Declared Dividend • Jun 26
First quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 8th July 2026 Payment date: 3rd August 2026 Dividend yield will be 3.1%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 16% EPS decline seen over the last 5 years. Announcement • Jun 24
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on August 3, 2026 On June 23, 2026, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.17 per common share. The dividend is payable on August 3, 2026, to shareholders of record at the close of business on July 8, 2026. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: US$0.34 (vs US$0.17 in 1Q 2025) First quarter 2026 results: EPS: US$0.34 (up from US$0.17 in 1Q 2025). Revenue: US$35.4m (up 17% from 1Q 2025). Net income: US$6.00m (up 98% from 1Q 2025). Profit margin: 17% (up from 10.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
Waterstone Financial, Inc., Annual General Meeting, May 19, 2026 Waterstone Financial, Inc., Annual General Meeting, May 19, 2026. Upcoming Dividend • Apr 04
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 01 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (1.2%). Declared Dividend • Mar 20
Fourth quarter dividend increased to US$0.17 Dividend of US$0.17 is 13% higher than last year. Ex-date: 8th April 2026 Payment date: 1st May 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 15% EPS decline seen over the last 5 years. Announcement • Mar 18
Waterstone Financial, Inc. Raises Quarterly Cash Dividend, Payable on May 1, 2026 On March 17, 2026, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.17 per common share, a 13.3% increase compared to the prior quarterly dividend. The dividend increase is effective with the dividend payable on May 1, 2026, to shareholders of record at the close of business on April 8, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: US$1.48 (vs US$1.01 in FY 2024) Full year 2025 results: EPS: US$1.48 (up from US$1.01 in FY 2024). Revenue: US$143.3m (up 5.7% from FY 2024). Net income: US$26.4m (up 41% from FY 2024). Profit margin: 18% (up from 14% in FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 22
Director recently sold US$52k worth of stock On the 18th of February, Douglas Gordon sold around 3k shares on-market at roughly US$18.11 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$915k. Insiders have been net sellers, collectively disposing of US$5.5m more than they bought in the last 12 months. Recent Insider Transactions • Feb 06
Independent Chairman of the Board recently sold US$915k worth of stock On the 4th of February, Patrick Lawton sold around 49k shares on-market at roughly US$18.57 per share. This transaction amounted to 83% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Patrick's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Feb 05
Director notifies of intention to sell stock Douglas Gordon intends to sell 72k shares in the next 90 days after lodging an Intent To Sell Form on the 4th of February. If the sale is conducted around the recent share price of US$18.44, it would amount to US$1.3m. Since March 2025, Douglas has owned 676.13k shares directly. Company insiders have collectively sold US$3.9m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 29
Full year 2025 earnings released: EPS: US$1.48 (vs US$1.01 in FY 2024) Full year 2025 results: EPS: US$1.48 (up from US$1.01 in FY 2024). Revenue: US$143.3m (up 5.7% from FY 2024). Net income: US$26.4m (up 41% from FY 2024). Profit margin: 18% (up from 14% in FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 22
Third quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th January 2026 Payment date: 2nd February 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 50% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Announcement • Dec 19
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on February 2, 2026 On December 18, 2025, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on February 2, 2026, to shareholders of record at the close of business on January 8, 2026. Recent Insider Transactions • Oct 29
Independent Director recently sold US$1.2m worth of stock On the 27th of October, Michael Hansen sold around 81k shares on-market at roughly US$15.16 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$2.0m. Insiders have been net sellers, collectively disposing of US$3.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 27
Independent Director notifies of intention to sell stock Michael Hansen intends to sell 81k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of October. If the sale is conducted around the recent share price of US$14.83, it would amount to US$1.2m. Since March 2025, Michael's direct individual holding has decreased from 266.41k shares to 81.41k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: US$0.45 (vs US$0.26 in 3Q 2024) Third quarter 2025 results: EPS: US$0.45 (up from US$0.26 in 3Q 2024). Revenue: US$37.3m (up 8.3% from 3Q 2024). Net income: US$7.93m (up 68% from 3Q 2024). Profit margin: 21% (up from 14% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Oct 22
