WAUWATOSA, Wis., Nov. 13, 2026 (GLOBE NEWSWIRE) — Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $6.2 million, or $0.36 per diluted share, for the quarter ended September 30, 2026 compared to $7.9 million, or $0.45 per diluted share, for the quarter ended September 30, 2025. Net income totaled $20.6 million for the nine months ended September 30, 2026 compared to net income of $18.7 million for the nine months ended September 30, 2025. Net income per diluted share was $1.19 for the nine months ended September 30, 2026 compared to net income per diluted share of $1.04 for the nine months ended September 30, 2025.

“We are pleased with the hard work to reach another strong quarter with increased challenges from rising short-term and long-term treasury rates,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. “The Community Banking segment realized another record quarterly net interest income of $16.0 million, which represented a $1.4 million increase compared to the quarter ended September 30, 2025. The increase was primarily due to a reduction of our average cost of funds, driven in part by continued growth in average transaction deposits. The Mortgage Banking segment realized a pre-tax loss of $754,000 which represents a decrease of $2.1 million compared to the quarter ended September 30, 2025. Sales margins continue to remain under pressure, following the trend from the second quarter and remaining lower than recent averages. The Mortgage Banking segment loan origination volume was hindered by a significant jump in mortgage rates. Book value per share decreased $0.24 during the quarter primarily due to treasury rates increasing negatively, impacting the value of accumulated other comprehensive losses along with declaring our quarterly dividend of $0.17 per share. We still remain in a strong capital position.”

Highlights of the Quarter Ended September 30, 2026

Waterstone Financial, Inc. (Consolidated)

  • Consolidated net income of Waterstone Financial, Inc. totaled $6.2 million for the quarter ended September 30, 2026 compared to net income of $7.9 million for the quarter ended September 30, 2025.
  • Consolidated return on average assets (annualized) was 1.09% for the quarter ended September 30, 2026 and 1.42% for the quarter ended September 30, 2025.
  • Consolidated return on average equity (annualized) was 6.93% for the quarter ended September 30, 2026 and 9.14% for the quarter ended September 30, 2025.
  • Dividends declared during the quarter ended September 30, 2026 totaled $0.17 per common share.
  • Nonperforming assets as a percentage of total assets was 0.55% at September 30, 2026, 0.30% at June 30, 2026, and 0.27% at September 30, 2025.
  • Past due loans as a percentage of total loans was 0.81% at September 30, 2026, 0.63% at June 30, 2026, and 0.50% at September 30, 2025.
  • Book value per share was $19.29 at September 30, 2026 and $19.03 at December 31, 2025. Book value decreased approximately $0.24 during the quarter ended September 30, 2026. Of the $0.24 overall decrease, approximately $0.46 was due to the additional available for sale losses as treasury rate increases.

