EWSB BANCORP, INC_March 31, 2026

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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, 2026

☐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: 000-56690

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 11, 2026, the Registrant had 752,538 shares of common stock, par value $0.01 per share issued and outstanding.

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TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
Signatures		38

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets


		March 31, 2026		December 31, 2025
		(unaudited)
Assets
Cash and cash equivalents		$	964,642	$	1,272,620
Time deposits with other financial institutions			4,500,199		4,499,912
Debt securities available for sale (amortized cost of $24,694,657 and $24,917,350 as of March 31, 2026 and December 31, 2025, respectively)			21,982,711		22,289,409
Debt securities held to maturity (fair value of $33,988,637 and $36,749,812 as of March 31, 2026 and December 31, 2025, respectively)			33,945,648		36,431,757
Loans, net of allowance of $1,166,431 and $1,142,629 as of March 31, 2026 and December 31, 2025, respectively			184,964,182		189,415,521
Land held for sale			435,328		435,328
Office properties and equipment, net			2,316,203		2,357,973
Federal Home Loan Bank stock			2,759,245		2,759,245
Cash value of life insurance			8,024,695		7,956,118
Deferred tax asset, net of allowance of $3,390,991 and $3,297,641 as of March 31, 2026 and December 31, 2025, respectively			1,803,430		1,844,846
Accrued interest receivable and other assets			1,530,628		1,706,597

TOTAL ASSETS		$	263,226,911	$	270,969,326

Liabilities and Equity
Deposits:
Non-interest bearing		$	7,597,399	$	7,696,247
Interest bearing			211,404,438		209,554,301
Total deposits			219,001,837		217,250,548
Borrowed funds			29,257,820		38,368,820
Advance payments by borrowers for taxes and insurance			635,165		479,924
Accrued interest payable and other liabilities			1,358,206		1,652,108

Total liabilities			250,253,028		257,751,400

Equity:
Common stock ($0.01 par value, 4,000,000 shares authorized, 752,538 issued and outstanding as of March 31, 2026 and December 31, 2025)			7,525		7,525
Additional paid-in capital			5,470,718		5,471,260
Retained earnings			12,957,426		13,322,206
Unallocated common shares held by Employee Stock Ownership Plan (ESOP)			(467,517)		(474,102)
Accumulated other comprehensive income (loss)			(4,994,269)		(5,108,963)

Total stockholders' equity			12,973,883		13,217,926

TOTAL LIABILITIES AND EQUITY		$	263,226,911	$	270,969,326

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited)


		Three Months Ended March 31,
		2026		2025
Interest and dividend income:
Loans, including fees		$	2,349,785	$	2,287,479
Securities:
Taxable			234,312		256,037
Tax-exempt			9,393		9,398
Other			87,435		50,815

Total interest and dividend income			2,680,925		2,603,729

Interest expense:
Deposits			1,164,558		1,379,097
Borrowed funds			339,225		262,331

Total interest expense			1,503,783		1,641,428

Net interest and dividend income			1,177,142		962,301
Provision for credit losses			52,893		110,290

Net interest income after provision for credit losses			1,124,249		852,011

Noninterest income:
Service charges on deposit accounts			13,942		14,582
Interchange income			50,694		56,354
Mortgage banking income			46,961		39,308
Gain on sale of mortgage loans			158,735		57,859
Increase in cash value of life insurance			68,576		62,225
Gain on interest rate swap			8,608		—
Other			74,716		90,014

Total noninterest income			422,232		320,342

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited) Continued


		Three Months Ended March 31,
		2026		2025
Noninterest expense:
Salaries and related benefits			1,044,450		1,106,569
Occupancy expense			165,817		167,974
Data processing			258,511		274,338
Advertising			22,314		27,982
FDIC insurance premiums			99,895		56,626
Other			320,274		335,036

Total noninterest expense			1,911,261		1,968,525

Income (loss) before provision for (benefit from) income taxes			(364,780)		(796,172)
Provision for (benefit from) income taxes			—		(227,531)
Net income (loss)		$	(364,780)	$	(568,641)
Basic and diluted earnings per share		$	(0.52)	$	(0.81)
Weighted average shares outstanding			705,457		702,823

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss) (unaudited)


		Three Months Ended March 31,
		2026		2025
Net income (loss)		$	(364,780)	$	(568,641)
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available for sale debt securities			(84,005)		493,613
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			240,115		296,185

Other comprehensive income (loss), before tax			156,110		789,798
Tax effect of other comprehensive income (loss) items			(41,416)		(228,875)

Other comprehensive income (loss), net of tax			114,694		560,923

Comprehensive income (loss)		$	(250,086)	$	(7,718)

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Equity (unaudited)


									Unallocated			Accumulated
									Common			Other
	Common Stock				Additional Paid-		Retained		Shares Held			Comprehensive
	Shares		Amount		In Capital		Earnings		by ESOP			Income (Loss)		Total Equity

	Three Months Ended March 31, 2026
Balance at January 1, 2026		752,538	$	7,525	$	5,471,260	$	13,322,206	$	(474,102)		$	(5,108,963)	$	13,217,926
Net income (loss)		—		—		—		(364,780)		—			—		(364,780)
ESOP shares committed to be released		—		—		(542)		—		6,585			—		6,043
Other comprehensive income (loss)		—		—		—		—		—			114,694		114,694
Balance at March 31, 2026		752,538	$	7,525	$	5,470,718	$	12,957,426	$	(467,517)		$	(4,994,269)	$	12,973,883


									Unallocated			Accumulated
									Common			Other
	Common Stock				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

See accompanying notes to unaudited consolidated financial statements.

