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Company Description

Contact Info

11200 West Plank Court

Wauwatosa, WI 53226

United States

Phone: 414-761-1000


Waterstone Financial, Inc. operates as the holding company of WaterStone Bank SSB that provides community banking services. The company has 11 banking offices located in Milwaukee, Washington and Waukesha counties, Wisconsin, as well as a loan production office in Minneapolis, Minnesota. The company’s principal lending activity is originating one- to four-family and multi-family residential real estate loans for retention in its portfolio. The company offers home equity loans and lines of credit, construction and land loans, commercial real estate and commercial business loans, and consumer loans. The company funds its loan production primarily with retail deposits and Federal Home Loan Bank advances. Its deposit offerings include: certificates of deposit, money market savings accounts, transaction deposit accounts, non-interest bearing demand accounts and individual retirement accounts. The company’s investment securities portfolio consists principally of mortgage-backed securities, government-sponsored enterprise bonds and municipal obligations. A majority of the company’s depositors are persons who work or reside in Milwaukee and Waukesha counties and, to a lesser extent, other southeastern Wisconsin communities. The company offers a selection of deposit instruments, including checking and fixed-term certificates of deposit. The company’s mortgage banking operations are conducted through its wholly-owned subsidiary, Waterstone Mortgage Corporation. Waterstone Mortgage Corporation originates single-family residential real estate loans for sale into the secondary market. Waterstone Mortgage Corporation utilizes lines of credit provided by WaterStone Bank as a primary source of funds, and also utilizes a line of credit with another financial institution as needed. As of December 31, 2015, Waterstone Mortgage Corporation had 15 offices in Wisconsin, 13 offices in Florida, 8 offices in Pennsylvania, 8 offices in Minnesota, 4 offices in Indiana, 2 offices in each of Arizona, Illinois, Iowa, and Ohio, and 1 office in each of Georgia, Idaho, Maine, Maryland, New Hampshire, Tennessee, Texas, and Virginia. One- to Four-Family Residential Mortgage Loans One- to four-family residential mortgage loans originated for investment. The company's one- to four-family residential mortgage loans have fixed or adjustable rates. The company’s adjustable-rate mortgage loans generally provide for maximum annual rate adjustments of 200 basis points, with a lifetime maximum adjustment of 600 basis points. Multi-family Real Estate Loans These loans are generally secured by properties located in the company's primary market area. The company’s multi-family real estate underwriting policies generally provide that such real estate loans might be made in amounts of up to 80% of the appraised value of the property provided the loan complies with its current loans-to-one borrower limit. Multi-family real estate loans are offered with interest rates that are fixed for periods of up to five years or are variable and either adjust based on a market index or at the company's discretion. Home Equity Loans and Lines of Credit The company also offers home equity loans and home equity lines of credit, both of which are secured by owner-occupied and non-owner occupied one- to four-family residences. Home equity loans are offered with adjustable rates of interest and with terms up to 10 years. Construction and Land Loans The company originates construction loans for the acquisition of land and the construction of single-family residences, multi-family residences, and commercial real estate buildings. The company’s construction mortgage loans generally provide for the payment of interest only during the construction phase. At the end of the construction phase, the construction loan converts to a longer-term mortgage loan. Commercial Real Estate Loans Commercial real estate loans originated for investment. These loans are generally secured by property located in the company's primary market area. Commercial real estate loans are offered with interest rates that are fixed up to five years or are variable and either adjust b


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Valuation WSBF Industry Range
Price/Earnings 23.1x
Price/Sales 3.1x
Price/Book 1.1x
Price/Cash Flow 24.8x
TEV/Sales NM Not Meaningful

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