10-Q 1 wsbf20220331_10q.htm FORM 10-Q wsbf20220331_10q.htm
0001569994 Waterstone Financial, Inc. false --12-31 Q1 2022 0.01 0.01 50,000,000 50,000,000 0 0 0.01 0.01 100,000,000 100,000,000 24,146,920 24,146,920 24,795,124 24,795,124 2,623 432 0.20 0.20 0 0 0 2 0 0 0 0 24.4 1 0 0 0 0 Unused portions of construction loans are available to the borrower for up to one year. Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote. Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. Includes $666,000 and $816,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. Unused portions of home equity loans are available to the borrower for up to 10 years. 00015699942022-01-012022-03-31 xbrli:shares 00015699942022-05-05 iso4217:USD 00015699942022-03-31 00015699942021-12-31 iso4217:USDxbrli:shares 00015699942021-01-012021-03-31 0001569994us-gaap:CommonStockMember2020-12-31 0001569994us-gaap:AdditionalPaidInCapitalMember2020-12-31 0001569994us-gaap:RetainedEarningsMember2020-12-31 0001569994wsbf:UnearnedEsopSharesMember2020-12-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-31 00015699942020-12-31 0001569994us-gaap:CommonStockMember2021-01-012021-03-31 0001569994us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-31 0001569994us-gaap:RetainedEarningsMember2021-01-012021-03-31 0001569994wsbf:UnearnedEsopSharesMember2021-01-012021-03-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-31 0001569994us-gaap:CommonStockMember2021-03-31 0001569994us-gaap:AdditionalPaidInCapitalMember2021-03-31 0001569994us-gaap:RetainedEarningsMember2021-03-31 0001569994wsbf:UnearnedEsopSharesMember2021-03-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-31 00015699942021-03-31 0001569994us-gaap:CommonStockMember2021-12-31 0001569994us-gaap:AdditionalPaidInCapitalMember2021-12-31 0001569994us-gaap:RetainedEarningsMember2021-12-31 0001569994wsbf:UnearnedEsopSharesMember2021-12-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31 0001569994us-gaap:CommonStockMember2022-01-012022-03-31 0001569994us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-31 0001569994us-gaap:RetainedEarningsMember2022-01-012022-03-31 0001569994wsbf:UnearnedEsopSharesMember2022-01-012022-03-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommonStockMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberwsbf:UnearnedEsopSharesMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-31 0001569994us-gaap:CommonStockMember2022-03-31 0001569994us-gaap:AdditionalPaidInCapitalMember2022-03-31 0001569994us-gaap:RetainedEarningsMember2022-03-31 0001569994wsbf:UnearnedEsopSharesMember2022-03-31 0001569994us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-31 xbrli:pure 0001569994us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-01 0001569994us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:UnfundedLoanCommitmentMember2022-01-01 0001569994us-gaap:MortgageBackedSecuritiesMember2022-03-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2022-03-31 0001569994wsbf:MortgagerelatedSecuritiesMember2022-03-31 0001569994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-31 0001569994us-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-31 0001569994us-gaap:OtherDebtSecuritiesMember2022-03-31 0001569994us-gaap:DebtSecuritiesMember2022-03-31 0001569994us-gaap:DebtMember2022-03-31 0001569994us-gaap:MortgageBackedSecuritiesMember2021-12-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-31 0001569994us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-12-31 0001569994wsbf:MortgagerelatedSecuritiesMember2021-12-31 0001569994us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-31 0001569994us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001569994us-gaap:OtherDebtSecuritiesMember2021-12-31 0001569994us-gaap:DebtSecuritiesMember2021-12-31 0001569994us-gaap:DebtMember2021-12-31 0001569994wsbf:MortgagerelatedSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2022-03-31 0001569994wsbf:MortgagerelatedSecuritiesMemberus-gaap:AssetPledgedAsCollateralMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalHomeLoanBankAdvancesMember2021-12-31 0001569994srt:FederalHomeLoanBankOfChicagoMember2022-03-31 0001569994srt:FederalHomeLoanBankOfChicagoMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994wsbf:FinancialAsset1To59DaysPastDueMember2022-03-31 0001569994us-gaap:FinancingReceivables60To89DaysPastDueMember2022-03-31 0001569994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-03-31 0001569994us-gaap:FinancialAssetPastDueMember2022-03-31 0001569994us-gaap:FinancialAssetNotPastDueMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994wsbf:FinancialAsset1To59DaysPastDueMember2021-12-31 0001569994us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001569994us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001569994us-gaap:FinancialAssetPastDueMember2021-12-31 