secwatch.observer — SEC 8-K summary
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Issuer:     Waterstone Financial, Inc. (WSBF)
CIK:        0001569994
Form:       8-K
Filed at:   2022-04-21T23:59:59+00:00
Accession:  0001437749-22-009416
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1569994/000143774922009416/0001437749-22-009416-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1569994/000143774922009416/wsbf20220420_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-009416

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer