Waterstone Financial (WSBF) Q4 2024 earnings summary

Executive summary

• Net income of $5.2M ($0.28/diluted share) for Q4 2024, up from a net loss of $40K in Q4 2023; full-year diluted EPS rose to $1.01 from $0.46 year-over-year.

• Achieved loan and core deposit growth, maintained strong asset quality, and continued share repurchases and dividends.

• Mortgage Banking segment remained profitable despite headwinds from higher fixed-rate mortgage rates.

Financial highlights

• Consolidated return on average assets was 0.94% for Q4 2024, up from (0.01)% in Q4 2023.

• Return on average equity was 6.05% for Q4 2024, up from (0.05)% in Q4 2023.

• Book value per share increased to $17.53 at year-end 2024 from $16.94 at year-end 2023.

• Dividends declared were $0.15 per share for Q4 2024; 194,000 shares repurchased at $14.43/share.

• Net interest income for Q4 2024 was $12.8M, up 9% year-over-year; total noninterest income was $19.0M, up 13% year-over-year.

Outlook and guidance

• Management aims to build on 2024 positives, focusing on cost control and shareholder returns.

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