Waterstone Financial, Inc. (WSBF) Stock

Waterstone Financial, Inc. (WSBF) is a Financials stock trading at $20.86 (as of 2026-09-01), with a market capitalization of $376.50M and a trailing P/E of 12.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Waterstone Financial, Inc. is a bank holding company for WaterStone Bank SSB that offers financial services to customers in southeastern Wisconsin. It operates two segments—Community Banking and Mortgage Banking—providing deposit and transactional banking, lending and credit products, investable funds solutions, and related insurance, annuity, and trust/investment management services.

Understand Waterstone Financial, Inc.: how it makes money

Waterstone Financial is the holding company for WaterStone Bank SSB, a southeastern Wisconsin community bank that earns money from the spread on consumer and business loans plus a small mortgage origination side. Community banking generates nearly all of the profit, while mortgage banking adds a modest fee and gain-on-sale layer tied to local housing turnover.

Profit comes from lending to local borrowers at a spread over the cost of core retail deposits; the mortgage line is a secondary fee-and-gain-on-sale add-on that sways with the housing cycle.

Business quality (Solid): Solid: a focused community lender with a 26% operating margin and an 8% ROE, but small scale (sub-$2B loan book) caps diversification.

Valuation: At 13× earnings, WSBF trades in line with the Banking average (13×).

Bull case

  • Cost-efficient operation: An operating margin of 26% shows Waterstone keeps overhead lean relative to the income its loan book produces, which supports stable earnings even when growth is modest.

Bear case

  • No growth premium: At a P/E of 12.9× versus the banking industry average of 13× (0% above), the market assigns no extra multiple for quality or growth, implying investors treat the stock as interchangeable with other small regional banks.
Valuation — source: SEC EDGAR (first-party)
Price$20.86
Market Cap$376.50M
P/E Ratio12.8
EV / EBITDA18.9
Price / Book1.08
Price / Sales3.21
FCF Yield6.1%
DCF Value (model)$14.89
DCF Upside vs Price-28.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$116.11M
Net Margin22.7%
Revenue Growth (YoY)4.5%
EPS Growth (YoY)105.9%
FCF Growth (YoY)-106.2%
Valuation vs Sector & Industry
Stock P/E12.8
Sector P/E (Financials)14.9
Industry P/E (Banking)12.7
vs Sector-14.0%
vs Industry1.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($27.15M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOWilliam F. Bruss
Employees600
CountryUS
IPO Date2005-10-05

Related Companies (Banking; 8 comparable banks)

  • Western New England Bancorp, Inc. (WNEB)
  • Eastern Bankshares, Inc. (EBC)
  • Finward Bancorp (FNWD)
  • Citizens Community Bancorp, Inc. (CZWI)
  • First Northern Community Bancorp (FNRN)
  • BCB Bancorp, Inc. (BCBP)
  • Farmers & Merchants Bancorp, Inc. (FMAO)
  • Provident Financial Services, Inc. (PFS)
WSBF earnings history · WSBF institutional & insider holders · WSBF KPIs & operating metrics · WSBF financials · WSBF investor presentations & press releases · WSBF SEC filings · WSBF peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.