074

​

$

7,569,272

​

$

2,886,893

​

$

602,917

​

$

11,497,155

​

$

—

​

$

30,885,011

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total marine and recreational

​

$

1,554,700

​

$

6,774,074

​

$

7,569,272

​

$

2,886,893

​

$

602,917

​

$

11,497,155

​

$

—

​

$

30,885,011

Other consumer

​

​

​

​

​

​

​

​

Performing

​

$

289,798

​

$

686,377

​

$

439,933

​

$

495,713

​

$

173,851

​

$

1,996,778

​

$

—

​

$

4,082,450

Non performing

​

—

​

—

​

—

​

11,250

​

—

​

—

​

—

​

11,250

Total other consumer

​

$

289,798

​

$

686,377

​

$

439,933

​

$

506,963

​

$

173,851

​

$

1,996,778

​

$

—

​

$

4,093,700

Total loans

​

$

7,663,341

​

$

34,252,853

​

$

20,886,934

​

$

38,349,779

​

$

14,732,218

​

$

69,441,679

​

$

5,880,412

​

$

191,207,216

​

​

13

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans by Origination Year

​

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Revolving

​

Total

At December 31, 2024

​

​

​

​

​

​

​

​

Real estate

​

​

​

​

​

​

​

​

One to four family residential

​

​

​

​

​

​

​

​

Performing

​

$

19,412,939

​

$

9,559,853

​

$

33,402,127

​

$

11,738,171

​

$

30,020,711

​

$

25,943,643

​

$

—

​

$

130,077,444

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total one to four family residential

​

$

19,412,939

​

$

9,559,853

​

$

33,402,127

​

$

11,738,171

​

$

30,020,711

​

$

25,943,643

​

$

—

​

$

130,077,444

Home equity

​

​

​

​

​

​

​

​

Performing

​

$

863,805

​

$

750,208

​

$

438,473

​

$

16,623

​

$

91,757

​

$

80,460

​

$

—

​

$

2,241,326

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total home equity

​

$

863,805

​

$

750,208

​

$

438,473

​

$

16,623

​

$

91,757

​

$

80,460

​

$

—

​

$

2,241,326

Equity line of credit

​

​

​

​

​

​

​

​

Performing

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

5,823,673

​

$

5,823,673

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total equity line of credit

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

5,823,673

​

$

5,823,673

Construction

​

​

​

​

​

​

​

​

Performing

​

$

3,754,653

​

$

2,721,970

​

$

73,963

​

$

—

​

$

111,209

​

$

93,581

​

$

—

​

$

6,755,376

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total construction

​

$

3,754,653

​

$

2,721,970

​

$

73,963

​

$

—

​

$

111,209

​

$

93,581

​

$

—

​

$

6,755,376

Multi-family

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

209,884

​

$

126,373

​

$

935,086

​

$

—

​

$

1,271,343

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total multi-family

​

$

—

​

$

—

​

$

—

​

$

209,884

​

$

126,373

​

$

935,086

​

$

—

​

$

1,271,343

Commercial

​

​

​

​

​

​

​

​

Pass

​

$

704,843

​

$

152,169

​

$

1,300,428

​

$

248,414

​

$

66,094

​

$

115,836

​

$

—

​

$

2,587,784

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total commercial

​

$

704,843

​

$

152,169

​

$

1,300,428

​

$

248,414

​

$

66,094

​

$

115,836

​

$

—

​

$

2,587,784

Commercial installment

​

​

​

​

​

​

​

​

Pass

​

$

167,507

​

$

258,478

​

$

354,102

​

$

1,069,667

​

$

1,479,869

​

$

183,849

​

$

—

​

$

3,513,472

Special mention

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Substandard

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Doubtful

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total commercial installment

​

$

167,507

​

$

258,478

​

$

354,102

​

$

1,069,667

​

$

1,479,869

​

$

183,849

​

$

—

​

$

3,513,472

Consumer

​

​

​

​

​

​

​

​

Marine and recreational

​

​

​

​

​

​

​

​

Performing

​

$

6,977,323

​

$

8,035,562

​

$

3,062,227

​

$

650,645

​

$

1,510,484

​

$

10,913,807

​

$

—

​

$

31,150,048

Non performing

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Total marine and recreational

​

$

6,977,323

​

$

8,035,562

​

$

3,062,227

​

$

650,645

​

$

1,510,484

​

$

10,913,807

​

$

—

​

$

31,150,048

Other consumer

​

​

​

​

​

​

​

​

Performing

​

$

785,431

​

$

534,610

​

$

613,732

​

$

208,806

​

$

40,975

​

$

2,015,453

​

$

—

​

$

4,199,007

Non performing

​

—

​

—

​

12,704

​

—

​

—

​

—

​

—

​

12,704

Total other consumer

​

$

785,431

​

$

534,610

​

$

626,436

​

$

208,806

​

$

40,975

​

$

2,015,453

​

$

—

​

$

4,211,711

Total loans

​

$

32,666,501

​

$

22,012,850

​

$

39,257,756

​

$

14,142,210

​

$

33,447,472

​

$

40,281,715

​

$

5,823,673

​

$

187,632,177

​

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

14

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accruing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans Past

​

Loans

​

Nonaccrual

​

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

March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Real estate:

​

​

​

​

​

​

​

​

One to four family residential

​

$

129,925,516

​

$

1,648,366

$

—

​

$

—

​

$

—

​

$

—

​

$

131,573,882

Home equity

​

2,237,812

​

15,065

—

​

—

​

—

​

—

​

2,252,877

Equity line of credit

​

5,834,024

​

46,388

—

​

—

​

—

​

—

​

5,880,412

Construction

​

8,282,708

​

855,086

—

​

—

​

—

​

—

​

9,137,794

Multi-family

​

1,392,504

​

—

—

​

—

​

—

​

—

​

1,392,504

Commercial

​

2,344,887

​

—

—

​

—

​

—

​

—

​

2,344,887

Commercial installment

​

3,646,149

​

—

—

​

—

​

—

​

—

​

3,646,149

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marine and recreational

​

30,757,867

​

127,144

—

​

—

​

—

​

—

​

30,885,011

Other consumer

​

4,082,450

​

—

—

​

12,704

​

11,250

​

—

​

4,093,700

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Totals

​

$

188,503,917

​

$

2,692,049

$

—

​

$

12,704

​

$

11,250

​

$

—

​

$

191,207,216

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 March 31, 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 March 31, 2025 and December 31, 2024 is as follows:

​

​

​

​

​

​

​

​

​

March 31, 2025

December 31, 2024

Balance at beginning of period

​

$

44,715

​

$

27,004

New loans

​

—

​

28,230

Repayments

​

( 10,618 )

​

( 10,519 )

​

​

​

​

​

​

Balance at end of period

​

$

34,097

​

$

44,715

​

​

​

Note 4: Deposits

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

​

​

​

​

​

​

​

​

​

March 31, 2025

December 31, 2024

Non-interest-bearing demand

​

$

8,291,770

​

$

9,461,778

Interest-bearing demand

​

42,148,244

​

40,044,250

Savings

​

26,612,919

​

28,885,850

Money market

​

42,455,472

​

42,827,392

Certificates of deposit

​

112,137,679

​

110,300,200

​

​

​

​

​

​

​

Total deposits

​

$

231,646,084

​

$

231,519,470

​

The aggregate amount of certificates of deposit in denominations of $250,000 or more at March 31, 2025 and December 31, 2024 was approximately $ 21,302,000 and $ 18,798,000 , respectively.

The scheduled maturities of certificates of deposit as of March 31, 2025, are summarized as follows:

​

​

​

​

​

​

​

​

Twelve months ended March 31,

​

​

Amount

2026

$

86,290,646

2027

​

16,242,900

2028

​

4,471,991

2029

​

3,177,135

2030

​

1,955,007

​

​

​

​

Total

​

$

112,137,679

​

Deposits from directors, executive officers, and their affiliates totaled $ 2,838,922 and $ 2,514,749 at March 31, 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 March 31, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

December 31, 2024

​

​

Average Rate

​

Amount

​

Average Rate

​

Amount

Federal Home Loan Bank:

​

​

​

​

Fixed rate, short term advances

​

4.45

%

$

8,835,000

​

4.44

%

$

4,700,000

Fixed rate, fixed term advances

​

3.81

%

19,000,000

​

3.82

%

19,500,000

Total borrowings

​

​

​

$

27,835,000

​

​

$

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 March 31, 2025:

​

​

​

​

​

​

​

​

Average Rate

Amount

2025

​

4.11

%

$

5,000,000

2026

​

3.74

%

​

6,000,000

2028

​

3.68

%

​

8,000,000

​

​

​

​

​

​

​

Total

​

​

​

​

$

19,000,000

​

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 $ 72,259,000 and $ 68,175,000 at March 31, 2025 and December 31, 2024, respectively. FHLB advances are also secured by $ 1,903,782 and $ 1,879,971 of FHLB stock owned by the Company at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Company has current borrowing capacity of $ 43,698,000 based on total collateral pledged as of this date. The Company will be required to purchase FHLB activity stock to support additional borrowings beyond current activity stock holdings.