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EWSB BANCORP, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:	$	(487,052)	$	(853,108)

Cash flows from investing activities:
Proceeds from maturities and paydowns of securities available for sale		230,894		283,428
Proceeds from maturities and paydowns of securities held to maturity		2,750,000		—
Purchase of FHLB stock		—		(23,811)
Net decrease/(increase) in loans		(1,917,237)		(3,562,678)
Proceeds from sale of loans		6,319,887		—
Purchase of office properties and equipment		—		(46,243)
Net cash flows provided by (used in) investing activities		7,383,544		(3,349,304)

Cash flows from financing activities:
Net change in deposits		1,751,289		126,614
Net change in advance payments by borrowers for taxes and insurance		155,241		377,631
Net increase/(decrease) from FHLB short-term advances activity		(611,000)		4,135,000
Proceeds from FHLB long-term advances		—		8,000,000
Maturities and paydowns of FHLB long-term advances		(8,500,000)		(8,500,000)
Net cash flows provided by (used in) financing activities		(7,204,470)		4,139,245

Net change in cash and cash equivalents		(307,978)		(63,167)
Cash and cash equivalents at beginning of period		1,272,620		1,188,634
Cash and cash equivalents at end of period	$	964,642	$	1,125,467

Supplemental cash flow information:
Cash paid during the period for:
Interest	$	1,477,724	$	1,703,995
Taxes	$	—	$	—

See accompanying notes to unaudited consolidated financial statements.

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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, 2025. 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, 2025.

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, 2026, are not necessarily indicative of results that may be expected for any other interim period or the entire fiscal year ending December 31, 2026.

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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, 2026 and December 31, 2025, 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, 2026
Securities available for sale:
Mortgage-backed securities		$	7,831,480		$	—		$	(888,575)		$	6,942,905
State and political subdivisions			13,390,610			—			(1,382,134)			12,008,476
Corporate securities			3,472,567			—			(441,237)			3,031,330
Total securities available for sale		$	24,694,657		$	—		$	(2,711,946)		$	21,982,711


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			(Losses)			Fair Value
December 31, 2025
Securities available for sale:
Mortgage-backed securities		$	8,053,774		$	—		$	(866,049)		$	7,187,725
State and political subdivisions			13,392,267			—			(1,338,248)			12,054,019
Corporate securities			3,471,309			—			(423,644)			3,047,665
Total securities available for sale		$	24,917,350		$	—		$	(2,627,941)		$	22,289,409

There were no sales of securities available for sale during the three months ended March 31, 2026 and 2025.

The following tables show the fair value and gross unrealized losses of AFS debt securities in an unrealized loss position at March 31, 2026 and December 31, 2025, 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, 2026
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	6,942,905	$	(888,575)	$	6,942,905	$	(888,575)
State and political subdivisions		—		—		12,008,476		(1,382,134)		12,008,476		(1,382,134)
Corporate securities		—		—		3,031,330		(441,237)		3,031,330		(441,237)
Totals	$	—	$	—	$	21,982,711	$	(2,711,946)	$	21,982,711	$	(2,711,946)

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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, 2025
Securities available for sale:
Mortgage-backed securities	$	—	$	—	$	7,187,725	$	(866,049)	$	7,187,725	$	(866,049)
State and political subdivisions		—		—		12,054,019		(1,338,248)		12,054,019		(1,338,248)
Corporate securities		—		—		3,047,665		(423,644)		3,047,665		(423,644)
Totals	$	—	$	—	$	22,289,409	$	(2,627,941)	$	22,289,409	$	(2,627,941)

At March 31, 2026, 48 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, 2026. 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, 2026. 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, 2026
			Estimated
Available-for-sale	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years		10,200,437		9,330,440
Due after five years through ten years		6,662,740		5,709,366
Due after ten years		—		—

Subtotal		16,863,177		15,039,806
Mortgage-backed securities		7,831,480		6,942,905
Total	$	24,694,657	$	21,982,711

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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, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses.


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
March 31, 2026	Cost		Gains		Losses		Fair Value
Securities held to maturity:
U.S. government sponsored agencies	$	27,332,368	$	95,743	$	(60,459)	$	27,367,652
U.S. Treasury securities		6,613,280		7,705		—		6,620,985
Total securities held to maturity	$	33,945,648	$	103,448	$	(60,459)	$	33,988,637


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
December 31, 2025	Cost		Gains		Losses		Fair Value
Securities held to maturity:
U.S. government sponsored agencies	$	27,632,778	$	297,140	$	(9,549)	$	27,920,369
U.S. Treasury securities		8,798,979		30,464		—		8,829,443
Total securities held to maturity	$	36,431,757	$	327,604	$	(9,549)	$	36,749,812

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, 2026. 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, 2026. 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, 2026
	Amortized		Estimated
Held-to-maturity	Cost		Fair Value
Due in one year or less	$	5,928,021	$	5,935,417
Due after one year through five years		17,357,658		17,419,817
Due after five years through ten years		10,659,969		10,633,403
Total	$	33,945,648	$	33,988,637

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 3: Loans and Allowance for Credit Losses

A summary of loans by major category as of March 31, 2026 and December 31, 2025 is as follows:


	March 31, 2026		December 31, 2025
Real estate:
One to four family residential	$	125,089,382	$	129,672,893
Home equity		1,877,204		1,975,201
Equity line of credit		7,425,238		6,930,038
Construction		12,080,543		12,175,080
Multi-family		1,214,501		1,067,972
Commercial		1,911,470		1,936,965
Commercial installment		3,852,579		3,505,245
Consumer:
Marine and recreational		30,018,988		30,242,927
Other consumer		2,808,206		3,207,401

Subtotal		186,278,111		190,713,722
Allowance for credit losses		(1,166,431)		(1,142,629)
Unearned loan fees		(147,498)		(155,572)
Loans, net	$	184,964,182	$	189,415,521

Changes in the allowance for the three months ended March 31, 2026 and 2025, are as follows:


	For the three months ended March 31, 2026
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs			Recoveries	Balance
Real estate:
One to four family residential	$	601,094	$	4,034	$	—	$	—	$	605,128
Home equity		9,156		(75)		—		—		9,081
Equity line of credit		32,124		3,796		—		—		35,920
Construction		136,781		(445)		—		—		136,336
Multi-family		4,951		924		—		—		5,875
Commercial		19,727		585		—		—		20,312
Commercial Installment		35,804		14,078		—		—		49,882
Consumer:
Marine and recreational		277,395		28,749		(25,877)		—		280,267
Other consumer		25,597		(2,957)		—		990		23,630
Total	$	1,142,629	$	48,689	$	(25,877)	$	990	$	1,166,431

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EWSB BANCORP, INC. AND SUBSIDIARY


	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

The ACL on loans excludes $134,989 of allowance for unfunded commitments as of March 31, 2026 and $130,786 as of December 31, 2025 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 $4,203 was made for the three months ended March 31, 2026. A provision for credit loss on unfunded loan commitments of $46,457 was made for three months ended March 31, 2025.

