Waterstone Financial, Inc. Files 2023 10-K Report

TL;DR

<b>Waterstone Financial, Inc. filed its 2023 10-K, detailing financial performance and operational aspects.</b>

AI Summary

Waterstone Financial, Inc. (WSBF) filed a Annual Report (10-K) with the SEC on March 6, 2024. Waterstone Financial, Inc. reported total assets of $227,716,000 for the fiscal year ended December 31, 2023. The company's total debt was $20,314,786 as of December 31, 2023. Waterstone Financial, Inc. had $22,174,225 in cash and cash equivalents at the end of fiscal year 2023. The company adopted ASU 2016-13 as of January 1, 2022, impacting prior year amounts presented. Unused portions of construction loans are available to borrowers for up to one year.

Why It Matters

For investors and stakeholders tracking Waterstone Financial, Inc., this filing contains several important signals. The filing provides a comprehensive overview of Waterstone Financial's financial health and operational structure for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. Key financial figures such as total assets, debt, and cash reserves are disclosed, offering insights into the company's liquidity and leverage position.

Risk Assessment

Risk Level: low — Waterstone Financial, Inc. shows low risk based on this filing. The filing is a standard 10-K for a financial institution, with no immediate red flags indicating high risk.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Waterstone Financial's performance and potential challenges.

Financial Highlights

revenue

227,716,000

total Assets

227,716,000

total Debt

20,314,786

cash Position

22,174,225

revenue Growth

0.01

Key Numbers

• 227,716,000 — Total Assets (As of December 31, 2023)
• 20,314,786 — Total Debt (As of December 31, 2023)
• 22,174,225 — Cash and Cash Equivalents (As of December 31, 2023)
• 0.01 — Growth Rate (Implied) (For Total Assets)
• 0.01 — Growth Rate (Implied) (For Total Debt)

Key Players & Entities

• Waterstone Financial, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 11200 WEST PLANK COURT (address) — Business address
• WAUWATOSA (location) — Business address city
• WI (location) — Business address state
• 53226 (postal_code) — Business address zip
• MD (location) — State of incorporation
• ASU 2016-13 (regulation) — Accounting standard adopted

FAQ

Risk Factors

• Construction Loan Availability [low — operational]: Unused portions of construction loans are available to the borrower for up to one year.
• Home Equity Loan Availability [low — operational]: Unused portions of home equity loans are available to the borrower for up to 10 years.
• Non-Accrual Loans [low — financial]: Includes amounts on non-accrual status for construction loans ($347,000 at Dec 31, 2021) and other loans ($43,000 at Dec 31, 2021).

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value WSBF The NASDAQ Stock Mar
• $2.02 billion — erstone Mortgage Corporation originated $2.02 billion in mortgage loans held for sale during
• $551.2 m — residential mortgage loans represented $551.2 million, or 33.1%, of our total loan port
• $707.6 m — residential mortgage loans represented $707.6 million, or 42.5%, of our total loan port
• $300.9 m — ommercial real estate loans represented $300.9 million, or 18.1%, of our total loan port
• $37.1 m — and construction and land loans totaled $37.1 million, $13.2 million and $53.4 million,
• $13.2 million — n and land loans totaled $37.1 million, $13.2 million and $53.4 million, respectively. The l
• $53.4 m — otaled $37.1 million, $13.2 million and $53.4 million, respectively. The largest expos
• $43.8 million — rower or group of related borrowers was $43.8 million in the multi-family category. The borro
• $300,000 — mortgage loan balance was approximately $300,000 on December 31, 2023, and the largest o
• $5.8 m — st outstanding balance on that date was $5.8 million, which is a consolidation loan th
• $1.0 million — ggregate outstanding balances exceeding $1.0 million to provide updated financial statements
• $1.5 million — mortgage loan balance was approximately $1.5 million on December 31, 2023, with the largest
• $16.7 million — with the largest outstanding balance at $16.7 million. Loans secured by multi-family real es
• $13.2 m — oans and equity lines of credit totaled $13.2 million, or 0.8% of total loans outstandi

Filing Documents

• wsbf20231231_10k.htm (10-K) — 5140KB
• ex_600450.htm (EX-21.1) — 5KB
• ex_600451.htm (EX-23.1) — 5KB
• ex_600452.htm (EX-23.2) — 4KB
• ex_600453.htm (EX-31.1) — 7KB
• ex_600454.htm (EX-31.2) — 8KB
• ex_600455.htm (EX-32.1) — 3KB
• ex_600456.htm (EX-32.2) — 3KB
• ex_631400.htm (EX-97) — 30KB
• c1.jpg (GRAPHIC) — 3KB
• c2.jpg (GRAPHIC) — 2KB
• pg01.jpg (GRAPHIC) — 27KB
• 0001437749-24-006779.txt (&nbsp;) — 22147KB
• wsbf-20231231.xsd (EX-101.SCH) — 113KB
• wsbf-20231231_cal.xml (EX-101.CAL) — 107KB
• wsbf-20231231_def.xml (EX-101.DEF) — 780KB
• wsbf-20231231_lab.xml (EX-101.LAB) — 649KB
• wsbf-20231231_pre.xml (EX-101.PRE) — 838KB
• wsbf20231231_10k_htm.xml (XML) — 5807KB

Business

Business 1 - 28 1A.

Risk Factors

Risk Factors 28 - 36 1B. Unresolved Staff Comments 36 1C. Cyber Security 37 2.

Properties

Properties 38 3.

Legal Proceedings

Legal Proceedings 38 4. Mine Safety Disclosures 38 PART II 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 39 - 40 6. [Reserved] 40 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 - 53 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 - 107 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 9A.

Controls and Procedures

Controls and Procedures 108 9B. Other Information 108 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III 10. Directors, Executive Officers and Corporate Governance 109 11.

Executive Compensation

Executive Compensation 109 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 13. Certain Relationships and Related Transactions, and Director Independence 110 14. Principal Accountant Fees and Services 110 PART IV 15. Exhibits and Financial Statement Schedules 110 16. Form 10-K Summary 110

Signatures

Signatures 112 PART 1

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K may contain or incorporate by reference 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: Estimates of our risks and future costs and benefits. 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. general economic conditions, either nationally or in our market area, including employment prospects, that are different than expected; competition among depository and other financial institutions, including with respect to overdraft fees; inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues or reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses or prepayments on loans we have made whether held in portfolio or sold in the secondary markets; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial

View Full Filing

View this 10-K filing on SEC EDGAR