WSBF on Nasdaq
Waterstone Financial, Inc.
American savings institution company, incorporated in Maryland. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerWSBF on Nasdaq1
- IndustrySavings Institution, Federally Chartered1
- HeadquartersWauwatosa, Wisconsin1
- Incorporated inMD2
- Business address11200 West Plank Court, Wauwatosa, Wi 532262
- Filer categoryAccelerated filer2
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Statements regarding our business plans, prospects, growth and operating strategies;3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Loans | $104.8M | $103.1M | $90.1M |
| Mortgage-related securities | $5.2M | $4.5M | $4.1M |
| Debt securities, federal funds sold and short-term investments | $6.1M | $5.6M | $5.0M |
| Total interest income | $116.1M | $113.2M | $99.2M |
| Deposits | $43.5M | $40.6M | $25.7M |
| Borrowings | $15.9M | $26.4M | $23.3M |
| Total interest expense | $59.4M | $67.0M | $49.0M |
| Net interest income | $56.7M | $46.2M | $50.2M |
| Provision (credit) for credit losses | -$1.4M | -$168.0K | $656.0K |
| Net interest income after provision (credit) for credit losses | $58.1M | $46.3M | $49.6M |
| Service charges on loans and deposits | $2.1M | $2.1M | $1.8M |
| Increase in cash surrender value of life insurance | $2.6M | $2.0M | $1.7M |
| Mortgage banking income | $79.2M | $83.6M | $75.7M |
| Other | $1.3M | $1.7M | $2.0M |
| Total noninterest income | $85.2M | $89.3M | $81.2M |
| Compensation, payroll taxes, and other employee benefits | $79.6M | $81.1M | $84.1M |
| Occupancy, office furniture, and equipment | $7.2M | $7.6M | $8.3M |
| Advertising | $2.9M | $3.6M | $3.8M |
| Data processing | $4.9M | $5.0M | $4.7M |
| Communications | $973.0K | $922.0K | $988.0K |
| Professional fees | $2.8M | $3.2M | $2.7M |
| Real estate owned | -$312.0K | $26.0K | $4.0K |
| Loan processing expense | $3.0M | $3.1M | $3.4M |
| Other | $8.7M | $7.2M | $11.8M |
| Total noninterest expenses | $109.9M | $111.6M | $119.7M |
| Income before income taxes | $33.4M | $24.0M | $11.0M |
| Income tax expense | $7.0M | $5.3M | $1.7M |
| Net income | $26.4M | $18.7M | $9.4M |
| Basic income per share (in dollars per share) | $1.48 | $1.01 | $0.47 |
| Diluted income per share (in dollars per share) | $1.48 | $1.01 | $0.46 |
| Basic (in shares) | 17.8M shares | 18.6M shares | 20.2M shares |
| Diluted (in shares) | 17.9M shares | 18.6M shares | 20.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $63.6M | $35.2M | ||
| Federal funds sold | $7.3M | $4.3M | ||
| Interest-earning deposits in other financial institutions and other short term investments | $292.0K | $277.0K | ||
| Cash and cash equivalents | $71.1M | $39.8M | ||
| Securities available for sale, at fair value (cost: 2025-$246,579; 2024-$232,630) | $230.8M | $208.5M | ||
| Loans held for sale (at fair value) | $145.1M | $135.9M | ||
| Loans receivable | $1.7B | $1.7B | ||
| "Less: Allowance for credit losses (""ACL"") - loans" | $17.5M | $18.2M | $18.5M | $17.8M |
| Loans receivable, net | $1.7B | $1.7B | ||
| Office properties and equipment, net | $18.9M | $19.4M | ||
| Federal Home Loan Bank stock (at cost) | $19.8M | $20.3M | ||
| Cash surrender value of life insurance | $77.4M | $74.6M | ||
| Real estate owned, net | $424.0K | $505.0K | ||
| Prepaid expenses and other assets | $38.0M | $48.3M | ||
| Total assets | $2.3B | $2.2B | $2.2B | |
| Demand deposits | $175.6M | $171.1M | ||
| Money market and savings deposits | $329.0M | $283.2M | ||
| Time deposits | $932.6M | $905.5M | ||
| Total deposits | $1.4B | $1.4B | ||
| Borrowings | $412.3M | $446.5M | ||
| Advance payments by borrowers for taxes | $3.0M | $5.6M | ||
| Other liabilities | $57.6M | $58.4M | ||
| Total liabilities | $1.9B | $1.9B | ||
| Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2025 and 2024, no shares issued | $0 | $0 | ||
| Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2025 and at December 31, 2024, Issued and Outstanding - 18,359,717 at December 31, 2025 and 19,343,251 at December 31, 2024 | $184.0K | $193.0K | ||
| Additional paid-in capital | $78.0M | $91.2M | ||
| Retained earnings | $293.0M | $277.2M | ||
| Unearned ESOP shares | -$9.5M | -$10.7M | ||
| Accumulated other comprehensive loss, net of taxes | -$12.3M | -$18.8M | ||
| Total shareholders equity | $349.4M | $339.1M | $344.1M | $370.5M |
| Total liabilities and shareholders equity | $2.3B | $2.2B | ||
| Securities available for sale, cost | $246.6M | $232.6M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock, shares issued (in shares) | 18.4M shares | 19.3M shares | ||
| Common stock, shares outstanding (in shares) | 18.4M shares | 19.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $63.6M | $35.2M | ||
| Federal funds sold | $7.3M | $4.3M | ||
| Interest-earning deposits in other financial institutions and other short term investments | $292.0K | $277.0K | ||
| Cash and cash equivalents | $71.1M | $39.8M | ||
| Securities available for sale, at fair value (cost: 2025-$246,579; 2024-$232,630) | $230.8M | $208.5M | ||
| Loans held for sale (at fair value) | $145.1M | $135.9M | ||
| Loans receivable | $1.7B | $1.7B | ||
| "Less: Allowance for credit losses (""ACL"") - loans" | $17.5M | $18.2M | $18.5M | $17.8M |
| Loans receivable, net | $1.7B | $1.7B | ||
| Office properties and equipment, net | $18.9M | $19.4M | ||
| Federal Home Loan Bank stock (at cost) | $19.8M | $20.3M | ||
| Cash surrender value of life insurance | $77.4M | $74.6M | ||
| Real estate owned, net | $424.0K | $505.0K | ||
| Prepaid expenses and other assets | $38.0M | $48.3M | ||
| Total assets | $2.3B | $2.2B | $2.2B | |
| Demand deposits | $175.6M | $171.1M | ||
| Money market and savings deposits | $329.0M | $283.2M | ||
| Time deposits | $932.6M | $905.5M | ||
| Total deposits | $1.4B | $1.4B | ||
| Borrowings | $412.3M | $446.5M | ||
| Advance payments by borrowers for taxes | $3.0M | $5.6M | ||
| Other liabilities | $57.6M | $58.4M | ||
| Total liabilities | $1.9B | $1.9B | ||
| Preferred stock (par value $0.01 per share) Authorized - 50,000,000 shares in 2025 and 2024, no shares issued | $0 | $0 | ||
| Common stock (par value $.01 per share) Authorized - 100,000,000 shares at December 31, 2025 and at December 31, 2024, Issued and Outstanding - 18,359,717 at December 31, 2025 and 19,343,251 at December 31, 2024 | $184.0K | $193.0K | ||
| Additional paid-in capital | $78.0M | $91.2M | ||
| Retained earnings | $293.0M | $277.2M | ||
| Unearned ESOP shares | -$9.5M | -$10.7M | ||
| Accumulated other comprehensive loss, net of taxes | -$12.3M | -$18.8M | ||
| Total shareholders equity | $349.4M | $339.1M | $344.1M | $370.5M |
| Total liabilities and shareholders equity | $2.3B | $2.2B | ||
| Securities available for sale, cost | $246.6M | $232.6M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock, shares issued (in shares) | 18.4M shares | 19.3M shares | ||
| Common stock, shares outstanding (in shares) | 18.4M shares | 19.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $26.4M | $18.7M | $9.4M |
| Provision (credit) for credit losses | -$1.4M | -$168.0K | $656.0K |
| Depreciation, amortization, accretion | $2.5M | $2.5M | $3.3M |
| (Recovery) impairment of mortgage servicing rights | $0 | -$320.0K | $320.0K |
| Deferred taxes | $714.0K | $980.0K | -$1.1M |
| Stock based compensation | $297.0K | $316.0K | $277.0K |
| Origination of mortgage servicing rights | -$593.0K | -$850.0K | -$1.8M |
| Gain on sale of loans held for sale | -$80.7M | -$83.8M | -$71.4M |
| Loans originated for sale | -$2.0B | -$2.1B | -$2.0B |
| Proceeds on sales of loans originated for sale | $2.1B | $2.2B | $2.1B |
| Gain on death benefit on bank owned life insurance | $0 | -$266.0K | $0 |
