Waterstone Financial, Inc 8-K, filed Jul 23, 2026

Waterstone Financial, Inc. (WSBF)

8-K 2026-07-23 For: 2026-07-23

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Added on July 23, 2026

About this 8-K

Waterstone Financial, Inc filed this 8-K on July 23, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Maryland	001-36271	90-1026709
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.01 Par Value		WSBF		The NASDAQ Stock Market, LLC

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Exhibit No.	Description

99.1	Press release of Waterstone Financial, Inc. issued July 23, 2026.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

		Waterstone Financial, Inc.

Date: July 23, 2026		/s/ Mark R. Gerke
		Name: Mark R. Gerke
		Title: Chief Financial Officer

Exhibit No.	Description

99.1	Press release of Waterstone Financial, Inc. issued July 23, 2026.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

●	Consolidated net income of Waterstone Financial, Inc. totaled $8.5 million for the quarter ended June 30, 2026 compared to net income of $7.7 million for the quarter ended June 30, 2025.
●	Consolidated return on average assets (annualized) was 1.52% for the quarter ended June 30, 2026 and 1.39% for the quarter ended June 30, 2025.
●	Consolidated return on average equity (annualized) was 9.65% for the quarter ended June 30, 2026 and 9.04% for the quarter ended June 30, 2025.
●	Dividends declared during the quarter ended June 30, 2026 totaled $0.17 per common share.
●	During the quarter ended June 30, 2026, we repurchased approximately 200,000 shares at a cost (including the federal excise tax) of $3.7 million, or $18.40 per share.
●	Nonperforming assets as a percentage of total assets was 0.30% at June 30, 2026, 0.35% at March 31, 2026, and 0.37% at June 30, 2025.
●	Past due loans as a percentage of total loans was 0.63% at June 30, 2026, 0.58% at March 31, 2026, and 0.69% at June 30, 2025.
●	Book value per share was $19.53 at June 30, 2026 and $19.03 at December 31, 2025.

●	Pre-tax income totaled $9.0 million for the quarter ended June 30, 2026, which represents a $1.4 million, or 18.2%, increase compared to $7.6 million for the quarter ended June 30, 2025.
●	Net interest income totaled $15.8 million for the quarter ended June 30, 2026, which represents a $2.2 million, or 16.1%, increase compared to $13.6 million for the quarter ended June 30, 2025.
●	Average loans held for investment totaled $1.68 billion during the quarter ended June 30, 2026, which represents an increase of $9.7 million, or 0.6%, compared to $1.67 billion for the quarter ended June 30, 2025. The increase was primarily due to increases in multi-family mortgages offset by a decrease in single-family mortgages. Average loans held for investment decreased $2.1 million compared to $1.68 billion for the quarter ended March 31, 2026. The decrease was primarily due to a decrease in single-family real estate mortgages offset by an increase in increases in multi-family mortgages. See details on average loans by category in the table below.
●	Net interest margin increased 43 basis points to 3.03% for the quarter ended June 30, 2026 compared to 2.60% for the quarter ended June 30, 2025, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale and decreases in the cost of borrowings and weighted average cost of deposits. Net interest margin increased six basis points compared to 2.97% for the quarter ended March 31, 2026, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale and decreases in the weighted average cost of deposits.
●	Past due loans at the community banking segment totaled $8.5 million at June 30, 2026, $6.9 million at March 31, 2026, and $8.9 million at June 30, 2025.

●	The segment had a provision for credit losses related to funded loans of $171,000 for the quarter ended June 30, 2026 compared to a negative provision for credit losses related to funded loans of $125,000 for the quarter ended June 30, 2025. The current quarter increase was primarily due to increases in commercial real estate external qualitative factors. The provision for credit losses related to unfunded loan commitments was $77,000 for the quarter ended June 30, 2026 compared to a provision for credit losses related to unfunded loan commitments of $106,000 for the quarter ended June 30, 2025. The provision for credit losses related to unfunded loan commitments for the quarter ended June 30, 2026 was due primarily to an increase of business and commercial real estate loans in the loan pipeline balance at quarter end.
●	The efficiency ratio, a non-GAAP ratio, was 48.16% for the quarter ended June 30, 2026, compared to 50.40% for the quarter ended June 30, 2025.
●	Average core retail deposits (excluding brokered and escrow accounts) totaled $1.34 billion during the quarter ended June 30, 2026, an increase of $26.3 million, or 2.0%, compared to $1.31 billion during the quarter ended June 30, 2025 due primarily to increases in money market and demand deposits balances. Average core retail deposits increased $4.4 million, or 1.3% annualized, compared to $1.33 billion for the quarter ended March 31, 2026. The segment had an average of $86.4 million in brokered certificate of deposits during the quarter ended June 30, 2026 compared to $72.5 million during the quarter ended June 30, 2025.
●	Total compensation, payroll taxes and other employee benefits increased $585,000 or 11.6%, to $5.6 million during the quarter ended June 30, 2026 compared to $5.0 million during the quarter ended June 30, 2025. The increase primarily related to increased health insurance expense and ESOP expense as the average market price per share increased compared to the prior year.

