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    Waterstone Financial (WSBF)

    Market Price (9/22/2026): $20.73 | Market Cap: $354.8 MilSector: Financials | Industry: Regional Banks

    Waterstone Financial (WSBF)

    Market Price (9/22/2026): $20.73
    Market Cap: $354.8 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 12%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%

    Low stock price volatility
    Vol 12M is 23%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.

    Trading close to highs
    Dist 52W High is -3.8%, Dist 3Y High is -3.8%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 57%

    Key risks
    WSBF key risks include [1] margin compression from a shift to higher-cost deposits and [2] vulnerability to intense competition due to limited resources and an "antiquated website."

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 12%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%
    2 Low stock price volatility
    Vol 12M is 23%
    3 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    4 Trading close to highs
    Dist 52W High is -3.8%, Dist 3Y High is -3.8%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 57%
    6 Key risks
    WSBF key risks include [1] margin compression from a shift to higher-cost deposits and [2] vulnerability to intense competition due to limited resources and an "antiquated website."

    WSBF in ETFs

    Weight = WSBF's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    AVUV0.02%
    VTWO0.01%
    DFAS0.01%
    SCHA0.01%
    IWN0.00%
    +3 more covered ETFs

    Valuation & Metrics

    null
    WSBFS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.1
    Rev Chg Q5.9%9.3%
    Rev Chg LTM12.5%8.3%
    Rev Chg 3Y Avg2.0%5.8%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM30.4%21.8%
    Net Inc Mgn20.5%13.1%
    VALUATIONLOW
    P/S2.43.1
    P/CFO7.914.7
    P/FCF8.319.3
    P/E11.822.6

    AI Analysis | Feedback

    MetricValueDateSource
    Efficiency Ratio50.40%6302025Link
    Average Core Deposits (excluding brokered and escrow accounts)1.31 billion6302025Link
    Nonperforming Assets as a Percentage of Total Assets0.27%9302025Link
    Past Due Loans as a Percentage of Total Loans0.50%9302025Link
    Book Value per Share$18.659302025Link
    Loan Originations539.4 million9302025Link
    Origination Volume Relative to Purchase Activity90.1%9302025Link
    Gross Margin on Loans Sold3.84%6302025Link
    Number of Banking Offices1411062025Link
    Number of Mortgage Banking Offices6112312021Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    Waterstone Financial (WSBF) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. Waterstone Financial's Q2 2026 (ended June 30, 2026) financial results demonstrated underlying strength despite missing analyst estimates. Although the company reported earnings per share of $0.49, missing the consensus estimate of $0.66, and revenue of $40.25 million, below the $65.80 million consensus, its net income for Q2 2026 increased by 10.39% year-over-year to $8.5 million. Furthermore, the net interest margin widened by 43 basis points to 3.03%, suggesting operational improvements that likely contributed to investor confidence.

    2. The company's commitment to shareholder returns through a consistent dividend payout. Waterstone Financial declared and subsequently paid a quarterly dividend of $0.17 per share on August 3, 2026, to shareholders of record on July 8, 2026. This dividend represents an annualized yield of 3.3%, which signals financial stability and ongoing returns to investors, enhancing the stock's attractiveness.

    Show more
    Updated on 9/1/2026

    Waterstone Financial (WSBF) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. Waterstone Financial's Q2 2026 (ended June 30, 2026) financial results demonstrated underlying strength despite missing analyst estimates. Although the company reported earnings per share of $0.49, missing the consensus estimate of $0.66, and revenue of $40.25 million, below the $65.80 million consensus, its net income for Q2 2026 increased by 10.39% year-over-year to $8.5 million. Furthermore, the net interest margin widened by 43 basis points to 3.03%, suggesting operational improvements that likely contributed to investor confidence.

    2. The company's commitment to shareholder returns through a consistent dividend payout. Waterstone Financial declared and subsequently paid a quarterly dividend of $0.17 per share on August 3, 2026, to shareholders of record on July 8, 2026. This dividend represents an annualized yield of 3.3%, which signals financial stability and ongoing returns to investors, enhancing the stock's attractiveness.

    3. Confidence conveyed by the expansion of the share repurchase program. In April 2026, prior to the specified period but with ongoing influence, Waterstone Financial expanded its existing share repurchase program to authorize the repurchase of up to an additional 2,000,000 shares. This move typically signals management's belief that the company's stock is undervalued and aims to enhance shareholder value by reducing the number of outstanding shares.