As of March 31, 2026, there were two collateral dependent loans totaling $6,219 in the other consumer loan segment. These loans were secured by automobiles and did not carry a specific allocation to the ACL as of March 31, 2026. Additionally, there was one collateral dependent loan totaling $20,153 in the marine and recreational loan category carrying a specific allocation of $10,153 to the ACL as of March 31, 2026.

As of December 31, 2025, there were three collateral dependent loans totaling $301,838. One of the loans with outstanding principal of $294,557 is in the one-to-four family residential loan category and two loans totaling $7,281 are in the other consumer loan segment and were secured by automobiles. The aforementioned loans do not have a specific allocation to the ACL as of December 31, 2025.

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.

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EWSB BANCORP, INC. AND SUBSIDIARY

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.

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, 2026 and December 31, 2025.


	Total Loans by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving		Total
At March 31, 2026
Real estate
One to four family residential
Performing	$	2,454,676	$	12,732,865	$	17,242,789	$	6,944,619	$	29,730,034	$	55,984,399	$	—	$	125,089,382
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	2,454,676	$	12,732,865	$	17,242,789	$	6,944,619	$	29,730,034	$	55,984,399	$	—	$	125,089,382
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Home equity
Performing	$	71,478	$	294,438	$	710,454	$	415,789	$	278,170	$	106,875	$	—	$	1,877,204
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	71,478	$	294,438	$	710,454	$	415,789	$	278,170	$	106,875	$	—	$	1,877,204
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	7,425,238	$	7,425,238
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	7,425,238	$	7,425,238
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Construction
Performing	$	881,022	$	9,476,425	$	1,413,870	$	117,463	$	61,654	$	130,109	$	—	$	12,080,543
Non performing		—		—		—		—		—		—		—		—
Total construction	$	881,022	$	9,476,425	$	1,413,870	$	117,463	$	61,654	$	130,109	$	—	$	12,080,543
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Multi-family
Pass	$	913,222	$	—	$	—	$	—	$	—	$	301,279	$	—	$	1,214,501
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	913,222	$	—		—	$	—		—	$	301,279	$	—	$	1,214,501
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Commercial
Pass	$	—	$	58,697	$	473,532	$	141,286	$	969,137	$	268,818	$	—	$	1,911,470
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	—	$	58,697	$	473,532	$	141,286	$	969,137	$	268,818	$	—	$	1,911,470
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Commercial installment
Pass	$	759,960	$	1,186,277	$	115,753	$	159,661	$	207,763	$	1,423,165	$	—	$	3,852,579
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	759,960	$	1,186,277	$	115,753	$	159,661	$	207,763	$	1,423,165	$	—	$	3,852,579
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Consumer
Marine and recreational
Performing	$	1,672,392	$	5,849,327	$	5,110,751	$	5,645,335	$	1,965,761	$	9,755,269	$	—	$	29,998,835
Non performing		—		—		—		—		20,153		—		—		20,153
Total marine and recreational	$	1,672,392	$	5,849,327	$	5,110,751	$	5,645,335	$	1,985,914	$	9,755,269	$	—	$	30,018,988
Current year-to-date gross write-offs		—		—		—		—		—		25,877		—		25,877
Other consumer
Performing	$	87,128	$	600,599	$	616,390	$	394,613		352,880	$	750,377	$	—	$	2,801,987
Non performing		—		—		—		—		6,219		—		—		6,219
Total other consumer	$	87,128	$	600,599	$	616,390	$	394,613	$	359,099	$	750,377	$	—	$	2,808,206
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Total loans	$	6,839,878	$	30,198,628	$	25,683,539	$	13,818,766	$	33,591,771	$	68,720,291	$	7,425,238	$	186,278,111
Total current year-to-date gross write-offs		—		—		—		—		—		25,877		—		25,877

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EWSB BANCORP, INC. AND SUBSIDIARY


	Total Loans by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
At December 31, 2025
Real estate
One to four family residential
Performing	$	13,673,316	$	19,779,834	$	7,998,043	$	30,001,104	$	10,818,144	$	47,107,895	$	—	$	129,378,336
Non performing		—		—		—		—		—		294,557		—		294,557
Total one to four family residential	$	13,673,316	$	19,779,834	$	7,998,043	$	30,001,104	$	10,818,144	$	47,402,452	$	—	$	129,672,893
Current year-to-date gross write-offs		—		—		—		—		—		686		—		686
Home equity
Performing	$	301,733	$	807,240	$	465,994	$	286,981	$	15,261	$	97,992	$	—	$	1,975,201
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	301,733	$	807,240	$	465,994	$	286,981	$	15,261	$	97,992	$	—	$	1,975,201
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	6,930,038	$	6,930,038
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	6,930,038	$	6,930,038
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Construction
Performing	$	9,384,639	$	2,475,561	$	119,018	$	62,686	$	—	$	133,176	$	—	$	12,175,080
Non performing		—		—		—		—		—		—		—		—
Total construction	$	9,384,639	$	2,475,561	$	119,018	$	62,686	$	—	$	133,176	$	—	$	12,175,080
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Multi-family
Pass	$	—	$	—	$	—	$	—	$	201,072	$	866,900	$	—	$	1,067,972
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—	$	—	$	—	$	201,072	$	866,900	$	—	$	1,067,972
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Commercial
Pass	$	59,001	$	476,965	$	143,525	$	978,898	$	224,550	$	54,026	$	—	$	1,936,965
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	59,001	$	476,965	$	143,525	$	978,898	$	224,550	$	54,026	$	—	$	1,936,965
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Commercial installment
Pass	$	1,284,063	$	120,517	$	164,205	$	220,173	$	757,869	$	958,418	$	—	$	3,505,245
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	1,284,063	$	120,517	$	164,205	$	220,173	$	757,869	$	958,418	$	—	$	3,505,245
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Consumer
Marine and recreational
Performing	$	6,169,142	$	5,362,958	$	6,046,790	$	2,122,067	$	393,319	$	10,148,651	$	—	$	30,242,927
Non performing		—		—		—		—		—		—		—		—
Total marine and recreational	$	6,169,142	$	5,362,958	$	6,046,790	$	2,122,067	$	393,319	$	10,148,651	$	—	$	30,242,927
Current year-to-date gross write-offs		—		—		—		—		72,030		7,841		—		79,871
Other consumer
Performing	$	782,570	$	708,503	$	484,533	$	422,512		103,832	$	698,170	$	—	$	3,200,120
Non performing		—		—		—		—		—		7,281		—		7,281
Total other consumer	$	782,570	$	708,503	$	484,533	$	422,512	$	103,832	$	705,451	$	—	$	3,207,401
Current year-to-date gross write-offs		—		—		—		—		—		—		—		—
Total loans	$	31,654,464	$	29,731,578	$	15,422,108	$	34,094,421	$	12,514,047	$	60,367,066	$	6,930,038	$	190,713,722
Total current year-to-date gross write-offs		—		—		—		—		72,030		8,527		—		80,557