Community Banking Segment

  • Pre-tax income totaled $8.3 million for the quarter ended September 30, 2026, which represents a $176,000, or 2.1%, decrease compared to $8.4 million for the quarter ended September 30, 2025.
  • Net interest income totaled $16.0 million for the quarter ended September 30, 2026, which represents a $1.4 million, or 9.6%, increase compared to $14.6 million for the quarter ended September 30, 2025.
  • Average loans held for investment totaled $1.70 billion during the quarter ended September 30, 2026, which represents an increase of $13.2 million, or 0.8%, compared to $1.68 billion for the quarter ended September 30, 2025. The increase was primarily due to increases in multi-family mortgages offset by a decrease in single-family mortgages. Average loans held for investment increased $18.5 million compared to $1.68 billion for the quarter ended June 30, 2026. The increase was primarily due to increases in multi-family mortgages offset by a decrease in single-family mortgages. See details on average loans by category in the table below.
  • Net interest margin increased 30 basis points to 3.06% for the quarter ended September 30, 2026 compared to 2.76% for the quarter ended September 30, 2025, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale and decreases in the cost of borrowings and weighted average cost of deposits. Net interest margin increased three basis points compared to 3.03% for the quarter ended June 30, 2026, which was primarily driven by a decrease in the weighted average cost of deposits and increases in mortgage related securities and debt securities yields.
  • Past due loans at the community banking segment totaled $11.7 million at September 30, 2026, $8.5 million at June 30, 2026, and $6.8 million at September 30, 2025. The increase in past due loans and non-performing assets was related to one significant relationship which was previously identified as substandard.
  • The segment had a negative provision for credit losses related to funded loans of $83,000 for the quarter ended September 30, 2026 compared to a negative provision for credit losses related to funded loans of $137,000 for the quarter ended September 30, 2025. The current quarter decrease was primarily due to a decrease in commercial real estate external qualitative risk factors offset by a $305,000 collateral dependent reserve for a loan that was previously classified as substandard. The provision for credit losses related to unfunded loan commitments was $571,000 for the quarter ended September 30, 2026 compared to a negative provision for credit losses related to unfunded loan commitments of $139,000 for the quarter ended September 30, 2025. The provision for credit losses related to unfunded loan commitments for the quarter ended September 30, 2026 was due primarily to an increase of construction and commercial real estate loans in the loan pipeline and unfunded construction balance at quarter end.
  • The efficiency ratio, a non-GAAP ratio, was 49.55% for the quarter ended September 30, 2026, compared to 48.94% for the quarter ended September 30, 2025.
  • Average core retail deposits (excluding brokered and escrow accounts) totaled $1.35 billion during the quarter ended September 30, 2026, an increase of $39.5 million, or 3.0%, compared to $1.31 billion during the quarter ended September 30, 2025 due primarily to increases in money market and demand deposits balances. Average core retail deposits increased $14.5 million, or 4.3% annualized, compared to $1.34 billion for the quarter ended June 30, 2026 due primarily to an increase in money market balances. The segment had an average of $80.4 million in brokered certificate of deposits during the quarter ended September 30, 2026 compared to $61.8 million during the quarter ended September 30, 2025.
  • Total compensation, payroll taxes and other employee benefits increased $603,000 or 12.0%, to $5.6 million during the quarter ended September 30, 2026 compared to $5.0 million during the quarter ended September 30, 2025. The increase primarily related to increased salary expense, health insurance expense and ESOP expense as the average market price per share increased compared to the prior year.

Mortgage Banking Segment

  • Pre-tax loss totaled $754,000 for the quarter ended September 30, 2026, compared to a pre-tax income of $1.3 million for the quarter ended September 30, 2025.
  • Loan originations decreased $29.7 million, or 5.5%, to $509.7 million during the quarter ended September 30, 2026, compared to $539.4 million during the quarter ended September 30, 2025. Origination volume relative to purchase activity accounted for 90.4% of originations for the quarter ended September 30, 2026 compared to 90.1% of total originations for the quarter ended September 30, 2025.
  • Mortgage banking non-interest income decreased $2.8 million, or 13.4%, to $18.2 million for the quarter ended September 30, 2026, compared to $21.0 million for the quarter ended September 30, 2025.
  • Gross margin on loans sold totaled 3.48% for the quarter ended September 30, 2026, compared to 3.87% for the quarter ended September 30, 2025. The 10.3% decrease was driven by lower sales margins, as secondary market investors remained concerned about elevated long-term rates.
  • During the quarter ended September 30, 2026, the Company sold mortgage servicing rights related to $121.9 million in loans receivable and with a book value of $1.0 million for $1.4 million resulting in a gain on sale of $391,000. There was no comparable sale during the quarter ended September 30, 2025.
  • Total compensation, payroll taxes and other employee benefits decreased $993,000 or 6.3%, to $14.7 million during the quarter ended September 30, 2026 compared to $15.7 million during the quarter ended September 30, 2025. The decrease primarily related to decreased commission expense, health insurance expense, and bonus accrual.
  • Total other noninterest expense increased $537,000, or 42.3%, to $1.8 million during the quarter ended September 30, 2026 compared to $1.3 million during the quarter ended September 30, 2025. The increase primarily related to an increase in provision for loan sale losses due to a pool of loans identified with additional risks to buy them back.

About Waterstone Financial, Inc.
Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank, a community-focused financial institution established in 1921. WaterStone Bank offers a comprehensive suite of personal and business banking products and operates 14 branch locations across southeastern Wisconsin. WaterStone Bank is also the parent company of WaterStone Mortgage Corporation, a national lender licensed in 48 states.

With a long-standing commitment to innovation, integrity, and community service, Waterstone Financial, Inc. supports the financial and homeownership goals of customers nationwide. For more information about WaterStone Bank, go to wsbonline.com.

Forward-Looking Statements
This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.” Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

Non-GAAP Financial Measures
Management uses non-GAAP financial information in its analysis of the Company’s performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhances comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently.

 
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
             
    For The Three Months Ended September 30,     For The Nine Months Ended September 30,  
    2026     2025     2026     2025  
    (In Thousands, except per share amounts)  
Interest income:                                
Loans   $ 26,955     $ 26,625     $ 79,516     $ 77,578  
Mortgage-related securities     1,506       1,365       4,439       3,809  
Debt securities, federal funds sold and short-term investments     1,582       1,566       4,689       4,609  
Total interest income     30,043       29,556       88,644       85,996  
Interest expense:                                
Deposits     10,183       10,527       30,591       32,826  
Borrowings     3,444       4,290       10,164       12,147  
Total interest expense     13,627       14,817       40,755       44,973  
Net interest income     16,416       14,739       47,889       41,023  
Provision (credit) for credit losses     443       (269 )     943       (836 )
Net interest income after provision (credit) for credit losses     15,973       15,008       46,946       41,859  
Noninterest income:                                
Service charges on loans and deposits     473       618       1,310       1,624  
Increase in cash surrender value of life insurance     597       526       2,281       2,021  
Mortgage banking income     17,493       20,875       58,587       59,162  
Other     727       283       1,580       921  
Total noninterest income     19,290       22,302       63,758       63,728  
Noninterest expenses:                                
Compensation, payroll taxes, and other employee benefits     20,159       20,534       61,975       58,702  
Occupancy, office furniture, and equipment     1,751       1,688       5,287       5,370  
Advertising     605       712       1,949       2,181  
Data processing     1,318       1,210       3,855       3,735  
Communications     281       249       765       741  
Professional fees     354       380       1,037       2,616  
Real estate owned     (31 )     4       (2 )     (14 )
Loan processing expense     696       688       2,542       2,425  
Other     2,529       2,001       7,508       6,437  
Total noninterest expenses     27,662       27,466       84,916       82,193  
Income before income taxes     7,601       9,844       25,788       23,394  
Income tax expense     1,427       1,918       5,155       4,705  
Net income   $ 6,174     $ 7,926     $ 20,633     $ 18,689  
Income per share:                                
Basic   $ 0.36     $ 0.45     $ 1.20     $ 1.04  
Diluted   $ 0.36     $ 0.45     $ 1.19     $ 1.04  
Weighted average shares outstanding:                                
Basic     17,104       17,639       17,196       17,962  
Diluted     17,189       17,671       17,270       17,985  
                                 

 
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
             
    September 30,     December 31,  
    2026     2025  
    (Unaudited)          
Assets   (In Thousands, except per share amounts)  
Cash   $ 48,769     $ 63,560  
Federal funds sold     5,843       7,255  
Interest-earning deposits in other financial institutions and other short term investments     291       292  
Cash and cash equivalents     54,903       71,107  
Securities available for sale (at fair value)     238,139       230,848  
Loans held for sale (at fair value)     111,014       145,057  
Loans receivable     1,698,019       1,675,552  
Less: Allowance for credit losses (“ACL”) – loans     17,762       17,478  
Loans receivable, net     1,680,257       1,658,074  
                 
