WSBF earnings analysis
What we found in WSBF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Waterstone Financial, Inc. reported a solid performance in Q1 2026 with net income of $5.997 million, translating to an EPS of $0.34, up from $3.036 million and $0.17 in the prior year. Revenue also rose to $15.463 million, a significant increase compared to previous quarters, driven by improved net interest income and growing mortgage banking operations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Year-Over-Year EPS Growth
- EPS rose to $0.34 in Q1 2026 from $0.17 in Q1 2025, a 100% increase.
- Increase in Total Revenue
- Total revenue increased to $15.463 million, compared to $12.576 million in Q1 2025, representing a 23.7% year-over-year growth.
- Improved Net Interest Income
- Net interest income increased by $2.9 million, or 23.0%, to $15.5 million in Q1 2026.
- Significant Growth in Mortgage Originations
- Mortgage loan originations rose 31.1% to $508.3 million from $387.7 million in the previous year.
- Share Repurchase Program Extended
- Management authorized an additional 2,000,000 share repurchase program, bringing total availability to approximately 2.15 million shares.
- Asset Quality Improvements
- Allowance for credit losses remained stable at $17.7 million, while nonperforming assets increased slightly to $7.8 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Loan Losses
- Provision for credit losses increased to $264,000 in Q1 2026 from a negative $558,000 in Q1 2025, indicating rising defaults.
- Decrease in Cash Reserves
- Cash and cash equivalents declined by 37.2% to $44.7 million from $71.1 million at year-end 2025.
- Increase in Non-performers
- Total non-accrual loans increased 21.2% to $7.5 million at March 31, 2026 compared with $6.2 million at December 31, 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.34
- Segment
- Community Banking
- Segment
- Mortgage Banking
What they said about what is next.
Management expects continued growth in mortgages and net interest income but did not provide explicit numeric guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Waterstone reported a stronger 2025 with net income of $26.402 million and diluted EPS of $1.48, driven by higher net interest income and margin expansion. Net interest income rose to $56.734 million and net interest…
- 10-Q · November 6, 2025
- Waterstone reported a stronger quarter driven by higher net interest income and margin expansion: net income rose to $7,926,000 and diluted EPS to $0.45 for Q3 2025, versus $4,728,000 and $0.26 in Q3 2024. Net interest…
- 10-Q · August 7, 2025
- Waterstone reported solid quarter-on-quarter and year-over-year profitability driven by higher net interest income and margin expansion while mortgage banking revenue softened. Net income rose to $7.727M and diluted EPS…
- 10-Q · May 8, 2025
- Q1 2025 showed stable EPS (diluted $0.17) and a material decline in total revenue driven by a drop in mortgage banking income. Net interest income improved to $12,576,000 and operating cash flow was strong at…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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