The bank maintains a conservative capital position with an equity-to-assets ratio of 0.15, while its asset base remains heavily concentrated in $2.1 billion of investment securities as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Jun'05 | Jun'04 |
|---|
| Cash & Short Term Investments | 771.86M | 234.22M | 191.24M | 235.84M | 232.55M | 541.76M | 235.54M | 240.07M | 246.72M | 231.28M | 247.18M | 349.83M | 425M | 642.49M | 247.91M | 278.86M | 65.91M | 61.49M | 14.85M | 6.05M | 54.35M | 8.76M | 20.47M | 19.39M |
| Cash & Due from Banks | 38.76M | 63.85M | 35.46M | 30.67M | 35.96M | 362.74M | 75.92M | 61.6M | 61M | 31.57M | 20.39M | 80.17M | 151.55M | 429.08M | 42.89M | 72.34M | 65.91M | 61.49M | 14.85M | 6.05M | 54.35M | 8.76M | 20.47M | 19.39M |
| Short Term Investments | 0 | 170.37M | 155.78M | 204.91M | 196.59M | 179.02M | 159.62M | 178.48M | 185.72M | 199.71M | 226.79M | 269.66M | 273.44M | 213.42M | 205.02M | 206.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 2.08B | 2.03B | 2.01B | 2.02B | 1.82B | 1.68B | 1.92B | 1.77B | 1.69B | 1.63B | 1.61B | 1.53B | 1.47B | 1.38B | 1.44B | 1.48B | 1.58B | 1.64B | 1.74B | 1.59B | 1.49B | 1.43B | 1.3B | 1.16B |
| Investments Growth % | 4.49% | 1.35% | -0.44% | 10.73% | 8.23% | -12.31% | 8.1% | 4.78% | 4.05% | 0.83% | 5.15% | 4.08% | 6.96% | -4.33% | -2.73% | -6.18% | -3.98% | -5.34% | 9.13% | 6.97% | 4.45% | 9.83% | 11.56% | - |
| Long-Term Investments | 7.65B | 1.86B | 1.85B | 1.81B | 1.62B | 1.5B | 1.76B | 1.6B | 1.51B | 1.43B | 1.39B | 1.27B | 1.2B | 1.17B | 1.24B | 1.28B | 1.58B | 1.64B | 1.74B | 1.59B | 1.49B | 1.43B | 1.3B | 1.16B |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.15M | 0 |
| Goodwill & Intangibles | 0 | 0 | 732K | 1.81M | 3.44M | 1.55M | 5.98M | 0 | 109K | 888K | 2.26M | 1.42M | 2.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 732K | 1.81M | 3.44M | 1.55M | 5.98M | 0 | 109K | 888K | 2.26M | 1.42M | 2.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 19.27M | 18.86M | 19.39M | 20M | 21.11M | 22.27M | 23.72M | 25.03M | 24.52M | 22.94M | 23.66M | 25.33M | 25.56M | 27.09M | 26.93M | 27.36M | 28.2M | 29.14M | 30.56M | 32.02M | 32.63M | 25.02M | 24.02M | 15.89M |
| Other Assets | 110.64M | 142.82M | 147.24M | 145.09M | 91.18M | 102.38M | 103.48M | 104.27M | 114.15M | 104.46M | 107.73M | 98.55M | 108.32M | 79.63M | 122.8M | 123.12M | 124.22M | 116.15M | 87.71M | 80.03M | 73.07M | 52.35M | 36.65M | 34.3M |
| Total Current Assets | 38.76M | 234.22M | 191.24M | 235.84M | 292.33M | 586.9M | 293.09M | 271.29M | 269.19M | 251.36M | 272.13M | 373.59M | 448.14M | 674.88M | 275.1M | 287.21M | 77.34M | 78.34M | 29.76M | 6.05M | 54.35M | 8.76M | 27.91M | 26.75M |
| Total Non-Current Assets | 2.21B | 2.03B | 2.02B | 1.98B | 1.74B | 1.63B | 1.89B | 1.73B | 1.65B | 1.56B | 1.52B | 1.39B | 1.34B | 1.27B | 1.39B | 1.43B | 1.73B | 1.79B | 1.86B | 1.7B | 1.59B | 1.5B | 1.36B | 1.21B |
| Total Assets | 2.25B | 2.26B | 2.21B | 2.21B | 2.03B | 2.22B | 2.18B | 2B | 1.92B | 1.81B | 1.79B | 1.76B | 1.78B | 1.95B | 1.66B | 1.71B | 1.81B | 1.87B | 1.89B | 1.71B | 1.65B | 1.51B | 1.39B | 1.24B |
| Asset Growth % | 5.41% | 2.26% | -0.17% | 8.94% | -8.31% | 1.43% | 9.43% | 4.23% | 6.03% | 0.88% | 1.58% | -1.16% | -8.41% | 17.22% | -3.02% | -5.31% | -3.17% | -0.91% | 10.25% | 3.74% | 9.08% | 9.02% | 11.78% | - |
| Return on Assets (ROA) | 1.3% | 1.18% | 0.84% | 0.44% | 0.92% | 3.22% | 3.88% | 1.84% | 1.65% | 1.44% | 1.44% | 0.93% | 0.68% | 0.82% | 2.07% | -0.42% | -0.1% | -0.54% | -1.47% | 0.09% | 0.51% | 0.37% | 0.69% | 0.85% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 413.03M | 412.26M | 446.52M | 466.05M | 386.78M | 477.13M | 508.07M | 483.56M | 435.05M | 386.29M | 387.15M | 441.2M | 434M | 455.2M | 479.89M | 488.28M | 459.34M | 508.53M | 487.86M | 475.48M | 334M | 201.21M | 96.58M | 60M |