At March 31, 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 March 31, 2025 and December 31, 2024.

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

Note 6: 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.

17

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EWSB BANCORP, INC. AND SUBSIDIARY

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 March 31, 2025, that the Bank meets all applicable statutory capital adequacy requirements.

As of March 31, 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.

The Bank’s actual capital amounts and ratios as of March 31, 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

​

March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bank

​

​

​

​

​

​

​

​

​

​

​

​

Common Equity Tier 1 capital (to risk-weighted assets)

​

$

18,044

​

11.0

%

≥ $

7,358

​

≥

4.5

%

≥ $

10,628

​

≥

6.5

%

Tier 1 capital (to risk-weighted assets)

​

​

18,044

​

11.0

%

≥

9,810

​

≥

6.0

%

≥

13,080

​

≥

8.0

%

Total capital (to risk-weighted assets)

​

​

19,362

​

11.8

%

≥

13,080

​

≥

8.0

%

≥

16,350

​

≥

10.0

%

Tier 1 capital (to average assets)

​

​

18,044

​

6.6

%

≥

10,995

​

≥

4.0

%

≥

13,744

​

≥

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 March 31, 2025, the Bank’s tier one capital as a percentage of average total assets capital ratio of 6.6 % 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 11.8 % 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 March 31, 2025, the Bank’s net worth ratio of 5.64 % was not in compliance with the minimum requirement.

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 7: 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 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 March 31, 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.

​

19

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

Information regarding the fair value of assets and liabilities measured at fair value on a recurring basis as of March 31, 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

​

March 31, 2025

​

(Level 1)

(Level 2)

​

(Level 3)

Financial assets:

​

​

​

​

​

​

​

​

Securities available for sale:

​

​

​

​

​

​

​

​

Mortgage-backed securities

​

$

7,761,117

​

$

—

​

$

7,761,117

​

$

—

State and political subdivisions

​

​

12,362,597

​

​

—

​

​

12,362,597

​

​

—

Corporate securities

​

​

2,906,540

​

​

—

​

​

2,906,540

​

​

—

Total securities available for sale

​

$

23,030,254

​

$

—

​

$

23,030,254

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 8: 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.

​

20

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Estimated

​

​

Amount

​

​

​

​

​

​

​

​

​

​

Fair Value

​

March 31, 2025

(Level 1)

(Level 2)

(Level 3)

March 31, 2025

Financial assets:

​

​

​

​

​

​

​

​

​

​

HTM debt securities:

​

​

​

​

​

​

​

​

​

​

U.S. government sponsored agencies

​

$

28,514,187

​

$

—

​

$

28,304,257

​

$

—

​

$

28,304,257

U.S. Treasury securities

​

$

10,788,629

​

$

10,794,712

​

$

—

​

$

—

​

$

10,794,712

Loans, net

​

$

189,853,281

​

$

—

​

$

—

​

$

177,722,000

​

$

177,722,000

Financial liabilities:

​

​

​

​

​

Interest-bearing deposits

​

$

223,354,314

​

$

—

​

$

203,139,000

​

$

—

​

$

203,139,000

Fixed rate, fixed term FHLB advances

​

$

19,000,000

​

$

—

​

$

19,041,381

​

$

—

​

$

19,041,381

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 9: 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 March 31, 2025

Net income (loss) applicable to common shares outstanding

$

( 568,641 )

​

​

​

​

Average number of common shares outstanding

752,538

Less: Average unallocated ESOP shares

​

​

49,715

Average number of common shares outstanding used to calculate basic earnings per share

​

​

702,823

Earnings per common share basic and diluted

​

$

( 0.81 )

​

There were no securities or other contracts that had a dilutive effect during the three months ended March 31, 2025, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same.

21

Table of Contents

EWSB BANCORP, INC. AND SUBSIDIARY

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 months ended March 31, 2025, was calculated using 702,823 weighted average shares outstanding. EPS data is not applicable for the three months ended March 31, 2024, as the Company had no shares outstanding.