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EWSB BANCORP, INC. AND SUBSIDIARY

Loan aging information as of March 31, 2026 and December 31, 2025, 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, 2026

Real estate:
One to four family residential	$	123,254,273	$	1,835,109	$	—	$	294,557	$	—	$	—	$	125,089,382
Home equity		1,877,204		—		—		—		—		—		1,877,204
Equity line of credit		7,425,238		—		—		—		—		—		7,425,238
Construction		12,080,543		—		—		—		—		—		12,080,543
Multi-family		1,214,501		—		—		—		—		—		1,214,501
Commercial		1,911,470		—		—		—		—		—		1,911,470
Commercial installment		3,852,579		—		—		—		—		—		3,852,579
Consumer
Marine and recreational		29,692,539		306,296		—		—		20,153		—		30,018,988
Other consumer		2,801,987		—		—		7,281		6,219		—		2,808,206

Totals	$	184,110,334	$	2,141,405	$	—	$	301,838	$	26,372	$	—	$	186,278,111


	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, 2025

Real estate:
One to four family residential	$	128,279,630	$	1,098,706	$	—	$	—	$	294,557	$	—	$	129,672,893
Home equity		1,975,201		—		—		—		—		—		1,975,201
Equity line of credit		6,930,038		—		—		—		—		—		6,930,038
Construction		12,175,080		—		—		—		—		—		12,175,080
Multi-family		1,067,972		—		—		—		—		—		1,067,972
Commercial		1,936,965		—		—		—		—		—		1,936,965
Commercial installment		3,505,245		—		—		—		—		—		3,505,245
Consumer														—
Marine and recreational		30,014,090		228,837		—		—		—		—		30,242,927
Other consumer		3,200,120		—		—		12,704		7,281		—		3,207,401

Totals	$	189,084,341	$	1,327,543	$	—	$	12,704	$	301,838	$	—	$	190,713,722

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, 2026 or December 31, 2025.

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EWSB BANCORP, INC. AND SUBSIDIARY

A summary of loans to directors, executive officers, and their affiliates as of March 31, 2026 and December 31, 2025 is as follows:


	March 31, 2026		December 31, 2025
Balance at beginning of period	$	16,031	$	44,715
New loans		—		—
Repayments		(3,551)		(28,684)

Balance at end of period	$	12,480	$	16,031

Note 4: Deposits

The composition of deposits at March 31, 2026 and December 31, 2025 is as follows:


		March 31, 2026			December 31, 2025
Non-interest-bearing demand		$	7,597,399		$	7,696,247
Interest-bearing demand			28,672,762			28,927,813
Savings			29,771,894			29,594,042
Money market			39,394,947			38,911,518
Certificates of deposit			113,564,835			112,120,928

Total deposits		$	219,001,837		$	217,250,548

The aggregate amount of certificates of deposit in denominations of $250,000 or more at March 31, 2026 and December 31, 2025 was approximately $17,785,000 and $17,866,000, respectively.

The scheduled maturities of certificates of deposit as of March 31, 2026 are summarized as follows:



Twelve months ended March 31,		Amount
2027	$	94,910,377
2028		8,874,093
2029		4,835,415
2030		2,914,484
2031		2,030,466

Total	$	113,564,835

Deposits from directors, executive officers, and their affiliates totaled $2,749,615 and $2,697,856 at March 31, 2026 and December 31, 2025, respectively.

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 5: Borrowed Funds

Borrowed funds consisted of the following at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	Weighted Average Rate			Amount		Weighted Average Rate			Amount
Federal Home Loan Bank:
Fixed rate, short term advances		3.79	%	$	695,000		3.80	%	$	1,306,000
Fixed rate, fixed term advances		3.74	%		28,562,820		3.82	%		37,062,820
Total borrowings				$	29,257,820				$	38,368,820

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, 2026:


	Average Rate			Amount
2026		4.07	%	$	4,500,000
2027		3.93	%		12,000,000
2028		3.68	%		8,000,000
2029		3.21	%		3,163,320
2030		1.79	%		899,500

Total				$	28,562,820

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 $59,481,000 and $66,499,000 at March 31, 2026 and December 31, 2025, respectively. FHLB advances are also secured by $2,759,245 of FHLB stock owned by the Company at March 31, 2026 and December 31, 2025. At March 31, 2026, the Company has unused borrowing capacity of $29,019,000 based on total collateral pledged as of this date. The Company will be required to purchase additional FHLB activity stock to support borrowings beyond current activity stock holdings.

At March 31, 2026 and December 31, 2025, the Company has short-term borrowing availability through the Federal Reserve Bank’s discount window of up to $25.0 million. The Company is required to pledge securities and/or loans in order to borrow at the discount window and had approximately $8.4 million in held to maturity investment securities pledged as of March 31, 2026 and December 31, 2025. The collateral value and related borrowing availability of the pledged securities is approximately $8.1 million as of March 31, 2026 and December 31, 2025. The Company had no short-term borrowings through the Federal Reserve discount window as of March 31, 2026 and December 31, 2025.

At March 31, 2026 and December 31, 2025, the Company had an unsecured $6.0 million federal funds line of credit with a correspondent bank.

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EWSB BANCORP, INC. AND SUBSIDIARY

Note 6: Income Taxes

Management continued to assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets, including net operating losses for federal and state income tax purposes. A significant piece of objective negative evidence evaluated is the cumulative taxable losses incurred during the three month period ended March 31, 2026 and during the four preceding calendar years. Such objective negative evidence limits the ability to consider other subjective evidence such as our projections for future growth and taxable income. On the basis of this evaluation, a valuation allowance of $3.4 million and $3.3 million has been recorded as of March 31, 2026 and December 31, 2025, respectively to recognize only the portions of the deferred tax asset that is more likely than not to be realized.

