# Waterstone Financial, Inc. (WSBF)

Informational only - not investment advice.

CIK: 0001569994
SIC: 6035 Savings Institution, Federally Chartered
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6035 Savings Institution, Federally Chartered](/industry/6035/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1569994
Filing source: https://www.sec.gov/Archives/edgar/data/1569994/000143774926005853/wsbf20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001437749-26-005853 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001569994.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 116,108,000 USD | 2025 | verified |
| Net income | 26,402,000 USD | 2025 | verified |
| Assets | 2,259,507,000 USD | 2025 | verified |
| Free cash flow | 23,018,000 USD | 2025 | computed |
| Net margin | 22.74% | 2025 | computed |
| Revenue YoY | +2.60% | 2025 | computed |
| ROE | 7.56% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WSBF | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 22.7% | 15.2% | 71 | 22 |
| Revenue growth | 2.6% | 4.9% | 29 | 22 |
| FCF margin | 19.8% | 19.0% | 53 | 20 |
| ROE | 7.6% | 6.5% | 62 | 22 |
| ROA | 1.2% | 0.7% | 76 | 22 |
| Liabilities / equity | 5.47 | 8.30 | 10 | 22 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6035 Savings Institution, Federally Chartered, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 116108000 | USD | 2025 | 2026-02-26 |
| Net income | 26402000 | USD | 2025 | 2026-02-26 |
| Assets | 2259507000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001569994.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 63,736,000 | 67,095,000 | 73,700,000 | 79,741,000 |  |  | 70,245,000 | 99,208,000 | 113,168,000 | 116,108,000 |
| Net income | 25,532,000 | 25,964,000 | 30,754,000 | 35,903,000 | 81,145,000 | 70,791,000 | 19,487,000 | 9,375,000 | 18,688,000 | 26,402,000 |
| Diluted EPS | 0.93 | 0.93 | 1.11 | 1.37 | 3.30 | 2.96 | 0.89 | 0.46 | 1.01 | 1.48 |
| Operating cash flow | -24,062,000 | 107,097,000 | 41,503,000 | -40,219,000 | -93,582,000 | 142,006,000 | 206,665,000 | -27,577,000 | 48,063,000 | 24,183,000 |
| Capital expenditures | 1,085,000 | 1,577,000 | 3,962,000 | 3,114,000 | 1,225,000 | 778,000 | 701,000 | 700,000 | 1,099,000 | 1,165,000 |
| Dividends paid | 6,917,000 | 26,952,000 | 27,050,000 | 25,960,000 | 31,520,000 | 30,388,000 | 30,260,000 | 15,363,000 | 11,268,000 | 10,768,000 |
| Share buybacks | 3,858,000 | 2,190,000 | 19,196,000 | 22,767,000 | 36,242,000 | 10,176,000 | 47,830,000 | 26,032,000 | 14,915,000 | 16,209,000 |
| Assets | 1,790,619,000 | 1,806,401,000 | 1,915,381,000 | 1,996,347,000 | 2,184,587,000 | 2,215,858,000 | 2,031,672,000 | 2,213,389,000 | 2,209,608,000 | 2,259,507,000 |
| Liabilities | 1,379,929,000 | 1,394,297,000 | 1,515,702,000 | 1,602,661,000 | 1,771,469,000 | 1,783,085,000 | 1,661,186,000 | 1,869,333,000 | 1,870,473,000 | 1,910,115,000 |
| Stockholders' equity | 410,690,000 | 412,104,000 | 399,679,000 | 393,686,000 | 413,118,000 | 432,773,000 | 370,486,000 | 344,056,000 | 339,135,000 | 349,392,000 |
| Free cash flow | -25,147,000 | 105,520,000 | 37,541,000 | -43,333,000 | -94,807,000 | 141,228,000 | 205,964,000 | -28,277,000 | 46,964,000 | 23,018,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 40.06% | 38.70% | 41.73% | 45.02% |  |  | 27.74% | 9.45% | 16.51% | 22.74% |
| Return on equity | 6.22% | 6.30% | 7.69% | 9.12% | 19.64% | 16.36% | 5.26% | 2.72% | 5.51% | 7.56% |
| Return on assets | 1.43% | 1.44% | 1.61% | 1.80% | 3.71% | 3.19% | 0.96% | 0.42% | 0.85% | 1.17% |
| Liabilities / equity | 3.36 | 3.38 | 3.79 | 4.07 | 4.29 | 4.12 | 4.48 | 5.43 | 5.52 | 5.47 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/WSBF/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001569994.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.25 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.10 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.20 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 26,377,000 | 3,253,000 | 0.16 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 26,694,000 | -40,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 26,905,000 | 3,038,000 | 0.16 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 28,020,000 | 5,712,000 | 0.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 29,191,000 | 4,728,000 | 0.26 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 29,052,000 | 5,210,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 27,755,000 | 3,036,000 | 0.17 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 28,685,000 | 7,727,000 | 0.43 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 29,556,000 | 7,926,000 | 0.45 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 30,112,000 | 7,713,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 29,015,000 | 5,997,000 | 0.34 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 29,586,000 | 8,462,000 | 0.49 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WSBF's latest 10-K: [/company/WSBF/business/](/company/WSBF/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WSBF's latest 10-K: [/company/WSBF/risk-factors/](/company/WSBF/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1569994/000143774926026246/wsbf20260630_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Information