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    Stock Movement Drivers

    Fundamental Drivers

    The 12.7% change in WSBF stock from 5/31/2026 to 9/21/2026 was primarily driven by a 8.3% change in the company's P/E Multiple.
    (LTM values as of)53120269212026Change
    Stock Price ($)18.3520.6912.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1451471.5%
    Net Income Margin (%)20.3%20.5%1.0%
    P/E Multiple10.911.88.3%
    Shares Outstanding (Mil)17171.5%
    Cumulative Contribution12.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/21/2026
    ReturnCorrelation
    WSBF12.7% 
    Market (SPY)2.5%4.5%
    Sector (XLF)8.8%42.2%

    Fundamental Drivers

    The 18.3% change in WSBF stock from 2/28/2026 to 9/21/2026 was primarily driven by a 7.7% change in the company's Net Income Margin (%).
    (LTM values as of)22820269212026Change
    Stock Price ($)17.5020.6918.3%
    Change Contribution By: 
    Total Revenues ($ Mil)1391475.8%
    Net Income Margin (%)19.0%20.5%7.7%
    P/E Multiple11.611.81.7%
    Shares Outstanding (Mil)17172.0%
    Cumulative Contribution18.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/21/2026
    ReturnCorrelation
    WSBF18.3% 
    Market (SPY)13.4%16.0%
    Sector (XLF)9.6%35.9%

    Fundamental Drivers

    The 43.2% change in WSBF stock from 8/31/2025 to 9/21/2026 was primarily driven by a 29.2% change in the company's Net Income Margin (%).
    (LTM values as of)83120259212026Change
    Stock Price ($)14.4520.6943.2%
    Change Contribution By: 
    Total Revenues ($ Mil)13114712.5%
    Net Income Margin (%)15.8%20.5%29.2%
    P/E Multiple12.611.8-6.3%
    Shares Outstanding (Mil)18175.1%
    Cumulative Contribution43.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/21/2026
    ReturnCorrelation
    WSBF43.2% 
    Market (SPY)21.2%20.7%
    Sector (XLF)5.1%38.9%

    Fundamental Drivers

    The 90.3% change in WSBF stock from 8/31/2023 to 9/21/2026 was primarily driven by a 131.6% change in the company's Net Income Margin (%).
    (LTM values as of)83120239212026Change
    Stock Price ($)10.8720.6990.3%
    Change Contribution By: 
    Total Revenues ($ Mil)1401475.1%
    Net Income Margin (%)8.8%20.5%131.6%
    P/E Multiple17.911.8-34.4%
    Shares Outstanding (Mil)201719.1%
    Cumulative Contribution90.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/21/2026
    ReturnCorrelation
    WSBF90.3% 
    Market (SPY)78.3%32.3%
    Sector (XLF)70.5%47.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    WSBF Return24%-16%-13%-1%29%27%47%
    Peers Return32%-5%5%19%9%20%105%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    WSBF Win Rate83%33%33%50%67%67% 
    Peers Win Rate72%40%48%50%55%60% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    WSBF Max Drawdown-7%-26%-41%-24%-19%-7% 
    Peers Max Drawdown-19%-27%-35%-15%-25%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ASB, WTFC, ONB, FMBH, BUSE.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/21/2026 (YTD)

    How Low Can It Go

    EventWSBFS&P 500
    2025 US Tariff Shock
      % Loss-18.2%-18.8%
      % Gain to Breakeven22.2%23.1%
      Time to Breakeven125 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-32.3%-9.5%
      % Gain to Breakeven47.7%10.5%
      Time to Breakeven65 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-17.2%-6.7%
      % Gain to Breakeven20.8%7.1%
      Time to Breakeven429 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-24.0%-24.5%
      % Gain to Breakeven31.6%32.4%
      Time to Breakeven1363 days427 days
    2020 COVID-19 Crash
      % Loss-28.0%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven184 days140 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-19.2%-15.4%
      % Gain to Breakeven23.7%18.2%
      Time to Breakeven7 days125 days

    Compare to ASB, WTFC, ONB, FMBH, BUSE

    In The Past

    Waterstone Financial's stock fell -18.2% during the 2025 US Tariff Shock. Such a loss loss requires a 22.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventWSBFS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-32.3%-9.5%
      % Gain to Breakeven47.7%10.5%
      Time to Breakeven65 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-24.0%-24.5%
      % Gain to Breakeven31.6%32.4%
      Time to Breakeven1363 days427 days
    2020 COVID-19 Crash
      % Loss-28.0%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven184 days140 days
    2008-2009 Global Financial Crisis
      % Loss-87.2%-53.4%
      % Gain to Breakeven678.3%114.4%
      Time to Breakeven2461 days1085 days

    Compare to ASB, WTFC, ONB, FMBH, BUSE

    In The Past

    Waterstone Financial's stock fell -18.2% during the 2025 US Tariff Shock. Such a loss loss requires a 22.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Waterstone Financial (WSBF)

    Waterstone Financial, Inc. (WSBF) operates as a bank holding company, primarily through its subsidiary WaterStone Bank SSB. The company delivers a comprehensive range of financial services, divided into two main segments: Community Banking and Mortgage Banking. It caters to both consumer and business clients across its operational areas.