The primary differences between income taxes at the federal statutory rate and the provision for income taxes during the periods presented include state taxes, tax-exempt interest and non-interest income, and the recording of the valuation allowance.

The major components of the net deferred tax assets as of March 31, 2026 and December 31, 2025, are presented below:


		March 31, 2026			December 31, 2025
Deferred tax assets
Net operating losses and temporary differences net of deferred tax liabilities		$	3,390,991		$	3,297,641
Unrealized loss on securities available for sale and held to maturity			1,803,430			1,844,846

Total deferred tax assets			5,194,421			5,142,487
Valuation allowance			(3,390,991)			(3,297,641)
Net deferred tax asset		$	1,803,430		$	1,844,846

Note 7: 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.

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, 2026, that the Bank meets all applicable statutory capital adequacy requirements.

As of March 31, 2026, 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.

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EWSB BANCORP, INC. AND SUBSIDIARY

The Bank’s actual capital amounts and ratios as of March 31, 2026 and December 31, 2025, 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, 2026

Bank
Common Equity Tier 1 capital (to risk-weighted assets)		$	16,973		10.7	%	≥ $	7,138		≥	4.5	%	≥ $	10,311		≥	6.5	%
Tier 1 capital (to risk-weighted assets)			16,973		10.7	%	≥	9,518		≥	6.0	%	≥	12,690		≥	8.0	%
Total capital (to risk-weighted assets)			18,274		11.5	%	≥	12,690		≥	8.0	%	≥	15,863		≥	10.0	%
Tier 1 capital (to average assets)			16,973		6.3	%	≥	10,732		≥	4.0	%	≥	13,415		≥	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, 2025

Bank
Common Equity Tier 1 capital (to risk-weighted assets)		$	17,228		10.8	%	≥ $	7,190		≥	4.5	%	≥ $	10,385		≥	6.5	%
Tier 1 capital (to risk-weighted assets)			17,228		10.8	%	≥	9,586		≥	6.0	%	≥	12,781		≥	8.0	%
Total capital (to risk-weighted assets)			18,501		11.6	%	≥	12,781		≥	8.0	%	≥	15,977		≥	10.0	%
Tier 1 capital (to average assets)			17,228		6.1	%	≥	11,264		≥	4.0	%	≥	14,080		≥	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, 2026, the Bank’s tier one capital as a percentage of average total assets capital ratio of 6.3% 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 11.5% 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%. At March 31, 2026, the Bank’s net worth ratio of 4.99% was not in compliance with the minimum requirement.

Note 8: 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

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EWSB BANCORP, INC. AND SUBSIDIARY

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, 2026 and December 31, 2025, 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.

Fair value hedge – Fair value hedges are classified as Level 2 measurements within the the fair value hierarchy. The fair value measurement is based on the current observable market interest rates.

Information regarding the fair value of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, 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, 2026		(Level 1)			(Level 2)				(Level 3)
Financial assets:
Securities available for sale:
Mortgage-backed securities		$	6,942,905	$	—		$	6,942,905		$	—
State and political subdivisions			12,008,476		—			12,008,476			—
Corporate securities			3,031,330		—			3,031,330			—
Total securities available for sale		$	21,982,711	$	—		$	21,982,711		$	—

Fair value hedge on fixed rate loans		$	23,547	$	—		$	23,547		$	—

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EWSB BANCORP, INC. AND SUBSIDIARY


				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, 2025		(Level 1)			(Level 2)				(Level 3)
Financial assets:
Securities available for sale:
Mortgage-backed securities		$	7,187,725	$	—		$	7,187,725		$	—
State and political subdivisions			12,054,019		—			12,054,019			—
Corporate securities			3,047,665		—			3,047,665			—
Total securities available for sale		$	22,289,409	$	—		$	22,289,409		$	—

Financial liabilities:
Fair value hedge on fixed rate loans		$	142,064	$	—		$	142,064		$	—

Note 9: Fair Value of Financial Instruments

Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 8 – 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.

The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments as of March 31, 2026 and December 31, 2025, follows:


		Carrying												Estimated
		Amount												Fair Value
		March 31, 2026			(Level 1)			(Level 2)			(Level 3)			March 31, 2026
Financial assets:
HTM debt securities:
U.S. government sponsored agencies		$	27,332,368		$	—		$	27,367,652		$	—		$	27,367,652
U.S. Treasury securities		$	6,613,280		$	6,620,985		$	—		$	—		$	6,620,985
Loans, net		$	184,964,182		$	—		$	—		$	176,740,000		$	176,740,000
Financial liabilities:
Interest-bearing deposits		$	211,404,438		$	—		$	200,417,000		$	—		$	200,417,000
Fixed rate, fixed term FHLB advances		$	28,562,820		$	—		$	28,520,288		$	—		$	28,520,288

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EWSB BANCORP, INC. AND SUBSIDIARY


		Carrying												Estimated
		Amount												Fair Value
		December 31, 2025			(Level 1)			(Level 2)			(Level 3)			December 31, 2025
Financial assets:
HTM debt securities:
U.S. government sponsored agencies		$	27,632,778		$	—		$	27,920,369		$	—		$	27,920,369
U.S. Treasury securities		$	8,798,979		$	8,829,443		$	—		$	—		$	8,829,443
Loans, net		$	189,415,521		$	—		$	—		$	184,275,000		$	184,275,000
Financial liabilities:
Interest-bearing deposits		$	209,554,301		$	—		$	198,751,000		$	—		$	198,751,000
Fixed rate, fixed term FHLB advances		$	37,062,820		$	—		$	37,175,221		$	—		$	37,175,221

Note 10: Derivatives

The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The aggregate fair value of the swaps are recorded in other assets or other liabilities with changes in fair value recorded as gains or losses in noninterest income or noninterest expense on the consolidated statements of income (loss).

The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

Fair Value Hedge: An interest rate swap with a notional amount totaling $25.0 million as of March 31, 2026 and December 31, 2025 was designated as a fair value last of layer hedge for certain fixed rate prepayable loans.

