Waterstone Financial, Inc.

Listed Company

WSBFCIK 0001569994NasdaqAcceleratedSavings Institution, Federally CharteredMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$26.40M

Total Assets

$2.26B

Equity

$349.39M

Shares Out

18.36M

Op. Cash Flow

$24.18M

Business

Waterstone Financial, Inc. is a holding company that provides banking and mortgage finance services through its subsidiaries. It offers community banking products including deposit accounts, consumer and commercial loans, residential and commercial real estate lending, and mortgage banking origination and sale services. The Company operates key business segments via WaterStone Bank (community banking and loan portfolio management), Waterstone Mortgage Corporation (mortgage origination for sale), Wauwatosa Investments (investment portfolio management), and a real estate subsidiary. It serves the Milwaukee metropolitan deposit market through branch offices and originates mortgage loans across multiple states through a network of mortgage offices and digital channels, selling loans into the secondary market.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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