    The Community Banking segment offers a broad spectrum of traditional banking products and services. These include deposit and transactional solutions such as checking accounts, credit and debit cards, and online banking. Lending solutions comprise residential mortgages, home equity loans, personal loans, and financing for real estate and businesses. Additionally, the company provides investable fund solutions like savings accounts, money market accounts, IRAs, certificates of deposit, annuities, insurance products, and trust and investment management services.

    Complementing its community banking operations, the Mortgage Banking segment specializes in originating residential mortgage loans, primarily for sale on the secondary market. Waterstone Financial primarily serves customers in southeastern Wisconsin, with banking offices located in Milwaukee, Washington, and Waukesha counties. It also extends its mortgage origination reach through a loan production office in Minneapolis, Minnesota.

    AI Analysis | Feedback

    Here are 1-2 brief analogies for Waterstone Financial (WSBF):

    • Like a smaller, regional Bank of America for southeastern Wisconsin.
    • Imagine a local branch of Chase Bank, but operating as an independent company primarily focused on community banking services in specific Wisconsin neighborhoods.

    AI Analysis | Feedback

    • Deposit & Transactional Services: Provides checking, savings, money market, and certificate of deposit accounts, along with credit, debit, pre-paid cards, online banking, bill pay, and money transfer services.
    • Lending Services: Offers residential mortgages, home equity loans and lines of credit, personal and installment loans, business loans, business lines of credit, and real estate financing.
    • Investment & Wealth Management Services: Includes IRA accounts, fixed and variable annuities, insurance products, trust and investment management accounts.
    • Mortgage Banking for Secondary Market: Originates residential mortgage loans with the primary intent of selling them on the secondary market.

    AI Analysis | Feedback

    ```html

    Waterstone Financial (WSBF) primarily sells its financial products and services to individuals and businesses. Based on the company description, its major customer categories are:

    • Individual Consumers: This category includes individuals who utilize the bank's community banking services such as checking, savings, credit/debit cards, online banking, residential mortgages, home equity loans, personal and installment loans, IRA accounts, certificates of deposit, annuities, and insurance products.
    • Businesses: This category encompasses businesses (likely small to medium-sized within its service area of southeastern Wisconsin) that use the bank's services for deposit and transactional solutions, business loans, business lines of credit, and real estate financing.
    ```

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    William F. Bruss, President and CEO

    William F. Bruss serves as the President and CEO of Waterstone Financial, Inc. and WaterStone Bank. He joined the company in 1997 as General Counsel. Over the years, he advanced through various roles, becoming Senior Vice President in 2006, Chief Operating Officer in 2013, and President in 2022, before assuming his current role as CEO in 2024. Prior to joining Waterstone, Mr. Bruss spent three years in private legal practice, where he also represented WaterStone Bank in various legal matters.

    Mark R. Gerke, Executive Vice President and Chief Financial Officer

    Mark R. Gerke is the Executive Vice President and Chief Financial Officer of Waterstone Financial, Inc. and WaterStone Bank. He started at WaterStone Bank in 2005 as Corporate Controller. In 2014, he was promoted to Vice President, Controller, and Principal Accounting Officer of the holding company, and in 2016, he became Senior Vice President and Chief Financial Officer. Before joining Waterstone, Mr. Gerke worked at Ernst & Young LLP, a global professional services firm, where he served as a Senior Manager in Assurance Services.

    Jeffrey R. McGuiness, Chief Executive Officer and President of Waterstone Mortgage Corporation

    Jeffrey R. McGuiness holds the position of Chief Executive Officer and President of Waterstone Mortgage Corporation. Waterstone Mortgage Corporation is a key part of Waterstone Financial's Mortgage Banking segment, which focuses on originating residential mortgage loans primarily for sale on the secondary market.

    Julie Ann Glynn, Senior Vice President and Director, Retail Banking

    Julie Ann Glynn is the Senior Vice President and Director of Retail Banking at WaterStone Bank. She joined the Bank in 2018, bringing with her over 30 years of leadership experience in retail banking. In her role, she guides the Bank's retail banking initiatives as its Chief Retail Officer.