Note 11: 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, 2026		Three Months Ended March 31, 2025
Net income (loss) applicable to common shares outstanding	$	(364,780)	$	(568,641)

Average number of common shares outstanding		752,538		752,538
Less: Average unallocated ESOP shares		47,081		49,715
Average number of common shares outstanding used to calculate basic earnings per share		705,457		702,823
Earnings per common share basic and diluted	$	(0.52)	$	(0.81)

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EWSB BANCORP, INC. AND SUBSIDIARY

There were no securities or other contracts that had a dilutive effect during the three months ended March 31, 2026 and 2025, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. 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, 2026 and 2025 was calculated using 705,457 and 702,823 weighted average shares outstanding, respectively.

Note 12: 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, 2026 and 2025, is $6,043 and $7,047, respectively.

Shares held by the ESOP as of March 31, 2026 and 2025, were as follows:



		March 31, 2026	March 31, 2025
Shares committed for allocation		5,927		3,293
Unallocated		46,751		49,385
Total ESOP shares		52,678		52,678

Fair value of unearned shares at March 31, 2026 and 2025	$	467,510	$	567,928

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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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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;

●

the current or anticipated impact of military conflict, terrorism or other geopolitical;

●

a potential government shutdown;

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●

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”);

●

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.

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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, 2026, 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 Operations-Critical Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total Assets. Total assets decreased $7.7 million, or 2.9%, to $263.2 million at March 31, 2026 from $271.0 million at December 31, 2025. The change was primarily the result of a $4.5 million decrease in portfolio loans due to the sale of approximately $6.3 million in loans, a $2.5 million decrease in securities held-to-maturity, a $308,000 decrease in cash and cash equivalents and time deposits with other financial institutions, and a $307,000 decrease in securities available-for-sale.

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 $308,000, or 5.3% to $5.5 million at March 31, 2026 from $5.8 million at December 31, 2025. The change was related to general business activity.

Securities Available-for-Sale. Securities available-for-sale declined $307,000, or 1.4%, to $22.0 million at March 31, 2026 from $22.3 million at December 31, 2025. The decrease was primarily due to $223,000 in net maturities of investment securities and principal paydowns on mortgage-backed securities and a $84,000 decrease in the market value of the portfolio due to an increase in market interest rates during the three months ended March 31, 2026. The proceeds from maturities and principal paydowns are utilized to manage balance sheet liquidity.

Securities Held-to-Maturity. Securities held-to-maturity decreased $2.5 million, or 6.8%, to $33.9 million at March 31, 2026 from $36.4 million at December 31, 2025. The decrease in securities held-to-maturity was due to $2.8 million of investment securities maturities offset by $240,000 in amortization of unrealized losses and discounts.

Loans, net. Loans, net decreased $4.5 million, or 2.4%, to $185.0 million at March 31, 2026 from $189.4 million at December 31, 2025. One- to four-family residential, other consumer, marine and recreational, home equity, construction, and commercial real estate loans decreased $4.6 million, $399,000, $224,000, $98,000, $95,000, and $26,000, respectively, to $125.1 million, $2.8 million, $30.0 million, $1.9 million, $12.1 million, and $1.9 million at March 31, 2026, respectively, as a result of the sale of approximately $6.3 million in aggregate principal balances of one- to four- family residential loans in January 2026 and loan payoffs and amortization exceeding productions. These decreases were partially offset by increases in home equity lines of credit, commercial installment, and multi-family loans of $495,000, $347,000, and $146,000, to $7.4 million, $3.9 million, and $1.2 million at March 31, 2026, respectively.

Deposits. Total deposits increased $1.8 million or 0.8% to $219.0 million at March 31, 2026, from $217.2 million at December 31, 2025. Non-interest bearing deposits decreased $99,000, or 1.3%, to $7.6 million at March 31, 2026, compared to $7.7 million at December 31, 2025. Total interest-bearing deposits, other than time deposits, increased approximately $406,000, or 0.4%, to $97.8 million at March 31, 2026, from $97.4 million at December 31, 2025. Certificates of deposit increased $1.4 million, or 1.3%, to $113.5 million at March 31, 2026, from $112.1 million at December 31, 2025. Deposit mix changes were consistent with industry trends as consumers continue to transition to higher yielding money market and term deposits due to the interest rate environment.

Borrowings. We had $29.3 million of borrowings at March 31, 2026 as compared to $38.4 million at December 31, 2025. The decrease of $9.1 million in FHLB borrowings is primarily due to utilizing cash generated from loan sales and maturities of investment securities during the three months ended March 31, 2026 to paydown borrowings.

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Stockholders’ Equity. Total stockholders’ equity decreased $244,000 to $13.0 million at March 31, 2026 from $13.2 million at December 31, 2025. Retained earings decreased $341,000 resulting from the net loss incurred for the three months ended March 31, 2026. Accumulated other comprehensive loss decreased $115,000 due to amortization of unrealized holding gains on securities held-to-maturity partially offset by an increase in the unrealized holding loss on securities available-for-sale.

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.


		For the Three Months Ended March 31,
		2026								2025
		Average								Average
		Outstanding						Average		Outstanding						Average
		Balance			Interest			Yield/Rate		Balance			Interest			Yield/Rate

		(Dollars in thousands)
Interest-earning assets:
Loans (1)		$	185,075		$	2,350		5.15	%	$	188,789		$	2,288		4.92	%
Securities available for sale			22,330			116		2.11	%		22,911			130		2.30	%
Securities held to maturity			35,433			128		1.47	%		39,106			135		1.40	%
Cash, cash equivalents and other interest-earning assets			11,099			87		3.18	%		5,709			51		3.62	%
Total interest-earning assets		$	253,937		$	2,681		4.28	%	$	256,515		$	2,604		4.12	%
Noninterest-earning assets		$	12,503							$	18,327
Total assets		$	266,440							$	274,842

Interest-bearing liabilities:
Interest-bearing demand deposits		$	28,356		$	8		0.11	%	$	36,104		$	67		0.75	%
Savings deposits			30,236			4		0.05	%		30,268			4		0.05	%
Money market			39,585			91		0.93	%		46,824			107		0.93	%
Certificates of deposit			112,903			1,061		3.81	%		111,860			1,201		4.35	%
Total interest-bearing deposits		$	211,080		$	1,164		2.24	%	$	225,056		$	1,379		2.48	%
Borrowed funds			33,862			339		4.06	%		25,783			262		4.12	%
Total interest-bearing liabilities		$	244,942		$	1,503		2.49	%	$	250,839		$	1,641		2.65	%
Noninterest-bearing demand deposits			7,734								8,461
Other noninterest-bearing liabilities			2,938								1,766
Total liabilities			255,614								261,066
Total equity			10,826								13,776
Total liabilities and equity		$	266,440							$	274,842
Net interest income					$	1,178							$	963
Net interest rate spread (2)								1.79	%							1.46	%
Net interest-earning assets (3)		$	8,995							$	5,676
Net interest margin (4)								1.88	%							1.51	%
Average interest-earning assets to interest-bearing liabilities			103.7	%							102.3	%

(1)	Net deferred fee income included in interest earned on loans totaled $86,000 for the three months ended March 31, 2026 and $81,000 for the three months ended March 31, 2025.