0001569994us-gaap:FinancialAssetNotPastDueMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberwsbf:ConstructionAndLandPortfolioSegmentMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001569994srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-01-012022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2022-01-012022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-01-012022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2022-01-012022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMember2022-01-012022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2020-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2020-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2020-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2020-12-31 0001569994us-gaap:CommercialPortfolioSegmentMember2020-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-01-012021-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-01-012021-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-01-012021-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2021-01-012021-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-03-31 0001569994us-gaap:CommercialPortfolioSegmentMember2021-01-012021-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMember2021-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2021-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMember2021-03-31 0001569994us-gaap:CommercialPortfolioSegmentMember2021-03-31 0001569994us-gaap:UnfundedLoanCommitmentMember2022-03-31 0001569994us-gaap:UnfundedLoanCommitmentMember2022-01-012022-03-31 0001569994us-gaap:UnfundedLoanCommitmentMember2021-01-012021-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberwsbf:ConstructionAndLandPortfolioSegmentMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-31 0001569994wsbf:CollateralDependentLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-03-31 0001569994wsbf:CollateralDependentLoansMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-03-31 0001569994wsbf:PooledLoansMemberwsbf:ConstructionAndLandPortfolioSegmentMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-03-31 0001569994wsbf:PooledLoansMemberus-gaap:CommercialPortfolioSegmentMember2022-03-31 0001569994wsbf:PooledLoansMember2022-03-31 utr:Y 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2022-03-31 0001569994us-gaap:SubstandardMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:WatchMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:WatchMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:WatchMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:WatchMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:WatchMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:WatchMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:WatchMember2022-03-31 0001569994wsbf:WatchMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2022-03-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2022-03-31 0001569994us-gaap:PassMember2022-03-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001569994us-gaap:SubstandardMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberwsbf:WatchMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberwsbf:WatchMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberwsbf:WatchMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberwsbf:WatchMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberwsbf:WatchMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberwsbf:WatchMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberwsbf:WatchMember2021-12-31 0001569994wsbf:WatchMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2021-12-31 0001569994wsbf:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001569994us-gaap:PassMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberwsbf:ConstructionAndLandPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberwsbf:ConstructionAndLandPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithNoReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembersrt:MultifamilyMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberwsbf:ConstructionAndLandPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994wsbf:FinancialAssetWithCreditDeteriorationMember2021-12-31 0001569994wsbf:FinancialReceivableImpairedWithReserveMemberwsbf:FinancialAssetWithCreditDeteriorationMember2021-12-31 0001569994wsbf:AccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-03-31 0001569994wsbf:AccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-01-012022-03-31 0001569994wsbf:NonAccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-03-31 0001569994wsbf:NonAccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2022-01-012022-03-31 0001569994wsbf:AccruingMember2022-03-31 0001569994wsbf:AccruingMember2022-01-012022-03-31 0001569994wsbf:NonAccruingMember2022-03-31 0001569994wsbf:NonAccruingMember2022-01-012022-03-31 0001569994wsbf:AccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994wsbf:AccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-01-012021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-01-012021-12-31 0001569994us-gaap:ResidentialPortfolioSegmentMemberwsbf:OneToFourFamilyMember2021-01-012021-12-31 0001569994wsbf:AccruingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994wsbf:AccruingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-31 0001569994us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-31 