    Ryan J. Gordon, Executive Vice President and Chief Credit Officer

    Ryan J. Gordon serves as the Executive Vice President and Chief Credit Officer of WaterStone Bank. He began his career with the Bank in 2008, focusing on credit administration, and was appointed Chief Credit Officer in 2018. Mr. Gordon also chairs the Officer Loan Committee and is a member of the Executive Committee and the board of directors of Waterstone Mortgage Corporation.

    AI Analysis | Feedback

    The key risks to Waterstone Financial (WSBF) primarily stem from the challenging interest rate environment, headwinds in the mortgage banking sector, and potential vulnerabilities within its loan portfolio, particularly commercial real estate.

    1. Interest Rate Risk and Margin Compression: Waterstone Financial's Community Banking segment faces ongoing challenges from margin compression due to elevated funding costs as interest rates remain high. The net interest margin has decreased, driven by an increase in the weighted average cost of deposits and borrowings as federal funds rate increases led to higher funding rates. As a bank, Waterstone Financial is inherently exposed to fluctuations in interest rates, which can impact both the cost of funds and the yields on assets, threatening future income.
    2. Mortgage Banking Industry Headwinds: The company's Mortgage Banking segment continues to experience industry-wide challenges, including low levels of housing inventory and affordability constraints, largely driven by elevated mortgage rates. High interest rates can reduce the willingness and ability of potential homebuyers to finance real estate loans, which can adversely affect a bank that relies on a minimum level of loan originations to maintain profitability.
    3. Credit Risk, particularly Commercial Real Estate (CRE) Exposure: While Waterstone Financial reported low non-accrual loans and strong asset quality at the end of 2025, its loan portfolio includes a significant concentration in commercial real estate (19.5%). The broader banking industry has seen deterioration in certain commercial real estate portfolios, with office properties underperforming and high interest rates inhibiting refinancing. Rising borrowing costs, elevated vacancy rates, and slower rent growth can weaken property-level cash flows, posing a potential credit risk for banks with substantial CRE exposure.

    AI Analysis | Feedback

    Clear Emerging Threats for Waterstone Financial (WSBF)

    • Competition from Digital-First Banks and Fintech Platforms: The rise of entirely digital banks (neobanks) and specialized fintech companies offering banking services, deposits, and various lending solutions directly threatens Waterstone Financial's Community Banking segment. These competitors often boast lower overhead, superior digital user experiences, and can offer more competitive rates or lower fees, attracting customers away from traditional branch-based banks and eroding Waterstone Financial's deposit base and loan origination opportunities. This parallels the disruption Netflix brought to Blockbuster by offering a fundamentally different and often more convenient service model.
    • Disruption in Mortgage Origination by Online Lenders: Waterstone Financial's Mortgage Banking segment, which originates residential mortgage loans, faces a significant threat from large, technologically advanced online mortgage lenders. Companies like Rocket Mortgage have streamlined the mortgage application and approval process, offering speed, convenience, and often competitive pricing through purely digital channels. This model bypasses the need for physical loan offices and traditional processes, making it challenging for Waterstone Financial to compete effectively for market share in mortgage originations, similar to how Uber disrupted traditional taxi services with a more convenient and often more efficient digital platform.

    AI Analysis | Feedback

    Waterstone Financial, Inc. (WSBF) operates in two primary segments: Community Banking and Mortgage Banking, serving customers primarily in southeastern Wisconsin, with a mortgage loan production office in Minneapolis, Minnesota.

    Mortgage Banking Segment

    The addressable market for Waterstone Financial's residential mortgage loans is substantial in its key operating regions:

    • Milwaukee-Waukesha, WI Metropolitan Statistical Area (MSA): The projected total volume for combined purchase and refinance loans in 2026 is estimated at $9.42 billion. The total dollar volume for purchase and refinance originations in this market is forecast to grow from $5.4 billion in 2023 to $9.4 billion by 2027.
    • Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area (MSA): Projections for 2026 indicate an addressable market of 82,355 combined purchase and refinance loans, totaling $25.68 billion in volume, with an average loan size of $311,798. The total dollar volume for purchase and refinance originations in Minneapolis is forecast to increase from $16.6 billion in 2023 to $26.2 billion by 2027.

    Community Banking Segment

    Waterstone Financial's Community Banking segment offers a range of consumer and business banking products, including deposit and transactional solutions, various lending solutions (residential mortgages are covered above, but also home equity, personal, real estate, and business loans), and investable funds solutions. The company operates 11 full-service banking offices in Milwaukee, Washington, and Waukesha counties, Wisconsin.