Waterstone Financial, Inc. Announces to Board and Committee Changes, Effective October 21, 2025 On October 21, 2025, Michael Hansen, a member of the Board of Directors of Waterstone Financial, Inc. provided notice of his intention to resign as Chairperson of the Board’s Audit Committee, effective that same date. Mr. Hansen's decision to resign was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Hansen also proved notice of his intent to retire as a member of the Board effective, December 31, 2025. His retirement is not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. Until his announce retirement date, Mr. Hansen will continue to serve as a member of the Company’s Audit Committee and as a member of the Company’s Board Executive Committee and Nominating and Corporate Governance Committee. On October 21, 2025, the Audit Committee of the Board appointed Laura Piotrowski, as Chairperson of the Audit Committee. Ms. Piotrowski was appointed as a member of the Audit Committee of the Board effective July 8, 2025. Ms. Piotrowski is the Chief Executive Offer and President of Cavendish Vernal, a strategic advisory firm she founded in 2017. Cavendish Vernal provides strategic business planning, executive advising, succession planning, finance and human resource advising, executive coaching, and leadership development services. Previously, she was Executive Vice President of The Benefit Companies, where she provided strategic and executional leadership for the organization. Piotrowski has also held senior finance roles, including Chief Financial Officer of Stein’s Garden & Home and Managing Director of Finance for Robert W. Baird & Co. She earned her bachelor’s degree from the University of Wisconsin-Milwaukee and an Executive MBA from Marquette University. She is a Certified Public Accountant (CPA) and a SHRM Senior Certified Professional (SHRM-SCP). Declared Dividend • Sep 26
Second quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th October 2025 Payment date: 3rd November 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.8% EPS decline seen over the last 5 years. Announcement • Sep 24
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on November 3, 2025 On September 23, 2025, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on November 3, 2025, to shareholders of record at the close of business on October 8, 2025. Recent Insider Transactions • Aug 15
Insider recently sold US$2.0m worth of stock On the 13th of August, Michael Hansen sold around 145k shares on-market at roughly US$14.02 per share. This transaction amounted to 64% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.6m more than they bought in the last 12 months. Recent Insider Transactions • Jul 29
Independent Director recently sold US$518k worth of stock On the 25th of July, Michael Hansen sold around 37k shares on-market at roughly US$13.83 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 23
Second quarter 2025 earnings released: EPS: US$0.43 (vs US$0.31 in 2Q 2024) Second quarter 2025 results: EPS: US$0.43 (up from US$0.31 in 2Q 2024). Revenue: US$38.0m (up 1.7% from 2Q 2024). Net income: US$7.73m (up 35% from 2Q 2024). Profit margin: 20% (up from 15% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jul 10
Waterstone Financial and WaterStone Bank Announces Election of New Board Members, Effective July 22, 2025 Waterstone Financial, Inc. announced that its Board of Directors has elected Molly Mulroy and Laura Piotrowski to serve on the Board of Directors of both WaterStone Bank and Waterstone Financial, effective July 22, 2025. Molly Mulroy currently serves as Executive Vice President and Chief Administrative Officer of WEC Energy Group, one of the nation’s largest electric generation and natural gas delivery holding companies with utility subsidiaries serving 4.7 million customers. Since 2021, she has overseen Administrative Services, Facility Management, Human Resources, IT Services, Supply Chain, IT System Strategy, and Development. Previously, Mulroy served as Vice President and Chief Information Officer, leading enterprise-wide information technology, including cybersecurity and infrastructure. Since joining WEC Energy Group in 1999, she has held leadership positions in Customer Service, Finance, Wholesale Energy and Fuels, Regulatory Affairs, and State Government Affairs. She holds a bachelor’s degree from the University of Minnesota and an MBA from the University of Chicago. Mulroy is active in the Milwaukee community and currently serves on the board of Milwaukee Ballet and Milwaukee Women, Inc., and chairs the boards of Milwaukee Tech Hub and Next Door Foundation. Laura Piotrowski is the Chief Executive Officer and President of Cavendish Vernal, a strategic advisory firm she founded in 2017. Cavendish Vernal provides strategic business planning, executive advising, succession planning, finance and human resource advising, executive coaching, and leadership development services. Previously, she was Executive Vice President of The Benefit Companies, where she provided strategic and executional leadership for the organization. Piotrowski has also held senior finance roles, including Chief Financial Officer of Stein’s Garden & Home and Managing Director of Finance for Robert W. Baird & Co. She earned her bachelor’s degree from the University of Wisconsin-Milwaukee and an Executive MBA from Marquette University. She is a Certified Public Accountant (CPA) and a SHRM Senior Certified Professional (SHRM-SCP). Piotrowski also serves on the board of Ronald McDonald House Charities of Southeastern Wisconsin.