Note 10: 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.

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 three months ended March 31, 2025 is $ 7,047 .

Shares held by the ESOP as of March 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

As of March 31, 2025

Shares committed for allocation

​

3,293

Unallocated

49,385

Total ESOP shares

​

​

52,678

​

​

​

​

Fair value of unearned shares at March 31, 2025

​

$

567,928

​

​

​

​

22

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”);

23

● 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 March 31, 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

24

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 March 31, 2025 and December 31, 2024

Total Assets. Total assets increased $4.1 million, or 1.5%, to $277.4 million at March 31, 2025 from $273.3 million at December 31, 2024. The change was primarily the result of a $3.6 million increase in portfolio loans and a $520,000 increase 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 $63,000, or 1.1% to $5.6 million at March 31, 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 increased $223,000, or 1.0%, to $23.0 million at March 31, 2025 from $22.8 million at December 31, 2024. The increase was primarily due to a $515,000 increase in the market value of the portfolio due to a decrease in market interest rates during the three months ended March 31, 2025 offset by principal paydowns of $284,000 on mortgage-backed securities. The proceeds from principal paydowns are utilized to manage liquidity and support loan growth.

Securities Held-to-Maturity. Securities held-to-maturity increased $296,000, or 0.8%, to $39.3 million at March 31, 2025 from $39.0 million at December 31, 2024. The increase in securities held-to-maturity was due to $296,000 in amortization of unrealized losses and discounts.

Loans, net. Loans, net increased $3.6 million, or 1.9%, to $190.0 million at March 31, 2025 from $186.4 million at December 31, 2024. Construction, one- to four-family, commercial, multi-family, and home equity loans and lines of credit increased $2.4 million, $1.5 million, $133,000, $121,000, and $68,000, respectively, to $9.1 million, $131.6 million, $3.6 million, $1.4 million, and $8.1 million at March 31, 2025, respectively, as a result of loan production exceeding payoffs and amortization. These increases were partially offset by decreases to marine and recreational, commercial real estate, and other consumer loans of $265,000, $243,000, and $118,000 respectively, to $30.9 million, $2.3 million, and $4.1 million at March 31, 2025, respectively.

Deposits. Total deposits increased $127,000 or 0.1% to $231.6 million at March 31, 2025, from $231.5 million at December 31, 2024. Non-interest bearing deposits decreased $1.2 million, or 12.4%, to $8.3 million at March 31, 2025, from $9.5 million at December 31, 2024. Total interest-bearing deposits, other than time deposits, decreased approximately $541,000 million, or 0.5%, to $111.2 million at March 31, 2025, from $111.8 million at December 31, 2024. Certificates of deposits increased $1.8 million, or 1.7%, to $112.1 million at March 31, 2025, from $110.3 million at December 31, 2024. The 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 $27.8 million of borrowings at March 31, 2025 as compared to $24.2 million at December 31, 2024. The increase of $3.6 million in FHLB borrowings were used to fund portfolio loans during the three months ended March 31, 2025.

Stockholders’ Equity. Total stockholders’ equity remained consistent at $15.6 million at March 31, 2025 from and December 31, 2024. Accumulated other comprehensive loss decreased $561,000 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 $569,000 which resulted from the net loss incurred for the three months ended March 31, 2025.

​

25

Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

Net Income/(Loss). We recorded a net loss of $569,000 for the three months ended March 31, 2025, compared to a net loss of $377,000 for the three months ended March 31, 2024, a change of $191,000 year-over-year. The increase in our net loss year-over-year resulted primarily from a $148,000 decrease in noninterest income and an increase of $136,000 in noninterest expense offset by a $28,000 increase in net interest income and a $65,000 increase in the income tax benefit.

Interest Income. Interest income increased $302,000, or 13.1%, to $2.6 million for the three months ended March 31, 2025, from $2.3 million for the three months ended March 31, 2024, due to a $306,000 increase in interest and fees on loans. The increase in interest and fees on loans was primarily due to an increase of 37 basis points in the weighted average yield on the loan portfolio to 4.92% for the three months ended March 31, 2025, from 4.55% for the same period in 2024. Interest income on securities and other investments decreased $4,000 to $316,000 for the three months ended March 31, 2025 primarily due to a $2.0 million decrease in average balance of investment securities year-over-year. The average balance decrease was primarily related to security maturities.