    While specific addressable market sizes for each individual community banking product (such as checking accounts, specific types of personal loans, or individual investment products) at the precise county level (Milwaukee, Washington, and Waukesha counties) are not readily available in a comprehensive manner, broad market indicators for Wisconsin's banking sector provide context:

    • Total Deposits (Wisconsin): As of the first quarter of 2025, total deposits for all FDIC-insured institutions in Wisconsin amounted to approximately $129.73 billion. Waterstone Bank, SSB, itself held $1.427 billion in deposits in Wisconsin as of 2025.
    • Total Loans (Wisconsin): Net loans for Wisconsin's state-chartered banks reached $53.7 billion by year-end 2025.

    Due to the highly localized and diverse nature of community banking products beyond deposits and general lending, and the lack of publicly available, aggregated market size data for these specific products within Waterstone Financial's exact operating counties, it is not possible to provide precise addressable market sizes for each individual product within the Community Banking segment for their specific regional footprint.

    AI Analysis | Feedback

    Waterstone Financial, Inc. (WSBF) anticipates several key drivers for its revenue growth over the next two to three years:

    1. Deposit Growth: Management has identified strong deposit growth as a crucial factor for the company's continued performance. This growth in deposits provides a stable funding base for the bank's lending activities.
    2. Net Interest Margin Improvement: An improved net interest margin (NIM) is expected to be a significant driver for enhanced financial performance. A higher NIM indicates a more profitable spread between the interest earned on assets and the interest paid on liabilities, directly boosting net interest income.
    3. Increased Refinance Activity in Mortgage Banking: The company's Mortgage Banking segment is projected to benefit from an increase in refinance activity, particularly if interest rates remain favorable. This would lead to higher loan origination volumes and associated fees.
    4. Growth in Community Banking Lending Portfolio: Supported by strong asset quality, Waterstone Financial is positioned for continued growth within its diverse lending solutions offered through its Community Banking segment. These solutions include residential mortgages, home equity loans and lines of credit, personal and installment loans, real estate financing, business loans, and business lines of credit, all of which contribute to interest income.

    AI Analysis | Feedback

    Share Repurchases

    • On April 23, 2024, Waterstone Financial, Inc. authorized the repurchase of up to an additional 2,000,000 shares, adding to the 224,852 shares remaining from a previous program, bringing the total authorized for repurchase to 2,224,852 shares, which was approximately 11.2% of its outstanding common stock.
    • In May 2023, the board of directors approved a share repurchase plan to buy back up to 2 million shares, representing approximately 9.3% of its outstanding shares.
    • Under a prior authorization announced in the fourth quarter of 2021, the company repurchased 3.5 million shares at an average price of $17.25 per share.

    Share Issuance

    • The number of outstanding shares for Waterstone Financial generally decreased between 2021 and 2025 due to share buybacks, with 17.63 million shares outstanding at the end of 2025.

    Capital Expenditures

    • In the last 12 months (as of March 2026), Waterstone Financial reported capital expenditures of -$1.17 million.
    • For the fiscal quarter ending September 2024, capital expenditures were reflected in $2.6 million of free cash flow, which is cash available after these expenditures.
    • Between September 2023 and March 2024, capital expenditures were ($619.0K), representing a 43.7% year-over-year decrease.