Office properties and equipment, net     18,804       18,855  
Federal Home Loan Bank stock (at cost)     17,161       19,804  
Cash surrender value of life insurance     79,814       77,353  
Real estate owned, net     934       424  
Prepaid expenses and other assets     52,006       37,985  
Total assets   $ 2,253,032     $ 2,259,507  
                 
Liabilities and Shareholders’ Equity                
Liabilities:                
Demand deposits   $ 179,705     $ 175,595  
Money market and savings deposits     344,187       329,031  
Time deposits     915,574       932,646  
Total deposits     1,439,466       1,437,272  
                 
Borrowings     391,343       412,258  
Advance payments by borrowers for taxes     25,608       2,996  
Other liabilities     49,679       57,589  
Total liabilities     1,906,096       1,910,115  
                 
Shareholders’ equity:                
Preferred stock     –       –  
Common stock     180       184  
Additional paid-in capital     72,232       78,014  
Retained earnings     304,881       292,957  
Unearned ESOP shares     (8,605 )     (9,496 )
Accumulated other comprehensive loss, net of taxes     (21,752 )     (12,267 )
Total shareholders’ equity     346,936       349,392  
Total liabilities and shareholders’ equity   $ 2,253,032     $ 2,259,507  
                 
Share Information                
Shares outstanding     17,988       18,360  
Book value per share   $ 19.29     $ 19.03  
                 

 
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
       
    At or For the Three Months Ended  
    September 30,     June 30,     March 31,     December 31,     September 30,  
    2026     2026     2026     2025     2025  
    (Dollars in Thousands, except per share amounts)  
Condensed Results of Operations:                                        
Net interest income   $ 16,416     $ 16,010     $ 15,463     $ 15,711     $ 14,739  
Provision (credit) for credit losses     443       236       264       (558 )     (269 )
Total noninterest income     19,290       24,240       20,228       21,459       22,302  
Total noninterest expense     27,662       29,379       27,875       27,677       27,466  
Income before income taxes     7,601       10,635       7,552       10,051       9,844  
Income tax expense     1,427       2,173       1,555       2,338       1,918  
Net income   $ 6,174     $ 8,462     $ 5,997     $ 7,713     $ 7,926  
Income per share – basic   $ 0.36     $ 0.49     $ 0.35     $ 0.44     $ 0.45  
Income per share – diluted   $ 0.36     $ 0.49     $ 0.34     $ 0.44     $ 0.45  
Dividends declared per common share   $ 0.17     $ 0.17     $ 0.17     $ 0.15     $ 0.15  
                                         
Performance Ratios (annualized):                                        
Return on average assets – QTD     1.09 %     1.52 %     1.10 %     1.35 %     1.42 %
Return on average equity – QTD     6.93 %     9.65 %     6.88 %     8.74 %     9.14 %
Net interest margin – QTD     3.06 %     3.03 %     2.97 %     2.89 %     2.76 %
                                         
Return on average assets – YTD     1.24 %     1.31 %     1.10 %     1.19 %     1.13 %
Return on average equity – YTD     7.82 %     8.26 %     6.88 %     7.62 %     7.23 %
Net interest margin – YTD     3.02 %     3.00 %     2.97 %     2.68 %     2.61 %
                                         
Asset Quality Ratios:                                        
Past due loans to total loans     0.81 %     0.63 %     0.58 %     0.86 %     0.50 %
Nonaccrual loans to total loans     0.68 %     0.39 %     0.44 %     0.37 %     0.35 %
Nonperforming assets to total assets     0.55 %     0.30 %     0.35 %     0.29 %     0.27 %
Allowance for credit losses – loans to loans receivable     1.05 %     1.06 %     1.05 %     1.04 %     1.03 %
                                         

 
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
(Unaudited)
       
