Net interest income has accelerated to $6.3 million in 2026Q3, though this growth is offset by a stagnant net interest margin of 0.6%.
| Net Interest Income | 23.45M | 17.52M | 14.37M | 17.75M |
| NII Growth % | 196.63% | 21.9% | -19.02% | - |
| Net Interest Margin % | 2.22% | 1.85% | 1.69% | 2.36% |
| Interest Income | 48.23M | 42.71M | 34.86M | 24.87M |
| Interest Expense | 24.78M | 25.19M | 20.49M | 7.12M |
| Loan Loss Provision | 1.08M | 2.07M | 514K | 1.4M |
| Non-Interest Income | 1.41M | 1.79M | 1.47M | 911K |
| Non-Interest Income % | 2.83% | 4.03% | 4.03% | 3.53% |
| Total Revenue | 49.63M | 44.51M | 36.33M | 25.78M |
| Revenue Growth % | 67.61% | 22.51% | 40.9% | - |
| Non-Interest Expense | 21.1M | 18.78M | 14.57M | 11.64M |
| Efficiency Ratio | 42.51% | 42.19% | 40.11% | 45.15% |
| Operating Income | 2.68M | -1.53M | 754K | 5.62M |
| Operating Margin % | 5.39% | -3.44% | 2.08% | 21.81% |
| Operating Income Growth % | - | -302.92% | -86.59% | - |
| Pretax Income | 2.68M | -1.53M | 754K | 5.62M |
| Pretax Margin % | 5.39% | -3.44% | 2.08% | 21.81% |
| Income Tax | 415K | -656K | -32K | 1.46M |
| Effective Tax Rate % | 15.51% | 42.88% | -4.24% | 26.02% |
| Net Income | 2.26M | -874K | 786K | 4.16M |
| Net Margin % | 4.56% | -1.96% | 2.16% | 16.14% |
| Net Income Growth % | 1368.18% | -211.2% | -81.11% | - |
| Net Income (Continuing) | 2.26M | -874K | 786K | 4.16M |
| EPS (Diluted) | 0.25 | -0.10 | 0.08 | 0.44 |
| EPS Growth % | 1506.67% | -220.19% | -81.09% | - |
| EPS (Basic) | - | -0.09 | 0.08 | 0.44 |
| Diluted Shares Outstanding | 8.97M | 9.25M | 9.45M | 9.45M |
Geographic concentration and scale
As reported in recent financial filings, Winchester Bancorp has demonstrated a robust acceleration in net interest income, which climbed to $6.3 million in 2026Q3 from $3.6 million in 2024Q4, representing a significant expansion in core earnings capacity despite a challenging interest rate environment for regional lenders.
The consistent quarter-over-quarter growth in net interest income suggests that the bank is successfully repricing its loan book or expanding its asset base. Investors should monitor whether this trajectory can be sustained without a corresponding spike in deposit costs, which could compress the net interest margin.
Based on the provided quarterly data, the bank's net interest margin has remained stagnant at approximately 0.6% throughout 2026, indicating that the institution is struggling to widen its spread between asset yields and funding costs despite the notable growth in total interest-earning assets.
The lack of margin expansion suggests that the bank's funding costs are rising in lockstep with asset yields, potentially due to the competitive nature of the local Massachusetts deposit market. This margin profile warrants further investigation into the bank's deposit beta and its ability to attract lower-cost core deposits.
According to the bank's income statement, the efficiency ratio has fluctuated significantly, reaching 37.6% in 2026Q3, which highlights the ongoing difficulty in managing non-interest expenses relative to the bank's current revenue scale as it attempts to transition into a more profitable public entity.
The volatility in the efficiency ratio appears to reflect the high fixed-cost burden of maintaining a physical branch network in a competitive sub-market. Without achieving greater operating leverage, the bank may continue to face challenges in translating top-line revenue growth into meaningful bottom-line profitability.
As indicated by the quarterly figures, the provision for loan losses has exhibited significant volatility, swinging from a $1.2 million expense in 2025Q1 to a $320,000 credit in 2026Q1, which complicates the assessment of the bank's underlying credit risk and its forward-looking loss expectations.
This variability in provision expense may be driven by CECL accounting requirements rather than actual deterioration in the loan portfolio. Analysts should monitor whether these swings stabilize as the bank builds a more consistent track record of loan performance in its concentrated geographic footprint.
Quick answers to the most common questions about buying WSBK stock.
Winchester Bancorp, Inc. Common Stock (WSBK) reported a net loss of $0.9M for the fiscal year ending 2025.
Winchester Bancorp, Inc. Common Stock (WSBK) reported an operating income of $-1.5M, resulting in an operating profit margin of -3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Winchester Bancorp, Inc. Common Stock (WSBK) generated $17.2M in gross profit for the year, representing a gross profit margin of 38.8%. This demonstrates the company's core pricing power and production efficiency.