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EWSB Bancorp benefits from a focused lending strategy centered on one- to four-family residential real estate loans, which form the bulk of its loan portfolio. Its local market presence in a diverse economic region supports stable deposit inflows and lending opportunities. The bank's investment portfolio in high-quality securities and access to Federal Home Loan Bank advances provide liquidity and funding flexibility. The company's recent IPO provides capital to support growth initiatives. Regulatory oversight ensures disciplined risk management and operational controls.

The company reported a net loss of $4.18 million for the fiscal year ended December 31, 2025, indicating challenges in profitability. Competition from larger banks, credit unions, and fintech firms in its market area may pressure deposit growth and loan originations. The loan portfolio concentration in residential real estate and consumer loans exposes the bank to credit risk and economic fluctuations in the local housing market. Regulatory compliance requirements and capital adequacy constraints may limit operational flexibility. Limited geographic diversification concentrates risk in a single regional economy.

EWSB Bancorp's moat is primarily local and regulatory in nature. Its established presence in Outagamie County and surrounding areas, with a focus on residential real estate lending and deposit services, provides a community banking niche. The bank's regulatory compliance and membership in the Federal Home Loan Bank system support its funding and operational stability. However, competition from larger regional banks, fintech companies, and other financial institutions in the market area limits its competitive advantage. The company's ability to manage its loan portfolio and maintain regulatory capital requirements also contributes to its operational moat.

• Credit Risk Concentration: The loan portfolio is heavily concentrated in one- to four-family residential real estate loans and consumer loans, exposing the bank to localized economic downturns and real estate market fluctuations.
• Competitive Pressure: The bank faces competition from large money center banks, regional banks, community banks, credit unions, and fintech companies, which may impact its ability to attract deposits and originate loans.
• Regulatory Compliance: EWSB Bancorp is subject to comprehensive regulation by multiple agencies, and changes in regulatory requirements or failure to comply could adversely affect operations.
• Profitability Challenges: The company reported a net loss for the latest fiscal year, indicating challenges in achieving profitability which may impact capital and growth.
• Liquidity and Funding Risks: Reliance on Federal Home Loan Bank advances and deposit inflows for funding exposes the bank to liquidity risks, especially under adverse market conditions.

• EWSB Bancorp, Inc. is a Maryland corporation owning 100% of East Wisconsin Savings Bank, a Wisconsin-chartered stock savings bank headquartered in Kaukauna, Wisconsin, with branches in Appleton, Freedom, and Kimberly, Wisconsin.
• The company completed its IPO on September 20, 2024, converting from a mutual holding company to a stock holding company, raising approximately $7.5 million.
• As of December 31, 2025, consolidated assets were $271.0 million, deposits $217.3 million, and stockholders' equity $13.2 million.
• The bank's primary business is taking deposits and investing in loans, primarily one- to four-family residential real estate loans (68.0% of loan portfolio), marine and recreational vehicle loans (15.9%), construction loans (6.4%), home equity loans and lines of credit (4.6%), commercial loans (1.8%), other consumer loans (1.7%), and multi-family and commercial real estate loans (1.6%).
• Loan portfolio totaled approximately $190.7 million at December 31, 2025, net of allowance for credit losses and unearned fees.
• The bank sells a significant majority of its longer-term fixed-rate one- to four-family residential real estate loans on a servicing retained basis, retaining shorter-term fixed-rate and adjustable-rate loans to manage portfolio duration and repricing.
• The bank's investment portfolio primarily consists of U.S. Treasury and federal agency securities, government-sponsored residential mortgage-backed securities, and corporate bonds, totaling $58.7 million at December 31, 2025.
• The bank had $38.4 million in advances from the Federal Home Loan Bank at December 31, 2025, used to assist funding operations.
• The company is subject to comprehensive regulation and examination by the Federal Reserve Board, Wisconsin Department of Financial Institutions, and the FDIC.
• At December 31, 2025, the company had cash and cash equivalents of approximately $1.27 million.
• The company reported a net loss of approximately $4.18 million for the fiscal year ended December 31, 2025, with basic and diluted earnings per share of -$5.93.
• Deposits totaled approximately $222.1 million at December 31, 2025, with a mix of interest-bearing and non-interest-bearing accounts.
• The company faces competition in its market area from large money center and regional banks, community banks, credit unions, mortgage banking firms, consumer finance companies, fintech companies, and other financial institutions.
• The primary lending market area is Outagamie County, Wisconsin, and adjoining counties, with a diverse economic base including manufacturing and medical technology institutions.
• The company is an emerging growth company and has elected to use the extended transition period for adopting new or revised accounting pronouncements applicable to public companies.