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WSBF

Waterstone Financial, Inc.

WSBF

Waterstone Financial, Inc. • NASDAQ
$15.66 ▼ -0.63% (-0.10)
Market Cap $289.04 M
52w High $16.75
52w Low $11.61
Dividend Yield 0.60%
P/E 11.77
Volume 18.65K
Outstanding Shares 18.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $51.17M ▼ $26.778M ▼ $7.926M ▲ 15.49% ▲ $0.44 ▲ $10.435M ▲
Q2-2025 $52.197M ▲ $27.56M ▲ $7.727M ▲ 14.804% ▲ $0.43 ▲ $10.229M ▲
Q1-2025 $43.932M ▼ $25.43M ▲ $3.036M ▼ 6.911% ▼ $0.17 ▼ $4.592M ▼
Q4-2024 $47.571M ▼ $24.781M ▼ $5.21M ▲ 10.952% ▲ $0.28 ▲ $6.799M ▲
Q3-2024 $51.046M $27.863M $4.728M 9.262% $0.26 $6.648M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $216.666M ▼ $2.269B ▲ $1.924B ▲ $345.495M ▲
Q2-2025 $282.215M ▲ $2.257B ▲ $1.915B ▲ $341.491M ▲
Q1-2025 $251.354M ▲ $2.175B ▼ $1.834B ▼ $341.36M ▲
Q4-2024 $191.24M ▼ $2.21B ▼ $1.87B ▼ $339.135M ▼
Q3-2024 $249.212M $2.244B $1.902B $342.002M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.926M ▲ $32.715M ▲ $-56.041M ▼ $6.171M ▼ $-17.155M ▼ $32.42M ▲
Q2-2025 $7.727M ▲ $-38.448M ▼ $-6.417M ▼ $72.499M ▲ $27.634M ▲ $-38.507M ▼
Q1-2025 $3.036M ▼ $26.743M ▲ $16.857M ▲ $-40.072M ▼ $3.528M ▲ $26.478M ▲
Q4-2024 $5.21M ▲ $23.43M ▼ $7.305M ▲ $-32.381M ▲ $-1.646M ▼ $23.076M ▼
Q3-2024 $4.728M $74.089M $-17.043M $-56.955M $91K $73.895M

Five-Year Company Overview

Income Statement

Income Statement Earnings have remained positive but have come down a long way from the unusually strong results during the low‑rate, pandemic period. Revenue and profit margins have both compressed as the mortgage business cooled and funding costs likely rose. Recent results show a small improvement in profitability versus the prior year, but earnings per share are still well below past peaks. Overall, the income statement points to a bank that is still solidly profitable, yet operating in a tougher environment with less cushion than before.

Balance Sheet

Balance Sheet The balance sheet looks generally steady and conservative. Total assets have been fairly flat over several years, suggesting controlled growth rather than aggressive expansion. Equity has eased from earlier highs but has been stable recently, indicating no obvious balance‑sheet shock. Debt levels have not surged, which helps keep leverage in check. Cash spiked a few years ago and then normalized to lower levels, which is common as excess liquidity raised during the pandemic was deployed or ran off. Overall, the balance sheet appears disciplined, but not particularly growth‑oriented.

Cash Flow

Cash Flow Cash flow has been quite volatile, swinging between negative and positive years. That’s typical for a regional bank whose cash flows depend on loan demand, deposit flows, and interest rates. In stronger years, operating and free cash flow were healthy; in weaker years, they turned negative as balance‑sheet movements dominated. Capital spending is minimal, so cash use is driven more by lending and funding decisions than by physical investments. The pattern suggests that reported earnings can look smoother than the underlying cash movements, with results heavily influenced by the interest‑rate and mortgage cycles.

Competitive Edge

Competitive Edge Waterstone’s edge comes from its dual model: a community bank paired with a mortgage banking business. This gives it multiple sources of revenue, which can help offset swings in any one area. Its strong local brand in Southeastern Wisconsin, community involvement, and focus on relationship banking help it defend market share against larger national players. On the mortgage side, specialty products and niche lending broaden its reach. The flip side is that its mortgage exposure makes it more sensitive to housing and rate cycles, and as a smaller regional player it still faces intense competition from big banks and fintechs with larger scale and marketing budgets.

Innovation and R&D

Innovation and R&D For a regional bank, Waterstone is relatively active on the innovation front. The move to a modern cloud‑based platform (through the nCino partnership) is a meaningful upgrade that should streamline lending, improve compliance, and enhance data insights over time. Its digital banking tools for consumers and businesses, along with fintech‑enabled mortgage processes, aim to keep the customer experience competitive. Product innovation, such as the Wealth Building Loan and other specialty mortgage options, shows a willingness to tailor offerings to specific borrower needs. The main risk is execution: the benefits of these technology and product investments will depend on how smoothly they are rolled out and adopted.

Summary

Waterstone Financial today looks like a steady, community‑focused regional bank that is working through a more challenging earnings environment after an unusually strong period earlier in the decade. Profitability has narrowed but remains positive, supported by a disciplined, relatively stable balance sheet. Cash flows are choppy, reflecting sensitivity to interest rates and mortgage activity. Strategically, the bank benefits from its dual community‑plus‑mortgage model, strong local franchise, and a clear push into better technology and differentiated mortgage products. Key watchpoints include how well it converts technology investments into lasting efficiency gains, how it manages through future rate and housing cycles, and whether growth can be achieved without sacrificing the conservative balance‑sheet posture that has supported its resilience so far.

NEWS

October 23, 2025 · 4:01 PM UTC

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2025

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September 23, 2025 · 4:00 PM UTC

Waterstone Financial Declares Regular Quarterly Cash Dividend

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