---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-22-009416"
form_type: "8-K"
ticker: "WSBF"
cik: "0001569994"
company_name: "Waterstone Financial, Inc."
filed_at: "2022-04-21T23:59:59+00:00"
generated_at: "2026-06-26T05:43:38.907408+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Waterstone Financial Q1 net income $5.3M vs $21.3M; mortgage pre-tax income drops to $1.4M

## Summary
- Net income $5.3M ($0.23 diluted EPS) vs $21.3M ($0.89) in Q1 2021, down 75%.
- Community banking pre-tax income $5.4M, down 40.6% from $9.1M; net interest margin fell to 2.38% from 2.80%.
- Mortgage banking pre-tax income $1.4M vs $19.1M; originations down 36.5% to $708.5M, purchase mix 77%.
- Adopted CECL on Jan 1, 2022, reducing retained earnings by $1.4M after tax; allowance for credit losses increased.
- Declared $0.20/share dividend; repurchased ~681k shares for $13.8M during quarter.

## SEC filing metadata
- accession: 0001437749-22-009416
- form_type: 8-K
- ticker: WSBF
- cik: 0001569994
- company_name: Waterstone Financial, Inc.
- filed_at: 2022-04-21T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1569994/000143774922009416/0001437749-22-009416-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1569994/000143774922009416/wsbf20220420_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-22-009416
- JSON: https://secwatch.observer/filing/0001437749-22-009416.json
- Plain text: https://secwatch.observer/filing/0001437749-22-009416.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.