(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.

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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,
		2026 vs. 2025
								Total
		Increase (Decrease) Due to						Increase
		Volume			Rate			(Decrease)

Interest-earning assets:
Loans		$	(45)		$	107		$	62
Securities available-for-sale			(3)			(11)			(14)
Securities held-to-maturity			(12)			5			(7)
Cash, cash equivalents and other interest-earning assets			57			(21)			36
Total interest-earning assets			(3)			80			77

Interest-bearing liabilities:
Interest-bearing demand deposits			(14)			(45)			(59)
Savings deposits			—			—			—
Money market			(17)			1			(16)
Certificates of deposit			11			(151)			(140)
Total interest-bearing deposits			(20)			(195)			(215)
Borrowed funds			81			(4)			77
Total interest-bearing liabilities			61			(199)			(138)
Change in net interest income		$	(64)		$	279		$	215

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

Net Income/(Loss). We recorded a net loss of $365,000 for the three months ended March 31, 2026, compared to a net loss of $569,000 for the three months ended March 31, 2025, a decrease in loss of $204,000 year-over-year. The change in year-over-year performance resulted primarily from a $215,000 increase in net interest income due to an overall increase in yield on average earning assets and decline in funding cost on interest-bearing liabilities, a decline of $57,000 in the provision for credit losses, a $102,000 increase in noninterest income, and a decline of $57,000 in noninterest expense offset by a $228,000 decline in the benefit from income taxes.

Interest and Dividend Income. Interest and dividend income increased $77,000 or 3.0%, to $2.7 million for the three months ended March 31, 2026, from $2.6 million for the three months ended March 31, 2025, due to a $62,000 increase in interest and fees on loans and a $36,000 increase in interest and dividends on other investment offset by a $21,000 decline in interest on investment securities. The increase in interest and fees on loans was primarily due to an increase of 23 basis points in the weighted average yield on the loan portfolio to 5.15% for the three months ended March 31, 2026 from 4.92% for the same period in 2025. Average loan balances declined $3.7 million for the three months ended March 31, 2026 compared to the same period in 2025. Interest and dividend income on securities and other investments increased $15,000 to $331,000 for the three months ended March 31, 2026 primarily due to an increase in dividends on Federal Home Loan Bank stock holdings offset by the interest income impact of a $4.0 million decline in average investment securities balances related to maturities and paydowns during the three months ended March 31, 2026.

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Interest Expense. Total interest expense decreased $138,000, or 8.4%, to $1.5 million for the three months ended March 31, 2026, from $1.6 million for the three months ended March 31, 2025. Interest expense on deposits decreased $215,000 or 15.6%, to $1.2 million for the three months ended March 31, 2026 compared to $1.4 million for the three months ended March 31, 2025, due primarily to a decrease in the weighted average rate paid on interest-bearing demand deposits of 64 basis points to 0.11% for the three months ended March 31, 2026 from 0.75% for the three months ended March 31, 2025 combined with a decrease in the average balance of such deposits of $7.7 million related to brokered deposits utilized during the same period in the prior year. Brokered deposits were not used during the three months ended March 31, 2026. Interest expense on time deposits declined $140,000 to $1.1 million for the three months ended March 31, 2026 compared to $1.2 million for the three months ended March 31, 2025 due to a 54 basis point decline in average cost of funds to 3.81% from 4.35% during the same period in the prior year.

Interest expense on borrowed funds increased $77,000, or 29.3%, to $339,000 for the three months ended March 31, 2026, from $262,000 for the three months ended March 31, 2025. The rate paid on borrowed funds decreased six basis points to 4.06% for the three months ended March 31, 2026, from 4.12% for the three months ended March 31, 2025 while the average balance of borrowed funds increased $8.1 million, or 31.3%, to $33.9 million for the three months ended March 31, 2026 from $25.8 million for the three months ended March 31, 2025. The increase in the average balance was generally related to the measured use of borrowings to offset brokered deposit outflows.

Net Interest Income. Net interest income increased $215,000 or 22.3%, to $1.2 million for the three months ended March 31, 2026 from $1.0 million for the three months ended March 31, 2025, primarily due to an increase in the interest rate spread to 1.79% for the three months ended March 31, 2026 from 1.47% for the three months ended March 31, 2025 and an increase in the net interest margin to 1.88% for the three months ended March 31, 2026, from 1.51% for the three months ended March 31, 2025. The increases in the interest rate spread and the net interest margin were primarily due to an improvement in yield on total interest-earnings assets of 16 basis points resulting from an increase of loan yield of 23 basis points to 5.15% for the three months ended March 31, 2026 compared to 4.92% for the three months ended March 31, 2025.

Provision for Credit Losses. Based on management’s analysis of the adequacy of the ACL on loans and unfunded loan commitments, a net provision of $53,000 comprising of a provision of $49,000 to the ACL on loans and a provision of $4,000 to the ACL for unfunded loan commitments was recorded for the three months ended March 31, 2026, compared to a provision of $64,000 to the ACL on loans and $46,000 to the ACL for unfunded commitments in the same period in 2025.