Ms. Mulroy has been added to the Company's Audit and Nominating & Governance committees and will serve a term that expires at the 2026 annual meeting of stockholders. Ms. Piotrowski has been added to the Company's Audit, Executive and Nominating & Governance committees and will serve a term that expires at the 2028 annual meeting of stockholders. Declared Dividend • Jun 20
First quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th July 2025 Payment date: 1st August 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.6% EPS decline seen over the last 5 years. Announcement • Jun 18
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on August 1, 2025 On June 17, 2025, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on August 1, 2025, to shareholders of record at the close of business on July 8, 2025. Reported Earnings • Apr 23
First quarter 2025 earnings released: EPS: US$0.17 (vs US$0.16 in 1Q 2024) First quarter 2025 results: EPS: US$0.17. Revenue: US$30.2m (down 6.5% from 1Q 2024). Net income: US$3.04m (flat on 1Q 2024). Profit margin: 10.0% (in line with 1Q 2024). Announcement • Apr 18
Waterstone Financial, Inc. Announces Retirement of Michael Hansen as Director Waterstone Financial, Inc. announced that Michael Hansen has decided to retire as a Director of the Company. Mr. Hansen has been a director of the Company since 2003. Mr. Hansen serves as a member and the chair of the Company’s Audit Committee and as a member of the Company’s Board Executive Committee and Nominating and Corporate Governance Committee. Mr. Hansen will remain a Director of the Company and WaterStone Bank, and continue to serve as chair of the Audit Committee and as a member of the Board Executive Committee and Nominating and Corporate Governance Committee until a successor has been elected to the Company’s Board of Directors. During this period of transition, Mr. Hansen will be selling shares of Company stock as part of his broader retirement and estate planning objectives. Announcement • Apr 13
Waterstone Financial, Inc. Announces Rappé Did Not Stand for Re-Election of Board on May 20, 2025 Waterstone Financial, Inc. announced Ms. Rappé did not stand for re-election in 2025. Accordingly, her service to the Board will terminate at the conclusion of the 2025 Annual Meeting on May 20, 2025. Announcement • Apr 12
Waterstone Financial, Inc., Annual General Meeting, May 20, 2025 Waterstone Financial, Inc., Annual General Meeting, May 20, 2025. Declared Dividend • Mar 24
Fourth quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th April 2025 Payment date: 1st May 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.9% EPS decline seen over the last 5 years. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: US$1.01 (vs US$0.47 in FY 2023) Full year 2024 results: EPS: US$1.01 (up from US$0.47 in FY 2023). Revenue: US$135.6m (up 3.7% from FY 2023). Net income: US$18.7m (up 99% from FY 2023). Profit margin: 14% (up from 7.2% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 29
Full year 2024 earnings released: EPS: US$1.01 (vs US$0.47 in FY 2023) Full year 2024 results: EPS: US$1.01 (up from US$0.47 in FY 2023). Revenue: US$135.6m (up 3.7% from FY 2023). Net income: US$18.7m (up 99% from FY 2023). Profit margin: 14% (up from 7.2% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Dec 23
Third quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th January 2025 Payment date: 3rd February 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 14% to shift the payout ratio to a potentially unsustainable range, which is more than the 10% EPS decline seen over the last 5 years. Announcement • Dec 20
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on February 3, 2025 On December 19, 2024, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on February 3, 2025, to shareholders of record at the close of business on January 8, 2025. Recent Insider Transactions Derivative • Nov 08
Independent Director notifies of intention to sell stock Kristine Rappe intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of November. If the sale is conducted around the recent share price of US$16.50, it would amount to US$1.7m. Since March 2024, Kristine has owned 27.32k shares directly. Company insiders have collectively sold US$194k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: US$0.26 (vs US$0.16 in 3Q 2023) Third quarter 2024 results: EPS: US$0.26 (up from US$0.16 in 3Q 2023). Revenue: US$34.4m (up 2.0% from 3Q 2023). Net income: US$4.73m (up 45% from 3Q 2023). Profit margin: 14% (up from 9.6% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Declared Dividend • Sep 27
Second quarter dividend of US$0.15 announced Dividend of US$0.15 is the same as last year. Ex-date: 8th October 2024 Payment date: 1st November 2024 Dividend yield will be 4.1%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.1% to bring the payout ratio under control. However, EPS has declined by 10% over the last 5 years so the company would need to reverse this trend. Recent Insider Transactions Derivative • Aug 30