This Quarterly Report on Form 10-Q may contain various forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and similar expressions and verbs in the future tense. These forward-looking statements include, but are not limited to:

[[GREPCENT_TABLE]]
[["","\u25cf","Statements of our goals, intentions and expectations;"],["","\u25cf","Statements regarding our business plans, prospects, growth and operating strategies;"],["","\u25cf","Statements regarding the quality of our loan and investment portfolio; and"],["","\u25cf","Estimates of our risks and future costs and benefits."]]
[[/GREPCENT_TABLE]]

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

[[GREPCENT_TABLE]]
[["","\u25cf","general economic conditions, either nationally or in our market area, including employment prospects, that are different than expected;"],["","\u25cf","competition among depository and other financial institutions;"],["","\u25cf","inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or the origination levels in our lending business, or increase the level of defaults, losses or prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets;"],["","\u25cf","adverse changes in the securities or secondary mortgage markets;"],["","\u25cf","changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;"],["","\u25cf","changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;"],["","\u25cf","our ability to manage market risk, credit risk and operational risk in the current economic conditions;"],["","\u25cf","our ability to enter new markets successfully and capitalize on growth opportunities;"],["","\u25cf","our ability to successfully integrate acquired entities;"],["","\u25cf","decreased demand for our products and services;"],["","\u25cf","changes in tax policies or assessment policies;"],["","\u25cf","changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;"],["","\u25cf","changes in consumer demand, spending, borrowing and savings habits;"],["","\u25cf","changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;"],["","\u25cf","our ability to retain key employees;"],["","\u25cf","cyber attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems;"],["","\u25cf","technological changes that may be more difficult or expensive than expected;"],["","\u25cf","the ability of third-party providers to perform their obligations to us;"],["","\u25cf","the effects of any federal government shutdown;"],["","\u25cf","the effects of global or national war, conflict or acts of terrorism;"],["","\u25cf","the ability of the U.S. Government to manage federal debt limits;"],["","\u25cf","the imposition of tariffs or other domestic or international governmental policies;"],["","\u25cf","significant increases in our loan losses;"],["","\u25cf","changes in the financial condition, results of operations or future prospects of issuers of securities that we own;"],["","\u25cf","changes in our liquidity needs and access to wholesale funding; and"],["","\u25cf","our ability to access low-cost funding."]]
[[/GREPCENT_TABLE]]

35

Table of Contents

See also the factors referred to in reports filed by the Company with the Securities and Exchange Commission (particularly those under the caption “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be described from time to time in the Corporation’s subsequent SEC filings).