    At or For the Three Months Ended  
    September 30,     June 30,     March 31,     December 31,     September 30,  
    2026     2026     2026     2025     2025  
Average balances   (Dollars in Thousands)  
Interest-earning assets                                        
Loans receivable and held for sale   $ 1,804,340     $ 1,799,170     $ 1,788,736     $ 1,842,908     $ 1,809,600  
Mortgage related securities     184,800       185,513       183,980       180,434       178,063  
Debt securities, federal funds sold and short term investments     139,186       136,901       137,861       133,781       131,165  
Total interest-earning assets     2,128,326       2,121,584       2,110,577       2,157,123       2,118,828  
Noninterest-earning assets     112,180       109,031       108,366       107,462       103,434  
Total assets   $ 2,240,506     $ 2,230,615     $ 2,218,943     $ 2,264,585     $ 2,222,262  
                                         
Interest-bearing liabilities                                        
Demand accounts   $ 94,151     $ 93,170     $ 90,133     $ 92,292     $ 90,015  
Money market, savings, and escrow accounts     370,761       354,112       343,416       339,368       334,300  
Certificates of deposit – retail     822,452       817,261       817,019       823,586       823,274  
Certificates of deposit – brokered     80,366       86,441       110,192       105,496       61,814  
Total interest-bearing deposits     1,367,730       1,350,984       1,360,760       1,360,742       1,309,403  
Borrowings     388,730       399,510       377,438       419,541       440,968  
Total interest-bearing liabilities     1,756,460       1,750,494       1,738,198       1,780,283       1,750,371  
Noninterest-bearing demand deposits     86,908       87,072       88,975       89,673       88,799  
Noninterest-bearing liabilities     43,778       41,506       38,073       44,688       39,136  
Total liabilities     1,887,146       1,879,072       1,865,246       1,914,644       1,878,306  
Equity     353,360       351,543       353,697       349,941       343,956  
Total liabilities and equity   $ 2,240,506     $ 2,230,615     $ 2,218,943     $ 2,264,585     $ 2,222,262  
                                         
Average Yield/Costs (annualized)                                        
Loans receivable and held for sale     5.93 %     5.93 %     5.88 %     5.85 %     5.84 %
Mortgage related securities     3.23 %     3.20 %     3.21 %     3.09 %     3.04 %
Debt securities, federal funds sold and short term investments     4.51 %     4.39 %     4.74 %     4.54 %     4.74 %
Total interest-earning assets     5.60 %     5.59 %     5.58 %     5.54 %     5.53 %
                                         
Demand accounts     0.11 %     0.11 %     0.11 %     0.11 %     0.11 %
Money market and savings accounts     2.13 %     2.16 %     2.25 %     2.09 %     2.04 %
Certificates of deposit – retail     3.56 %     3.57 %     3.68 %     3.78 %     3.92 %
Certificates of deposit – brokered     3.85 %     3.81 %     3.82 %     3.89 %     4.11 %
Total interest-bearing deposits     2.95 %     2.98 %     3.09 %     3.12 %     3.19 %
Borrowings     3.51 %     3.56 %     3.42 %     3.51 %     3.86 %
Total interest-bearing liabilities     3.08 %     3.11 %     3.16 %     3.21 %     3.36 %
                                         

 
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY AVERAGE LOAN BALANCES
(Unaudited)
                   
    September 30, 2026     June 30, 2026     September 30, 2025  
    Ending Balance     Quarterly Average Balance     Ending Balance     Quarterly Average Balance     Ending Balance     Quarterly Average Balance  
    (Dollars in Thousands)  
Loans Receivable Category                                                
One- to four-family   $ 450,887     $ 453,534     $ 460,495     $ 464,384     $ 506,758     $ 503,112  
Over four family     810,524       802,369       781,860       773,593       769,325       740,220  
Home equity     12,544       12,994       12,939       13,165       13,382       13,686  
Construction and land     59,239       61,681       67,944       65,428       69,152       67,678  
Commercial real estate     327,692       327,858       324,373       324,029       323,613       325,033  
Consumer Loans     692       675       680       694       938       849  
Commercial business loans     36,441       35,996       35,590       35,357       31,668       31,322  
Total   $ 1,698,019     $ 1,695,107     $ 1,683,881     $ 1,676,650     $ 1,714,836     $ 1,681,900  
                                                 