Independent Director notifies of intention to sell stock Michael Hansen intends to sell 13k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of August. If the sale is conducted around the recent share price of US$15.00, it would amount to US$188k. Since March 2024, Michael has owned 266.41k shares directly. Company insiders have collectively sold US$6.2k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$0.31 (vs US$0.20 in 2Q 2023) Second quarter 2024 results: EPS: US$0.31 (up from US$0.20 in 2Q 2023). Revenue: US$37.4m (up 3.9% from 2Q 2023). Net income: US$5.71m (up 43% from 2Q 2023). Profit margin: 15% (up from 11% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$14.94, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 15x in the Diversified Financial industry in the US. Total loss to shareholders of 8.8% over the past three years. Declared Dividend • Jun 23
First quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 8th July 2024 Payment date: 1st August 2024 Dividend yield will be 4.9%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 19
Waterstone Financial Declares Regular Quarterly Cash Dividend, Payable on August 1, 2024 On June 18, 2024, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on August 1, 2024, to shareholders of record at the close of business on July 8, 2024. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: US$0.16 (vs US$0.10 in 1Q 2023) First quarter 2024 results: EPS: US$0.16 (up from US$0.10 in 1Q 2023). Revenue: US$32.3m (up 1.3% from 1Q 2023). Net income: US$3.04m (up 41% from 1Q 2023). Profit margin: 9.4% (up from 6.8% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Declared Dividend • Mar 27
Fourth quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 5th April 2024 Payment date: 1st May 2024 Dividend yield will be 5.5%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 67% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Announcement • Mar 23
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on May 1, 2024 On March 21, 2024, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on May 1, 2024, to shareholders of record at the close of business on April 8, 2024. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: US$0.47 (vs US$0.89 in FY 2022) Full year 2023 results: EPS: US$0.47 (down from US$0.89 in FY 2022). Revenue: US$130.7m (down 19% from FY 2022). Net income: US$9.38m (down 52% from FY 2022). Profit margin: 7.2% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 01
Now 21% undervalued Over the last 90 days, the stock has risen 15% to US$13.05. The fair value is estimated to be US$16.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has declined by 66%. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: US$0.47 (vs US$0.89 in FY 2022) Full year 2023 results: EPS: US$0.47 (down from US$0.89 in FY 2022). Revenue: US$130.7m (down 19% from FY 2022). Net income: US$9.38m (down 52% from FY 2022). Profit margin: 7.2% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 29
Upcoming dividend of US$0.15 per share at 4.2% yield Eligible shareholders must have bought the stock before 05 January 2024. Payment date: 01 February 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (1.1%). Announcement • Dec 22
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend, Payable on February 1, 2024 On December 21, 2023, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.15 per common share. The dividend is payable on February 1, 2024, to shareholders of record at the close of business on January 8, 2024. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings have declined by 3.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.7% net profit margin). Announcement • Sep 27
Waterstone Financial, Inc. Declares Quarterly Dividend, Will Be Payable November 1, 2023 Waterstone Financial, Inc. declared a quarterly dividend of $0.15 per common share. The dividend will be payable November 1, 2023, to shareholders of record at the close of business on October 9, 2023. Price Target Changed • Sep 26
Price target decreased by 24% to US$12.50 Down from US$16.50, the current price target is provided by 1 analyst. New target price is 12% above last closing price of US$11.17. Stock is down 32% over the past year. The company is forecast to post earnings per share of US$0.71 for next year compared to US$0.89 last year. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: US$0.20 (vs US$0.36 in 2Q 2022) Second quarter 2023 results: EPS: US$0.20 (down from US$0.36 in 2Q 2022). Revenue: US$36.0m (down 20% from 2Q 2022). Net income: US$4.01m (down 50% from 2Q 2022). Profit margin: 11% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jul 26
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$18.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 3.6% in a year. Earnings is forecast to grow by 37% in the next year. Announcement • Jul 26
