Waterstone Financial, Inc. (WSBF) 10-Year Financial Performance & Capital Metrics

WSBF • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutWaterstone 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, including checking accounts, online banking and bill pay services, money transfer services, as well as credit, debit, and pre-paid cards; investable funds solutions comprising 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. The company also invests in a portfolio of securities include mortgage-backed securities, government-sponsored and private-label enterprise bonds, collateralized mortgage and municipal obligations, and other debt securities. It operates 14 full-service banking offices, 1 drive-through office, and 14 automated teller machines located in Milwaukee, Washington, and Waukesha Counties, Wisconsin. 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.Show more

Net Interest Income $46M -8.1%
Total Revenue $199M +12.7%
Net Income $19M +99.3%
Return on Equity 5.47% +108.5%
Net Interest Margin 2.09% -7.9%
Efficiency Ratio 54.44% -17.1%
ROA 0.84% +91.3%
Equity / Assets 15.35% -1.3%
Book Value per Share 18.24 +7.1%
Tangible BV/Share 18.20 +7.4%
Debt/Equity 1.32 -2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 54.4% efficiency ratio
✓Well capitalized: 15.3% equity/assets
✓Healthy dividend yield of 3.4%
✓Share count reduced 8.0% through buybacks
✓Diversified revenue: 43.2% from non-interest income

✗Weaknesses

✗Weak 3Y average ROE of 4.3%
✗Profits declining 12.2% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.01%

