PART I. FINANCIAL INFORMATION This section presents the company's unaudited consolidated financial statements and management's financial analysis Item 1. Financial Statements This section presents the unaudited consolidated financial statements, including key financial statements and detailed notes Consolidated Statements of Financial Condition This statement details the company's financial position, with total assets increasing by $47.0 million (2.1%) | Metric | June 30, 2025 (In Thousands) | December 31, 2024 (In Thousands) | Change (In Thousands) | % Change | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Total Assets | $2,256,560 | $2,209,608 | $46,952 | 2.1% | | Cash and cash equivalents | $70,923 | $39,761 | $31,162 | 78.4% | | Securities available for sale | $218,757 | $208,549 | $10,208 | 4.9% | | Loans held for sale | $161,826 | $135,909 | $25,917 | 19.1% | | Loans receivable, net | $1,646,473 | $1,662,329 | $(15,856) | (1.0)% | | Total Liabilities | $1,915,069 | $1,870,473 | $44,596 | 2.4% | | Total Deposits | $1,384,707 | $1,359,897 | $24,810 | 1.8% | | Total Borrowings | $465,726 | $446,519 | $19,207 | 4.3% | | Total Shareholders' Equity | $341,491 | $339,135 | $2,356 | 0.7% | Consolidated Statements of Income Net income increased for both periods ended June 30, 2025, driven by higher net interest income and negative credit loss provision | Metric (In Thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | % Change | | :-------------------- | :--------------------------- | :--------------------------- | :----- | :------- | :--------------------------- | :--------------------------- | :----- | :------- | | Total interest income | $28,685 | $28,020 | $665 | 2.4% | $56,440 | $54,925 | $1,515 | 2.8% | | Total interest expense| $14,977 | $17,341 | $(2,364)| (13.6)% | $30,156 | $33,109 | $(2,953)| (8.9)% | | Net interest income | $13,708 | $10,679 | $3,029 | 28.4% | $26,284 | $21,816 | $4,468 | 20.5% | | Provision (credit) for credit losses | $(9) | $(225) | $216 | (96.0)% | $(567) | $(158) | $(409) | 258.9% | | Total noninterest income | $24,329 | $26,497 | $(2,168)| (8.2)% | $41,426 | $47,745 | $(6,319)| (13.2)% | | Total noninterest expenses | $28,377 | $30,259 | $(1,882)| (6.2)% | $54,727 | $57,809 | $(3,082)| (5.3)% | | Net income | $7,727 | $5,712 | $2,015 | 35.3% | $10,763 | $8,750 | $2,013 | 23.0% | | Basic EPS | $0.43 | $0.31 | $0.12 | 38.7% | $0.59 | $0.47 | $0.12 | 25.5% | | Diluted EPS | $0.43 | $0.31 | $0.12 | 38.7% | $0.59 | $0.47 | $0.12 | 25.5% | Consolidated Statements of Comprehensive Income Comprehensive income significantly increased for both periods ended June 30, 2025, due to net unrealized holding gains on available-for-sale securities | Metric (In Thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | % Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | % Change | | :-------------------- | :--------------------------- | :--------------------------- | :----- | :------- | :--------------------------- | :--------------------------- | :----- | :------- | | Net income | $7,727 | $5,712 | $2,015 | 35.3% | $10,763 | $8,750 | $2,013 | 23.0% | | Net unrealized holding gain (loss) on AFS securities, net of tax | $1,146 | $(654) | $1,800 | (275.2)% | $3,494 | $(1,923) | $5,417 | (281.7)% | | Comprehensive income | $8,873 | $5,058 | $3,815 | 75.4% | $14,257 | $6,827 | $7,430 | 108.8% | Consolidated Statements of Changes in Shareholders' Equity Shareholders' equity increased by $2.4 million to $341.5 million at June 30, 2025, driven by comprehensive income | Metric (In Thousands) | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------- | :------------ | :---------------- | :----- | :------- | | Total Shareholders' Equity | $341,491 | $339,135 | $2,356 | 0.7% | | Net income (6 months) | $10,763 | $8,750 | $2,013 | 23.0% | | Other comprehensive income (6 months) | $3,494 | $(1,923) | $5,417 | (281.7)% | | Cash dividend (6 months) | $(5,381) | $(5,578) | $197 | (3.5)% | | Purchase of common stock returned to authorized but unissued (6 months) | $(9,667) | $(11,116) | $1,449 | (13.0)% | Consolidated Statements of Cash Flows Cash and cash equivalents increased by $31.2 million for the six months ended June 30, 2025, despite decreased operating cash flow | Metric (In Thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | % Change | | :-------------------- | :--------------------------- | :--------------------------- | :----- | :------- | | Net cash used in operating activities | $(11,705) | $(49,456) | $37,751| (76.3)% | | Net cash provided by (used in) investing activities | $10,440 | $(14,225) | $24,665| (173.4)% | | Net cash provided by financing activities | $32,427 | $68,576 | $(36,149)| (52.7)% | | Increase in cash and cash equivalents | $31,162 | $4,895 | $26,267| 536.6% | | Cash and cash equivalents at end of period | $70,923 | $41,316 | $29,607| 71.6% | Notes to Consolidated Financial Statements These notes provide detailed disclosures on accounting policies, financial instruments, loan portfolio, regulatory capital
New Waterstone(WSBF) - 2025 Q2 - Quarterly Report