| Net Debt | 374.27M | 348.41M | 411.06M | 435.39M | 350.82M | 114.39M | 432.15M | 421.97M | 374.05M | 354.71M | 366.77M | 361.03M | 282.45M | 26.12M | 437M | 415.94M | 393.43M | 447.04M | 473.01M | 469.43M | 279.65M | 192.45M | 76.11M | 40.61M |
| Long-Term Debt | 242.97M | 190M | 150M | 155M | 200M | 470M | 470M | 470M | 430M | 340M | 230M | 350M | 350M | 350M | 350M | 350M | 436.38M | 434.63M | 483.76M | 422M | 292.78M | 114M | 58.16M | 35M |
| Short-Term Debt | 170.06M | 222.26M | 296.52M | 309M | 185.7M | 7.13M | 38.07M | 13.56M | 5.05M | 46.28M | 157.16M | 91.2M | 84M | 105.2M | 129.89M | 138.28M | 22.96M | 73.9M | 4.1M | 53.48M | 41.22M | 87.21M | 35M | 25M |
| Other Liabilities | 1.49B | 60.59M | 64.06M | 212.66M | 75.39M | 72.57M | 78.53M | 51.32M | 42.16M | 40.63M | 43.36M | 36.23M | 35.18M | 32.63M | 39.04M | 6.91M | 31.88M | 26.25M | 30.41M | 38.36M | 36.98M | 32.71M | 24.37M | 21.7M |
| Total Current Liabilities | 170.06M | 1.66B | 1.66B | 1.5B | 1.39B | 1.24B | 1.22B | 1.08B | 1.04B | 1.01B | 1.11B | 984.56M | 947.96M | 1.35B | 1.07B | 1.19B | 1.17B | 1.24B | 1.2B | 1.05B | 1.08B | 1.13B | 1.17B | 1.06B |
| Total Non-Current Liabilities | 1.73B | 250.59M | 214.06M | 367.65M | 275.39M | 542.57M | 548.52M | 521.32M | 472.16M | 380.63M | 273.36M | 386.24M | 385.18M | 382.63M | 389.04M | 356.91M | 468.26M | 460.88M | 514.17M | 460.36M | 329.76M | 146.71M | 85.95M | 56.7M |
| Total Liabilities | 1.9B | 1.91B | 1.87B | 1.87B | 1.66B | 1.78B | 1.77B | 1.6B | 1.52B | 1.39B | 1.38B | 1.37B | 1.33B | 1.73B | 1.46B | 1.55B | 1.64B | 1.7B | 1.71B | 1.51B | 1.41B | 1.28B | 1.25B | 1.12B |
| Total Equity | 348.21M | 349.39M | 339.13M | 344.06M | 370.49M | 432.77M | 413.12M | 393.69M | 399.68M | 412.1M | 410.69M | 391.93M | 450.24M | 214.47M | 202.63M | 166.37M | 172.22M | 168.59M | 171.27M | 201.82M | 241.27M | 231.7M | 133.42M | 122.8M |
| Equity Growth % | 8.01% | 3.02% | -1.43% | -7.13% | -14.39% | 4.76% | 4.94% | -1.5% | -3.02% | 0.34% | 4.79% | -12.95% | 109.93% | 5.84% | 21.8% | -3.4% | 2.15% | -1.56% | -15.14% | -16.35% | 4.13% | 73.66% | 8.65% | - |
| Equity / Assets (Capital Ratio) | 15.47% | 15.46% | 15.35% | 15.54% | 18.24% | 19.53% | 18.91% | 19.72% | 20.87% | 22.81% | 22.94% | 22.23% | 25.25% | 11.02% | 12.2% | 9.71% | 9.52% | 9.02% | 9.08% | 11.8% | 14.64% | 15.33% | 9.63% | 9.9% |
| Return on Equity (ROE) | 8.48% | 7.67% | 5.47% | 2.62% | 4.85% | 16.74% | 20.12% | 9.05% | 7.58% | 6.31% | 6.36% | 3.94% | 3.83% | 7.05% | 18.92% | -4.41% | -1.09% | -5.97% | -14.18% | 0.7% | 3.41% | 2.97% | 7.12% | 8.62% |
| Book Value per Share | 19.98 | 19.56 | 18.24 | 17.04 | 16.83 | 18.08 | 16.79 | 15.00 | 14.46 | 14.77 | 15.00 | 13.32 | 13.38 | 6.23 | 5.93 | 4.90 | 5.10 | 5.01 | 5.11 | 5.82 | 6.65 | 6.37 | 3.61 | 3.32 |
| Tangible BV per Share | 19.98 | 19.56 | 18.20 | 16.95 | 16.68 | 18.02 | 16.55 | 15.00 | 14.46 | 14.74 | 14.92 | 13.27 | 13.31 | 6.23 | 5.93 | 4.90 | 5.10 | 5.01 | 5.11 | 5.82 | 6.65 | 6.37 | 3.61 | 3.32 |
| Common Stock | 182K | 184K | 193K | 203K | 222K | 248K | 251K | 271K | 285K | 295K | 294K | 294K | 344K | 341K | 341K | 340K | 340K | 340K | 340K | 340K | 337K | 337K | 0 | 0 |
| Additional Paid-in Capital | 74.49M | 78.01M | 91.21M | 103.91M | 128.55M | 174.5M | 180.68M | 212M | 232.41M | 326.65M | 322.93M | 317.02M | 313.89M | 110.48M | 110.49M | 110.89M | 109.95M | 108.88M | 107.84M | 106.31M | 104.18M | 103.86M | 0 | 0 |
| Retained Earnings | 296.03M | 292.96M | 277.2M | 269.61M | 274.25M | 273.4M | 245.29M | 197.39M | 187.15M | 183.36M | 184.56M | 168.09M | 157.3M | 151.19M | 136.49M | 101.57M | 109.05M | 110.9M | 119.92M | 146.37M | 144.81M | 136.76M | 134.04M | 124.93M |
