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New Waterstone(WSBF) - 2025 Q2 - Quarterly Report
2025-08-07 20:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-36271 WATERSTONE FINANCIAL, INC. (Exact name of registrant as specified in its charter) Maryland 90-1026709 (State or other jurisdiction of incorporation or ...
Waterstone Financial's Q2 Earnings Up Y/Y on Community Bank Gains
ZACKS· 2025-07-28 19:01
Core Insights - Waterstone Financial, Inc. reported a significant increase in earnings per share (EPS) for Q2 2025, rising to 43 cents from 31 cents in Q2 2024, marking a 39% increase [2] - The company's net income for the quarter was $7.7 million, up from $5.7 million in the same period last year [3] - The net interest margin improved to 2.60%, up from 2.01% year-over-year, indicating better yields on interest-earning assets [4] Financial Performance - Revenue from net interest income increased to $13.7 million from $10.9 million year-over-year, while noninterest income decreased to $24.3 million from $26.5 million [2] - Total assets as of June 30, 2025, were $2.22 billion, slightly up from $2.21 billion at the end of 2024 [4] - The loan portfolio saw a decline, with loans receivable at $1.64 billion, down from $1.7 billion in December 2024 [4] Shareholder Actions - The company repurchased approximately 508,000 shares at an average cost of $12.80 per share, increasing book value per share to $18.19 from $17.53 [5] - Dividends declared remained steady at 15 cents per share [5] Management Commentary - The CEO highlighted strong earnings performance, particularly in the community banking segment, which saw a 50.4% increase in pre-tax income to $7.6 million [6] - The community banking segment's growth was attributed to a $2.4 million increase in net interest income and effective expense management [6] Mortgage Banking Insights - Mortgage originations declined by 7.1% year-over-year to $588.8 million, with purchase originations making up 91.7% of the total [7] - Noninterest income from mortgage banking fell by 9.7% to $22.6 million, while gross margin on loans sold decreased to 3.8% from 3.9% [7] - Compensation and employee benefits expenses decreased by 3.4%, aiding earnings despite a decline in mortgage revenue [7]
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Six Months Ended June 30, 2025
GlobeNewswire News Room· 2025-07-22 20:01
WAUWATOSA, Wis., July 22, 2025 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $7.7 million, or $0.43 per diluted share, for the quarter ended June 30, 2025 compared to $5.7 million, or $0.31 per diluted share, for the quarter ended June 30, 2024. Net income per diluted share was $0.59 for the six months ended June 30, 2025 compared to net income per diluted share of $0.47 for the six months ended June 30, 2024. “We are pleased with ...
New Waterstone(WSBF) - 2025 Q2 - Quarterly Results
2025-07-22 20:00
● Consolidated net income of Waterstone Financial, Inc. totaled $7.7 million for the quarter ended June 30, 2025 compared to net income of $5.7 million for the quarter ended June 30, 2024. ● Consolidated return on average assets (annualized) was 1.39% for the quarter ended June 30, 2025 and 1.02% for the quarter ended June 30, 2024. ● Consolidated return on average equity (annualized) was 9.04% for the quarter ended June 30, 2025 and 6.84% for the quarter ended June 30, 2024. ● Dividends declared during the ...