5Y-0.77%

3Y-9.44%

TTM-

Profit (Net Income) CAGR

10Y3.91%

5Y-12.24%

3Y-35.85%

TTM77.85%

EPS CAGR

10Y10.27%

5Y-5.92%

3Y-30.12%

TTM81.34%

ROCE

10Y Avg5.46%

5Y Avg5.89%

3Y Avg2.81%

Latest3.8%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	38.84M	43.44M	50.73M	54.18M	52.2M	53.5M	55.52M	56.95M	50.22M	46.17M
NII Growth %	-0.06%	0.12%	0.17%	0.07%	-0.04%	0.02%	0.04%	0.03%	-0.12%	-0.08%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	61.96M	63.74M	67.09M	73.7M	79.74M	78.48M	69.88M	70.25M	99.21M	113.17M
Interest Expense	23.12M	20.29M	16.36M	19.52M	27.54M	24.98M	14.37M	13.29M	48.99M	67M
Loan Loss Provision	1.97M	380K	-1.17M	-1.06M	-900K	6.34M	-3.99M	968K	656K	-168K
Non-Interest Income+	104.47M	123.49M	121.35M	114.83M	127.46M	239.37M	198.59M	100.81M	77.76M	86.21M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	166.44M	187.23M	188.45M	188.53M	207.2M	317.86M	268.47M	171.06M	176.97M	199.38M
Revenue Growth %	0.12%	0.12%	0.01%	0%	0.1%	0.53%	-0.16%	-0.36%	0.03%	0.13%
Non-Interest Expense	115.53M	124.56M	128.82M	129.78M	132.99M	178.41M	165.98M	132.32M	116.28M	108.55M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	25.82M	41.99M	44.43M	40.28M	47.57M	108.12M	92.11M	24.48M	11.03M	24M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.3%	0.63%	0.06%	-0.09%	0.18%	1.27%	-0.15%	-0.73%	-0.55%	1.18%
Pretax Income+	25.82M	41.99M	44.43M	40.28M	47.57M	108.12M	92.11M	24.48M	11.03M	24M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.25M	16.46M	18.47M	9.53M	11.67M	26.97M	21.32M	4.99M	1.66M	5.31M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	16.57M	25.53M	25.96M	30.75M	35.9M	81.14M	70.79M	19.49M	9.38M	18.69M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	0.54%	0.02%	0.18%	0.17%	1.26%	-0.13%	-0.72%	-0.52%	0.99%
Net Income (Continuing)	16.57M	25.53M	25.96M	30.75M	35.9M	81.14M	70.79M	19.49M	9.38M	18.69M
EPS (Diluted)+	0.56	0.93	0.93	1.11	1.37	3.30	2.96	0.89	0.46	1.01
EPS Growth %	0.47%	0.66%	0%	0.19%	0.23%	1.41%	-0.1%	-0.7%	-0.48%	1.2%
EPS (Basic)	0.57	0.94	0.95	1.12	1.38	3.32	2.98	0.89	0.47	1.01
Diluted Shares Outstanding	29.43M	27.37M	27.9M	27.63M	26.25M	24.61M	23.93M	22.01M	20.2M	18.59M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	80.17M	20.39M	31.57M	61M	61.6M	75.92M	362.74M	35.96M	30.67M	35.46M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.53B	1.61B	1.63B	1.69B	1.77B	1.92B	1.68B	1.82B	2.02B	2.01B
Investments Growth %	0.04%	0.05%	0.01%	0.04%	0.05%	0.08%	-0.12%	0.08%	0.11%	-0%
Long-Term Investments	1.27B	1.39B	1.43B	1.51B	1.6B	1.76B	1.5B	1.62B	1.81B	1.85B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.42M	2.26M	888K	109K	0	5.98M	1.55M	3.44M	1.81M	732K
PP&E (Net)	25.33M	23.66M	22.94M	24.52M	25.03M	23.72M	22.27M	21.11M	20M	19.39M
Other Assets	98.55M	107.73M	104.46M	114.15M	104.27M	103.48M	102.38M	91.18M	145.09M	147.24M
Total Current Assets	373.59M	272.13M	251.36M	269.19M	271.29M	293.09M	586.9M	292.33M	235.84M	191.24M
Total Non-Current Assets	1.39B	1.52B	1.56B	1.65B	1.73B	1.89B	1.63B	1.74B	1.98B	2.02B
Total Assets+	1.76B	1.79B	1.81B	1.92B	2B	2.18B	2.22B	2.03B	2.21B	2.21B
Asset Growth %	-0.01%	0.02%	0.01%	0.06%	0.04%	0.09%	0.01%	-0.08%	0.09%	-0%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.04%	0.03%	0.01%	0%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	441.2M	387.15M	386.29M	435.05M	483.56M	508.07M	477.13M	386.78M	466.05M	446.52M
Net Debt	361.03M	366.77M	354.71M	374.05M	421.97M	432.15M	114.39M	350.82M	435.13M	411.06M
Long-Term Debt	350M	230M	340M	430M	470M	470M	470M	200M	155M	150M
Short-Term Debt	91.2M	157.16M	46.28M	5.05M	13.56M	38.07M	7.13M	185.7M	309M	296.52M
Other Liabilities	36.23M	43.36M	40.63M	42.16M	51.32M	78.53M	72.57M	75.39M	212.66M	64.06M
Total Current Liabilities	984.56M	1.11B	1.01B	1.04B	1.08B	1.22B	1.24B	1.39B	1.5B	1.66B
Total Non-Current Liabilities	386.24M	273.36M	380.63M	472.16M	521.32M	548.52M	542.57M	275.39M	367.65M	214.06M
Total Liabilities	1.37B	1.38B	1.39B	1.52B	1.6B	1.77B	1.78B	1.66B	1.87B	1.87B
Total Equity+	391.93M	410.69M	412.1M	399.68M	393.69M	413.12M	432.77M	370.49M	344.06M	339.13M
Equity Growth %	-0.13%	0.05%	0%	-0.03%	-0.01%	0.05%	0.05%	-0.14%	-0.07%	-0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.04%	0.06%	0.06%	0.08%	0.09%	0.2%	0.17%	0.05%	0.03%	0.05%
