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Waterstone Financial, Inc. operates as a bank holding company for WaterStone Bank SSB that provides various financial services to customers in southeastern Wisconsin, the United States. It operates in two segments, Community Banking and Mortgage Banking. The Community Banking segment offers consumer and business banking products and services, such as deposit and transactional solutions, such as checking, credit, debit and pre-paid cards, online banking and bill pay, and money transfer services; investable funds solutions, such as savings, money market deposits, individual retirement accounts, and certificates of deposit; residential mortgages, home equity loans and lines of credit, personal and installment loans, real estate financing, business loans, and business lines of credit; and fixed and variable annuities, insurance products, and trust and investment management accounts. It also provides transaction deposits, interest bearing transaction accounts, demand deposits, non-interest-bearing demand accounts, and time deposits; secured and unsecured lines; commercial real estate construction loans; term loans for working capital, inventory, and general corporate use; and personal term loans and investment services. The Mortgage Banking segment offers residential mortgage loans for the purpose of sale in the secondary market. It also invests in a portfolio of securities comprising mortgage-backed securities, government-sponsored and private-label enterprise bonds, collateralized mortgage obligations, municipal obligations, and other debt securities. The company was formerly known as Wauwatosa Holdings, Inc. and changed its name to Waterstone Financial, Inc. in August 2008. Waterstone Financial, Inc. was founded in 1921 and is based in Wauwatosa, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $139M | - | $26M | $23M | 7.6% | 4.9% | 41.3% |
| 2024 | $132M | - | $19M | $47M | 5.5% | 3.4% | 99.3% |
| 2023 | $128M | - | $9M | $-28M | 2.7% | -18.9% | -51.9% |
| 2022 | $158M | - | $19M | $206M | 5.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 157.76 | 127.97 | 132.38 | 138.93 |
| Pretax Income | 24.48 | 11.03 | 24 | 33.45 |
| Tax Provision | 4.99 | 1.66 | 5.31 | 7.04 |
| Net Income | 19.49 | 9.38 | 18.69 | 26.40 |
| Net Income Common Stockholders | 19.49 | 9.38 | 18.69 | 26.40 |
| Interest Expense | 13.29 | 48.99 | 67 | 59.37 |
| Interest Income | 70.25 | 99.21 | 113.17 | 116.11 |
| Selling General And Administration | 103.54 | 87.88 | 84.63 | 82.50 |
| Normalized Income | 19.49 | 9.38 | 18.69 | 26.40 |
| Basic EPS | 0.89 | 0.47 | 1.01 | 1.48 |
| Diluted EPS | 0.89 | 0.46 | 1.01 | 1.48 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.20 | 0.15 | 0.22 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | 19.49 | 9.38 | 18.69 | 26.40 |
| Reconciled Depreciation | 4.03 | 3.30 | 2.47 | 2.55 |
| Net Interest Income | 56.95 | 50.22 | 46.17 | 56.73 |
| Net Income From Continuing And Discontinued Operation | 19.49 | 9.38 | 18.69 | 26.40 |
| Diluted Average Shares | 22.01 | 20.20 | 18.59 | 17.87 |
| Basic Average Shares | 21.88 | 20.16 | 18.56 | 17.84 |
| Diluted NI Availto Com Stockholders | 19.49 | 9.38 | 18.69 | 26.40 |
| Net Income Including Noncontrolling Interests | 19.49 | 9.38 | 18.69 | 26.40 |
| Net Income Continuous Operations | 19.49 | 9.38 | 18.69 | 26.40 |
| Selling And Marketing Expense | 3.98 | 3.78 | 3.55 | 2.88 |
| General And Administrative Expense | 99.56 | 84.10 | 81.08 | 79.62 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Salaries And Wages | 99.56 | 84.10 | 81.08 | 79.62 |
| Operating Revenue | 157.76 | 127.97 | 132.38 | 138.93 |
| Occupancy And Equipment | 8.71 | 8.32 | 7.57 | 7.19 |
| Professional Expense And Contract Services Expense | 1.81 | 2.69 | 3.18 | 2.83 |
| Other Non Interest Expense | 18.26 | 17.40 | 13.16 | 14.35 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waterstone Financial, Inc.this co. | WSBF | $325M | 10.86↓ discount | 0.90 | 7.6% | - |
| MVB Financial Corp. | MVBF | $332M | 12.53 | 0.98 | 8.1% | - |
| Value Line, Inc. | VALU | $324M | 14.76 | 3.01 | 20.8% | 40.33 |
| Avidbank Holdings, Inc. | AVBH | $323M | - | 1.12 | -7.0% | - |
| Chemung Financial Corporation | CHMG | $322M |
| 17.63 |
| 1.23 |
| 5.9% |
| - |
| LINKBANCORP, Inc. | LNKB | $322M | 9.54 | 1.05 | 10.9% | - |
| The First Bancorp, Inc. | FNLC | $320M | 8.77 | 1.13 | 12.1% | - |
| BayCom Corp | BCML | $320M | 12.13 | 0.92 | 7.1% | - |
| Timberland Bancorp, Inc. | TSBK | $320M | 10.54 | 1.19 | 11.1% | - |
| Peer Median | - | 12.13 | 1.12 | 9.5% | 40.33 | |