WSBF · CIK 0001569994
What Waterstone Financial, Inc. told the SEC could break it.
Waterstone Financial's risks are those of a community bank concentrated by geography and asset class. Its WaterStone Bank deposits and loans are tied to metropolitan Milwaukee, Wisconsin, so its results ride on that one regional economy. Its loan book leans heavily on a single asset class — multi-family real estate loans were $758.4 million, or 45.3% of total loans, mostly secured by Wisconsin properties — concentrating its credit exposure there; and a less-than-satisfactory CRA or compliance rating could block the regulatory approvals it needs to pay dividends, buy back stock, open branches or make acquisitions.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- deposits and loans concentrated in metro Milwaukee, Wisconsinmedium
WaterStone Bank's community banking and deposits are concentrated in the Milwaukee metro area of Wisconsin (42.9% of state deposits in the seven-county Milwaukee market), tying results to one regional economy.
“At June 30, 2025 (the latest date for which information was publicly available), 42.9% of deposits in the State of Wisconsin were located in the seven-county Milwaukee metropolitan market and 36.8% of deposits in the State of Wisconsin were located in the three counties in which the Bank has a branch office.”
SEC filing →As of 2026
Liquidity & debt
- multi-family real estate loan concentration (45.3% of total loans)medium
Multi-family real estate loans were $758.4M, or 45.3% of total loans, mostly secured by properties in WaterStone's primary Wisconsin market — a sizable single-asset-class concentration.
“Multi-family loans totaled $758.4 million, or 45.3% of total loans at December 31, 2025.”
SEC filing →As of 2026
Regulatory & policy
- CRA/AML rating gating dividends, buybacks, branches and acquisitionsmedium
A less-than-satisfactory CRA or compliance rating could block WaterStone from regulatory approvals needed to pay dividends, repurchase shares, acquire institutions or open branches, constraining capital actions and growth.
“A less than satisfactory rating may also prevent a financial institution, such as WaterStone Bank or Waterstone Financial, from obtaining necessary regulatory approvals to pay dividends, repurchase shares of common stock, acquire other financial institutions or establish new branches.”
SEC filing →As of 2026
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