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what it is
Waterstone is a Wisconsin bank that takes deposits and makes home, commercial, and mortgage loans.
how it gets paid
Last year Waterstone Financial made $116M in revenue. Community Banking was the main engine at $52M, or 45% of sales.
why it's growing
Revenue grew 2.6% last year. Revenue mattered most. $86M is 74.1% of trailing revenue.
what just happened
Waterstone's latest quarter delivered $86M of revenue, or 74.1% of trailing sales.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
11.8x trailing p/e — the market's not buying it — or you found a deal
3.4% dividend yield — cash in your pocket every quarter
$1.48 fy2025 eps est
xvary composite: 54/100 — below average
What they do
Waterstone is a Wisconsin bank that takes deposits and makes home, commercial, and mortgage loans.
It wins with 14 full-service branches and 14 ATMs in Wisconsin. That keeps your paycheck, checking account, and mortgage in one place. Cheap deposits mean the bank pays less for funding, which helps loans earn more than the bank pays out.
How they make money
$116M
annual revenue · their business grew +2.6% last year
Community Banking
$52M
+4.0%
Mortgage Banking
$28M
+12.0%
Deposit Services
$14M
+1.0%
Commercial and Consumer Loans
$12M
+3.0%
Other Income
$10M
0.0%
The products that matter
deposit gathering and loan making
Community Banking
$96M net interest income · 67% of revenue
this is the core engine. net interest income reached $96M and grew 20.4%, which tells you the bank made more money from the spread between lending and funding.
core driver
residential loan origination
Mortgage Banking
tied to $47M non-interest income
this business rises and falls with housing activity. the page does not break out its exact profit, but it sits inside the $47M non-interest income bucket that was flat.
housing-sensitive
Key numbers
11.8x
p/e
You pay 11.8 times earnings. That is not expensive for a bank, but bad quarters still matter.
3.4%
dividend yield
You get 3.4% while you wait. That is cash in hand, not a powerpoint promise.
$412M
long-term debt
Long-term debt is $412M. That is 56% of capital, which leaves less room for mistakes.
0.85
beta
A 0.85 beta means the stock should move less than the market. Calmer does not mean cheap.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 85 / 100
- long-term debt $412M (56% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for WSBF right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Waterstone's latest quarter delivered $86M of revenue, or 74.1% of trailing sales.
EPS was $1.04, up 131% vs. prior year. That quarter alone was huge compared with $116M in trailing revenue.
$86M
revenue
$1.04
eps
+191%
revenue vs. last year
quarter size
Revenue mattered most. $86M is 74.1% of trailing revenue, which makes the quarter look large for a $322M bank.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is southeastern wisconsin credit and housing concentration.
high
single-market exposure
All operations are in southeastern Wisconsin. That means 100% of the $143M revenue base is tied to one local economy.
100% of revenue exposed to one region
med
margin compression
Net margin is 18.6% today. If it drops by 1 percentage point, that is about $1.4M less annual profit on the current revenue base.
~$1.4M annual profit hit per 1-point margin drop
med
balance sheet leverage
Long-term debt stands at $412M, or 56% of capital, and debt to equity is 1.77x. Banks use leverage by design. The C++ grade says this one has less room for error.
leveraged capital structure with a below-average grade
low
insider selling signal
Directors sold 33,716 shares in February 2026. It is not a thesis-breaker by itself, but it is not the kind of signal you get from insiders rushing to buy weakness.
sentiment negative, fundamental impact limited
A weaker Wisconsin economy or tighter lending spreads hits the same $143M revenue base all at once, and every 1-point margin slip costs about $1.4M in annual profit.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Estimated for April 26, 2026. You want to see whether community banking keeps growing after the Q4 jump.
metric
net interest income
It already makes up 67% of revenue and grew 20.4%. If that slows sharply, the cheap multiple stops looking like a bargain.
risk
wisconsin housing activity
Mortgage banking is tied to local home sales and refinancing. A softer housing market would pressure the $47M non-interest income bucket.
trend
dividend durability
The quarterly dividend is $0.15 per share. If earnings weaken, investors will start asking whether the 3.4% yield is support or just decoration.
Analyst rankings
earnings predictability
40 / 100
in human-speak, the business is not steady enough to model with much confidence. expect more noise than you would from a higher-quality bank.
risk rank
2
This framework scores WSBF safer than 80% of stocks. Translation: the share price is relatively stable, even if the underlying business is still narrow.
source: institutional data
Institutional activity
institutional ownership data for WSBF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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