Zacks Initiates Coverage of Waterstone Financial With Neutral Recommendation
ZACKS· 2025-07-16 16:21
Core Viewpoint - Zacks Investment Research has initiated coverage of Waterstone Financial, Inc. (WSBF) with a Neutral recommendation, indicating a balanced outlook for the company despite its capital strength and earnings stability, due to several risk factors and operational inefficiencies limiting near-term upside potential [1] Financial Strength - Waterstone's financial foundation is robust, with a Common Equity Tier 1 (CET1) capital ratio of 20.32% and a Total Capital Ratio of 21.40% as of March 2025, significantly exceeding regulatory minimums [2] - The company offers a consistent dividend yield of 4.4%, above the industry average, with the most recent quarterly dividend of 15 cents per share declared in June [2] Performance Metrics - Improvements in net interest margin from 2.15% in Q1 2024 to 2.47% in Q1 2025 reflect effective asset-liability management and lower borrowing costs [3] - Interest-earning asset yields rose to 5.46%, while reliance on higher-cost Federal Home Loan Bank borrowings has significantly declined [3] Liquidity Position - As of March 31, 2025, Waterstone holds $43.3 million in cash and has $377 million in unused FHLB borrowing capacity, indicating a strong liquidity position [4] - The deposit base continues to expand, particularly in time deposits, providing flexibility in funding and pricing strategies [4] Challenges - The Mortgage Banking segment reported a $1.6 million loss in Q1, reversing a profit from the same period last year, driven by a 20% decline in loan originations [5] - The company has $21.8 million in unrealized losses on its securities portfolio, primarily in government-sponsored mortgage-backed securities, which could impact book value if interest rates rise [5] Credit Quality - Substandard commercial real estate loans are elevated at $11.9 million, with collateral-dependent loans rising sharply to $17.5 million, indicating potential pressure in the CRE segment [6] - Nonaccrual loans increased to $7.4 million, highlighting concerns regarding credit quality trends [6] Market Sentiment - Waterstone's share price has underperformed compared to peers and the broader market, reflecting tepid investor sentiment [7] - Trading multiples suggest the stock is not overvalued but do not indicate a compelling discount, with the market pricing in a stable but limited growth trajectory [7]
Waterstone Financial Announces Election of New Board Members
Globenewswire· 2025-07-09 20:01
Core Insights - Waterstone Financial, Inc. has elected Molly Mulroy and Laura Piotrowski to its Board of Directors, effective July 22, 2025 [1][2] Group 1: Board Members' Backgrounds - Molly Mulroy is currently the Executive Vice President and Chief Administrative Officer of WEC Energy Group, overseeing various departments including Human Resources and IT Services [2][3] - Mulroy has held multiple leadership roles since joining WEC Energy Group in 1999, including Vice President and Chief Information Officer [3] - Laura Piotrowski is the CEO and President of Cavendish Vernal, a strategic advisory firm she founded in 2017, and has previously held senior finance roles [5][6] Group 2: Educational and Community Involvement - Mulroy holds a bachelor's degree from the University of Minnesota and an MBA from the University of Chicago, and is active in the Milwaukee community [4] - Piotrowski earned her bachelor's degree from the University of Wisconsin-Milwaukee and an Executive MBA from Marquette University, and is a Certified Public Accountant [7] Group 3: Company Overview - Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank, which was established in 1921 and operates 14 branch locations in southeastern Wisconsin [8] - WaterStone Bank offers a comprehensive suite of personal and business banking products and is also the parent company of WaterStone Mortgage Corporation, a national lender licensed in 48 states [8][9]
Waterstone Financial Outperforms The Regional Banking Sector
Seeking Alpha· 2025-06-23 17:29
Core Viewpoint - Waterstone Financial, Inc. (NASDAQ: WSBF) is rated as a Hold for income-focused investors looking for long-term buy and hold investments, indicating a cautious outlook on the stock's performance [1]. Company Summary - WSBF is characterized as a small regional bank that has faced challenges during significant economic events such as the Financial Crisis and the Covid pandemic [1]. - The bank's performance has been under scrutiny due to its historical difficulties, suggesting a need for careful evaluation by potential investors [1]. Analyst Background - David A. Johnson, the founder and principal of Endurance Capital Management, has over 30 years of investment experience and holds advanced degrees in finance and business administration, indicating a strong background in financial analysis [1].
New Waterstone(WSBF) - 2025 Q1 - Quarterly Report
2025-05-08 20:03
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-36271 WATERSTONE FINANCIAL, INC. (Exact name of registrant as specified in its charter) Maryland 90-1026709 (State or other jurisdiction of incorporation o ...
Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2025
Globenewswire· 2025-04-22 21:16
Core Viewpoint - Waterstone Financial, Inc. reported stable net income of $3.0 million for Q1 2025, maintaining earnings per share at $0.17, slightly up from $0.16 in Q1 2024, despite challenges in the Mortgage Banking segment [1][2]. Community Banking Segment - The Community Banking segment saw a 6.9% increase in net interest income, totaling $12.4 million for Q1 2025, compared to $11.6 million in Q1 2024 [3][8]. - The net interest margin improved by 32 basis points to 2.47% in Q1 2025 from 2.15% in Q1 2024, driven by a higher yield on loans and a decrease in borrowing costs [3][8]. - Asset quality remained strong, with nonperforming assets at 0.35% of total assets as of March 31, 2025, compared to 0.23% a year earlier [3][18]. - The company repurchased approximately 237,000 shares at a cost of $3.2 million, enhancing book value per share to $17.70 [3][12]. Mortgage Banking Segment - The Mortgage Banking segment reported a pre-tax loss of $2.2 million for Q1 2025, a significant decline from a pre-tax income of $369,000 in Q1 2024, attributed to a market-wide decrease in loan origination volumes [2][8]. - Loan originations decreased by 20.1% to $387.7 million in Q1 2025 from $485.1 million in Q1 2024, with a notable shift in origination volume towards purchase activity [8][25]. - Noninterest income from mortgage banking fell by 22.6% to $15.7 million in Q1 2025, down from $20.3 million in Q1 2024 [8][25]. Financial Performance Metrics - Return on average assets for Q1 2025 was 0.57%, slightly up from 0.56% in Q1 2024, while return on average equity increased to 3.61% from 3.56% [3][18]. - The efficiency ratio improved to 59.66% in Q1 2025 from 65.17% in Q1 2024, indicating better cost management [8][23]. - Average core retail deposits rose by 7.4% to $1.28 billion in Q1 2025, compared to $1.19 billion in Q1 2024, reflecting strong customer retention [8][18].