0001569994wsbf:AccruingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994wsbf:AccruingMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:CommercialPortfolioSegmentMember2021-12-31 0001569994wsbf:NonAccruingMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-31 0001569994us-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-31 0001569994wsbf:AccruingMember2021-12-31 0001569994wsbf:AccruingMember2021-01-012021-12-31 0001569994wsbf:NonAccruingMember2021-12-31 0001569994wsbf:NonAccruingMember2021-01-012021-12-31 00015699942021-01-012021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2022-01-012022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2022-01-012022-03-31 0001569994wsbf:InterestReductionAndPrincipalForbearanceMember2022-03-31 0001569994wsbf:InterestReductionAndPrincipalForbearanceMember2022-01-012022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2022-01-012022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2022-01-012022-03-31 0001569994us-gaap:ContractualInterestRateReductionMember2022-03-31 0001569994us-gaap:ContractualInterestRateReductionMember2022-01-012022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2022-01-012022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2022-01-012022-03-31 0001569994us-gaap:PrincipalForgivenessMember2022-03-31 0001569994us-gaap:PrincipalForgivenessMember2022-01-012022-03-31 0001569994us-gaap:PerformingFinancingReceivableMember2022-03-31 0001569994us-gaap:PerformingFinancingReceivableMember2022-01-012022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMember2022-03-31 0001569994us-gaap:NonperformingFinancingReceivableMember2022-01-012022-03-31 0001569994us-gaap:PerformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2021-01-012021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberwsbf:InterestReductionAndPrincipalForbearanceMember2021-01-012021-12-31 0001569994wsbf:InterestReductionAndPrincipalForbearanceMember2021-12-31 0001569994wsbf:InterestReductionAndPrincipalForbearanceMember2021-01-012021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:ContractualInterestRateReductionMember2021-01-012021-12-31 0001569994us-gaap:ContractualInterestRateReductionMember2021-12-31 0001569994us-gaap:ContractualInterestRateReductionMember2021-01-012021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2021-12-31 0001569994us-gaap:PerformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2021-01-012021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMemberus-gaap:PrincipalForgivenessMember2021-01-012021-12-31 0001569994us-gaap:PrincipalForgivenessMember2021-12-31 0001569994us-gaap:PrincipalForgivenessMember2021-01-012021-12-31 0001569994us-gaap:PerformingFinancingReceivableMember2021-12-31 0001569994us-gaap:PerformingFinancingReceivableMember2021-01-012021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMember2021-12-31 0001569994us-gaap:NonperformingFinancingReceivableMember2021-01-012021-12-31 0001569994wsbf:OneToFourFamilyMember2022-01-012022-03-31 0001569994wsbf:OneToFourFamilyMember2022-03-31 0001569994us-gaap:RepurchaseAgreementsMember2022-03-31 0001569994us-gaap:RepurchaseAgreementsMember2021-12-31 0001569994wsbf:LongTermDebtMaturing2027Membersrt:FederalHomeLoanBankOfChicagoMember2022-03-31 0001569994wsbf:LongTermDebtMaturing2027Membersrt:FederalHomeLoanBankOfChicagoMember2021-12-31 0001569994wsbf:LongTermDebtMaturing2028Membersrt:FederalHomeLoanBankOfChicagoMember2022-03-31 0001569994wsbf:LongTermDebtMaturing2028Membersrt:FederalHomeLoanBankOfChicagoMember2021-12-31 0001569994wsbf:LongTermDebtMaturing2029Membersrt:FederalHomeLoanBankOfChicagoMember2022-03-31 0001569994wsbf:LongTermDebtMaturing2029Membersrt:FederalHomeLoanBankOfChicagoMember2021-12-31 0001569994wsbf:AdvanceFromFederalHomeLoanBankMember2022-03-31 0001569994us-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceWithFHLBSingleCallOptionMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceOneWithFHLBSingleCallOptoinMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceOneWithFHLBQuarterlyCallOptionMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceTwoWithFHLBQuarterlyCallOptionMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceWithFHLBQuarterlyCallOptionInMay2022Memberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceWithFHLBQuarterlyCallOptionInAugust2022Memberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceOneWithFHLBQuarterlyCallOptionCurrentlyAvailableMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:AdvanceTwoWithFHLBQuarterlyCallOptionCurrentlyAvailableMemberus-gaap:FederalHomeLoanBankAdvancesMember2022-03-31 0001569994wsbf:ConsolidatedWaterstoneFinancialIncMember2022-03-31 0001569994srt:SubsidiariesMember2022-03-31 0001569994wsbf:ConsolidatedWaterstoneFinancialIncMember2021-12-31 0001569994srt:SubsidiariesMember2021-12-31 0001569994wsbf:CommitmentsToExtendCreditUnderAmortizingLoansMember2022-03-31 0001569994wsbf:CommitmentsToExtendCreditUnderAmortizingLoansMember2021-12-31 0001569994wsbf:CommitmentsToExtendCreditUnderHomeEquityLinesOfCreditMember2022-03-31 0001569994wsbf:CommitmentsToExtendCreditUnderHomeEquityLinesOfCreditMember2021-12-31 0001569994wsbf:UnusedPortionOfConstructionLoansMember2022-03-31 