| Accumulated OCI | -13.29M | -12.27M | -18.79M | -17.79M | -19.48M | -1.14M | 2.33M | 642K | -2.36M | -477K | -378K | 582K | 1.25M | -1.43M | 2.29M | 1.39M | 1.56M | -2M | -6.45M | -5.93M | -8.06M | -9.26M | 0 | -2.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -97.92M | -78.74M | -76.55M | -72.69M | 0 | -45.26M | -45.26M | -45.26M | -45.26M | -45.26M | -45.26M | -45.26M | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Mortgage market cyclicality
As reported in financial statements, Waterstone Financial has maintained a remarkably consistent asset base of approximately $2.3 billion over the last ten quarters, suggesting a strategic focus on capital preservation rather than aggressive balance sheet expansion in the current volatile interest rate environment.
The stability in total assets indicates that management is likely prioritizing the management of existing mortgage-related exposures over rapid loan book growth. This approach appears to mitigate the risk of over-leveraging during periods of mortgage market contraction, though it may limit the bank's ability to capture significant upside when market conditions improve.
Based on recent SEC filings, the bank's equity-to-assets ratio has remained steady at approximately 0.15, reflecting a disciplined capital position that provides a sufficient buffer against potential credit volatility inherent in its specialized mortgage-heavy business model.
Maintaining a consistent equity-to-assets ratio suggests that the bank is effectively balancing its capital return strategy with the need to support its risk-weighted assets. Investors should monitor whether this capital adequacy remains sufficient if the mortgage banking segment experiences further margin compression or increased credit provisioning requirements.
According to the provided quarterly data, investment securities account for the vast majority of total assets at roughly $2.0 billion to $2.1 billion, indicating a liquidity profile heavily weighted toward fixed-income instruments rather than a traditional loan-heavy banking model.
This heavy reliance on investment securities suggests that the bank's liquidity is highly sensitive to interest rate fluctuations and the duration of its bond portfolio. While this provides a liquid cushion, it also implies that the bank's net interest margin is significantly exposed to the yield curve's shape and the performance of its securities holdings.
As evidenced by the historical fluctuation in net income, including the 2023Q4 net loss, the bank's balance sheet appears vulnerable to non-cash valuation adjustments on mortgage servicing rights, which may mask the underlying stability of its core community banking operations.
The disconnect between the bank's stable asset base and its volatile earnings suggests that the balance sheet's true risk profile is tied to the fair value accounting of its mortgage assets. This warrants further investigation into how management hedges these non-cash risks, as they can significantly impact the reported equity position during periods of rapid rate changes.
Quick answers to the most common questions about buying WSBF stock.
As of 2025, Waterstone Financial, Inc. (WSBF) had total assets of $2.26B including $234.2M in current assets.
Waterstone Financial, Inc. (WSBF) carries total debt of $412.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Waterstone Financial, Inc. (WSBF) has total shareholders' equity (book value) of $349.4M ($19.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Waterstone Financial, Inc. (WSBF) reported a current ratio of 0.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.