Interest Expense. Total interest expense increased $164,000, or 11.1%, to $1.6 million for the three months ended March 31, 2025, from $1.5 million for the three months ended March 31, 2024. Interest expense on deposits increased $164,000, or 13.5%, to $1.4 million for the three months ended March 31, 2025 from $1.2 million for the three months ended March 31, 2024. This increase was due primarily to an increase in the weighted average rate paid on certificates of deposit of 16 basis points to 4.35% for the three months ended March 31, 2025 from 4.19% for the three months ended March 31, 2024, combined with an increase in the average balance of such deposits of $4.5 million year-over-year and a $3.4 million decrease in the average balance of lower-cost money market accounts year-over-year.

Interest expense on borrowed funds remained consistent at $262,000 for the three months ended March 31, 2025 and 2024. The rate paid on borrowed funds declined 41 basis points to 4.12% for the three months ended March 31, 2025, from 4.53% for the three months ended March 31, 2024 while the average balance of borrowed funds increased $2.4 million, or 10.4%, to $25.8 million for the three months ended March 31, 2025 from $23.4 million for the three months ended March 31, 2024. The increase in the average balance was generally related to the measured use of borrowings to support the increase in the loan portfolio.

Net Interest Income. Net interest income increased $139,000, or 16.9%, to $963,000 for the three months ended March 31, 2025 from $824,000 for the three months ended March 31, 2024, primarily due to an increase in the interest rate spread to 1.46% for the three months ended March 31, 2025 from 1.33% for the three months ended March 31, 2024 and an increase in the net interest margin to 1.51% for the three months ended March 31, 2025, from 1.35% for the three months ended March 31, 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 partially offset by rates paid on interest-bearing deposits.

Provision for Credit Losses. Based on management’s analysis of the adequacy of the ACL and unfunded loan commitments, a provision of $64,000 was made to the ACL and $46,000 to the ACL for unfunded loan commitments for the three months ended March 31, 2025. No provisions were made to the ACL or the ACL for unfunded loan commitments for the three months ended March 31, 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.

26

Noninterest Income. Noninterest income declined $148,000, or 31.7%, to $320,000 for the three months ended March 31, 2025 from $469,000 for the three months ended March 31, 2024. The change resulted primarily from a non-recurring $86,000 gain on an interest rate swap recognized in 2024 with no such gain recognized in the 2025 period, a $56,000 decline in other noninterest income related to reduced activity in investment management services and insurance agency business lines and reciprocal deposit fee income, and a $17,000 decline in mortgage banking activity. These declines in non-interest income were offset by an increase of $8,000 in bank owned life insurance income and a $4,000 increase in service charges on deposit accounts. The table below sets forth our noninterest income for the quarter ended March 31, 2025 and 2024:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

​

​

March 31,

​

Change

​

2025

2024

Amount

Percent

Service charges on deposit accounts

​

$

14,582

​

$

10,380

​

$

4,202

40.5

%

Interchange income

​

56,354

​

57,139

​

(785)

(1.4)

%

Mortgage banking income

​

51,606

​

63,845

​

(12,239)

(19.2)

%

Gain on sale of mortgage loans

​

​

45,561

​

​

50,721

​

​

(5,160)

(10.2)

​

Increase in cash value of life insurance

​

62,225

​

54,201

​

8,024

14.8

%

Gain on interest rate swap

​

​

—

​

86,290

​

(86,290)

(100.0)

%

Other

​

90,014

​

146,183

​

(56,169)

(38.4)

%

Total noninterest income

​

$

320,342

​

$

468,759

​

$

(148,417)

(31.7)

%

​

Noninterest Expense. Noninterest expense increased $136,000, or 7.4%, to $2.0 million for the three months ended March 31, 2025 from $1.8 million for the three months ended March 31, 2024. Professional services fees increased $100,000 related to audit, accounting, legal and other professional services. Salary and benefit expenses increased $75,000 due to additional salary expense and benefits including expenses related to the ESOP. These increases were offset by decreases of $22,000 in FDIC insurance premiums, $14,000 in advertising, and $5,000 in net occupancy expenses. The table below sets forth our noninterest expense for the three months ended March 31, 2025 and 2024:

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​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