    Peer Outperformance in Regional Banks

    WSBF has trailed 74% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that WSBF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    83%
    of 288 industry peers · 41.5% return
    3Y
    63%
    of 277 industry peers · 105.3% return
    5Y
    26%
    of 264 industry peers · 33.1% return
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is WSBF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 23.3%69.0%130.6% SPNT 170% · RGA 149% · RNR 140%
    Investment Banking & Brokerage 13 -0.3%111.7%118.7% IBKR 535% · SNEX 254% · GS 181%
    Diversified Banks 12 29.5%134.2%114.6% CM 162% · JPM 156% · RY 149%
    Life & Health Insurance 20 7.1%55.5%103.2% JXN 534% · UNM 361% · FG 204%
    Multi-Sector Holdings 4 4.1%48.9%84.6% JONE 362% · VOYA 86% · BRK-B 83%
    Property & Casualty Insurance 42 7.9%66.0%66.2% ASIC 2706900% · HRTG 404% · UVE 317%
    Regional Banks ← 265 24.0%91.9%64.7% ESQ 367% · GCBC 309% · NBN 309%
    Multi-line Insurance 9 8.4%69.4%61.1% GNW 194% · L 107% · SLF 102%
    Financial Exchanges & Data 15 0.0%17.3%31.2% VIRT 185% · CBOE 134% · CME 80%
    Diversified Financial Services 4 -6.0%23.2%30.6% FRHC 177% · EQH 116% · TMS -55%
    Consumer Finance 30 -0.1%90.1%25.6% ENVA 427% · EZPW 312% · FCFS 164%
    Insurance Brokers 16 -16.5%-8.1%17.5% LIFE 217% · ARX 88% · CRD-A 65%
    Commercial & Residential Mortgage Finance 15 -46.0%25.3%12.1% FNMA 446% · FMCC 415% · ACT 182%
    Asset Management & Custody Banks 85 -11.3%16.4%11.7% WT 351% · VCTR 281% · SII 278%
    Specialized Finance 3 11.2%42.6%-5.7% EFC 26% · CACC -6% · HASI -17%
    Mortgage REITs 33 -12.6%7.5%-20.2% NREF 55% · RITM 42% · DX 33%
    Diversified Capital Markets 21 -33.8%16.4%-36.8% OPY 204% · LPLA 131% · GOLD 82%
    Transaction & Payment Processing Services 16 -0.2%-6.9%-45.5% V 72% · MA 70% · CPAY 55%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1How Low Can Waterstone Financial Stock Really Go?10/17/2025
    Title
    0ARTICLES

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    Financials

    WSBFASBWTFCONBFMBHBUSEMedian
    NameWatersto.Associat.Wintrust.Old Nati.First Mi.First Bu. 
    Mkt Price20.6929.36147.0825.2549.6829.9629.66
    Mkt Cap0.45.59.99.61.32.54.0
    Rev LTM1471,6032,8642,8233757901,196
    Op Inc LTM-------
    FCF LTM436801,573940119209444
    FCF 3Y Avg42556986660108172364
    CFO LTM457191,644987127228473
    CFO 3Y Avg436011,050697114184392

    Growth & Margins

    WSBFASBWTFCONBFMBHBUSEMedian
    NameWatersto.Associat.Wintrust.Old Nati.First Mi.First Bu. 
    Rev Chg LTM12.5%46.4%11.5%34.1%13.5%41.4%23.8%
    Rev Chg 3Y Avg2.0%9.5%9.5%14.7%14.4%21.1%12.0%
    Rev Chg Q5.9%23.2%10.1%13.2%23.1%-0.7%11.6%
    QoQ Delta Rev Chg LTM1.5%5.6%2.4%3.1%5.6%-0.2%2.8%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM30.4%44.9%57.4%35.0%33.8%28.8%34.4%
    CFO/Rev 3Y Avg31.5%48.1%39.5%30.5%33.6%31.3%32.5%
    FCF/Rev LTM29.1%42.4%54.9%33.3%31.8%26.4%32.6%
    FCF/Rev 3Y Avg30.6%44.4%36.9%28.8%31.8%29.4%31.2%

    Valuation

    WSBFASBWTFCONBFMBHBUSEMedian
    NameWatersto.Associat.Wintrust.Old Nati.First Mi.First Bu. 
    Mkt Cap0.45.59.99.61.32.54.0
    P/S2.43.43.53.43.53.23.4
    P/Op Inc-------
    P/EBIT-------
    P/E11.810.911.010.913.111.011.0
    P/CFO7.97.76.09.810.411.18.8
    Total Yield11.6%12.1%10.9%11.7%9.5%13.4%11.6%
    Dividend Yield3.1%3.0%1.8%2.5%1.9%4.3%2.7%
    FCF Yield 3Y Avg15.0%13.2%11.2%8.6%11.2%8.9%11.2%
    D/E1.10.90.40.80.20.10.6
    Net D/E0.6-0.5-0.70.6-0.2-1.1-0.4

