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EWSB Bancorp Inc Com (EWSB0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $273.3 million, an increase from $262.6 million at the end of 2023. This growth was primarily driven by a $12.0 million increase in net loans.
Total deposits increased slightly to $231.5 million from $230.5 million in the previous year, with certificates of deposit accounting for $110.3 million of the total.
The company reported a net loss of $1.7 million for 2024, compared to a net loss of $935,000 in 2023. This increase in loss was attributed to higher interest expenses and noninterest expenses.
Net interest income decreased by $1.2 million, or 26.4%, to $3.4 million due to a decrease in the interest rate spread.
The company recorded a provision for credit losses of $167,000, reflecting an increase in loan balances and an analysis of credit characteristics.
Noninterest income rose by $216,000 to $1.7 million, driven by gains on interest rate swaps and increased mortgage banking income.
Noninterest expense increased by $88,000 to $7.3 million, mainly due to higher salaries and benefits.
The company’s capital levels exceeded the regulatory requirements to be considered well-capitalized, with a Tier 1 capital ratio of 7.2% and a total risk-based capital ratio of 13.0%.
At the end of 2024, EWSB Bancorp had outstanding borrowings of $24.2 million, an increase from $19.0 million in 2023, primarily used to support loan growth.
The company is subject to a Memorandum of Understanding with regulators, requiring it to address certain practices and conditions, including capital management and liquidity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EWSB Bancorp Inc Com annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.