0001569994 Waterstone Financial, Inc. false --12-31 Q3 2025 243,439 232,630 0.01 0.01 50,000,000 50,000,000 0 0 0.01 0.01 100,000,000 100,000,000 18,524,115 18,524,115 19,343,251 19,343,251 564 1,394 1,546 855 0.45 0.45 0.15 0.15 0 0 0 0 0 0 0 0 0 0 0 0 0 469,061 446,519 0 0 0 2 2 false false false false Includes $733,000 and $28,000 at September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status. Unused portions of construction loans are available to the borrower for up to one year. Includes $ 590,000 and $1.1 million September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status. Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote. Unused portions of home equity loans are available to the borrower for up to 10 years. Includes $489,000 and $522,000 at September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status. 00015699942025-01-012025-09-30 xbrli:shares 00015699942025-10-31 thunderdome:item iso4217:USD 00015699942025-09-30 00015699942024-12-31 iso4217:USDxbrli:shares 00015699942025-07-012025-09-30 00015699942024-07-012024-09-30 00015699942024-01-012024-09-30 0001569994us-gaap:CommonStockMember2023-12-31 0001569994us-gaap:AdditionalPaidInCapitalMember2023-12-31 0001569994us-gaap:RetainedEarningsMember2023-12-31 0001569994wsbf:UnearnedEsopSharesMember2023-12-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31 00015699942023-12-31 0001569994us-gaap:CommonStockMember2024-01-012024-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-30 0001569994us-gaap:RetainedEarningsMember2024-01-012024-09-30 0001569994wsbf:UnearnedEsopSharesMember2024-01-012024-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-30 0001569994us-gaap:CommonStockMember2024-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2024-09-30 0001569994us-gaap:RetainedEarningsMember2024-09-30 0001569994wsbf:UnearnedEsopSharesMember2024-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-30 00015699942024-09-30 0001569994us-gaap:CommonStockMember2024-12-31 0001569994us-gaap:AdditionalPaidInCapitalMember2024-12-31 0001569994us-gaap:RetainedEarningsMember2024-12-31 0001569994wsbf:UnearnedEsopSharesMember2024-12-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-31 0001569994us-gaap:CommonStockMember2025-01-012025-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-30 0001569994us-gaap:RetainedEarningsMember2025-01-012025-09-30 0001569994wsbf:UnearnedEsopSharesMember2025-01-012025-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-30 0001569994us-gaap:CommonStockMember2025-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2025-09-30 0001569994us-gaap:RetainedEarningsMember2025-09-30 0001569994wsbf:UnearnedEsopSharesMember2025-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-30 0001569994us-gaap:CommonStockMember2024-06-30 0001569994us-gaap:AdditionalPaidInCapitalMember2024-06-30 0001569994us-gaap:RetainedEarningsMember2024-06-30 0001569994wsbf:UnearnedEsopSharesMember2024-06-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-30 00015699942024-06-30 0001569994us-gaap:CommonStockMember2024-07-012024-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-30 0001569994us-gaap:RetainedEarningsMember2024-07-012024-09-30 0001569994wsbf:UnearnedEsopSharesMember2024-07-012024-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-30 0001569994us-gaap:CommonStockMember2025-06-30 0001569994us-gaap:AdditionalPaidInCapitalMember2025-06-30 0001569994us-gaap:RetainedEarningsMember2025-06-30 0001569994wsbf:UnearnedEsopSharesMember2025-06-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-30 00015699942025-06-30 0001569994us-gaap:CommonStockMember2025-07-012025-09-30 0001569994us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-30 0001569994us-gaap:RetainedEarningsMember2025-07-012025-09-30 0001569994wsbf:UnearnedEsopSharesMember2025-07-012025-09-30 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-30 xbrli:pure 0001569994us-gaap:MortgageBackedSecuritiesMember2025-09-30 0001569994us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-30 0001569994us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-09-30 0001569994wsbf:MortgagerelatedSecuritiesMember2025-09-30 0001569994us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-30 0001569994us-gaap:OtherDebtSecuritiesMember2025-09-30 0001569994us-gaap:DebtSecuritiesMember2025-09-30 0001569994us-gaap:DebtMember2025-09-30 0001569994us-gaap:MortgageBackedSecuritiesMember2024-12-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-12-31 0001569994wsbf:MortgagerelatedSecuritiesMember2024-12-31 0001569994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-31 0001569994us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-31 0001569994us-gaap:OtherDebtSecuritiesMember2024-12-31 0001569994us-gaap:DebtSecuritiesMember2024-12-31 0001569994us-gaap:DebtMember2024-12-31 0001569994wsbf:MortgagerelatedSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2025-09-30 0001569994wsbf:MortgagerelatedSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2024-12-31 0001569994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2024-12-31 0001569994us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2025-09-30 0001569994us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2024-12-31 0001569994srt:FederalHomeLoanBankOfChicagoMember2025-09-30 0001569994srt:FederalHomeLoanBankOfChicagoMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994wsbf:FinancialAsset1To59DaysPastDueMember2025-09-30 0001569994us-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-30 0001569994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-30 0001569994us-gaap:FinancialAssetPastDueMember2025-09-30 0001569994us-gaap:FinancialAssetNotPastDueMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994wsbf:FinancialAsset1To59DaysPastDueMember2024-12-31 0001569994us-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-31 0001569994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-31 0001569994us-gaap:FinancialAssetPastDueMember2024-12-31 0001569994us-gaap:FinancialAssetNotPastDueMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2025-01-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2025-01-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2025-01-012025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2025-01-012025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2023-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2023-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2023-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2023-12-31 0001569994us-gaap:CommercialPortfolioSegmentMember2023-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-01-012024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2024-01-012024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-01-012024-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2024-01-012024-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2024-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2024-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2025-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2025-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2025-06-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2025-06-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2025-06-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2025-06-30 0001569994us-gaap:CommercialPortfolioSegmentMember2025-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2025-07-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2025-07-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2025-07-012025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2025-07-012025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2025-07-012025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2024-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-06-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2024-06-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2024-06-30 0001569994us-gaap:CommercialPortfolioSegmentMember2024-06-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-07-012024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2024-07-012024-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-07-012024-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2024-07-012024-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-30 