Waterstone Financial Inc

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What Do They Do?

Provides real estate loans, deposit accounts and banking services to consumers and businesses, and originates single-family residential mortgages for sale into the secondary market.

How Do They Make Money?

Customers pay monthly account-maintenance and transaction fees, generally when the service or transaction is completed; the company also earns interchange fees when card transactions are processed.

FY2025 revenue

Who Are Their Customers?

WaterStone Bank serves customers through 14 banking offices in Milwaukee, Washington and Waukesha counties, Wisconsin. Its community banking segment serves consumer and business customers primarily within Southeastern Wisconsin.

Do Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2025 and turned 20 cents into free cash flow.

Net income, FY2025

23% of revenue

▲ +41% vs FY2024 ($18.7M, 17%)

Free cash flow, FY2025

20% of revenue

▼ −51% vs FY2024 ($47M, 41%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $28.7M in Q2 FY2025
Net income: ▲ +10%; vs $7.7M in Q2 FY2025

Growing. Revenue grew 66% in 4 years, from $69.9M in FY2021 to $116.1M in FY2025, about 14% a year.

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