<div id="readability-page-1"><div><h2>Q2 2026 snapshot and why margins are in focus</h2> <p>Winchester Bancorp (WSBK) has just posted Q2 2026 results with total revenue of US$6.1 million and basic EPS of US$0.12, set against a trailing twelve month net profit margin of 6.4% and very large reported year on year earnings growth. The company has seen quarterly revenue move from US$4.2 million in Q2 2025 to US$6.1 million in Q2 2026, while basic EPS shifted from a loss of US$0.10 in Q4 2025 to a positive US$0.12 in the latest quarter, giving investors a clearer read on how profitability is tracking. Taken together, the earnings swing and margin profile put operating efficiency and the sustainability of these results at the center of the current update.</p> <p>See our full analysis for Winchester Bancorp.</p><p>With the headline numbers on the table, the next step is to see how this earnings picture lines up with the widely followed narratives around Winchester Bancorp, and where the recent margin story might push investors to rethink their views.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/a5b7bb3d-6a80-451f-b8d2-a128edc183b4/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/a5b7bb3d-6a80-451f-b8d2-a128edc183b4/chart/earnings-and-revenue-history"/><figcaption>NasdaqCM:WSBK Earnings &amp; Revenue History as at Jan 2026</figcaption></figure> <h2>Loan book nears US$800 million with mixed credit signals</h2> <ul> <li>Total loans listed in the data were US$710.5 million in Q1 2025, US$727.8 million in Q2 2025, US$730.1 million in Q3 2025, US$754.1 million in Q4 2025, and US$796.2 million in Q1 2026, while non performing loans moved within a range of about US$1.6 million to US$2.2 million over the same period.</li> <li>What stands out for a cautious, more bearish view is the combination of a growing loan book and non performing loans that do not move in a straight line. This invites close attention to credit quality rather than assuming every extra dollar of loans turns into stable profits.     <ul> <li>For example, non performing loans were US$1.64 million in Q1 2025, then around US$1.94 million in Q2 2025 and US$1.88 million in Q3 2025, before reaching US$2.21 million in Q4 2025 and US$1.94 million in Q1 2026, so the figures fluctuate instead of settling at one clear level.</li> <li>Given that loans in the results_ltm set rise from US$710.5 million in early 2025 to US$796.2 million by early 2026, cautious investors may read the uneven non performing loan path as a reason to keep tracking asset quality even as profitability metrics improve.</li> </ul> </li> </ul><p> Stay curious about how this loan growth and shifting credit quality fit into the more cautious case for WSBK. <strong>🐻 Winchester Bancorp Bear Case</strong></p><h2>Net interest margin climbs from 1.84% to 2.49%</h2> <ul> <li>The reported net interest margin in the periodical data was 1.84% in Q1 2025, 1.92% in Q2 2025, 2.02% in Q3 2025, and 2.49% in Q1 2026. This gives you a clearer picture of how the core lending spread has been tracking alongside the improvement in basic EPS.</li> <li>Supporters with a more bullish tilt can point to this higher net interest margin together with net income excluding extra items of US$373,000 in Q2 2025, US$305,000 in Q3 2025, a loss of US$920,000 in Q4 2025, then profits of US$962,000 in Q1 2026 and US$1.07 million in Q2 2026 as evidence that the core banking engine has produced stronger trailing outcomes than it did a year ago.     <ul> <li>That view lines up with the trailing twelve month net profit margin of 6.4% compared with 0.3% in the prior year and with very large reported year on year earnings growth, which together show that recent profitability metrics sit well above the earlier period captured in the data.</li> <li>At the same time, anyone looking at the data can see that the move from a loss of US$874,000 on a trailing basis in Q4 2025 to trailing net income of US$1.42 million by Q2 2026 is a swing that relies on the same core trends in margin and loan performance that are now front and center in the results.</li> </ul> </li> </ul><p>Bulls argue this margin improvement tells only part of the story, and the full narrative puts each move in better context. <strong>🐂 Winchester Bancorp Bull Case</strong></p><h2>6.4% margin meets a 72.9x P/E</h2> <ul> <li>Over the last twelve months, the data shows a 6.4% net profit margin and very large reported earnings growth compared with the prior year, while the trailing P/E sits at 72.9x against US Banks and peer averages of about 11.7x and 11.5x.</li> <li>What is most debated is how this mix of stronger trailing profitability and a much higher multiple fits together, especially when the current share price is US$11.14 and no forward forecasts or DCF inputs are provided in the dataset.     <ul> <li>On one side, the trailing margin shift from 0.3% to 6.4% and the assessment that the trailing twelve month earnings are high quality give investors concrete reasons to focus <h2> Next Steps</h2> Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Winchester Bancorp's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. <h2>See What Else Is Out There</h2> WSBK’s 6.4% net profit margin sits alongside a 72.9x P/E and a recent loss on a trailing basis, which can make the current setup look demanding. If that mix of rich pricing and uneven earnings puts you on edge, use our these 865 undervalued stocks based on cash flows to focus on companies where valuations line up more closely with the underlying results.  This article by Simply Wall St is general in nature. We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</li></ul></li></ul></div></div>

WSBK

<p>Winchester Bancorp (WSBK) reported Q2 2026 results with total revenue of $6.1 million and basic EPS of $0.12, showing significant year-on-year earnings growth. The net interest margin improved from 1.84% to 2.49%, while total loans approached $800 million, raising concerns about fluctuating non-performing loans. The trailing twelve-month net profit margin stands at 6.4%, with a P/E ratio of 72.9x, sparking debate on valuation amidst strong profitability metrics. Investors are urged to monitor credit quality closely despite improved earnings.</p>

Winchester Bancorp (WSBK) Net Interest Margin Improvement Challenges Bearish Narratives