Waterstone Financial
Runs a southeastern Wisconsin bank and a multistate residential mortgage business.
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Profile
Combines community banking around southeastern Wisconsin with residential mortgage origination through Waterstone Mortgage Corporation. Community Banking supplies deposits, lending and investment services, while Mortgage Banking originates home loans mainly for sale into the secondary market.
Operates through Community Banking and Mortgage Banking. Community Banking serves consumers and businesses with deposit accounts, portfolio lending, business credit, commercial real estate construction loans and personal investment services.
Geography is split between a local bank and a wider mortgage channel: WaterStone Bank is concentrated in southeastern Wisconsin, while Waterstone Mortgage Corporation originates residential mortgages through offices across multiple states, primarily for sale into the secondary market.
The model depends on disciplined deposit gathering, credit underwriting and loan pricing inside a regulated bank framework. Mortgage Banking is shaped by housing affordability, purchase and refinance volume, secondary-market sale economics and competition from banks, credit unions and mortgage originators.
Company facts
Categories
Key statistics
Year to date +28.0% · Average volume (30d) 60.8K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.66 | $0.49 | −25.8% | $65.8M | $7.3M | −88.9% | +3.14% |
| Apr 23, 2026Q1 FY26 | $0.66 | $0.34 | −48.5% | $65.8M | $49.2M | −25.2% | −0.33% |
| Jan 28, 2026Q4 FY25 | $0.33 | $0.44 | +33.3% | $41.3M | $31.8M | −22.9% | +8.28% |
| Oct 23, 2025Q3 FY25 | — | $0.45 | — | — | $51.2M | — | +3.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $43.9M | $52.2M | $51.2M | $54.3M | $49.2M | $7.3M | |
| Gross profit | $29.3M | $37.2M | $36.6M | $40.5M | $35.4M | −$6.5M | |
| Operating income | $3.9M | $9.7M | $9.8M | $10.1M | $7.6M | −$7.6M | |
| Net income | $3.0M | $7.7M | $7.9M | $7.7M | $6.0M | $8.5M | |
| Diluted EPS | $0.17 | $0.43 | $0.44 | $0.44 | $0.34 | $0.50 | |
| Gross margin | 66.7% | 71.3% | 71.6% | 74.5% | 71.9% | -89.5% | |
| Operating margin | 8.8% | 18.5% | 19.2% | 18.5% | 15.3% | -103.6% |
Fiscal years (4-quarter sums)FY21 $268.5M · FY22 $171.1M · FY23 $177.0M · FY24 $199.4M · FY25 $201.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $275.5M · Total debt $412.0M · Total assets $2.25B · Shareholders' equity $351.1M
Dividends
Last raised to $0.17 from $0.15 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 8, 2026 | Jul 8 | Aug 3 | $0.17 | |
| Apr 8, 2026 | Apr 8 | May 1 | $0.17 | raised from $0.15 |
| Jan 8, 2026 | Jan 8 | Feb 2 | $0.15 | |
| Oct 8, 2025 | Oct 8 | Nov 3 | $0.15 | |
| Jul 8, 2025 | Jul 8 | Aug 1 | $0.15 | |
| Apr 8, 2025 | Apr 8 | May 1 | $0.15 | |
| Jan 8, 2025 | Jan 8 | Feb 3 | $0.15 | |
| Oct 8, 2024 | Oct 8 | Nov 1 | $0.15 |
Ownership
Shares outstanding 18.05M · Float 14.90M · 82.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.64M | 9.09% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 1.42M | 7.85% | 13F | Aug 11, 2026 |
| Renaissance Technologies LLC | 1.05M | 5.82% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 641.0K | 3.55% | 13F | Aug 13, 2026 |
| Douglas S. Gordon · director | 556.8K | 3.08% | Form 4 | Feb 20, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Ryan J. Gordon | officer: EVP/Chief Credit Officer | −8,157 | $21.14 |
| May 21, 2026 | Mark Raymond Gerke | officer: EVP/Chief Financial Officer | −10,000 | $18.34 |
| Feb 18, 2026 | Douglas S. Gordon | director | −2,880 | $18.11 |
| Feb 6, 2026 | Douglas S. Gordon | director | −6,765 | $18.27 |
| Feb 5, 2026 | Douglas S. Gordon | director | −18,716 | $18.25 |
Peers
- Associated Banc-Corp
Largest Wisconsin-based bank with broad Midwest banking overlap
- Wintrust Financial
Community-bank network overlapping southern Wisconsin and mortgages
- Nicolet Bankshares
Wisconsin community-bank acquirer with broad branch overlap
- Old National Bancorp
Midwest commercial bank with Milwaukee retail and mortgage presence
- Bank First
Wisconsin community bank competing in loans, deposits, and mortgages
- Rocket Companies
National mortgage platform competing for purchase and refinance loans
- First Business Financial Services
Madison-based business bank focused on commercial banking and treasury
- UWM
Wholesale mortgage leader competing for brokered purchase loans
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waterstone Financial | $21.07 | 0.00% | $380.4M | 12.2 | 8.9 | 2.3 | −86.0% |
| Associated Banc-Corp | $30.92 | −0.00% | $5.84B | 10.8 | 9.9 | 2.3 | +29.1% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Nicolet Bankshares | $171.74 | −0.02% | $2.97B | 19.1 | 13.3 | 5.7 | +227.9% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Bank First | $152.84 | +0.06% | $1.71B | 19.9 | 14.2 | 5.9 | +60.0% |
| Rocket Companies | $13.80 | +0.22% | $38.89B | 94.3 | 19.0 | 4.0 | +113.7% |
| First Business Financial Services | $70.85 | −0.41% | $592.5M | 10.7 | 10.7 | 2.1 | +13.8% |
| UWM | $1.48 | −0.67% | $2.26B | — | 5.3 | 0.7 | −79.3% |
| Median | 12.1 | 11.1 | 2.4 | +21.4% |