●	Pre-tax income totaled $1.6 million for the quarter ended June 30, 2026, compared to a pre-tax income of $2.0 million for the quarter ended June 30, 2025.
●	Loan originations increased $33.0 million, or 5.6%, to $621.8 million during the quarter ended June 30, 2026, compared to $588.8 million during the quarter ended June 30, 2025. Origination volume relative to purchase activity accounted for 88.6% of originations for the quarter ended June 30, 2026 compared to 91.7% of total originations for the quarter ended June 30, 2025.
●	Mortgage banking non-interest income decreased $280,000, or 1.2%, to $22.4 million for the quarter ended June 30, 2026, compared to $22.6 million for the quarter ended June 30, 2025.
●	Gross margin on loans sold totaled 3.60% for the quarter ended June 30, 2026, compared to 3.84% for the quarter ended June 30, 2025. This decrease was driven by lower sales margins, as secondary market investors remained concerned about elevated long-term rates.
●	Total compensation, payroll taxes and other employee benefits increased $253,000 or 1.6%, to $16.6 million during the quarter ended June 30, 2026 compared to $16.3 million during the quarter ended June 30, 2025. The increase primarily related to increased commission expense, manager pay expense, production incentive expense, and salary expense offset by a decrease in health insurance expense.

	For The Three Months Ended June 30,					For The Six Months Ended June 30,
	2026		2025			2026		2025
	(In Thousands, except per share amounts)
Interest income:
Loans	$	26,610	$	25,875		$	52,561	$	50,953
Mortgage-related securities		1,479		1,253			2,933		2,444
Debt securities, federal funds sold and short-term investments		1,497		1,557			3,107		3,043
Total interest income		29,586		28,685			58,601		56,440
Interest expense:
Deposits		10,035		10,967			20,408		22,299
Borrowings		3,541		4,010			6,720		7,857
Total interest expense		13,576		14,977			27,128		30,156
Net interest income		16,010		13,708			31,473		26,284
Provision (credit) for credit losses		236		(9	)		500		(567	)
Net interest income after provision (credit) for credit losses		15,774		13,717			30,973		26,851
Noninterest income:
Service charges on loans and deposits		463		413			837		1,006
Increase in cash surrender value of life insurance		1,135		1,014			1,684		1,495
Mortgage banking income		22,144		22,559			41,094		38,287
Other		498		343			853		638
Total noninterest income		24,240		24,329			44,468		41,426
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits		21,974		21,121			41,816		38,168
Occupancy, office furniture, and equipment		1,570		1,753			3,536		3,682
Advertising		727		746			1,344		1,469
Data processing		1,279		1,313			2,537		2,525
Communications		226		257			484		492
Professional fees		300		500			683		2,236
Real estate owned		27		(8	)		29		(18	)
Loan processing expense		817		817			1,846		1,737
Other		2,459		1,878			4,979		4,436
Total noninterest expenses		29,379		28,377			57,254		54,727
Income before income taxes		10,635		9,669			18,187		13,550
Income tax expense		2,173		1,942			3,728		2,787
Net income	$	8,462	$	7,727		$	14,459	$	10,763
Income per share:
Basic	$	0.49	$	0.43		$	0.84	$	0.59
Diluted	$	0.49	$	0.43		$	0.84	$	0.59
Weighted average shares outstanding:
Basic		17,114		17,989			17,243		18,127
Diluted		17,184		18,004			17,308		18,143

	June 30,			December 31,
	2026			2025
	(Unaudited)
Assets	(In Thousands, except per share amounts)
Cash	$	32,749		$	63,560
Federal funds sold		5,159			7,255
Interest-earning deposits in other financial institutions and other short term investments		293			292
Cash and cash equivalents		38,201			71,107
Securities available for sale (at fair value)		237,348			230,848
Loans held for sale (at fair value)		151,688			145,057
Loans receivable		1,683,881			1,675,552
Less: Allowance for credit losses ("ACL") - loans		17,884			17,478
Loans receivable, net		1,665,997			1,658,074

Office properties and equipment, net		18,900			18,855
Federal Home Loan Bank stock (at cost)		19,226			19,804
Cash surrender value of life insurance		79,217			77,353
Real estate owned, net		318			424
Prepaid expenses and other assets		41,864			37,985
Total assets	$	2,252,759		$	2,259,507