The risks included here are not exhaustive. Other sections of this report may include additional factors which could adversely affect our business and financial performance. New risks emerge from time to time and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Overview

The following discussion and analysis is presented to assist the reader in understanding and evaluating the Company’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. The detailed discussion in the sections below focuses on the results of operations for the three and six months ended June 30, 2026 and 2025 and the financial condition as of June 30, 2026 compared to the financial condition as of December 31, 2025.

As described in the notes to the unaudited consolidated financial statements, we have two reportable segments: community banking and mortgage banking. The community banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin. Consumer products include loan products, deposit products, and personal investment services. Business banking products include loans for working capital, inventory and general corporate use, commercial real estate construction loans, and deposit accounts.  The mortgage banking segment, which is conducted by offices in 24 states through Waterstone Mortgage Corporation, consists of originating residential mortgage loans primarily for sale in the secondary market.

Our community banking segment generates the significant majority of our consolidated net interest income and requires the significant majority of our provision for loan losses. Our mortgage banking segment generates the significant majority of our noninterest income and a majority of our noninterest expenses. We have provided below a discussion of the material results of operations for each segment on a separate basis for the three and six months ended June 30, 2026 and 2025, which focuses on noninterest income and noninterest expenses. We have also provided a discussion of the consolidated operations of the Company, which includes the consolidated operations of the Bank and Waterstone Mortgage Corporation, for the same periods.

Significant Items

There were no significant items that impacted earnings for the three and six months ended June 30, 2026 and 2025. 

Comparison of Community Banking Segment Results of Operations for the Three Months Ended June 30, 2026 and 2025

Net income totaled $7.3 million for the three months ended June 30, 2026 compared to $6.2 million for the three months ended June 30, 2025. Net interest income increased $2.2 million to $15.8 million for the three months ended June 30, 2026 compared to $13.6 million for the three months ended June 30, 2025.  Interest expense on borrowings decreased $566,000 as growth in time deposits allowed us to carry a lower average balance of FHLB advances and interest expense on deposits decreased $932,000 as accounts repriced at a lower rate and transitioned to more money market accounts. 

There was a provision for credit losses of $248,000 for the three months ended June 30, 2026 compared to a negative provision for credit losses of $19,000 for the three months ended June 30, 2025. The provision for credit losses of $248,000 consisted of a $171,000 provision related to loans and $77,000 provision related to unfunded commitments for the three months ended June 30, 2026. 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 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.  

36

Table of Contents

Compensation, payroll taxes, and other employee benefits expense increased $585,000 to $5.6 million compared to the quarter ending June 30, 2025 primarily due to increased health insurance expense and ESOP expense as the average market price per share increased compared to the prior year.

Comparison of Mortgage Banking Segment Results of Operations for the Three Months Ended June 30, 2026 and 2025

Net income totaled $1.2 million for the three months ended June 30, 2026 compared to a net income of $1.5 million for the three months ended June 30, 2025. We originated $621.8 million in mortgage loans held for sale (including sales to the community banking segment) during the three months ended June 30, 2026, which represents an increase of $33.0 million, or 5.6%, from the $588.8 million originated during the three months 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. Total mortgage banking noninterest income decreased $280,000, or 1.2%, to $22.4 million during the three months ended June 30, 2026 compared to $22.6 million during the three months ended June 30, 2025.  The decrease in mortgage banking noninterest income was related to a decrease in gross margin on loans originated and sold for the three months ended June 30, 2026 compared to June 30, 2025.  Gross margin on loans originated and sold is the ratio of mortgage banking income (excluding the change in interest rate lock fair value) divided by total loan originations.  We sell loans on both a servicing-released and a servicing-retained basis. Waterstone Mortgage Corporation has contracted with a third party to service the loans for which we retain servicing. 

Total compensation, payroll taxes and other employee benefits increased $253,000, or 1.6%, to $16.6 million for the three months ended June 30, 2026 compared to $16.3 million for the three months 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.  