 
COMMUNITY BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
       
    At or For the Three Months Ended  
    September 30,     June 30,     March 31,     December 31,     September 30,  
    2026     2026     2026     2025     2025  
    (Dollars in Thousands)  
Condensed Results of Operations:                                        
Net interest income   $ 16,025     $ 15,830     $ 15,226     $ 15,521     $ 14,617  
Provision (credit) for credit losses     488       249       284       (518 )     (276 )
Total noninterest income     1,311       2,020       1,153       1,305       1,359  
Noninterest expenses:                                        
Compensation, payroll taxes, and other employee benefits     5,639       5,612       5,575       5,646       5,036  
Occupancy, office furniture and equipment     1,020       942       1,103       1,026       907  
Advertising     165       251       212       250       213  
Data processing     718       722       765       741       733  
Communications     113       105       112       103       108  
Professional fees     199       197       228       185       200  
Real estate owned     (31 )     27       2       (298 )     4  
Loan processing expense     –       –       –       –       –  
Other     767       741       598       630       617  
Total noninterest expense     8,590       8,597       8,595       8,283       7,818  
Income before income taxes     8,258       9,004       7,500       9,061       8,434  
Income tax expense     1,685       1,741       1,538       2,063       1,518  
Net income   $ 6,573     $ 7,263     $ 5,962     $ 6,998     $ 6,916  
                                         
Efficiency ratio – QTD (non-GAAP)     49.55 %     48.16 %     52.48 %     49.23 %     48.94 %
Efficiency ratio – YTD (non-GAAP)     50.00 %     50.23 %     52.48 %     51.76 %     52.71 %
                                         

 
MORTGAGE BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
       
    At or For the Three Months Ended  
    September 30,     June 30,     March 31,     December 31,     September 30,  
    2026     2026     2026     2025     2025  
    (Dollars in Thousands)  
Condensed Results of Operations:                                        
Net interest income   $ 351     $ 164     $ 214     $ 205     $ 103  
Provision (credit) for credit losses     (45 )     (12 )     (20 )     (40 )     7  
Total noninterest income     18,171       22,363       19,121       20,172       20,985  
Noninterest expenses:                                        
Compensation, payroll taxes, and other employee benefits     14,723       16,565       14,471       15,489       15,716  
Occupancy, office furniture and equipment     731       628       863       798       781  
Advertising     440       476       405       446       499  
Data processing     600       557       490       465       475  
Communications     168       121       146       129       141  
Professional fees     155       103       152       33       180  
Real estate owned     –       –       –       –       –  
Loan processing expense     696       817       1,029       571       688  
Other     1,808       1,676       1,777       1,586       1,271  
Total noninterest expense     19,321       20,943       19,333       19,517       19,751  
Income (loss) before income taxes     (754 )     1,596       22       900       1,330  
Income tax (benefit) expense     (280 )     425       10       244       382  
Net (loss) income   $ (474 )   $ 1,171     $ 12     $ 656     $ 948  
                                         
Efficiency ratio – QTD (non-GAAP)     104.31 %     92.97 %     99.99 %     95.78 %     93.66 %
Efficiency ratio – YTD (non-GAAP)     97.94 %     96.21 %     99.99 %     97.56 %     98.17 %
                                         
Loan originations   $ 509,730     $ 621,819     $ 508,314     $ 534,646     $ 539,404  
Purchase     90.4 %     88.6 %     73.9 %     78.9 %     90.1 %
Refinance     9.6 %     11.4 %     26.1 %     21.1 %     9.9 %
Gross margin on loans sold(1)     3.48 %     3.60 %     3.65 %     3.80 %     3.87 %
                                         

(1) Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations

Contact:
Mark R. Gerke
Chief Financial Officer
414-459-4012
markgerke@wsbonline.com


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Waterstone Financial, Inc.