​

March 31,

​

Change

​

2025

2024

Amount

Percent

Salaries and related benefits

​

$

1,106,569

​

$

1,031,442

​

$

75,127

7.3

%

Occupancy expense, net

​

167,974

​

173,109

​

(5,135)

(3.0)

%

Data processing

​

274,338

​

271,410

​

2,928

1.1

%

Advertising

​

27,982

​

41,689

​

(13,707)

(32.9)

%

FDIC insurance premiums

​

56,626

​

79,007

​

(22,381)

(28.3)

%

Other

​

335,036

​

236,137

​

98,899

41.9

%

Total noninterest expense

​

$

1,968,525

​

$

1,832,794

​

$

135,731

7.4

%

​

Income Tax Expense. Our benefit for income taxes increased $65,000 to a benefit of $227,000 for the three months ended March 31, 2025, from a benefit of $162,000 for the three months ended March 31, 2024 due to an increase in loss before income taxes.

During 2025 , management continues to assess 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. A significant piece of objective negative evidence evaluated is the cumulative taxable loss incurred over the three-year period ended March 31, 2025. Such objective evidence limits the ability to fully consider other subjective evidence, such as our projections for future growth and taxable income and requires management to also consider available tax planning strategies. The Company does not have a valuation allowance as of December 31, 2024, and no valuation allowance was considered necessary as of March 31, 2025. The amount of the deferred tax asset considered realizable, however, could be adjusted, and a valuation allowance recorded, if estimates of future taxable income during the carryforward period are reduced or if further objective negative evidence in the form of cumulative loss is present and additional weight cannot be given to subjective evidence such as our projections for growth.

27

​

​

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.

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​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended March 31,

​

​

2025

​

2024

​

Average

​

​

​

​

Average

​

​

​

​

​

Outstanding

​

​

​

​

Average

​

Outstanding

​

​

​

​

Average

​

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

​

​

(Dollars in thousands)

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans (1)

​

$

188,789

​

$

2,288

4.92

%

$

175,147

​

$

1,982

4.55

%

Securities available for sale

​

22,911

​

130

2.30

%

23,755

​

140

2.37

%

Securities held to maturity

​

39,106

​

135

1.40

%

40,156

​

137

1.37

%

Cash, cash equivalents and other interest-earning assets

​

5,709

​

51

3.62

%

6,171

​

43

2.80

%

Total interest-earning assets

​

$

256,515

​

$

2,604

4.12

%

$

245,229

​

$

2,302

3.78

%

Noninterest-earning assets

​

$

18,327

​

​

​

​

$

17,909

​

​

Total assets

​

$

274,842

​

​

​

​

$

263,138

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

Interest-bearing demand deposits

​

$

36,104

​

$

67

0.75

%

$

33,629

​

$

8

0.10

%

Savings deposits

​

30,268

​

4

0.05

%

28,568

​

4

0.06

%

Money market

​

46,824

​

107

0.93

%

50,183

​

87

0.70

%

Certificates of deposit

​

111,860

​

1,201

4.35

%

107,243

​

1,116

4.19

%

Total interest-bearing deposits

​

$

225,056

​

$

1,379

2.48

%

$

219,623

​

$

1,215

2.23

%

Borrowed funds

​

25,783

​

262

4.12

%

23,353

​

263

4.53

%

Total interest-bearing liabilities

​

$

250,839

​

$

1,641

2.65

%

$

242,976

​

$

1,478

2.45

%

Noninterest-bearing demand deposits

​

8,461

​

​

​

​

7,917

​

​

​

​

Other noninterest-bearing liabilities

​

1,766

​

​

​

​

1,875

​

​

​

​

Total liabilities

​

261,066

​

​

​

​

252,768

​

​

​

​

Total equity

​

13,776

​

​

​

​

10,370

​

​

​

​

Total liabilities and equity

​

$

274,842

​

​

​

​

$

263,138

​

​

​

​

Net interest income

​

​

​

​

$

963

​

​

​

​

$

824

​

Net interest rate spread (2)

​

​

​

​

​

1.46

%

​

1.33

%

Net interest-earning assets (3)

​

$

5,676

​

​

​

​

​

​

$

2,253

​

​

​

Net interest margin (4)

​

​

​

​

​

1.51

%

​

1.35

%

Average interest-earning assets to interest-bearing liabilities

​

102.3

%

​

​

​

​

100.9

%

​

(1) Net deferred fee income included in interest earned on loans totaled $81,000 for the three months ended March 31, 2025 and $44,000 for the three months ended March 31, 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.