    Returns

    WSBFASBWTFCONBFMBHBUSEMedian
    NameWatersto.Associat.Wintrust.Old Nati.First Mi.First Bu. 
    1M Rtn-1.9%-4.0%-3.7%-1.6%-1.2%-1.1%-1.8%
    3M Rtn9.0%0.7%-5.3%1.5%8.4%6.0%3.8%
    6M Rtn15.3%20.6%10.2%18.5%24.3%21.8%19.5%
    12M Rtn41.5%15.7%10.5%16.9%29.8%26.0%21.4%
    3Y Rtn105.3%92.4%104.0%88.8%104.9%77.3%98.2%
    1M Excs Rtn-3.3%-5.4%-5.2%-3.3%-2.8%-2.4%-3.3%
    3M Excs Rtn5.1%-3.2%-9.2%-2.4%4.4%2.1%-0.2%
    6M Excs Rtn-1.0%2.8%-7.6%0.9%8.0%5.3%1.9%
    12M Excs Rtn23.2%-2.6%-7.9%-2.4%8.7%6.9%2.2%
    3Y Excs Rtn18.8%14.0%25.4%7.3%23.8%-3.4%16.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/7/20262/26/202611/6/20258/7/20255/8/20252/28/202511/4/20248/6/20245/8/20243/6/202411/2/2023
    Key Financials Quarterly            
    Total Revenue393537363729313336312833
    Net Income8688835563-03
    EPS0.490.350.440.450.430.170.280.260.310.16-0.000.16
    Key Financials TTM            
    Total Revenue TTM147145139134131130132129129128128132
    Net Income TTM30292624211919131210910
    Growth Rates Quarterly            
    Total Revenue Growth5.9%20.6%16.7%8.9%2.5%-8.3%12.5%-0.4%3.0%0.0%-11.9%-19.6%
    Net Income Growth9.5%97.5%48.0%67.6%35.3%-0.1%13125.0%45.3%42.6%41.0%-104.3%-38.3%
    Margins Quarterly            
    Net Income Margin21.5%17.3%21.1%21.8%20.8%10.6%16.6%14.2%15.7%9.7%-0.1%9.7%
    Cash & Debt            
    Total Cash203211234217282251244249241246236251
    Total Debt405407406460452384444423516634464485
    Net Debt / (Cash)202196172244170133200174275387228234
    Cash Flows Quarterly            
    FCF from Operations10-1333-38272374-40-10-148
    Cash Flows TTM            
    FCF from Operations TTM45-3244486854824-2-3-2845
    Returns to Shareholders Quarterly            
    Dividends333333333334
    Share Repurchases443463316567
    Return on Invested Capital (ROIC) Quarterly            
    ROIC13.4%9.7%13.5%10.5%13.5%6.2%8.0%7.8%6.8%2.7%-0.1%4.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM11.9%11.8%11.6%7.9%9.0%9.5%7.1%5.6%3.6%2.3%3.1%3.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Mortgage Banking808277104197
    Community Banking6253566262
    Holding Company and Other-0-0-1-4-0
    Total142135131163259


    Operating Income by Segment
    $ Mil201520142013
    Mortgage Banking1449
    Community Banking121514
    Holding Company and Other010
    Total262023


    Net Income by Segment
    $ Mil20252024202320222021
    Community Banking2517192328
    Mortgage Banking11-10-342
    Holding Company and Other0000-0
    Total261991971


    Assets by Segment
    $ Mil20252024202320222021
    Community Banking2,5032,4422,1782,0102,162
    Mortgage Banking180178206199366
    Holding Company and Other-424-410-172-177-312
    Total2,2602,2102,2132,0322,216


    Price Behavior

    Price Behavior
    Market Price$20.69 
    Market Cap ($ Bil)0.4 
    First Trading Date10/05/2005 
    Distance from 52W High-3.8% 
       50 Days200 Days
    DMA Price$20.71$18.54
    DMA Trendupup
    Distance from DMA-0.1%11.6%
     3M1YR
    Volatility18.8%21.9%
    Downside Capture41.6324.29
    Upside Capture76.0659.69
    Correlation (SPY)16.1%19.9%
    WSBF Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.490.32-0.020.180.360.60
    Up Beta0.88-0.21-0.48-0.060.190.54
    Down Beta-1.35-0.40-0.53-0.040.330.65
    Up Capture53%68%62%45%52%38%
    Bmk +ve Days10213268138427
    Stock +ve Days10203565127381
    Down Capture36%77%2%21%31%79%
    Bmk -ve Days11213259113324
    Stock -ve Days10212859118354

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with WSBF
    WSBF40.5%22.8%1.41-
    Sector ETF (XLF)4.9%14.6%0.1039.9%
    Equity (SPY)18.2%13.0%1.0120.1%
    Gold (GLD)18.8%29.3%0.59-6.1%
    Commodities (DBC)47.0%20.6%1.76-22.4%
    Real Estate (VNQ)5.7%13.6%0.1537.3%
    Bitcoin (BTCUSD)-31.0%44.4%-0.71-4.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with WSBF
    WSBF5.7%26.1%0.20-
    Sector ETF (XLF)9.9%18.4%0.4046.1%
    Equity (SPY)13.1%17.2%0.5833.9%
    Gold (GLD)18.9%18.8%0.810.1%
    Commodities (DBC)11.0%19.5%0.444.2%
    Real Estate (VNQ)1.2%18.8%-0.0438.8%
    Bitcoin (BTCUSD)12.5%52.6%0.4210.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with WSBF
    WSBF8.0%25.0%0.32-
    Sector ETF (XLF)13.2%22.1%0.5453.3%
    Equity (SPY)15.6%17.9%0.7440.2%
    Gold (GLD)12.1%16.4%0.61-0.6%
    Commodities (DBC)8.4%18.1%0.3813.0%
    Real Estate (VNQ)4.9%20.7%0.2042.8%
    Bitcoin (BTCUSD)62.7%66.2%1.039.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.4 Mil
    Short Interest: % Change Since 81520269.1%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest6.8 days
    Basic Shares Quantity17.1 Mil
    Short % of Basic Shares2.5%