0001569994us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-30 0001569994us-gaap:UnfundedLoanCommitmentMember2025-09-30 0001569994us-gaap:UnfundedLoanCommitmentMember2024-12-31 0001569994us-gaap:UnfundedLoanCommitmentMember2025-07-012025-09-30 0001569994us-gaap:UnfundedLoanCommitmentMember2024-07-012024-09-30 0001569994us-gaap:UnfundedLoanCommitmentMember2025-01-012025-09-30 0001569994us-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:MultifamilyLoanMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:MultifamilyLoanMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberwsbf:ConstructionAndLandPortfolioSegmentMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberwsbf:ConstructionAndLandPortfolioSegmentMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-09-30 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-31 0001569994wsbf:CollateralDependentLoansMember2025-09-30 0001569994wsbf:CollateralDependentLoansMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-30 0001569994us-gaap:SubstandardMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:WatchMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:WatchMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:WatchMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:WatchMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:WatchMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:WatchMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:WatchMember2025-09-30 0001569994wsbf:WatchMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2025-09-30 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-09-30 0001569994us-gaap:PassMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-31 0001569994us-gaap:SubstandardMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:WatchMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:WatchMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:WatchMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:WatchMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:WatchMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:WatchMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:WatchMember2024-12-31 0001569994wsbf:WatchMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2024-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-12-31 0001569994us-gaap:PassMember2024-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:AccruingMember2025-01-012025-09-30 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:NonAccruingMember2025-01-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:AccruingMember2025-01-012025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:NonAccruingMember2025-01-012025-09-30 0001569994wsbf:AccruingMember2025-01-012025-09-30 0001569994wsbf:NonAccruingMember2025-01-012025-09-30 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:PaymentDeferralMember2025-01-012025-09-30 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:PaymentDeferralMember2025-01-012025-09-30 0001569994us-gaap:PaymentDeferralMember2025-01-012025-09-30 0001569994us-gaap:PerformingFinancingReceivableMember2025-01-012025-09-30 0001569994us-gaap:NonperformingFinancingReceivableMember2025-01-012025-09-30 00015699942025-01-012025-06-30 0001569994us-gaap:RepurchaseAgreementsMember2025-09-30 0001569994us-gaap:RepurchaseAgreementsMember2024-12-31 0001569994wsbf:TotalBorrowingMember2025-09-30 0001569994wsbf:TotalBorrowingMember2024-12-31 0001569994srt:FederalHomeLoanBankOfChicagoMemberus-gaap:FederalHomeLoanBankAdvancesCallableOptionMember2025-09-30 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:MultifamilyLoanMember2025-01-012025-09-30 0001569994wsbf:ConsolidatedWaterstoneFinancialIncMember2025-09-30 0001569994srt:SubsidiariesMember2025-09-30 0001569994wsbf:ConsolidatedWaterstoneFinancialIncMember2024-12-31 0001569994srt:SubsidiariesMember2024-12-31 0001569994wsbf:CommitmentsToExtendCreditUnderAmortizingLoansMember2025-09-30 0001569994wsbf:CommitmentsToExtendCreditUnderAmortizingLoansMember2024-12-31 0001569994wsbf:CommitmentsToExtendCreditUnderHomeEquityLinesOfCreditMember2025-09-30 0001569994wsbf:CommitmentsToExtendCreditUnderHomeEquityLinesOfCreditMember2024-12-31 0001569994wsbf:UnusedPortionOfConstructionLoansMember2025-09-30 0001569994wsbf:UnusedPortionOfConstructionLoansMember2024-12-31 0001569994us-gaap:UnusedLinesOfCreditMember2025-09-30 0001569994us-gaap:UnusedLinesOfCreditMember2024-12-31 0001569994us-gaap:StandbyLettersOfCreditMember2025-09-30 0001569994us-gaap:StandbyLettersOfCreditMember2024-12-31 0001569994us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2025-09-30 0001569994us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2025-09-30 0001569994us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2025-09-30 0001569994us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2024-12-31 0001569994us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2024-12-31 0001569994us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2024-12-31 0001569994us-gaap:InterestRateSwapMember2025-09-30 0001569994us-gaap:InterestRateSwapMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-30 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31 0001569994wsbf:MortgageDerivativeMember2025-06-30 0001569994wsbf:MortgageDerivativeMember2024-06-30 0001569994wsbf:MortgageDerivativeMember2024-12-31 0001569994wsbf:MortgageDerivativeMember2023-12-31 0001569994wsbf:MortgageDerivativeMember2025-07-012025-09-30 0001569994wsbf:MortgageDerivativeMember2024-07-012024-09-30 0001569994wsbf:MortgageDerivativeMember2025-01-012025-09-30 0001569994wsbf:MortgageDerivativeMember2024-01-012024-09-30 0001569994wsbf:MortgageDerivativeMember2025-09-30 0001569994wsbf:MortgageDerivativeMember2024-09-30 0001569994us-gaap:FairValueMeasurementsNonrecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-30 0001569994us-gaap:FairValueMeasurementsNonrecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MarketApproachValuationTechniqueMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2025-09-30 0001569994wsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MeasurementInputCostToServiceMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MeasurementInputCostToServiceMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MeasurementInputCostToServiceMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2025-09-30 0001569994wsbf:MortgageDerivativeMemberwsbf:ValuationTechniquePricingModelMember2024-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2024-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2024-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2024-12-31 0001569994us-gaap:MarketApproachValuationTechniqueMember2024-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-31 0001569994us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-30 0001569994us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30 0001569994us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-31 0001569994us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-31 0001569994wsbf:CommunityBankingMember2025-07-012025-09-30 0001569994wsbf:MortgageBankingSegmentMember2025-07-012025-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2025-07-012025-09-30 0001569994wsbf:CommunityBankingMember2025-09-30 0001569994wsbf:MortgageBankingSegmentMember2025-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2025-09-30 0001569994wsbf:CommunityBankingMember2024-07-012024-09-30 0001569994wsbf:MortgageBankingSegmentMember2024-07-012024-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2024-07-012024-09-30 0001569994wsbf:CommunityBankingMember2024-09-30 0001569994wsbf:MortgageBankingSegmentMember2024-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2024-09-30 0001569994wsbf:CommunityBankingMember2025-01-012025-09-30 0001569994wsbf:MortgageBankingSegmentMember2025-01-012025-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2025-01-012025-09-30 0001569994wsbf:CommunityBankingMember2024-01-012024-09-30 0001569994wsbf:MortgageBankingSegmentMember2024-01-012024-09-30 0001569994wsbf:HoldingCommunityAndOtherMember2024-01-012024-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-36271

WATERSTONE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Maryland	90-1026709
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

11200 W. Plank Court Wauwatosa, Wisconsin	53226
(Address of principal executive offices)	(Zip Code)

(414) 761-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value

WSBF

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of the issuer’s common stock, $0.01 par value per share, was 18,456,918 at October 31, 2025.

Table of Contents

WATERSTONE FINANCIAL, INC.

10-Q INDEX

	Page No.

PART I. FINANCIAL INFORMATION

Item l. Financial Statements
Consolidated Statements of Financial Condition as of September 30, 2025 (unaudited) and December 31, 2024	3
Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)	4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)	5
Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	8
Notes to Consolidated Financial Statements (unaudited)	9-34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35-54
Item 3. Quantitative and Qualitative Disclosures about Market Risk	55
Item 4. Controls and Procedures	56

PART II. OTHER INFORMATION

Item 1. Legal Proceedings	56
Item 1A. Risk Factors	56
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	57
Item 3. Defaults Upon Senior Securities	57
Item 4. Mine Safety Disclosures	57
Item 5. Other Information	58
Item 6. Exhibits	58
Signatures	58

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)
	*September 30, 2025*			*December 31, 2024*
	(In Thousands, except share and per share data)
Assets
Cash	$	50,075		$	35,182
Federal funds sold		3,407			4,302
Interest-earning deposits in other financial institutions and other short term investments		286			277
Cash and cash equivalents		53,768			39,761
Securities available for sale, at fair value (cost: 2025—$243,439; 2024—$232,630)		226,403			208,549
Loans held for sale, at fair value		135,676			135,909
Loans receivable		1,714,836			1,680,576
Less: Allowance for credit losses ("ACL") - loans		17,670			18,247
Loans receivable, net		1,697,166			1,662,329

Office properties and equipment, net		18,737			19,389
Federal Home Loan Bank stock, at cost		20,707			20,295
Cash surrender value of life insurance		76,813			74,612
Real estate owned, net		85			505
Prepaid expenses and other assets		39,814			48,259
Total assets	$	2,269,169		$	2,209,608

Liabilities and Shareholders’ Equity
Liabilities:
Demand deposits	$	176,568		$	171,115
Money market and savings deposits		306,778			283,243
Time deposits		902,627			905,539
Total deposits		1,385,973			1,359,897

Borrowings		469,061			446,519
Advance payments by borrowers for taxes		26,993			5,630
Other liabilities		41,647			58,427
Total liabilities		1,923,674			1,870,473
Commitments and contingencies (Note 8)

Shareholders’ equity:
Preferred stock (par value $.01 per share) authorized - 50,000,000 shares at September 30, 2025 and at December 31, 2024, no shares issued		-			-
Common stock (par value $.01 per share) authorized - 100,000,000 shares at September 30, 2025 and at December 31, 2024, issued and outstanding - 18,524,115 at September 30, 2025 and 19,343,251 at December 31, 2024		185			193
Additional paid-in capital		80,521			91,214
Retained earnings		287,868			277,196
Unearned ESOP shares		(9,792	)		(10,682	)
Accumulated other comprehensive loss, net of taxes		(13,287	)		(18,786	)
Total shareholders’ equity		345,495			339,135
Total liabilities and shareholders’ equity	$	2,269,169		$	2,209,608

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2025*			*2024*			*2025*			*2024*
	(In Thousands, except per share amounts)

Interest income:
Loans	$	26,625		$	26,590		$	77,578		$	76,675
Mortgage-related securities		1,365			1,137			3,809			3,360
Debt securities, federal funds sold and short-term investments		1,566			1,464			4,609			4,081
Total interest income		29,556			29,191			85,996			84,116
Interest expense:
Deposits		10,527			10,477			32,826			29,163
Borrowings		4,290			7,197			12,147			21,620
Total interest expense		14,817			17,674			44,973			50,783
Net interest income		14,739			11,517			41,023			33,333
Provision (credit) for credit losses		(269	)		(377	)		(836	)		(535	)
Net interest income after provision (credit) for credit losses		15,008			11,894			41,859			33,868
Noninterest income:
Service charges on loans and deposits		618			545			1,624			1,434
Increase in cash surrender value of life insurance		526			410			2,021			1,562
Mortgage banking income		20,875			21,294			59,162			66,200
Other		283			303			921			1,101
Total noninterest income		22,302			22,552			63,728			70,297
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits		20,534			21,017			58,702			62,655
Occupancy, office furniture, and equipment		1,688			1,857			5,370			5,994
Advertising		712			926			2,181			2,827
Data processing		1,210			1,297			3,735			3,745
Communications		249			232			741			698
Professional fees		380			569			2,616			2,070
Real estate owned		4			-			(14	)		14
Loan processing expense		688			697			2,425			2,604
Other		2,001			1,965			6,437			5,762
Total noninterest expenses		27,466			28,560			82,193			86,369
Income before income taxes		9,844			5,886			23,394			17,796
Income tax expense		1,918			1,158			4,705			4,318
Net income	$	7,926		$	4,728		$	18,689		$	13,478
Income per share:
Basic	$	0.45		$	0.26		$	1.04		$	0.72
Diluted	$	0.45		$	0.26		$	1.04		$	0.72
Weighted average shares outstanding:
Basic		17,639			18,350			17,962			18,631
Diluted		17,671			18,445			17,985			18,677

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(In Thousands)
Net income	$	7,926	$	4,728	$	18,689	$	13,478

Other comprehensive income, net of tax:
Net unrealized holding gain on available for sale securities:
Net unrealized holding gain arising during the period, net of tax expense of $564, $1,394, $1,546 and $855, respectively		2,005		4,965		5,499		3,042
Total other comprehensive income		2,005		4,965		5,499		3,042
Comprehensive income	$	9,931	$	9,693	$	24,188	$	16,520

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

																*Accumulated*
							*Additional*						*Unearned*			*Other*			*Total*
	*Common Stock*						*Paid-In*			*Retained*			*ESOP*			*Comprehensive*			*Shareholders'*
	*Shares*			*Amount*			*Capital*			*Earnings*			*Shares*			*Income (Loss)*			*Equity*
	(In Thousands, except per share amounts)
For the nine months ended September 30, 2024
Balances at December 31, 2023		20,315		$	203		$	103,908		$	269,606		$	(11,869	)	$	(17,792	)	$	344,056

Comprehensive income:
Net income		-			-			-			13,478			-			-			13,478
Other comprehensive income		-			-			-			-			-			3,042			3,042
Total comprehensive income																				16,520

ESOP shares committed to be released to plan participants		-			-			141			-			890			-			1,031
Cash dividend, $0.45 per share		-			-			-			(8,336	)		-			-			(8,336	)
Stock compensation activity, net of tax		117			1			634			-			-			-			635
Stock compensation expense		-			-			211			-			-			-			211
Purchase of common stock returned to authorized but unissued		(975	)		(10	)		(12,105	)		-			-			-			(12,115	)
Balances at September 30, 2024		19,457		$	194		$	92,789		$	274,748		$	(10,979	)	$	(14,750	)	$	342,002


For the nine months ended September 30, 2025
Balances at December 31, 2024		19,343		$	193		$	91,214		$	277,196		$	(10,682	)	$	(18,786	)	$	339,135

