Waterstone Financial (WSBF) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $7.9 million, up from $4.7 million in Q3 2024 and $7.7 million in Q2 2025; nine-month net income rose to $18.7 million from $13.5 million year-over-year.

• Earnings per share for Q3 2025 were $0.45 (basic and diluted), compared to $0.26 in Q3 2024; nine-month EPS was $1.04, up from $0.72.

• Performance was driven by improved net interest margin and strong asset quality, with both Community and Mortgage Banking segments contributing to earnings growth.

Financial highlights

• Total assets increased 2.7% to $2.27 billion at September 30, 2025, driven by higher cash, loans, and securities.

• Net interest income for Q3 2025 rose 28% to $14.7 million; nine-month net interest income increased 23.1% to $41.0 million.

• Net interest margin improved to 2.76% in Q3 2025 from 2.13% in Q3 2024.

• Book value per share rose to $18.65 at September 30, 2025, from $17.53 at December 31, 2024.

• Noninterest expenses for Q3 2025 decreased 3.8% to $27.5 million, reflecting lower compensation and occupancy costs.

Outlook and guidance

• Management expects continued focus on deposit growth, net interest margin improvement, cost control, and prudent loan origination amid competitive and rate-sensitive markets.

• The company anticipates an insignificant impact from recent U.S. tax law changes.

• Forward-looking statements caution about risks from interest rates, competition, regulation, and economic conditions.