New Waterstone(WSBF) - 2025 Q1 - Quarterly Results
2025-04-22 20:00
Financial Performance - Waterstone Financial, Inc. reported net income of $3.0 million, or $0.17 per diluted share, for Q1 2025, compared to $3.0 million, or $0.16 per diluted share, for Q1 2024[1]. - Net income for the quarter was $3,036, a decrease of 41.87% compared to $5,210 in the previous quarter[15]. - Net income for the quarter was $4,638,000, down 12.3% from $5,288,000 in the prior quarter[18]. Income and Revenue - Net interest income increased by $805,000, or 6.9%, to $12.4 million for Q1 2025, compared to $11.6 million for Q1 2024[3]. - Net interest income was $12,576, a slight decrease from $12,835 in the previous quarter, reflecting a decrease of 2.02%[15]. - Total noninterest income was $17,097, down from $19,005, indicating a decline of 10.03%[15]. - Total noninterest income decreased to $1,348,000 from $1,595,000, reflecting a decline of 15.5%[18]. Banking Segment Performance - Pre-tax income for the Community Banking segment totaled $6.1 million for Q1 2025, representing a $1.8 million, or 41.7%, increase compared to $4.3 million for Q1 2024[3]. - The provision for credit losses in the banking segment was $(518,000), compared to $331,000 in the previous quarter, reflecting improved credit quality[18]. Mortgage Banking Segment Performance - Loan originations in the Mortgage Banking segment decreased by $97.4 million, or 20.1%, to $387.7 million during Q1 2025 compared to $485.1 million during Q1 2024[4]. - In the mortgage banking segment, loan originations totaled $387,729,000, a decrease of 17.6% from $470,650,000 in the prior quarter[20]. - Mortgage banking non-interest income decreased by $4.6 million, or 22.6%, to $15.7 million for Q1 2025 compared to $20.3 million for Q1 2024[4]. - The company reported a net loss of $1,625,000 in the mortgage banking segment, compared to a loss of $197,000 in the previous quarter[20]. - The efficiency ratio for the mortgage banking segment was 114.18%, compared to 103.39% in the previous quarter, indicating increased costs relative to income[20]. - The percentage of purchase loans in total loan originations was 87.5%, up from 82.1% in the previous quarter, indicating a shift towards purchase activity[20]. Asset and Liability Management - Average loans held for investment increased by $10.7 million, or 0.6%, to $1.67 billion during Q1 2025 compared to $1.66 billion for Q1 2024[3]. - Total assets decreased to $2,175,367, down from $2,209,608, representing a decline of approximately 1.54%[13]. - Total deposits increased to $1,381,200, up from $1,359,897, showing a growth of 1.57%[13]. - Loans receivable, net amounted to $1,645,614, a decrease from $1,662,329, representing a decline of 1.00%[13]. - Total liabilities decreased to $1,834,007 from $1,870,473, a decline of approximately 1.94%[13]. Efficiency and Ratios - The efficiency ratio improved to 59.66% for Q1 2025, down from 65.17% for Q1 2024[4]. - The efficiency ratio for the quarter was 59.66%, an increase from 51.54% in the previous quarter, indicating a decline in operational efficiency[18]. - Return on average assets for the quarter was 0.57%, down from 0.94% in the previous quarter[15]. - Return on average equity for the quarter was 3.61%, a decrease from 6.05% in the previous quarter[15]. Book Value - Book value per share increased to $17.70 at March 31, 2025, compared to $17.53 at December 31, 2024[3]. - Book value per share increased to $17.70 from $17.53, reflecting a growth of 0.97%[13].