Waterstone Financial, Inc. and Waterstone Bank Announces CEO Changes Waterstone Financial, Inc. announced that Douglas S. Gordon has notified Waterstone of his intention to retire as Chief Executive Officer (“CEO”) of Waterstone Financial, Inc. (the “Company”) and its wholly owned subsidiary, WaterStone Bank (the “Bank”), effective December 31, 2023. Mr. Gordon will continue to serve on the Board of Directors of the Company and the Bank. Mr. Gordon will also continue to serve on the Board of Directors of Waterstone Mortgage, a wholly owned subsidiary of the Bank. The Company also announced that the Boards of Directors of the Company and the Bank elected William F. Bruss, to serve as the next CEO of the Company and the Bank effective January 1, 2024. Bruss currently serves as the President of the Company and the Bank. Bruss, who has been an employee of the Bank since 1997 and an executive officer of the Company since 2005, will continue to serve in the position of President of the Company and the Bank through December 31, 2023. Mr. Bruss has served in a variety of executive positions with the Company and the Bank over his tenure with the organization. Since January 2022, he has served as President of the Company and the Bank. Prior to serving as President, Mr. Bruss served as Executive Vice President of the Company and the Bank since 2015, Chief Operating Officer from 2013 through 2022 and General Counsel and Secretary since 2005. Bruss holds a Bachelor of Arts from St. Olaf College, and a Juris Doctor from Marquette University. Announcement • Jul 01
Waterstone Financial, Inc. Declares Regular Quarterly Cash Dividend,Payable on August 2, 2023 On June 29, 2023, the Board of Directors of Waterstone Financial, Inc. declared a regular quarterly cash dividend of $0.20 per common share. The dividend is payable on August 2, 2023, to shareholders of record at the close of business on July 10, 2023. Major Estimate Revision • May 03
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$141.1m to US$145.9m. EPS estimate increased from US$0.83 to US$0.92 per share. Net income forecast to grow 21% next year vs 3.6% growth forecast for Diversified Financial industry in the US. Consensus price target down from US$16.50 to US$15.50. Share price was steady at US$13.78 over the past week. Reported Earnings • Apr 26
First quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2023 results: EPS: US$0.10 (down from US$0.23 in 1Q 2022). Revenue: US$31.9m (down 24% from 1Q 2022). Net income: US$2.16m (down 59% from 1Q 2022). Profit margin: 6.8% (down from 13% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Diversified Financial industry in the US. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 30
Upcoming dividend of US$0.20 per share at 8.7% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 02 May 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 8.7%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 05
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.89 (down from US$2.98 in FY 2021). Revenue: US$161.5m (down 39% from FY 2021). Net income: US$19.5m (down 73% from FY 2021). Profit margin: 12% (down from 27% in FY 2021). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.01% (up from 2.69% in FY 2021). Cost-to-income ratio: 84.3% (up from 65.9% in FY 2021). Non-performing loans: 0.29% (down from 0.46% in FY 2021). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Mortgage industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Major Estimate Revision • Feb 02
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$156.6m to US$144.8m. EPS estimate also fell from US$1.20 per share to US$0.86 per share. Net income forecast to shrink 9.6% next year vs 3.2% decline forecast for Mortgage industry in the US. Consensus price target down from US$18.50 to US$17.00. Share price fell 6.4% to US$16.11 over the past week. Price Target Changed • Jan 30
Price target decreased by 8.1% to US$17.00 Down from US$18.50, the current price target is provided by 1 analyst. New target price is 7.5% above last closing price of US$15.82. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$0.86 for next year compared to US$0.89 last year. Reported Earnings • Jan 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.89 (down from US$2.98 in FY 2021). Revenue: US$161.5m (down 39% from FY 2021). Net income: US$19.5m (down 73% from FY 2021). Profit margin: 12% (down from 27% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Mortgage industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Jan 02
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 09 January 2023. Payment date: 01 February 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of American dividend payers (4.5%). In line with average of industry peers (6.9%). Board Change • Nov 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 6 highly experienced directors. Independent Director Derek Tyus was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$1.17 to US$0.99. Revenue forecast unchanged from US$166.0m at last update. Net income forecast to shrink 21% next year vs 3.8% growth forecast for Mortgage industry in the US . Consensus price target of US$18.50 unchanged from last update. Share price was steady at US$16.76 over the past week. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: US$0.25 (down from US$0.80 in 3Q 2021). Revenue: US$42.5m (down 37% from 3Q 2021). Net income: US$5.27m (down 72% from 3Q 2021). Profit margin: 12% (down from 28% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 5.8% p.a. on average during the next 2 years, while revenues in the Mortgage industry in the US are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: US$0.36 (down from US$0.75 in 2Q 2021). Revenue: US$45.3m (down 33% from 2Q 2021). Net income: US$7.99m (down 55% from 2Q 2021). Profit margin: 18% (down from 27% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 19% compared to a 12% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 7.4%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (6.6%). Major Estimate Revision • Apr 28