Consolidated Waterstone Financial, Inc. Results of Operations

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1569994/000143774926005853/wsbf20251231_10k.htm
Complete FY 2025 MD&A: /company/WSBF/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7.   Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

The following discussion and analysis is presented to assist the reader in understanding and evaluating the Company's financial condition and results of operations. It is intended to complement the consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Annual Report on Form 10-K and should be read in conjunction therewith. The detailed discussion in the sections below focuses on the results of operations for the year ended December 31, 2025, compared to the year ended December 31, 2024, and the financial condition as of December 31, 2025 compared to the financial condition as of December 31, 2024.

As described in the notes to consolidated financial statements, we have two reportable segments: community banking and mortgage banking. The community banking segment provides consumer and business banking products and services to customers. Consumer products include loan products, deposit products, and personal investment services. Business banking products include loans for working capital, inventory and general corporate use, commercial real estate construction loans, and deposit accounts.  The mortgage banking segment, which is conducted through Waterstone Mortgage Corporation, consists of originating residential mortgage loans primarily for sale in the secondary market.

Our community banking segment generates the significant majority of our consolidated net interest income and requires the significant majority of our provision for credit losses.  Our mortgage banking segment generates the significant majority of our noninterest income and a majority of our noninterest expenses.  We have provided below a discussion of the material results of operations for each segment on a separate basis for the year ended December 31, 2025, compared the year ended December 31, 2024, which focuses on noninterest income and noninterest expenses. We have also provided a discussion of the consolidated operations of Waterstone Financial, which includes the consolidated operations of WaterStone Bank and Waterstone Mortgage Corporation, for the same periods.

For a discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see “Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations” Discussion of Results of Operations included in our 2024 Form 10-K, filed with the SEC on March 6, 2024.

- 38 -

Significant Items

There were no Significant Items for the years ended December 31, 2025 and 2024. 

Critical Accounting Policies

Our consolidated financial statements are prepared in accordance with GAAP and follow general practices within the banking industry. Application of these principles requires management to make complex and subjective estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable and appropriate under current circumstances. These assumptions form the basis for our judgments about the carrying values of assets and liabilities that are not readily available from independent, objective sources. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates.

Accounting policies are an integral part of our financial statements. A thorough understanding of these accounting policies is essential when reviewing our reported results of operations and our financial position. We believe that the critical accounting policies and estimates discussed below involve a heightened level of management judgment due to the complexity, subjectivity and sensitivity involved in their application.

See Note 1 - Summary of Significant Accounting Policies to the consolidated financial statements contains a further discussion of our significant accounting policies.

Critical accounting policies are those that involve significant judgments and assumptions by management and that have, or could have, a material impact on our income or the carrying value of our assets.

Allowance for Credit Losses. The ACL represents management's estimate of current expected credit losses, or the amount of amortized cost basis not expected to be collected, on our loan portfolio and the amount of credit loss impairment on our AFS securities portfolio. Determining the amount of the ACL is considered a critical accounting estimate because of its complexity and because it requires extensive judgment and estimation. Estimates that are particularly susceptible to change that may have a material impact on the amount of the ACL include:

[[GREPCENT_TABLE]]
[["","\u25cf","Our evaluation of current conditions;"],["","\u25cf","Our assessment that the physical condition of the real estate has not significantly changed since the last valuation date;"],["","\u25cf","Our determination of a reasonable and supportable economic forecast and selection of the reasonable and supportable forecast period;"],["","\u25cf","Our evaluation of historical loss experience;"],["","\u25cf","Our evaluation of changes in composition and characteristics of the loan portfolio, including internal risk ratings;"],["","\u25cf","Our estimate of expected prepayments;"],["","\u25cf","Our selection of models and modeling techniques may also have a material impact on the estimate;"],["","\u25cf","The value of underlying collateral, which may impact loss severity and certain cash flow assumptions for collateral-dependent, criticized and classified loans;"],["","\u25cf","Our selection and evaluation of qualitative factors; and"],["","\u25cf","Our estimate of expected cash flows on AFS debt securities in unrealized loss positions."]]
[[/GREPCENT_TABLE]]

The appropriateness of the allowance for credit losses is reviewed and approved quarterly by the WaterStone Bank Board of Directors. The allowance reflects management’s best estimate of the amount needed to provide for the future losses over the life of the loan portfolio, and is based on a loss model using a forecast and historical losses developed and implemented by management and approved by the WaterStone Bank Board of Directors.