Liabilities and Shareholders' Equity
Liabilities:
Demand deposits	$	182,023		$	175,595
Money market and savings deposits		343,530			329,031
Time deposits		895,428			932,646
Total deposits		1,420,981			1,437,272

Borrowings		412,000			412,258
Advance payments by borrowers for taxes		18,772			2,996
Other liabilities		49,877			57,589
Total liabilities		1,901,630			1,910,115

Shareholders' equity:
Preferred stock		-			-
Common stock		180			184
Additional paid-in capital		71,637			78,014
Retained earnings		301,620			292,957
Unearned ESOP shares		(8,902	)		(9,496	)
Accumulated other comprehensive loss, net of taxes		(13,406	)		(12,267	)
Total shareholders' equity		351,129			349,392
Total liabilities and shareholders' equity	$	2,252,759		$	2,259,507

Share Information
Shares outstanding		17,975			18,360
Book value per share	$	19.53		$	19.03

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
	(Dollars in Thousands, except per share amounts)
Condensed Results of Operations:
Net interest income	$	16,010		$	15,463		$	15,711		$	14,739		$	13,708
Provision (credit) for credit losses		236			264			(558	)		(269	)		(9	)
Total noninterest income		24,240			20,228			21,459			22,302			24,329
Total noninterest expense		29,379			27,875			27,677			27,466			28,377
Income before income taxes		10,635			7,552			10,051			9,844			9,669
Income tax expense		2,173			1,555			2,338			1,918			1,942
Net income	$	8,462		$	5,997		$	7,713		$	7,926		$	7,727
Income per share – basic	$	0.49		$	0.35		$	0.44		$	0.45		$	0.43
Income per share – diluted	$	0.49		$	0.34		$	0.44		$	0.45		$	0.43
Dividends declared per common share	$	0.17		$	0.17		$	0.15		$	0.15		$	0.15

Performance Ratios (annualized):
Return on average assets - QTD		1.52	%		1.10	%		1.35	%		1.42	%		1.39	%
Return on average equity - QTD		9.65	%		6.88	%		8.74	%		9.14	%		9.04	%
Net interest margin - QTD		3.03	%		2.97	%		2.89	%		2.76	%		2.60	%

Return on average assets - YTD		1.31	%		1.10	%		1.19	%		1.13	%		0.99	%
Return on average equity - YTD		8.26	%		6.88	%		7.62	%		7.23	%		6.32	%
Net interest margin - YTD		3.00	%		2.97	%		2.68	%		2.61	%		2.54	%

Asset Quality Ratios:
Past due loans to total loans		0.63	%		0.58	%		0.86	%		0.50	%		0.69	%
Nonaccrual loans to total loans		0.39	%		0.44	%		0.37	%		0.35	%		0.49	%
Nonperforming assets to total assets		0.30	%		0.35	%		0.29	%		0.27	%		0.37	%
Allowance for credit losses - loans to loans receivable		1.06	%		1.05	%		1.04	%		1.03	%		1.07	%

	June 30, 2026				March 31, 2026				June 30, 2025
	Ending Balance		Quarterly Average Balance		Ending Balance		Quarterly Average Balance		Ending Balance		Quarterly Average Balance
	(Dollars in Thousands)
Loans Receivable Category
One- to four-family	$	460,495	$	464,384	$	471,890	$	478,616	$	503,343	$	513,349
Over four family		781,860		773,593		769,927		763,930		725,352		725,341
Home equity		12,939		13,165		12,970		13,153		13,362		12,999
Construction and land		67,944		65,428		66,032		60,932		69,760		60,702
Commercial real estate		324,373		324,029		328,808		327,819		321,977		321,388
Consumer Loans		680		694		718		759		828		831
Commercial business loans		35,590		35,357		33,967		33,568		29,651		32,291
Total	$	1,683,881	$	1,676,650	$	1,684,312	$	1,678,777	$	1,664,273	$	1,666,901

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Average balances	(Dollars in Thousands)
Interest-earning assets
Loans receivable and held for sale	$	1,799,170		$	1,788,736		$	1,842,908		$	1,809,600		$	1,812,065
Mortgage related securities		185,513			183,980			180,434			178,063			173,220
Debt securities, federal funds sold and short term investments		136,901			137,861			133,781			131,165			131,710
Total interest-earning assets		2,121,584			2,110,577			2,157,123			2,118,828			2,116,995
Noninterest-earning assets		109,031			108,366			107,462			103,434			105,382
Total assets	$	2,230,615		$	2,218,943		$	2,264,585		$	2,222,262		$	2,222,377