| Increase in accrued interest receivable | -$478.0K | -$432.0K | -$1.7M |
| Increase in cash surrender value of life insurance | -$2.6M | -$2.0M | -$1.7M |
| Decrease (increase) in derivative assets | $5.2M | -$1.1M | $4.5M |
| Increase in accrued interest on deposits and borrowings | $218.0K | $727.0K | $1.3M |
| Decrease in prepaid tax expense | $1.3M | $1.4M | $1.6M |
| (Increase) decrease in derivative liabilities | -$4.7M | $213.0K | -$5.4M |
| Gain on sale of Real Estate Owned | -$299.0K | $0 | $0 |
| Gain on sale of mortgage servicing rights | $0 | -$152.0K | -$583.0K |
| Decrease (increase) in other assets | $2.1M | $3.0M | -$1.2M |
| Increase (decrease) in other liabilities | $4.6M | -$3.6M | -$1.5M |
| Net cash provided by (used in) operating activities | $24.2M | $48.1M | -$27.6M |
| Net decrease (increase) in loans receivable | $5.2M | -$16.7M | -$154.2M |
| FHLB Stock | -$2.5M | -$2.3M | -$11.9M |
| Debt securities | -$11.6M | -$16.0M | -$5.4M |
| Mortgage related securities | -$38.4M | -$19.4M | -$24.1M |
| Bank owned life insurance | -$180.0K | -$5.2M | -$180.0K |
| Premises and equipment | -$1.2M | -$1.1M | -$700.0K |
| Principal repayments on mortgage-related securities | $25.5M | $23.6M | $20.9M |
| Maturities of debt securities | $11.5M | $7.5M | $4.0M |
| Sales of FHLB stock | $3.0M | $2.9M | $8.4M |
| Proceeds on sales of mortgage servicing rights | $0 | -$2.1M | -$3.5M |
| Death benefit from bank owned life insurance | $0 | $662.0K | $474.0K |
| Net cash used in by investing activities | -$8.7M | -$24.0M | -$159.2M |
| Net increase (decrease) in deposits | $77.4M | $169.3M | -$8.4M |
| Net change in short-term borrowings | -$74.3M | -$159.5M | $269.3M |
| Repayment of long-term debt | -$90.0M | -$175.0M | -$304.0M |
| Proceeds from long-term debt | $130.0M | $170.0M | $259.0M |
| Net change in advance payments by borrowers for taxes | -$2.6M | -$977.0K | $1.3M |
| Cash dividends on common stock | -$10.8M | -$11.3M | -$15.4M |
| Proceeds from stock option exercises | $2.4M | $1.7M | $820.0K |
| Purchase of common stock returned to authorized but unissued | -$16.2M | -$14.9M | -$26.0M |
| Net cash provided by (used in) financing activities | $15.9M | -$20.8M | $176.6M |
| Increase (decrease) in cash and cash equivalents | $31.3M | $3.3M | -$10.2M |
| Income tax payments (refunds) | $5.0M | $2.4M | $1.2M |
| Interest payments | $59.2M | $66.3M | $47.7M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Waterstone Financial, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerDouglas S. Gordon Jan 21, 2014 to Mar 8, 202412
- PresidentJeffrey R. McGuiness Feb 11, 2021 to Apr 25, 202413
- PresidentEric J. Egenhoefer Jan 21, 2014 to Dec 14, 201814
- Chief financial officerMark Raymond Gerke Mar 9, 2016 to now15
- Chief financial officerAllan Robert Hosack Feb 27, 2014 to Mar 5, 201516
- Chief operating officerKevin P. Gillespie Apr 8, 2016 to Apr 8, 201617
- Chief operating officerWilliam F. Bruss Jan 21, 2014 to Mar 8, 202418
Board members and other officers (15)
- Senior Vice PresidentJulie Ann Glynn Mar 8, 2024 to now19
- EVP/Chief Credit OfficerRyan J. Gordon Apr 7, 2023 to now20
- Vice PresidentRebecca M. Arndt Jan 21, 2014 to Mar 7, 201821
- VP/ControllerMark Raymond Gerke Feb 27, 2014 to Jun 23, 201722
- Board memberLaura Ellen Piotrowski Oct 2, 2025 to now23
- Board memberMolly A. Mulroy Oct 2, 2025 to now24
- Board memberDerek L. Tyus Feb 17, 2021 to Feb 17, 202125
- Board memberDouglas S. Gordon Jan 21, 2014 to now12
- Board memberMichael L. Hansen Jan 21, 2014 to now26
- Board memberPatrick S. Lawton Jan 21, 2014 to now27
- Board memberStephen J. Schmidt Jan 21, 2014 to Feb 12, 202528
- Board memberThomas E. Dalum Jan 21, 2014 to Jan 3, 202229
- Board memberEllen Syburg Bartel Feb 4, 2014 to Sep 16, 202430
- Board memberKristine A. Rappe Feb 4, 2014 to Feb 14, 202531
- General counselWilliam F. Bruss Jan 21, 2014 to Mar 8, 202418
Timeline
- Jan 21, 2014New chief executive Douglas S. Gordon becomes CEO12
Filings
178 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 53 insider forms, 16 large holders, 32 other. The latest 20:
- Sep 22, 20268-K EDGAR
- Aug 17, 20264 EDGAR
- Aug 14, 2026144 EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 23, 20268-K EDGAR
- Jun 23, 20268-K EDGAR
- Jun 3, 202611-K EDGAR
- May 22, 20264 EDGAR
- May 21, 2026144 EDGAR
- May 19, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Apr 27, 20268-K EDGAR
- Apr 23, 20268-K EDGAR
- Apr 9, 2026ARS EDGAR
- Apr 9, 2026DEF 14A EDGAR
- Mar 17, 20268-K EDGAR
- Feb 26, 202610-K EDGAR
- Feb 20, 20264 EDGAR
- Feb 10, 20264 EDGAR
- Feb 6, 20264 EDGAR
The 178 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
55 open-market trades by officers, directors and large owners since October 2021: 1 buys and 54 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Gordon Ryan JEVP/Chief Credit Officer | Sale | 8,157 | $21.14 | $172.4K | Form 4 |
| May 21, 2026 | Gerke Mark RaymondEVP/Chief Financial Officer | Sale | 10,000 | $18.34 | $183.4K | Form 4 |
| Feb 18, 2026 | Gordon Douglas SDirector | Sale | 2,880 | $18.11 | $52.2K | Form 4 |
| Feb 6, 2026 | Gordon Douglas SDirector | Sale | 6,765 | $18.27 | $123.6K | Form 4 |
| Feb 5, 2026 | Gordon Douglas SDirector | Sale | 18,716 | $18.25 | $341.6K | Form 4 |
| Feb 4, 2026 | Gordon Douglas SDirector | Sale | 15,000 | $18.55 | $278.2K | Form 4 |
| Feb 4, 2026 | Lawton Patrick SDirector | Sale | 19,255 | $18.64 | $358.9K | Form 4 |
| Feb 3, 2026 | Lawton Patrick SDirector | Sale | 30,000 | $18.53 | $555.9K | Form 4 |
| Feb 2, 2026 | Glynn Julie AnnEVP/Chief Retail Officer | Sale | 20,929 | $18.19 | $380.8K | Form 4 |
| Oct 27, 2025 | Hansen Michael LDirector | Sale | 81,413 | $15.16 | $1.2M | Form 4 |
| Aug 13, 2025 | Hansen Michael LDirector | Sale | 109,527 | $14.05 | $1.5M | Form 4 |
| Aug 12, 2025 | Hansen Michael LDirector | Sale | 35,290 | $13.92 | $491.2K | Form 4 |
| Aug 11, 2025 | Hansen Michael LDirector | Sale | 2,757 | $13.80 | $38.0K | Form 4 |
| Jul 25, 2025 | Hansen Michael LDirector | Sale | 961 | $13.81 | $13.3K | Form 4 |
| Jul 24, 2025 | Hansen Michael LDirector | Sale | 36,465 | $13.83 | $504.3K | Form 4 |
| Feb 28, 2025 | Gerke Mark RaymondEVP/Chief Financial Officer | Sale | 2,738 | $14.15 | $38.7K | Form 4 |
| Feb 28, 2025 | Lawton Patrick SDirector | Sale | 37,500 | $14.03 | $526.1K | Form 4 |
| Feb 13, 2025 | RAPPE KRISTINE ADirector | Sale | 22,185 | $14.25 | $316.1K | Form 4 |
| Feb 11, 2025 | Schmidt Stephen JDirector | Sale | 6,211 | $13.79 | $85.7K | Form 4 |
| Feb 6, 2025 | Schmidt Stephen JDirector | Sale | 3,097 | $13.75 | $42.6K | Form 4 |
All 55 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 1 filing Jan 21, 202632
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Nov 4, 2024 to Jan 31, 202533
- RENAISSANCE TECHNOLOGIES LLCSC 13G/A, 3 filings Feb 11, 2022 to Feb 13, 202434
- Principal Financial GroupSC 13G/A, 1 filing Feb 12, 202435
- DIMENSIONAL FUND ADVISORS LPSC 13G/A, 3 filings Feb 8, 2022 to Feb 9, 202436
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 13SEC EDGARJeffrey R. McGuiness, President
- 14SEC EDGAREric J. Egenhoefer, President
- 15
- 16
- 17
- 18
- 19
- 20
- 21SEC EDGARRebecca M. Arndt, Vice President
- 22SEC EDGARMark Raymond Gerke, VP/Controller
- 23SEC EDGARLaura Ellen Piotrowski, Board member
- 24SEC EDGARMolly A. Mulroy, Board member
- 25SEC EDGARDerek L. Tyus, Board member
- 26SEC EDGARMichael L. Hansen, Board member
- 27SEC EDGARPatrick S. Lawton, Board member
- 28SEC EDGARStephen J. Schmidt, Board member
- 29SEC EDGARThomas E. Dalum, Board member
- 30SEC EDGAREllen Syburg Bartel, Board member
- 31SEC EDGARKristine A. Rappe, Board member
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- 36