W
Waterstone Financial, Inc.
Period
FY 2025
Revenue
—
Net Income
$26.40M
Total Assets
$2.26B
Equity
$349.39M
Shares Out
18.05M
Op. Cash Flow
$24.18M
Business
Waterstone Financial, Inc. is a savings and loan holding company operating WaterStone Bank, a community bank serving Milwaukee, Wisconsin and surrounding areas, and Waterstone Mortgage Corporation, a mortgage banking subsidiary with offices across 24 states. WaterStone Bank originates and retains residential, multi-family, and commercial real estate loans funded by deposits and Federal Home Loan Bank advances. Waterstone Mortgage Corporation originates single-family residential loans for secondary-market sale.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans | 105 | 103 | 90 | 63 | 64 | |
| Mortgage-related securities | 5 | 4 | 4 | 3 | 2 | |
| Debt securities, federal funds sold and short-term investments | 6 | 6 | 5 | 4 | 4 | |
| Total interest income | 116 | 113 | 99 | 70 | 70 | |
| Deposits | 44 | 41 | 26 | 5 | 4 | |
| Borrowings | 16 | 26 | 23 | 8 | 10 | |
| Total interest expense | 59 | 67 | 49 | 13 | — | |
| Net interest income | 57 | 46 | 50 | 57 | 56 | |
| Provision (credit) for credit losses | −1 | −168,000 | 656,000 | 968,000 | −4 | |
| Net interest income after provision (credit) for credit losses | 58 | 46 | 50 | 56 | 60 | |
| Service charges on loans and deposits | 2 | 2 | 2 | 2 | 3 | |
| Increase in cash surrender value of life insurance | 3 | 2 | 2 | 2 | 2 | |
| Mortgage banking income | 79 | 84 | 76 | 100 | 191 | |
| Other | 1 | 2 | 2 | 2 | 7 | |
| Total noninterest income | 85 | 89 | 81 | 106 | 203 | |
| Compensation, payroll taxes, and other employee benefits | 80 | 81 | 84 | 100 | 135 | |
| Occupancy, office furniture, and equipment | 7 | 8 | 8 | 9 | 10 | |
| Advertising | 3 | 4 | 4 | 4 | 4 | |
| Data processing | 5 | 5 | 5 | 4 | 4 | |
| Communications | 973,000 | 922,000 | 988,000 | 1 | 1 | |
| Professional fees | 3 | 3 | 3 | — | 1 | |
| Real estate owned | −312,000 | 26,000 | 4,000 | 19,000 | 3,000 | |
| Loan processing expense | 3 | 3 | 3 | 5 | 5 | |
| Other | 9 | 7 | 12 | 13 | 11 | |
| Total noninterest expenses | 110 | 112 | 120 | 137 | 171 | |
| Income before income taxes | 33 | 24 | 11 | 24 | 92 | |
| Income tax expense | 7 | 5 | 2 | 5 | 21 | |
| Net income | 26 | 19 | 9 | 19 | 71 | |
| Basic income per share (in dollars per share) | 1.48 | 1.01 | 0.47 | 0.89 | 2.98 | |
| Diluted income per share (in dollars per share) | 1.48 | 1.01 | 0.46 | 0.89 | 2.96 | |
| Basic (in shares) | 18 | 19 | 20 | 22 | 24 | |
| Diluted (in shares) | 18 | 19 | 20 | 22 | 24 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 64 | 35 | 31 | 34 | 343 | |
| Federal funds sold | 7 | 4 | 5 | 11 | 14 | |
| Interest-earning deposits in other financial institutions and other short term investments | 292,000 | 277,000 | 261,000 | 2 | 20 | |
| Cash and cash equivalents | 71 | 40 | 36 | 47 | 377 | |
| Securities available for sale, at fair value (cost: 2025-$246,579; 2024-$232,630) | 231 | 209 | 205 | 197 | 179 | |
| Loans held for sale (at fair value) | 145 | 136 | 165 | 131 | 313 | |
| Loans receivable | 1,676 | 1,681 | 1,664 | 1,510 | 1,206 | |
| "Less: Allowance for credit losses (""ACL"") - loans" | 17 | 18 | 19 | 18 | 16 | |
| Loans receivable, net | 1,658 | 1,662 | 1,646 | 1,492 | 1,190 | |
| Office properties and equipment, net | 19 | 19 | 20 | 21 | 22 | |
| Federal Home Loan Bank stock (at cost) | 20 | 20 | 21 | 17 | 24 | |
| Cash surrender value of life insurance | 77 | 75 | 68 | 66 | 65 | |
| Real estate owned, net | 424,000 | 505,000 | 254,000 | 145,000 | 148,000 | |
| Prepaid expenses and other assets | 38 | 48 | 52 | 60 | 45 | |
| Total assets | 2,260 | 2,210 | 2,213 | 2,032 | 2,216 | |
| Demand deposits | 176 | 171 | 187 | 231 | 214 | |
| Money market and savings deposits | 329 | 283 | 273 | 326 | 392 | |
| Time deposits | 933 | 906 | 730 | 642 | 627 | |
| Total deposits | 1,437 | 1,360 | 1,191 | 1,199 | 1,233 | |
| Borrowings | 412 | 447 | 611 | 387 | 477 | |
| Advance payments by borrowers for taxes | 3 | 6 | 7 | 5 | 4 | |
| Other liabilities | 58 | 58 | 61 | 70 | 68 | |
| Total liabilities | 1,910 | 1,870 | 1,869 | 1,661 | 1,783 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2025 and 2024, no shares issued | 0 | 0 | 0 | 0 | 0 | |
| Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2025 and at December 31, 2024, Issued and Outstanding - 18,359,717 at December 31, 2025 and 19,343,251 at December 31, 2024 | 184,000 | 193,000 | 203,000 | 222,000 | 248,000 | |
| Additional paid-in capital | 78 | 91 | 104 | 129 | 175 | |