Interest-bearing liabilities
Demand accounts	$	93,170		$	90,133		$	92,292		$	90,015		$	89,548
Money market, savings, and escrow accounts		354,112			343,416			339,368			334,300			320,908
Certificates of deposit - retail		817,261			817,019			823,586			823,274			830,550
Certificates of deposit - brokered		86,441			110,192			105,496			61,814			72,533
Total interest-bearing deposits		1,350,984			1,360,760			1,360,742			1,309,403			1,313,539
Borrowings		399,510			377,438			419,541			440,968			437,784
Total interest-bearing liabilities		1,750,494			1,738,198			1,780,283			1,750,371			1,751,323
Noninterest-bearing demand deposits		87,072			88,975			89,673			88,799			85,665
Noninterest-bearing liabilities		41,506			38,073			44,688			39,136			42,669
Total liabilities		1,879,072			1,865,246			1,914,644			1,878,306			1,879,657
Equity		351,543			353,697			349,941			343,956			342,720
Total liabilities and equity	$	2,230,615		$	2,218,943		$	2,264,585		$	2,222,262		$	2,222,377

Average Yield/Costs (annualized)
Loans receivable and held for sale		5.93	%		5.88	%		5.85	%		5.84	%		5.73	%
Mortgage related securities		3.20	%		3.21	%		3.09	%		3.04	%		2.90	%
Debt securities, federal funds sold and short term investments		4.39	%		4.74	%		4.54	%		4.74	%		4.74	%
Total interest-earning assets		5.59	%		5.58	%		5.54	%		5.53	%		5.43	%

Demand accounts		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Money market and savings accounts		2.16	%		2.25	%		2.09	%		2.04	%		2.07	%
Certificates of deposit - retail		3.57	%		3.68	%		3.78	%		3.92	%		4.11	%
Certificates of deposit - brokered		3.81	%		3.82	%		3.89	%		4.11	%		4.35	%
Total interest-bearing deposits		2.98	%		3.09	%		3.12	%		3.19	%		3.35	%
Borrowings		3.56	%		3.42	%		3.51	%		3.86	%		3.67	%
Total interest-bearing liabilities		3.11	%		3.16	%		3.21	%		3.36	%		3.43	%

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
	(Dollars in Thousands)
Condensed Results of Operations:
Net interest income	$	15,830		$	15,226		$	15,521		$	14,617		$	13,640
Provision (credit) for credit losses		249			284			(518	)		(276	)		(19	)
Total noninterest income		2,020			1,153			1,305			1,359			1,686
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits		5,612			5,575			5,646			5,036			5,027
Occupancy, office furniture and equipment		942			1,103			1,026			907			920
Advertising		251			212			250			213			219
Data processing		722			765			741			733			806
Communications		105			112			103			108			99
Professional fees		197			228			185			200			196
Real estate owned		27			2			(298	)		4			(8	)
Loan processing expense		-			-			-			-			-
Other		741			598			630			617			466
Total noninterest expense		8,597			8,595			8,283			7,818			7,725
Income before income taxes		9,004			7,500			9,061			8,434			7,620
Income tax expense		1,741			1,538			2,063			1,518			1,400
Net income	$	7,263		$	5,962		$	6,998		$	6,916		$	6,220

Efficiency ratio - QTD (non-GAAP)		48.16	%		52.48	%		49.23	%		48.94	%		50.40	%
Efficiency ratio - YTD (non-GAAP)		50.23	%		52.48	%		51.76	%		52.71	%		54.78	%

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
	(Dollars in Thousands)
Condensed Results of Operations:
Net interest income	$	164		$	214		$	205		$	103		$	53
Provision (credit) for credit losses		(12	)		(20	)		(40	)		7			10
Total noninterest income		22,363			19,121			20,172			20,985			22,643
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits		16,565			14,471			15,489			15,716			16,312
Occupancy, office furniture and equipment		628			863			798			781			833
Advertising		476			405			446			499			527
Data processing		557			490			465			475			507
Communications		121			146			129			141			158
Professional fees		103			152			33			180			303
Real estate owned		-			-			-			-			-
Loan processing expense		817			1,029			571			688			817
Other		1,676			1,777			1,586			1,271			1,230
Total noninterest expense		20,943			19,333			19,517			19,751			20,687
Income before income taxes		1,596			22			900			1,330			1,999
Income tax expense		425			10			244			382			531
Net income	$	1,171		$	12		$	656		$	948		$	1,468

Efficiency ratio - QTD (non-GAAP)		92.97	%		99.99	%		95.78	%		93.66	%		91.15	%
Efficiency ratio - YTD (non-GAAP)		96.21	%		99.99	%		97.56	%		98.17	%		100.63	%

Loan originations	$	621,819		$	508,314		$	534,646		$	539,404		$	588,838
Purchase		88.6	%		73.9	%		78.9	%		90.1	%		91.7	%
Refinance		11.4	%		26.1	%		21.1	%		9.9	%		8.3	%
Gross margin on loans sold⁽¹⁾		3.60	%		3.65	%		3.80	%		3.87	%		3.84	%