    Returns Analyses

    Earnings Returns History

    Updated 8/25/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20263.1%5.2%8.4%
    4/23/2026-0.3%0.3%2.0%
    1/28/20268.3%9.3%4.6%
    10/23/20253.4%3.2%5.3%
    7/22/20253.4%0.3%5.0%
    4/22/2025-1.5%-1.6%2.1%
    1/28/20257.4%3.0%6.3%
    10/22/20242.0%0.9%2.6%
    ...
    SUMMARY STATS   
    # Positive101011
    # Negative887
    Median Positive3.3%4.2%5.0%
    Median Negative-2.7%-4.1%-5.1%
    Max Positive8.3%9.3%20.8%
    Max Negative-10.0%-11.2%-16.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20263.1%5.2%8.4%
    4/23/2026-0.3%0.3%2.0%
    1/28/20268.3%9.3%4.6%
    10/23/20253.4%3.2%5.3%
    7/22/20253.4%0.3%5.0%
    4/22/2025-1.5%-1.6%2.1%
    1/28/20257.4%3.0%6.3%
    10/22/20242.0%0.9%2.6%
    7/25/20240.2%-4.7%-1.2%
    4/30/20244.0%6.8%5.3%
    1/30/2024-5.5%-10.4%-10.1%
    10/24/2023-0.5%8.4%20.8%
    7/25/2023-3.7%-7.1%-16.7%
    4/25/20231.1%-1.2%-1.6%
    1/26/2023-6.4%-2.7%-5.1%
    10/26/2022-1.6%-3.4%-1.5%
    7/21/20222.7%5.9%3.5%
    4/21/2022-10.0%-11.2%-14.7%
    SUMMARY STATS   
    # Positive101011
    # Negative887
    Median Positive3.3%4.2%5.0%
    Median Negative-2.7%-4.1%-5.1%
    Max Positive8.3%9.3%20.8%
    Max Negative-10.0%-11.2%-16.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/06/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/06/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/05/202110-Q
    12/31/202003/02/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/13/202010-Q
    12/31/201903/13/202010-K
    09/30/201911/01/201910-Q

    Insider Activity

    Updated 5/22/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Gerke, Mark RaymondEVP/Chief Financial OfficerDirectSell522202618.3410,000183,435550,929Form
    2Gordon, Douglas S DirectSell220202618.112,88052,15710,083,159Form
    3Gordon, Douglas S DirectSell210202618.276,765123,56310,222,062Form
    4Gordon, Douglas S DirectSell206202618.2518,716341,56710,337,128Form
    5Gordon, Douglas S DirectSell206202618.5515,000278,26510,854,821Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Gerke, Mark RaymondEVP/Chief Financial OfficerDirectSell522202618.3410,000183,435550,929Form
    2Gordon, Douglas S DirectSell220202618.112,88052,15710,083,159Form
    3Gordon, Douglas S DirectSell210202618.276,765123,56310,222,062Form
    4Gordon, Douglas S DirectSell206202618.2518,716341,56710,337,128Form
    5Gordon, Douglas S DirectSell206202618.5515,000278,26510,854,821Form
    6Glynn, Julie AnnEVP/Chief Retail OfficerDirectSell204202618.1920,929380,774165,034Form
    7Hansen, Michael L TrustSell1028202515.161,541  Form
    8Hansen, Michael L DirectSell1028202515.1679,872  Form
    9Hansen, Michael L TrustSell814202514.05109,5271,538,51521,646Form
    10Hansen, Michael L TrustSell814202513.9235,290491,2121,545,989Form
    11Hansen, Michael L TrustSell812202513.802,75738,0472,019,740Form
    12Hansen, Michael L TrustSell728202513.8196113,2722,059,356Form
    13Hansen, Michael L TrustSell728202513.8336,465504,4532,076,136Form

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