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$200.5m to US$175.7m. EPS estimate fell from US$1.46 to US$1.19 per share. Net income forecast to shrink 50% next year vs 4.5% decline forecast for Mortgage industry in the US. Consensus price target down from US$21.00 to US$19.00. Share price fell 13% to US$16.64 over the past week. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.23 (down from US$0.90 in 1Q 2021). Revenue: US$41.8m (down 41% from 1Q 2021). Net income: US$5.29m (down 75% from 1Q 2021). Profit margin: 13% (down from 30% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 23%. Over the next year, revenue is expected to shrink by 24% compared to a 7.7% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. Independent Director Derek Tyus was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 22
Price target decreased to US$19.00 Down from US$22.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of US$17.06. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$1.46 for next year compared to US$2.98 last year. Reported Earnings • Apr 22
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.23 (down from US$0.90 in 1Q 2021). Revenue: US$41.8m (down 41% from 1Q 2021). Net income: US$5.29m (down 75% from 1Q 2021). Profit margin: 13% (down from 30% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 23%. Over the next year, revenue is expected to shrink by 14% compared to a 8.2% decline forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 01
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of American dividend payers (3.7%). Higher than average of industry peers (5.4%). Recent Insider Transactions Derivative • Mar 16
Independent Director exercised options and sold US$87k worth of stock On the 14th of March, Michael Hansen exercised 13k options at a strike price of around US$12.75 and sold these shares for an average price of US$19.70 per share. This trade did not impact their existing holding. Since March 2021, Michael has owned 266.41k shares directly. Company insiders have collectively sold US$491k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$2.98 (down from US$3.32 in FY 2020). Revenue: US$262.7m (down 9.8% from FY 2020). Net income: US$70.8m (down 13% from FY 2020). Profit margin: 27% (down from 28% in FY 2020). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.68% (no change from 2.68% in FY 2020). Cost-to-income ratio: 65.9% (up from 61.5% in FY 2020). Non-performing loans: 0.46% (up from 0.40% in FY 2020). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Over the next year, revenue is expected to shrink by 25% compared to a 10% decline forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 30
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$2.98 (down from US$3.32 in FY 2020). Revenue: US$262.7m (down 9.8% from FY 2020). Net income: US$70.8m (down 13% from FY 2020). Profit margin: 27% (down from 28% in FY 2020). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.68% (no change from 2.68% in FY 2020). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Over the next year, revenue is expected to shrink by 21% compared to a 9.3% decline forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 31
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 07 January 2022. Payment date: 01 February 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of American dividend payers (3.5%). Higher than average of industry peers (3.6%). Recent Insider Transactions Derivative • Nov 27
Independent Director exercised options and sold US$177k worth of stock On the 22nd of November, Thomas Dalum exercised 20k options at a strike price of around US$12.75 and sold these shares for an average price of US$21.65 per share. This trade did not impact their existing holding. Since March 2021, Thomas has owned 125.13k shares directly. Company insiders have collectively sold US$1.4m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS US$0.80 (vs US$1.08 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$67.8m (down 23% from 3Q 2020). Net income: US$19.0m (down 28% from 3Q 2020). Profit margin: 28% (down from 30% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 30
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 07 October 2021. Payment date: 02 November 2021. Trailing yield: 6.3%. Within top quartile of American dividend payers (3.6%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS US$0.75 (vs US$0.86 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$67.1m (down 11% from 2Q 2020). Net income: US$17.9m (down 15% from 2Q 2020). Profit margin: 27% (down from 28% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 03
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 03 August 2021. Trailing yield: 8.2%. Within top quartile of American dividend payers (3.5%). Higher than average of industry peers (3.3%). Recent Insider Transactions Derivative • Jun 09
Executive VP exercised options and sold US$177k worth of stock On the 3rd of June, William Bruss exercised 24k options at a strike price of around US$12.75 and sold these shares for an average price of US$20.04 per share. This trade did not impact their existing holding. Since March 2021, William's direct individual holding has decreased from 90.35k shares to 87.71k. Company insiders have collectively bought US$594k more than they sold, via options and on-market transactions, in the last 12 months.