Comprehensive income:
Net income		-			-			-			18,689			-			-			18,689
Other comprehensive income		-			-			-			-			-			5,499			5,499
Total comprehensive income																				24,188

ESOP shares committed to be released to plan participants		-			-			182			-			890			-			1,072
Cash dividend, $0.45 per share		-			-			-			(8,017	)		-			-			(8,017	)
Stock compensation activity, net of tax		196			2			2,264			-			-			-			2,266
Stock compensation expense		-			-			336			-			-			-			336
Purchase of common stock returned to authorized but unissued		(1,015	)		(10	)		(13,475	)		-			-			-			(13,485	)
Balances at September 30, 2025		18,524		$	185		$	80,521		$	287,868		$	(9,792	)	$	(13,287	)	$	345,495

Table of Contents

																*Accumulated*
							*Additional*						*Unearned*			*Other*			*Total*
	*Common Stock*						*Paid-In*			*Retained*			*ESOP*			*Comprehensive*			*Shareholders'*
	*Shares*			*Amount*			*Capital*			*Earnings*			*Shares*			*Income (Loss)*			*Equity*
	(In Thousands, except per share amounts)
For the three months ended September 30, 2024
Balances at June 30, 2024		19,479			195			92,964			272,778			(11,276	)		(19,715	)	$	334,946

Comprehensive income:
Net Income		-			-			-			4,728			-			-			4,728
Other comprehensive income		-			-			-			-			-			4,965			4,965
Total comprehensive income																				9,693

ESOP shares committed to be released to Plan participants		-			-			84			-			297			-			381
Cash dividend, $0.15 per share		-			-			-			(2,758	)		-			-			(2,758	)
Stock compensation activity, net of tax		50			-			634			-			-			-			634
Stock compensation expense		-			-			105			-			-			-			105
Purchase of common stock returned to authorized but unissued		(72	)		(1	)		(998	)		-			-			-			(999	)
Balances at September 30, 2024		19,457		$	194		$	92,789		$	274,748		$	(10,979	)	$	(14,750	)	$	342,002

	(In Thousands, except per share amounts)
For the three months ended September 30, 2025
Balances at June 30, 2025		18,776			188			84,106			282,578			(10,089	)		(15,292	)		341,491
Comprehensive income:
Net income		-			-			-			7,926			-			-			7,926
Other comprehensive income		-			-			-			-			-			2,005			2,005
Total comprehensive income																				9,931

ESOP shares committed to be released to Plan participants		-			-			81			-			297			-			378
Cash dividend, $0.15 per share		-			-			-			(2,636	)		-			-			(2,636	)
Stock compensation activity, net of tax		18			-			1			-			-			-			1
Stock compensation expense		-			-			148			-			-			-			148
Purchase of common stock returned to authorized but unissued		(270	)		(3	)		(3,815	)		-			-			-			(3,818	)
Balances at September 30, 2025		18,524		$	185		$	80,521		$	287,868		$	(9,792	)	$	(13,287	)	$	345,495

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	*Nine months ended September 30,*
	*2025*			*2024*
	(In Thousands)

Operating activities:
Net income	$	18,689		$	13,478
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for credit losses		(836	)		(535	)
Depreciation, amortization, accretion		1,862			1,881
Deferred taxes		493			325
Stock based compensation		336			211
Origination of mortgage servicing rights		(480	)		(640	)
Gain on sale of loans held for sale		(60,288	)		(66,824	)
Loans originated for sale		(1,512,282	)		(1,662,426	)
Proceeds on sales of loans originated for sale		1,572,803			1,738,397
Increase in accrued interest receivable		(253	)		(343	)
Increase in cash surrender value of life insurance		(2,021	)		(1,562	)
Decrease in derivative assets		5,113			1,974
Increase in accrued interest on deposits and borrowings		475			4,709
Increase in accrued taxes		1,368			303
Gain on sale of mortgage servicing rights		-			(152	)
Decrease in derivative liabilities		(4,801	)		(2,916	)
Decrease (increase) in other assets		906			(1,430	)
(Decrease) increase in other liabilities		(74	)		183
Net cash provided by operating activities		21,010			24,633

Investing activities:
Net increase in loans receivable		(34,188	)		(31,100	)
Purchases of:
Debt securities		(9,182	)		(12,201	)
Mortgage related securities		(28,587	)		(10,774	)
Bank Owned Life Insurance		(180	)		(180	)
FHLB stock		(2,463	)		(2,340	)
Premises and equipment		(619	)		(745	)
Proceeds from:
Principal repayments on mortgage-related securities		18,567			16,695
Maturities of debt securities		9,000			5,728
Sales of FHLB Stock		2,051			1,539
Sales of mortgage servicing rights		-			2,110
Net cash used in investing activities		(45,601	)		(31,268	)

Financing activities:
Net increase in deposits		26,076			73,217
Net change in short-term borrowings		(37,458	)		(55,927	)
Repayment of long-term debt		(70,000	)		(145,000	)
Proceeds from long-term debt		130,000			150,000
Net change in advance payments by borrowers for taxes		9,329			9,318
Cash dividends on common stock		(8,130	)		(8,507	)
Purchase of common stock returned to authorized but unissued		(13,485	)		(12,115	)
Proceeds from stock option exercises		2,266			635
Net cash provided by financing activities		38,598			11,621
Increase in cash and cash equivalents		14,007			4,986
Cash and cash equivalents at beginning of period		39,761			36,421
Cash and cash equivalents at end of period	$	53,768		$	41,407

Supplemental information:
Cash paid or credited during the period for:
Income tax payments	$	2,843		$	3,173
Interest payments		45,448			55,492
Noncash activities:
Dividends declared but not paid in other liabilities		2,880			2,993

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

Note 1 — Basis of Presentation

The unaudited interim consolidated financial statements include the accounts of Waterstone Financial, Inc. (the “Company”) and the Company’s subsidiaries.

WaterStone Bank SSB (the "Bank") is a community bank that has served the banking needs of its customers since 1921. WaterStone Bank owns Wauwatosa Investments, Inc, an investment subsidiary, and has an active mortgage banking segment, Waterstone Mortgage Corporation.

WaterStone Bank conducts its community banking business from 14 banking offices located in Milwaukee, Washington and Waukesha Counties, Wisconsin. WaterStone Bank's principal lending activity is originating one- to four-family, multi-family residential real estate, and commercial real estate loans for retention in its portfolio. WaterStone Bank also offers home equity loans and lines of credit, construction and land loans, commercial business loans, and consumer loans. WaterStone Bank funds its loan production primarily with retail deposits and Federal Home Loan Bank advances. The Company's deposit offerings include: certificates of deposit, money market savings accounts, transaction deposit accounts, non-interest bearing demand accounts and individual retirement accounts.