Book Value per Share	13.32	15.00	14.77	14.46	15.00	16.79	18.08	16.83	17.04	18.24
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	294K	294K	295K	285K	271K	251K	248K	222K	203K	193K
Additional Paid-in Capital	317.02M	322.93M	326.65M	232.41M	212M	180.68M	174.5M	128.55M	103.91M	91.21M
Retained Earnings	168.09M	184.56M	183.36M	187.15M	197.39M	245.29M	273.4M	274.25M	269.61M	277.2M
Accumulated OCI	582K	-378K	-477K	-2.36M	642K	2.33M	-1.14M	-19.48M	-17.79M	-18.79M
Treasury Stock	-72.69M	-76.55M	-78.74M	-97.92M	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.99M	-24.06M	107.1M	41.5M	-40.22M	-93.58M	142.01M	206.66M	-27.58M	48.06M
Operating CF Growth %	-4.86%	-0.85%	5.45%	-0.61%	-1.97%	-1.33%	2.52%	0.46%	-1.13%	2.74%
Net Income	16.57M	25.53M	25.96M	30.75M	35.9M	81.14M	70.79M	19.49M	9.38M	18.69M
Depreciation & Amortization	3.6M	3.21M	2.16M	4.73M	4.7M	5.61M	6.05M	4.03M	3.3M	2.47M
Deferred Taxes	-154K	1.56M	3.08M	535K	639K	-2.62M	1.38M	-484K	-1.07M	980K
Other Non-Cash Items	-39.64M	-60.47M	74.77M	6.11M	-80.06M	-179.88M	71.2M	179.72M	-35.19M	27.33M
Working Capital Changes	2.44M	2.55M	-2.73M	-2.38M	-2.46M	1.44M	-8.16M	3.33M	-4.27M	-1.72M
Cash from Investing+	-16.13M	-25.03M	-94.88M	-78.44M	-1.15M	37.19M	160.06M	-335.74M	-159.22M	-23.96M
Purchase of Investments	-49.87M	-14.5M	-22.97M	0	0	-29.5M	-73.69M	-90M	-29.5M	-35.39M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	-163K	0	0	0	0	0	0
Other Investing	26.16M	0	-86.47M	-84.75M	-6.12M	17.37M	185.03M	-295.79M	-153.87M	-18.52M
Cash from Financing+	-43.23M	-4.16M	-10.83M	74.43M	29.57M	76.86M	-20.12M	-201M	176.58M	-20.76M
Dividends Paid	-5.87M	-6.92M	-26.95M	-27.05M	-25.96M	-31.52M	-30.39M	-30.26M	-15.36M	-11.27M
Share Repurchases	-72.75M	-3.86M	-2.19M	-19.2M	-22.77M	-36.24M	-10.18M	-47.83M	-26.03M	-14.91M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-870K	1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Other Financing	28.18M	60.66M	19.18M	71.91M	29.78M	120.11M	51.4M	-32.57M	-6.29M	169.96M
Net Change in Cash+	-72.35M	-53.25M	1.39M	37.49M	-11.8M	20.47M	281.95M	-330.08M	-10.22M	3.34M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	172.82M	100.47M	47.22M	48.61M	86.1M	74.3M	94.77M	376.72M	46.64M	36.42M
Cash at End	100.47M	47.22M	48.61M	86.1M	74.3M	94.77M	376.72M	46.64M	36.42M	39.76M
Interest Paid	23.08M	21.02M	16.39M	19.01M	27.38M	25.41M	14.55M	12.89M	47.74M	66.27M
Income Taxes Paid	7.93M	14.35M	17.08M	10.17M	10.7M	29.48M	22.66M	4.09M	1.17M	0
Free Cash Flow+	-15.96M	-25.15M	105.52M	37.54M	-43.33M	-94.81M	141.23M	205.96M	-28.28M	46.96M
FCF Growth %	-2.83%	-0.58%	5.2%	-0.64%	-2.15%	-1.19%	2.49%	0.46%	-1.14%	2.66%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.94%	6.36%	6.31%	7.58%	9.05%	20.12%	16.74%	4.85%	2.62%	5.47%
Return on Assets (ROA)	0.93%	1.44%	1.44%	1.65%	1.84%	3.88%	3.22%	0.92%	0.44%	0.84%
Net Interest Margin	2.2%	2.43%	2.81%	2.83%	2.61%	2.45%	2.51%	2.8%	2.27%	2.09%
Efficiency Ratio	69.42%	66.53%	68.36%	68.84%	64.18%	56.13%	61.83%	77.35%	65.71%	54.44%
Equity / Assets	22.23%	22.94%	22.81%	20.87%	19.72%	18.91%	19.53%	18.24%	15.54%	15.35%
Book Value / Share	13.32	15	14.77	14.46	15	16.79	18.08	16.83	17.04	18.24
NII Growth	-5.96%	11.84%	16.78%	6.79%	-3.65%	2.5%	3.77%	2.59%	-11.83%	-8.06%
Dividend Payout	35.42%	27.09%	103.81%	87.96%	72.31%	38.84%	42.93%	155.28%	163.87%	60.3%

Frequently Asked Questions

Valuation & Price

Waterstone Financial, Inc. (WSBF) has a price-to-earnings (P/E) ratio of 17.5x. This is roughly in line with market averages.

Growth & Financials

Waterstone Financial, Inc. (WSBF) grew revenue by 12.7% over the past year. This is steady growth.

Yes, Waterstone Financial, Inc. (WSBF) is profitable, generating $23.9M in net income for fiscal year 2024 (9.4% net margin).

Dividend & Returns

Yes, Waterstone Financial, Inc. (WSBF) pays a dividend with a yield of 3.44%. This makes it attractive for income-focused investors.

Waterstone Financial, Inc. (WSBF) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Industry Metrics

Waterstone Financial, Inc. (WSBF) has a net interest margin (NIM) of 2.1%. NIM has been under pressure due to interest rate environment.

Waterstone Financial, Inc. (WSBF) has an efficiency ratio of 54.4%. This is excellent, indicating strong cost control.

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