EWSB Bancorp, Inc. reported a net loss of $568,641 for the first quarter of 2025, a decline from a loss of $377,495 in the same period of the previous year. The company's total assets increased by $4.1 million, or 1.5%, to $277.4 million, driven primarily by a $3.6 million rise in net loans, which reached $189.9 million. Interest income rose by 13.1% to $2.6 million, attributed to a higher yield on loans, while total interest expense also increased by 11.1% to $1.6 million, reflecting rising costs associated with deposits.
In comparison to the previous fiscal period, EWSB Bancorp experienced a notable increase in net interest income, which rose by 16.9% to $963,000. This improvement was largely due to a higher interest rate spread, which increased to 1.46% from 1.33%. However, noninterest income saw a significant decline of 31.7%, falling to $320,342, primarily due to the absence of a one-time gain from an interest rate swap that had occurred in the prior year.
Operationally, the company reported a slight increase in total deposits, which rose by $127,000 to $231.6 million. Notably, non-interest-bearing deposits decreased by 12.4%, while certificates of deposit increased by 1.7%. The company’s borrowings also increased to $27.8 million, up from $24.2 million, as it utilized these funds to support loan growth. The total equity remained stable at approximately $15.6 million, although retained earnings decreased due to the net loss incurred during the quarter.
Looking ahead, EWSB Bancorp is focused on enhancing its liquidity and capital resources following its recent stock offering, which raised approximately $7.5 million. The company aims to improve its interest rate risk management and maintain compliance with regulatory capital requirements. As of March 31, 2025, the bank's Tier 1 capital ratio was 6.6%, below the 8% target set by its board, indicating a need for continued focus on capital adequacy. The management remains optimistic about future growth, contingent on effective execution of its business strategies and market conditions.
About EWSB Bancorp, Inc. /MD/
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