Actual results could differ from this estimate, and future additions to the allowance may be necessary based on unforeseen changes in loan quality and economic conditions.  More specifically, if our future charge-off experience increases substantially from our past experience, or if the value of underlying loan collateral, in our case mostly real estate, declines in value by a substantial amount, or if unemployment in our primary market area increases significantly, our allowance for credit losses may be inadequate and we will incur higher provisions for loan losses and lower net income in the future.

See Note 1 - Summary of Significant Accounting Policies to the consolidated financial statements describes the methodology used to determine the ACL.

In addition, state and federal regulators periodically review the WaterStone Bank allowance for credit losses. Such regulators have the authority to require WaterStone Bank to recognize additions to the allowance at the time of their examination.

Income Taxes.  The Company and its subsidiaries file consolidated federal, combined state income tax, and separate state income tax returns. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax return.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for net operating loss carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date.  

Under generally accepted accounting principles, a valuation allowance is required to be recognized if it is “more likely than not” that a deferred tax asset will not be realized.  The determination of the realizability of deferred tax assets is highly subjective and dependent upon judgment concerning management's evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. Examples of positive evidence may include the existence of taxes paid in available carry-back years as well as the probability that taxable income will be generated in future periods.  Examples of negative evidence may include cumulative losses in a current year and prior two years and general business and economic trends.

Positions taken in the Company’s tax returns are subject to challenge by the taxing authorities upon examination. The benefit of uncertain tax positions are initially recognized in the financial statements only when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statements of operations.

- 39 -

Fair Value Measurements.  The Company determines the fair value of its assets and liabilities in accordance with ASC 820. ASC 820 establishes a standard framework for measuring and disclosing fair value under generally accepted accounting principles. A number of valuation techniques are used to determine the fair value of assets and liabilities in the Company’s financial statements. The valuation techniques include quoted market prices for investment securities, appraisals of real estate from independent licensed appraisers and other valuation techniques. Fair value measurements for assets and liabilities where limited or no observable market data exists are based primarily upon estimates, and are often calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the valuation results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. Significant changes in the aggregate fair value of assets and liabilities required to be measured at fair value or for impairment are recognized in the consolidated statements of operations under the framework established by generally accepted accounting principles.

Recent Accounting Pronouncements.

Refer to Note 1- Summary of Significant Accounting Policies of our consolidated financial statements for a description of recent accounting pronouncements including the respective dates of adoption and effects on results of operations and financial condition.

Selected Financial Data

The summary financial information presented below is derived in part from the Company’s audited financial statements, although the table itself is not audited.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WSBF/mda/fy2025/
All MD&A years: /company/WSBF/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WSBF/mda/fy2024/): filed 2025-02-28; accession 0001437749-25-005687 (https://www.sec.gov/Archives/edgar/data/1569994/000143774925005687/wsbf20241231_10k.htm)
- [FY 2023 MD&A](/company/WSBF/mda/fy2023/): filed 2024-03-06; accession 0001437749-24-006779 (https://www.sec.gov/Archives/edgar/data/1569994/000143774924006779/wsbf20231231_10k.htm)
- [FY 2022 MD&A](/company/WSBF/mda/fy2022/): filed 2023-02-28; accession 0001437749-23-004917 (https://www.sec.gov/Archives/edgar/data/1569994/000143774923004917/wsbf20220421_10k.htm)
- [FY 2021 MD&A](/company/WSBF/mda/fy2021/): filed 2022-02-28; accession 0001569994-22-000010 (https://www.sec.gov/Archives/edgar/data/1569994/000156999422000010/form10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6035 Savings Institution, Federally Chartered) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WSBF.md · JSON record: /company/WSBF.json · verified financials: /company/WSBF/financials.json / /company/WSBF/financials.csv · machine TOC for the whole site: /llms.txt