Wauwatosa Investments, Inc. operates in Nevada and owns and manages the majority of the consolidated investment portfolio. The investment securities portfolio is comprised principally of mortgage-backed securities, government-sponsored enterprise bonds and municipal obligations.

WaterStone Bank's mortgage banking operations are conducted through its wholly-owned subsidiary, Waterstone Mortgage Corporation. Waterstone Mortgage Corporation originates single-family residential real estate loans for sale into the secondary market. Waterstone Mortgage Corporation utilizes lines of credit provided by WaterStone Bank as a primary source of funds, and also utilizes a line of credit with another financial institution as needed.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, Rule 10-01 of Regulation S-X and the instructions to Form 10-Q. The financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations, changes in shareholders’ equity, and cash flows of the Company for the periods presented.

The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s December 31, 2024 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or for any other period.

The preparation of the unaudited consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the allowance for credit losses, income taxes, and fair value measurements. Actual results could differ from those estimates.

Subsequent Events

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. There were no significant subsequent events for the three and nine months ended September 30, 2025 through the issuance date of these unaudited consolidated financial statements that warranted adjustment to or disclosure in the unaudited consolidated financial statements.

Impact of Recent Accounting Pronouncements

The Company adopted ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This update enhances the transparency and decision usefulness of income tax disclosures by providing better information regarding exposure to potential changes in jurisdictional tax legislation and related forecasting and cash flow opportunities. This update is effective for fiscal years beginning after December 15, 2024. Adoption of ASU No. 2023-09 did not have a material impact on the Company's consolidated financial statements.

Table of Contents

Note 2 — Securities Available for Sale

The amortized cost and fair values of the Company’s investment in securities available for sale follow:

	*September 30, 2025*
			*Gross*		*Gross*
	*Amortized*		*unrealized*		*unrealized*
	*cost*		*gains*		*losses*			*Fair value*
	(In Thousands)
Mortgage-backed securities	$	11,603	$	4	$	(1,302	)	$	10,305
Collateralized mortgage obligations:
Government sponsored enterprise issued		162,194		455		(14,643	)		148,006
Private-label issued		6,248		-		(541	)		5,707
Mortgage-related securities		180,045		459		(16,486	)		164,018

Municipal securities		53,394		985		(794	)		53,585
Other debt securities		10,000		-		(1,200	)		8,800
Debt securities		63,394		985		(1,994	)		62,385
Total	$	243,439	$	1,444	$	(18,480	)	$	226,403

	*December 31, 2024*
			*Gross*		*Gross*
	*Amortized*		*unrealized*		*unrealized*
	*cost*		*gains*		*losses*			*Fair value*
	(In Thousands)
Mortgage-backed securities	$	11,285	$	-	$	(1,674	)	$	9,611
Collateralized mortgage obligations
Government sponsored enterprise issued		151,200		77		(19,541	)		131,736
Private-label issued		7,122		-		(722	)		6,400
Mortgage related securities		169,607		77		(21,937	)		147,747

Government sponsored enterprise bonds		2,500		-		(60	)		2,440
Municipal securities		48,023		383		(1,330	)		47,076
Other debt securities		12,500		-		(1,214	)		11,286
Debt securities		63,023		383		(2,604	)		60,802
Total	$	232,630	$	460	$	(24,541	)	$	208,549

The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At September 30, 2025, $72,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2024, $114,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities.

The amortized cost and fair values of investment securities by contractual maturity at September 30, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	*Amortized*		*Fair*
	*Cost*		*Value*
	(In Thousands)
Debt and other securities
Due within one year	$	2,284	$	2,287
Due after one year through five years		15,097		14,072
Due after five years through ten years		18,805		18,647
Due after ten years		27,208		27,379
Mortgage-related securities		180,045		164,018
Total	$	243,439	$	226,403

Table of Contents

Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

	*September 30, 2025*
	*Less than 12 months*				*12 months or longer*				*Total*
	*Fair*		*Unrealized*		*Fair*		*Unrealized*		*Fair*		*Unrealized*
	*value*		*loss*		*value*		*loss*		*value*		*loss*
	(In Thousands)
Mortgage-backed securities	$	-	$	-	$	8,720	$	1,302	$	8,720	$	1,302
Collateralized mortgage obligations:
Government sponsored enterprise issued		1,589		12		93,614		14,631		95,203		14,643
Private-label issued		-		-		4,822		541		4,822		541
Municipal securities		3,880		32		6,856		762		10,736		794
Other debt securities		-		-		8,800		1,200		8,800		1,200
Total	$	5,469	$	44	$	122,812	$	18,436	$	128,281	$	18,480

	*December 31, 2024*
	*Less than 12 months*				*12 months or longer*				*Total*
	*Fair*		*Unrealized*		*Fair*		*Unrealized*		*Fair*		*Unrealized*
	*value*		*loss*		*value*		*loss*		*value*		*loss*
	(In Thousands)
Mortgage-backed securities	$	346	$	9	$	9,193	$	1,665	$	9,539	$	1,674
Collateralized mortgage obligations:
Government sponsored enterprise issued		21,145		330		95,587		19,211		116,732		19,541
Private-label issued		-		-		5,445		722		5,445		722
Government sponsored enterprise bonds		-		-		2,440		60		2,440		60
Municipal securities		20,005		334		5,063		996		25,068		1,330
Other debt securities		-		-		11,286		1,214		11,286		1,214
Total	$	41,496	$	673	$	129,014	$	23,868	$	170,510	$	24,541

The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 140 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of September 30, 2025 and December 31, 2024, no allowance for credit losses on securities was recognized. The Company does not consider its securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.

During the three and nine months ended September 30, 2025 and September 30, 2024, there were no sales of securities.

Table of Contents

Note 3 - Loans Receivable

Loans receivable at September 30, 2025 and December 31, 2024 are summarized as follows:

	*September 30, 2025*		*December 31, 2024*
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family	$	506,758	$	516,128
Multi-family		769,325		741,428
Home equity		13,382		13,188
Construction and land		69,152		61,427
Commercial real estate		323,613		313,494
Consumer		938		825
Commercial loans		31,668		34,086
Total	$	1,714,836	$	1,680,576

The Company provides several types of loans to its customers, including residential, construction, commercial and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. While the Company's credit risks are geographically concentrated in the Milwaukee metropolitan area, there are no concentrations with individual or groups of related borrowers. While the real estate collateralizing these loans is primarily residential in nature, it ranges from owner-occupied single family homes to large apartment complexes.

Qualifying loans receivable totaling $1.22 billion and $1.23 billion at September 30, 2025 and December 31, 2024, respectively, were pledged as collateral against $460.2 million and $443.6 million in outstanding Federal Home Loan Bank of Chicago ("FHLB") advances under a blanket security agreement at September 30, 2025 and December 31, 2024.

An analysis of past due loans receivable as of September 30, 2025 and December 31, 2024 follows:

	*As of September 30, 2025*
	*1-59 Days Past Due (1)*		*60-89 Days Past Due (2)*		*90 Days or Greater*		*Total Past Due*		*Current (3)*		*Total Loans*
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family	$	2,208	$	1,962	$	4,002	$	8,172	$	498,586	$	506,758
Multi-family		-		-		182		182		769,143		769,325
Home equity		116		-		-		116		13,266		13,382
Construction and land		-		-		-		-		69,152		69,152
Commercial real estate		-		-		-		-		323,613		323,613
Consumer		-		-		-		-		938		938
Commercial loans		50		-		-		50		31,618		31,668
Total	$	2,374	$	1,962	$	4,184	$	8,520	$	1,706,316	$	1,714,836

	As of December 31, 2024
	1-59 Days Past Due (1)		60-89 Days Past Due (2)		90 Days or Greater		Total Past Due		Current (3)		Total Loans
	(In Thousands)
Mortgage loans:
Residential real estate:
One- to four-family	$	9,107	$	1,405	$	3,955	$	14,467	$	501,661	$	516,128
Multi-family		183		-		-		183		741,245		741,428
Home equity		194		-		30		224		12,964		13,188
Construction and land		-		-		-		-		61,427		61,427
Commercial real estate		248		-		-		248		313,246		313,494
Consumer		-		-		-		-		825		825
Commercial loans		-		-		-		-		34,086		34,086
Total	$	9,732	$	1,405	$	3,985	$	15,122	$	1,665,454	$	1,680,576

⁽¹⁾ Includes $489,000 and $522,000 at September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status.

⁽²⁾ Includes $ 590,000 and $1.1 million September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status.

⁽³⁾ Includes $733,000 and $28,000 at September 30, 2025 and December 31, 2024, respectively, which are on non-accrual status.

Table of Contents

The following tables present the activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2025 and the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2024:

	*One- to Four-Family*			*Multi-Family*			*Home Equity*			*Land and Construction*			*Commercial Real Estate*			*Consumer*			*Commercial*			*Total*
	(In Thousands)
Nine months ended September 30, 2025
Balance at beginning of period	$	5,286		$	7,079		$	212		$	1,205		$	3,920		$	79		$	466		$	18,247
Provision (credit) for credit losses - loans		(389	)		6			(24	)		(66	)		(11	)		45			(160	)		(599	)
Charge-offs		-			-			-			-			-			(42	)		-			(42	)
Recoveries		51			3			-			2			-			8			-			64
Balance at end of period	$	4,948		$	7,088		$	188		$	1,141		$	3,909		$	90		$	306		$	17,670

Nine months ended September 30, 2024
Balance at beginning of period	$	6,886		$	7,318		$	211		$	983		$	2,561		$	56		$	534		$	18,549
Provision (credit) for credit losses - loans		(1,661	)		(243	)		(12	)		271			1,204			43			(41	)		(439	)
Charge-offs		(3	)		-			-			-			-			(26	)		-			(29	)
Recoveries		104			8			-			2			3			-			-			117
Balance at end of period	$	5,326		$	7,083		$	199		$	1,256		$	3,768		$	73		$	493		$	18,198

	*One to-Four- Family*			*Multi-Family*			*Home Equity*			*Construction and Land*			*Commercial Real Estate*			*Consumer*			*Commercial*			*Total*
	(In Thousands)
Three months ended September 30, 2025
Balance at beginning of period	$	5,110		$	6,655		$	197		$	1,181		$	4,187		$	77		$	393		$	17,800
Provision (credit) for credit losses - loans		(176	)		430			(9	)		(40	)		(278	)		30			(87	)		(130	)
Charge-offs		-			-			-			-			-			(17	)		-			(17	)
Recoveries		14			3			-			-			-			-			-			17
Balance at end of period	$	4,948		$	7,088		$	188		$	1,141		$	3,909		$	90		$	306		$	17,670

Three months ended September 30, 2024
Balance at beginning of period	$	5,838		$	7,276		$	273		$	1,228		$	3,227		$	64		$	508		$	18,414
Provision (credit) for credit losses - loans		(599	)		(196	)		(74	)		28			540			23			(15	)		(293	)
Charge-offs		-			-			-			-			-			(14	)		-			(14	)
Recoveries		87			3			-			-			1			-			-			91
Balance at end of period	$	5,326		$	7,083		$	199		$	1,256		$	3,768		$	73		$	493		$	18,198

The Company utilized the Vintage Loss Rate method in determining expected future credit losses. This technique considers losses over the full life cycle of loan pools. A vintage is a group of loans originated in the same annual time period. The loss rate method measures the amount of loan charge–offs, net of recoveries, (“loan losses”) recognized over the life of a pool by loan segment and vintage and compares those loan losses to the original loan balance of that pool as of a similar vintage.

To estimate a CECL loss rate for the pool, management first identifies the loan losses recognized between the pool date and the reporting date for the pool and determines which loan losses were related to loans outstanding at the pool date. The loss rate method then divides the loan losses recognized on loans outstanding as of the pool date by the outstanding loan balance as of the pool date.

The Company’s expected loss estimate is anchored in historical credit loss experience, with an emphasis on all available portfolio data. The Company's historical look–back period includes January 2012 through the current period, on an annual basis. When historical credit loss experience is not sufficient for a specific portfolio, the Company may supplement its own portfolio data with external models or data.

Additionally, the weighted average remaining maturity ("WARM") method is used for the Construction and Consumer loan pools. The WARM method considers an estimate of expected credit losses over the remaining life of the financial assets and uses average annual charge-off rates to estimate the allowance for credit losses. For amortizing assets, the remaining contractual life is adjusted by the expected scheduled payments and prepayments. The average annual charge-off rate is applied to the amortization-adjusted remaining life to determine the unadjusted lifetime historical charge-off rate.

Table of Contents

Qualitative reserves reflect management’s overall estimate of the extent to which current expected credit losses on collectively evaluated loans will differ from historical loss experience. The analysis takes into consideration other analytics performed within the organization, such as enterprise and concentration management. Management attempts to quantify qualitative reserves whenever possible. The CECL methodology applied focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses.

The Company’s CECL estimate applies a forecast that incorporates macroeconomic trends and other environmental factors. Management utilized national, regional and local leading economic indexes, as well as management judgment, as the basis for the forecast period. The historical loss rate was utilized as the base rate, and qualitative adjustments were utilized to reflect the forecast and other relevant factors.

The Company segments the loan portfolio into pools based on the following risk characteristics: collateral type, credit characteristics, loan origination balance, and outstanding loan balances.

Allowance for Credit Losses-Unfunded Commitments:

In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in other liabilities on the consolidated statements of financial condition. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The allowance for unfunded commitments were $1.0 million and $1.2 million at September 30, 2025 and December 31, 2024, respectively.

Provision for Credit Losses:

The provision for credit losses is determined by the Company as the amount to be added to the ACL loss accounts for various types of financial instruments including loans, investment securities, and off-balance sheet credit exposures after net charge-offs have been deducted to bring the ACL to a level that, in management's judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. See Note 2 - Securities Available for Sale for additional information regarding the ACL related to investment securities. The following table presents the components of the provision for credit losses.

	*Three months ended*						*Nine months ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			*September 30, 2024*
	(In Thousands)
Provision (credit) for credit losses on:
Loans	$	(130	)	$	(293	)	$	(599	)	$	(439	)
Unfunded commitments		(139	)		(84	)		(237	)		(96	)
Investment securities		-			-			-			-
Total	$	(269	)	$	(377	)	$	(836	)	$	(535	)

Collateral Dependent Loans:

A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.

Table of Contents

The following tables present collateral dependent loans by portfolio segment as of September 30, 2025 and December 31, 2024:

	*September 30, 2025*		*December 31, 2024*
	(In Thousands)
Collateral dependent loans
Residential real estate:
One- to four-family	$	3,997	$	3,323
Multi family		182		-
Home equity		70		150
Construction and land		-		-
Commercial real estate		11,346		5,015
Consumer		-		-
Commercial loans		-		1,605
Total loans receivable	$	15,595	$	10,093

The Company's procedures dictate that an updated valuation must be obtained with respect to underlying collateral at the time a loan is deemed impaired. Updated valuations may also be obtained upon transfer from loans receivable to real estate owned based upon the age of the prior appraisal, changes in market conditions or known changes to the physical condition of the property.

Estimated fair values are reduced to account for sales commissions, broker fees, unpaid property taxes and additional selling expenses to arrive at an estimated net realizable value. The adjustment factor is based upon the Company's actual experience with respect to sales of real estate owned over the prior two years. In situations in which the Company is placing reliance on an appraisal that is more than one year old, an additional adjustment factor is applied to account for downward market pressure since the date of appraisal. The additional adjustment factor is based upon relevant sales data available for the Company's general operating market as well as company-specific historical net realizable values as compared to the most recent appraisal prior to disposition.

With respect to multi-family income-producing real estate, appraisals are reviewed and estimated collateral values are adjusted by updating significant appraisal assumptions to reflect current real estate market conditions. Significant assumptions reviewed and updated include the capitalization rate, rental income and operating expenses. These adjusted assumptions are based upon recent appraisals received on similar properties as well as on actual experience related to real estate owned and currently under Company management.

Table of Contents

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company establishes a risk rating at origination for all commercial loan and commercial real estate relationships. For relationships over $1 million, management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt. Management also affirms the risk ratings for the loans in their respective portfolios on an annual basis. The Company uses the following definitions for risk ratings:

Watch. Loans classified as watch have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Watch assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and, additionally, the weakness or weaknesses to make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. Substandard loans are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans.

The following table presents information relating to the Company’s internal risk ratings of its loans receivable as of September 30, 2025 and December 31, 2024:

	*One to Four-Family*		*Multi-Family*		*Home Equity*		*Construction and Land*		*Commercial Real Estate*		*Consumer*		*Commercial*		*Total*
	(In Thousands)
At September 30, 2025
Substandard	$	5,674	$	182	$	70	$	-	$	11,346	$	-	$	-	$	17,272
Watch		9,489		332		-		-		232		-		1,316		11,369
Pass		491,595		768,811		13,312		69,152		312,035		938		30,352		1,686,195
	$	506,758	$	769,325	$	13,382	$	69,152	$	323,613	$	938	$	31,668	$	1,714,836

At December 31, 2024
Substandard	$	5,515	$	-	$	150	$	-	$	11,721	$	-	$	1,605	$	18,991
Watch		9,675		183		-		143		743		-		75		10,819
Pass		500,938		741,245		13,038		61,284		301,030		825		32,406		1,650,766
	$	516,128	$	741,428	$	13,188	$	61,427	$	313,494	$	825	$	34,086	$	1,680,576

Table of Contents

Credit Quality Information:

The following table presents total loans by risk categories and year of origination as of September 30, 2025:

	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving*		*Total*
	(In Thousands)
One- to four-family
Pass	$	17,145	$	30,180	$	163,079	$	148,995	$	38,731	$	92,180	$	1,285	$	491,595
Watch		6,848		45		295		1,072		-		1,229		-		9,489
Substandard		1,548		631		610		932		-		1,953		-		5,674
Total		25,541		30,856		163,984		150,999		38,731		95,362		1,285		506,758

Multi-family
Pass		177,341		64,069		114,501		149,928		116,879		145,274		819	$	768,811
Watch		-		-		332		-		-		-		-		332
Substandard		182		-		-		-		-		-		-		182
Total		177,523		64,069		114,833		149,928		116,879		145,274		819		769,325

Home equity
Pass		515		359		375		1,544		68		148		10,303	$	13,312
Watch		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		13		-		57		70
Total		515		359		375		1,544		81		148		10,360		13,382

Construction and land
Pass		1,437		50,375		17,185		140		-		15		-	$	69,152
Watch		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Total		1,437		50,375		17,185		140		-		15		-		69,152

Commercial Real Estate
Pass		48,648		56,789		62,126		44,360		54,798		41,976		3,338	$	312,035
Watch		-		-		232		-		-		-		-		232
Substandard		11,346		-		-		-		-		-		-		11,346
Total		59,994		56,789		62,358		44,360		54,798		41,976		3,338		323,613

Consumer
Pass		100		-		-		-		-		-		838	$	938
Watch		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Total		100		-		-		-		-		-		838		938

Commercial
Pass		3,726		582		16,530		870		379		1,379		6,886	$	30,352
Watch		-		-		-		16		-		-		1,300		1,316
Substandard		-		-		-		-		-		-		-		-
Total		3,726		582		16,530		886		379		1,379		8,186		31,668

Total Loans	$	268,836	$	203,030	$	375,265	$	347,857	$	210,868	$	284,154	$	24,826	$	1,714,836

Gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	42	$	42

Table of Contents

The following table presents total loans by risk categories and year of origination as of December 31, 2024:

	*2024*		*2023*		*2022*		*2021*		*2020*		*Prior*		*Revolving*		*Total*
	(In Thousands)
One- to four-family
Pass	$	33,349	$	172,934	$	146,069	$	41,704	$	26,323	$	79,948	$	611	$	500,938
Watch		7,504		106		1,286		-		72		707		-		9,675
Substandard		1,673		815		453		-		-		2,574		-		5,515
Total		42,526		173,855		147,808		41,704		26,395		83,229		611		516,128

Multi-family
Pass		81,119		138,231		196,939		125,252		108,779		90,155		770	$	741,245
Watch		-		183		-		-		-		-		-		183
Substandard		-		-		-		-		-		-		-		-
Total		81,119		138,414		196,939		125,252		108,779		90,155		770		741,428

Home equity
Pass		379		478		1,578		149		91		226		10,137	$	13,038
Watch		-		-		-		-		-		-		-		-
Substandard		-		-		16		14		-		-		120		150
Total		379		478		1,594		163		91		226		10,257		13,188

Construction and land
Pass		23,029		25,384		-		9,144		1,501		2,226		-	$	61,284
Watch		-		-		143		-		-		-		-		143
Substandard		-		-		-		-		-		-		-		-
Total		23,029		25,384		143		9,144		1,501		2,226		-		61,427

Commercial Real Estate
Pass		63,660		66,980		51,175		58,574		30,699		29,289		653	$	301,030
Watch		208		-		407		-		128		-		-		743
Substandard		11,484		237		-		-		-		-		-		11,721
Total		75,352		67,217		51,582		58,574		30,827		29,289		653		313,494

Consumer
Pass		-		-		-		-		-		-		825	$	825
Watch		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Total		-		-		-		-		-		-		825		825

Commercial
Pass		948		17,011		1,240		553		2,062		5,135		5,457	$	32,406
Watch		-		-		-		-		-		-		75		75
Substandard		-		-		30		-		-		-		1,575		1,605
Total		948		17,011		1,270		553		2,062		5,135		7,107		34,086

Total Loans	$	223,353	$	422,359	$	399,336	$	235,390	$	169,655	$	210,260	$	20,223	$	1,680,576

Table of Contents

The following presents data on restructurings of financing receivables whose borrowers are experiencing financial difficulty:

	*As of September 30, 2025*
	*Accruing*				*Non-accruing*				*Total*
	*Amount*		*Number*		*Amount*		*Number*		*Amount*		*Number*
	(Dollars in Thousands)

Commercial Real Estate	$	6,706		1	$	-		-	$	6,706		1
One- to four-family		-		-		590		1		590		1
	$	6,706		1	$	590		1	$	7,296		2

The following presents restructurings of financing receivables whose borrowers are experiencing financial difficulty by concession type:

	*As of September 30, 2025*
	*Performing in accordance with modified terms*				*In Default*				*Total*
	*Amount*		*Number*		*Amount*		*Number*		*Amount*		*Number*
	(Dollars in Thousands)
Principal forbearance	$	7,296		2	$	-		-	$	7,296		2
	$	7,296		2	$	-		-	$	7,296		2

There were no borrowers experiencing financial difficulty as of December 31, 2024.

There were no of financing receivables whose borrowers are experiencing financial difficulty within the past twelve months of which there was a default during the three or nine months ended September 30, 2025 and September 30, 2024.

The following table presents data on non-accrual loans as of September 30, 2025 and December 31, 2024:

	*September 30, 2025*			*December 31, 2024*
	(Dollars in Thousands)
Non-accrual loans:
Residential
One- to four-family	$	5,674		$	5,515
Multi-family		182			-
Home equity		14			150
Construction and land		-			-
Commercial real estate		126			-
Commercial		-			-
Consumer		-			-
Total non-accrual loans	$	5,996		$	5,665
Total non-accrual loans to total loans receivable		0.35	%		0.34	%
Total non-accrual loans to total assets		0.26	%		0.26	%

Residential one- to four-family mortgage loans that were in the process of foreclosure were $1.8 million and $1.9 million at September 30, 2025 and December 31, 2024, respectively.

Table of Contents

Note 4 — Mortgage Servicing Rights

The following table presents the activity in the Company’s mortgage servicing rights:

	*Nine months ended September 30,*
	*2025*			*2024*
	(In Thousands)
Mortgage servicing rights at beginning of the period	$	732		$	1,811
Additions		480			640
Amortization		(169	)		(215	)
Sales		-			(1,958	)
Mortgage servicing rights at end of the period		1,043			278
Valuation allowance (recorded) recovered during the period		(4	)		213
Mortgage servicing rights at end of the period, net	$	1,039		$	491

The unpaid principal balance of loans serviced for others was $118.3 million and $83.4 million at September 30, 2025 and December 31, 2024, respectively. These loans are not reflected in the consolidated statements of financial condition.

The fair value of mortgage servicing rights was $1.3 million at September 30, 2025 and $807,000 at December 31, 2024, respectively.

During the three and nine months ended September 30, 2025, there were no sales of mortgage servicing rights. During the the three months ended September 30, 2024, there were no sales of mortgage servicing rights. During the nine months ended September 30, 2024, the Company sold mortgage servicing rights related to $233.0 million in loans receivable with a book value of $2.0 million for $2.1 million resulting in a gain on sale of $152,000.

The following table shows the estimated future amortization expense for mortgage servicing rights for the periods indicated:

	(In Thousands)
Estimate for the annual period ending December 31:
2025	$	43
2026		189
2027		170
2028		151
2029		132
Thereafter		354
Total	$	1,039

Note 5 — Deposits

At September 30, 2025 and December 31, 2024, the aggregate balance of uninsured time deposits of $250,000 or more was $174.4 million and $167.3 million, respectively. The Company does not have uninsured deposits less than $250,000 in aggregate balance.

A summary of the contractual maturities of time deposits at September 30, 2025 is as follows:

	(In Thousands)

Within one year	$	843,881
More than one to two years		54,574
More than two to three years		3,584
More than three to four years		358
More than four through five years		230
	$	902,627

Certain directors and executive officers, including their immediate families and companies in which they are principal owners, are depositors of the Bank. Such deposits amounted to $12.1 million and $11.3 million at September 30, 2025 and December 31, 2024, respectively.

Table of Contents

Note 6 — Borrowings

Borrowings consist of the following:

	*September 30, 2025*					*December 31, 2024*
Category	*Balance*		*Weighted Average Rate*			*Balance*		*Weighted Average Rate*
	(Dollars in Thousands)
FHLB advances
FHLB short-term advances	$	250,166		4.19	%	$	293,553		4.41	%
FHLB long-term advances maturing 2027		50,000		1.73	%		80,000		2.39	%
FHLB long-term advances maturing 2028		60,000		3.31	%		-		-
FHLB long-term advances maturing 2029		60,000

Waterstone Financial, Inc. 10-Q