| Retained earnings | 293 | 277 | 270 | 274 | 273 | |
| Unearned ESOP shares | −9 | −11 | −12 | −13 | −14 | |
| Accumulated other comprehensive loss, net of taxes | −12 | −19 | −18 | −19 | −1 | |
| Total shareholders equity | 349 | 339 | 344 | 370 | 433 | |
| Total liabilities and shareholders equity | 2,260 | 2,210 | 2,213 | 2,032 | 2,216 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, amortization, accretion | 3 | 2 | 3 | 4 | 6 | |
| (Recovery) impairment of mortgage servicing rights | 0 | −320,000 | 320,000 | 0 | 0 | |
| Deferred taxes | 714,000 | 980,000 | −1 | −484,000 | 1 | |
| Stock based compensation | 297,000 | 316,000 | 277,000 | 583,000 | 745,000 | |
| Origination of mortgage servicing rights | −593,000 | −850,000 | −2 | −2 | −6 | |
| Gain on sale of loans held for sale | −81 | −84 | −71 | −76 | −193 | |
| Loans originated for sale | −2,045 | −2,130 | −2,024 | −2,550 | −4,198 | |
| Proceeds on sales of loans originated for sale | 2,117 | 2,243 | 2,062 | 2,808 | 4,481 | |
| Gain on death benefit on bank owned life insurance | 0 | −266,000 | 0 | −340,000 | 0 | |
| Increase in accrued interest receivable | −478,000 | −432,000 | −2 | −2 | 944,000 | |
| Decrease (increase) in derivative assets | 5 | −1 | 4 | −11 | 7 | |
| Increase in accrued interest on deposits and borrowings | 218,000 | 727,000 | 1 | 399,000 | −178,000 | |
| Decrease in prepaid tax expense | 1 | 1 | 2 | 1 | −3 | |
| (Increase) decrease in derivative liabilities | −5 | 213,000 | −5 | 16 | −5 | |
| Gain on sale of Real Estate Owned | −299,000 | 0 | 0 | 0 | −12,000 | |
| Gain on sale of mortgage servicing rights | 0 | −152,000 | −583,000 | 0 | −4 | |
| Decrease (increase) in other assets | 2 | 3 | −1 | 3 | — | |
| Increase (decrease) in other liabilities | 5 | −4 | −2 | −3 | −6 | |
| Net cash provided by (used in) operating activities | 24 | 48 | −28 | 207 | 142 | |
| Net decrease (increase) in loans receivable | 5 | −17 | −154 | −304 | 170 | |
| FHLB Stock | −2 | −2 | −12 | −5 | 0 | |
| Debt securities | −12 | −16 | −5 | −10 | 0 | |
| Mortgage related securities | −38 | −19 | −24 | −80 | −74 | |
| Bank owned life insurance | −180,000 | −5 | −180,000 | −180,000 | −180,000 | |
| Premises and equipment | −1 | −1 | −700,000 | −701,000 | −778,000 | |
| Principal repayments on mortgage-related securities | 25 | 24 | 21 | 33 | 40 | |
| Maturities of debt securities | 11 | 7 | 4 | 18 | 9 | |
| Sales of FHLB stock | 3 | 3 | 8 | 12 | 2 | |
| Proceeds on sales of mortgage servicing rights | 0 | −2 | −4 | 0 | −12 | |
| Death benefit from bank owned life insurance | 0 | 662,000 | 474,000 | 1 | 0 | |
| Net cash used in by investing activities | −9 | −24 | −159 | −336 | 160 | |
| Net increase (decrease) in deposits | 77 | 169 | −8 | −34 | 49 | |
| Net change in short-term borrowings | −74 | −160 | 269 | 180 | −31 | |
| Repayment of long-term debt | −90 | −175 | −304 | −470 | 0 | |
| Proceeds from long-term debt | 130 | 170 | 259 | 200 | 0 | |
| Net change in advance payments by borrowers for taxes | −3 | −977,000 | 1 | 1 | 572,000 | |
| Cash dividends on common stock | −11 | −11 | −15 | −30 | −30 | |
| Proceeds from stock option exercises | 2 | 2 | 820,000 | 564,000 | 2 | |
| Purchase of common stock returned to authorized but unissued | −16 | −15 | −26 | −48 | −10 | |
| Net cash provided by (used in) financing activities | 16 | −21 | 177 | −201 | −20 | |
| Increase (decrease) in cash and cash equivalents | 31 | 3 | −10 | −330 | 282 | |
| Income tax payments (refunds) | 5 | 2 | 1 | 4 | 23 | |
| Interest payments | 59 | 66 | 48 | 13 | 15 |
Filings
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Frequently asked questions
What is Waterstone Financial, Inc.'s CIK number?
Waterstone Financial, Inc.'s SEC CIK number is 0001569994 (1569994). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Waterstone Financial, Inc.'s SEC filings?
All of Waterstone Financial, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Waterstone Financial, Inc. last report earnings?
Waterstone Financial, Inc. (WSBF) most recently filed an earnings 8-K with the SEC on Apr 23, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-013174). This is Waterstone Financial, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Waterstone Financial, Inc.'s most recent earnings 8-K?
Waterstone Financial, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 23, 2026 under accession 0001437749-26-013174. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Waterstone Financial, Inc.'s latest earnings 8-K →
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