Waterstone Financial, Inc. reported a net income of $18.7 million for the fiscal year ending December 31, 2024, a significant increase from $9.4 million in the previous year. This translates to earnings per share of $1.01, compared to $0.47 in 2023. The company's total assets slightly decreased by 0.2% to $2.21 billion, primarily due to a reduction in loans held for sale, which fell by 17.6% to $135.9 million. However, loans receivable increased by 1.0% to $1.68 billion, driven by growth in multi-family, construction, and commercial real estate loans.
In terms of operational performance, Waterstone Financial's net interest income decreased by 8.1% to $46.2 million, attributed to rising interest expenses on deposits and borrowings, which surged to $67 million from $49 million in 2023. The provision for credit losses showed a negative provision of $168,000, indicating a decrease in expected credit losses compared to a provision of $656,000 in the prior year. Noninterest income rose by 10.0% to $89.3 million, bolstered by increased mortgage banking income, which accounted for a significant portion of this growth.
Strategically, Waterstone Financial has focused on expanding its community banking and mortgage banking segments. The company operates 14 full-service banking offices in southeastern Wisconsin and has a mortgage banking subsidiary, Waterstone Mortgage Corporation, with 66 offices across 26 states. The mortgage banking segment originated $2.15 billion in loans held for sale, a slight increase from $2.12 billion in 2023, with a notable rise in refinance products due to fluctuating mortgage rates.
The company’s total deposits increased by 14.2% to $1.36 billion, driven by a substantial rise in certificates of deposit, which grew by 24.0% to $905.5 million. This increase in deposits was partially offset by a decrease in demand deposits. Waterstone Financial's capital ratios remain strong, with a total capital to risk-weighted assets ratio of 20.29%, indicating that the company is well-capitalized under regulatory standards. Looking ahead, Waterstone Financial anticipates continued growth in its loan portfolio and mortgage banking operations, although it remains cautious about potential economic fluctuations and their impact on credit quality.
About Waterstone Financial, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.