Noninterest Income. Noninterest income increased $102,000, or 31.8%, to $422,000 for the three months ended March 31, 2026 from $320,000 for the three months ended March 31, 2025. The increase resulted primarily from an $8,000 increase in mortgage banking income, a $101,000 increase in gain on sale of mortgage loans, a $9,000 increase in the gain on interest rate swap, and a $6,000 increase in bank owned life insurance income. These increases were partially offset on a comparative basis related to a $15,000 decrease in other income related to a reduction in revenue in our investment group and title insurance activities and a $6,000 decrease in debit card interchange income. The table below sets forth our noninterest income for the three months ended March 31, 2026 and 2025:


		Three Months Ended
		March 31,						Change
		2026			2025			Amount			Percent
Service charges on deposit accounts		$	13,942		$	14,582		$	(640)		(4.4)	%
Interchange income			50,694			56,354			(5,660)		(10.0)	%
Mortgage banking income			46,961			39,308			7,653		19.5	%
Gain on sale of mortgage loans			158,735			57,859			100,876		174.3	%
Increase in cash value of life insurance			68,576			62,225			6,351		10.2	%
Gain on interest rate swap			8,608			—			8,608		—	%
Other			74,716			90,014			(15,298)		(17.0)	%
Total noninterest income		$	422,232		$	320,342		$	101,890		31.8	%

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Noninterest Expense. Noninterest expense decreased $57,000, or 2.9%, to $1.9 million for the three months ended March 31, 2026 from $2.0 million for the three months ended March 31, 2025. Salary and benefit expenses decreased $62,000 due to reduction in number of employees, data processing and information technology expense decreased $16,000 due to a reduction in network management costs, and other noninterest expense decreased $15,000 due a decline in legal services and general expense. The decrease in noninterest expense was partially offset by a $43,000 increase in FDIC insurance premiums. The table below sets forth our noninterest expense for the three months ended March 31, 2026 and 2025:


		Three Months Ended
		March 31,						Change
		2026			2025			Amount			Percent
Salaries and related benefits		$	1,044,450		$	1,106,569		$	(62,119)		(5.6)	%
Occupancy expense, net			165,817			167,974			(2,157)		(1.3)	%
Data processing			258,511			274,338			(15,827)		(5.8)	%
Advertising			22,314			27,982			(5,668)		(20.3)	%
FDIC insurance premiums			99,895			56,626			43,269		76.4	%
Other			320,274			335,036			(14,762)		(4.4)	%
Total noninterest expense		$	1,911,261		$	1,968,525		$	(57,264)		(2.9)	%

Income Tax Expense. We did not record income tax expense or benefit for the three months ended March 31, 2026 compared to benefit of $227,000 for the three months ended March 31, 2025. The current year change in the deferred tax valuation allowance of $93,000 was offset by an equal deferred tax benefit.

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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.

Management of interest rate risk is one of the Bank’s highest priorities. Pursuant to our 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, 2026, 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.


At March 31, 2026
Change in Interest Rates	Net Interest Income Year 1		Year 1 Change from
(basis points) ⁽¹⁾	Forecast		Level
(Dollars in thousands)
300	$	4,743	(1.17)	%
200		4,758	(0.85)	%
100		4,782	(0.35)	%
Level		4,799	—	%
(100)		4,858	1.23	%
(200)		4,933	2.79	%
(300)		5,016	4.52	%

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

The table above indicates that at March 31, 2026, we would have experienced a 0.85% decrease in net interest income in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 2.79% 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, 2026, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the U.S. Treasury yield curve.


At March 31, 2026
			Estimated Increase
Change in Interest Rates	Estimated		(Decrease) in EVE
(basis points) ⁽¹⁾	EVE ⁽²⁾		Amount		Percent
(Dollars in thousands)
300	$	12,298	$	(4,775)	(27.97)	%
200		13,762		(3,311)	(19.39)	%
100		15,385		(1,688)	(9.89)	%
Level		17,073		n/a	—	%
(100)		18,871		1,798	10.53	%
(200)		20,696		3,623	21.22	%
(300)		22,201		5,128	30.04	%

(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.

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The table above indicates that at March 31, 2026, we would have experienced a 19.39% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 21.22% 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 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. The Bank has a process to project the sources and uses of funds over short- and long-term horizons, and, in concert with our asset/liability management policy, has guidelines to identify potential funding gaps. Further, we have 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, 2026, we had outstanding advances of $29.3 million from the FHLB. At March 31, 2026, we had unused borrowing capacity of $29.0 million from the FHLB. At March 31, 2026, 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, 2026 we had a $6.0 million federal funds line of credit with a correspondent bank. We have not drawn against the Discount Window or the federal funds 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, 2026 and 2025 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.

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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 loss reserves, all divided by the Bank’s total assets). At March 31, 2026 and December 31, 2025, we had a net worth ratio of 4.99% and 4.89%, respectively.

At March 31, 2026 and December 31, 2025, 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, 2026, we had Tier 1 capital equal to 6.3% of total average assets, total risk-based capital equal to 11.5% of risk-weighted assets and a net worth ratio of 4.99%. At December 31, 2025, we had Tier 1 capital equal to 6.1% of total average assets, total risk-based capital equal to 11.6% of risk-weighted assets and a net worth ratio of 4.89%.

We are considering implementing a private offering of up to $3.5 million of our common stock. If conducted, we anticipate such offering would be made only to stockholders of the Company as of April 1, 2026, that qualify as “accredited investors”, as such term is defined by the Securities and Exchange Commission. Any securities issued in such an offering (1) will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, and (2) will be offered and sold in reliance upon exemptions from registration under the Securities Act and state securities laws.

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, 2026, we had outstanding commitments to extend credit of $26.4 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, 2026 totaled $94.9 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, 2026 were estimated to be $135,000. We have provisioned for this exposure and recorded a reserve of $135,000 as of March 31, 2026.

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.

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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) and 15d-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2026. 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, 2026, 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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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, 2026, 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.”

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Item 6. Exhibits


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

3.2		Articles Supplementary of EWSB Bancorp, Inc. for Series A Junior Non-Voting Participating Preferred Stock. ⁽²⁾
3.3		Amended and Restated Bylaws of EWSB Bancorp, Inc. ⁽³⁾
4		Form of Common Stock of EWSB Bancorp, Inc. ⁽⁴⁾
31		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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

101		The following materials formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2026, (ii) Consolidated Statements of Income for the three months ended March 31, 2026, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026, (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and (vi) Notes to Consolidated Financial Statements for the three months ended March 31, 2026.

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

(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 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 000-56690, filed on April 24, 2026.

(3)	Incorporated by reference to Exhibit 3 to the Company’s Current Report on Form 8-K (Commission File No. 000-56690, filed on March 20, 2026.

(4)	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.

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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.