28

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 March 31,

​

​

2025 vs. 2024

​

​

​

​

​

​

​

​

Total

​

​

Increase (Decrease) Due to

​

Increase

​

Volume

Rate

(Decrease)

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

Loans

​

$

165

​

$

141

​

$

306

Securities available-for-sale

​

(5)

​

(5)

​

(10)

Securities held-to-maturity

​

(4)

​

2

​

(2)

Cash, cash equivalents and other interest-earning assets

​

(4)

​

12

​

8

Total interest-earning assets

​

152

​

150

​

302

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

Interest-bearing demand deposits

​

5

​

54

​

59

Savings deposits

​

—

​

—

​

—

Money market

​

(8)

​

28

​

20

Certificates of deposit

​

50

​

35

​

85

Total interest-bearing deposits

​

47

​

117

​

164

Borrowed funds

​

25

​

(26)

​

(1)

Total interest-bearing liabilities

​

72

​

91

​

163

Change in net interest income

​

$

80

​

$

59

​

$

139

​

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.

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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.

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.

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The following table sets forth, as of March 31, 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.

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At March 31, 2025

Change in Interest Rates

Net Interest Income Year 1

Year 1 Change from

(basis points) (1)

Forecast

Level

(Dollars in thousands)

300

​

$

3,141

(22.12)

%

200

​

3,431

(14.93)

%

100

​

3,737

(7.34)

%

Level

​

4,033

—

%

(100)

​

4,388

8.80

%

(200)

​

4,737

17.46

%

(300)

​

5,082

26.01

%

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

The table above indicates that at March 31, 2025, we would have experienced a 14.93% decrease in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 17.46% increase in net interest income in the event of an instantaneous parallel 200 basis point decrease in market interest rates.

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 March 31, 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.

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​

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​

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At March 31, 2025

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​

​

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Estimated Increase

Change in Interest Rates

​

Estimated

​

(Decrease) in EVE

(basis points) (1)

EVE (2)

Amount

Percent

(Dollars in thousands)

300

​

$

8,102

​

$

(8,369)

(50.81)

%

200

​

10,944

​

(5,527)

(33.56)

%

100

​

14,119

​

(2,352)

(14.28)

%

Level

​

16,471

​

n/a

—

%

(100)

​

21,056

​

4,585

27.84

%

(200)

​

24,764

​

8,293

50.35

%

(300)

​

28,416

​

11,945

72.52

%

(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 March 31, 2025, we would have experienced a 33.56% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 50.35% 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

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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.

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 March 31, 2025, we had outstanding advances of $27.8 million from the FHLB. At March 31, 2025, we had unused borrowing capacity of $43.7 million from the FHLB. At March 31, 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 March 31, 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 three months ended March 31, 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

32

loss reserves, all divided by the Bank’s total assets). At March 31, 2025 and December 31, 2024, we had a net worth ratio of 5.64% and 5.67%, respectively.

At March 31, 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 March 31, 2025, we had Tier 1 capital equal to 6.6% of total average assets, total risk-based capital equal to 11.8% of risk-weighted assets and a net worth ratio of 5.64%. 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, have significantly increased our liquidity and capital resources. Over time, the initial level of liquidity will 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 will be enhanced by the net proceeds from the offering, which will increase our net interest-earning assets and net interest income. However, due to the increase in equity resulting from the net proceeds raised in the offering, as well as other factors associated with the offering, our return on equity may 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 March 31, 2025, we had outstanding commitments to extend credit of $29.1 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 March 31, 2025 totaled $86.3 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 March 31, 2025 were estimated to be $128,000. We have provisioned for this exposure and recorded a reserve of $128,000 as of March 31, 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.

33

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 March 31, 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 March 31 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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34

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 March 31, 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.”

35

Item 6. Exhibits

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3.1

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

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3.2

​

Bylaws of EWSB Bancorp, Inc. (2)

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4

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Form of Common Stock of EWSB Bancorp, Inc. (3)

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31

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Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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32

​

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

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101

​

The following materials for the three months ended March 31, 2025, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements

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104

​

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

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(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

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.

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EWSB BANCORP, INC.

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Date: May 14, 2025

/s/ Charles D. Schmalz

​

Charles D. Schmalz

​

President, Chief Executive Officer and Chief Financial Officer

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TABLE OF CONTENTS