0001569994wsbf:UnusedPortionOfConstructionLoansMember2021-12-31 0001569994us-gaap:UnusedLinesOfCreditMember2022-03-31 0001569994us-gaap:UnusedLinesOfCreditMember2021-12-31 0001569994us-gaap:StandbyLettersOfCreditMember2022-03-31 0001569994us-gaap:StandbyLettersOfCreditMember2021-12-31 utr:D 0001569994srt:MaximumMember2022-01-012022-03-31 0001569994us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherAssetsMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherAssetsMemberus-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2022-03-31 0001569994us-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherAssetsMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherAssetsMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherAssetsMemberus-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2021-12-31 0001569994us-gaap:InterestRateSwapMember2022-03-31 0001569994us-gaap:InterestRateSwapMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PrivateEquityFundsMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2021-12-31 0001569994us-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:MortgageBankingMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001569994wsbf:MortgageDerivativeMember2021-12-31 0001569994wsbf:MortgageDerivativeMember2020-12-31 0001569994wsbf:MortgageDerivativeMember2022-01-012022-03-31 0001569994wsbf:MortgageDerivativeMember2021-01-012021-03-31 0001569994wsbf:MortgageDerivativeMember2022-03-31 0001569994wsbf:MortgageDerivativeMember2021-03-31 0001569994us-gaap:FairValueMeasurementsNonrecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-03-31 0001569994us-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2022-03-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994wsbf:MortgageDerivativeMemberwsbf:PullThroughRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994us-gaap:MeasurementInputDiscountRateMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-31 0001569994wsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2021-12-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MeasurementInputCostToServiceMembersrt:MinimumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MeasurementInputCostToServiceMembersrt:MaximumMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994wsbf:MeasurementInputCostToServiceMembersrt:WeightedAverageMemberwsbf:ValuationTechniquePricingModelMember2022-03-31 0001569994us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-31 0001569994us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-31 0001569994us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31 0001569994us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001569994us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001569994us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001569994us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001569994wsbf:CommunityBankingMember2022-01-012022-03-31 0001569994wsbf:MortgageBankingSegmentMember2022-01-012022-03-31 0001569994wsbf:HoldingCommunityAndOtherMember2022-01-012022-03-31 0001569994wsbf:CommunityBankingMember2022-03-31 0001569994wsbf:MortgageBankingSegmentMember2022-03-31 0001569994wsbf:HoldingCommunityAndOtherMember2022-03-31 0001569994wsbf:CommunityBankingMember2021-01-012021-03-31 0001569994wsbf:MortgageBankingSegmentMember2021-01-012021-03-31 0001569994wsbf:HoldingCommunityAndOtherMember2021-01-012021-03-31 0001569994wsbf:CommunityBankingMember2021-03-31 0001569994wsbf:MortgageBankingSegmentMember2021-03-31 0001569994wsbf:HoldingCommunityAndOtherMember2021-03-31
 

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

☒    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended March 31, 2022

 

OR

 

☐    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number 001-36271

 

WATERSTONE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

90-1026709

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

  

11200 W. Plank Court Wauwatosa, Wisconsin

53226

(Address of principal executive offices)

(Zip Code)

 

(414) 761-1000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange on which registered

Common Stock, $0.01 Par Value

 

WSBF

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      ☒          No      ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      ☒            No      ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐            

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      ☐            No      ☒

The number of shares outstanding of the issuer’s common stock, $0.01 par value per share, was 23,605,220 at May 5, 2022.

 

 
Table of Contents
 

WATERSTONE FINANCIAL, INC.

 

10-Q INDEX

 

 

Page No.
   

PART I. FINANCIAL INFORMATION

  
   

Item l. Financial Statements

  

Consolidated Statements of Financial Condition as of March 31, 2022 (unaudited) and December 31, 2021

3

Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)

6

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)

7

Notes to Consolidated Financial Statements (unaudited)

8-38
   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

39-56

Item 3. Quantitative and Qualitative Disclosures about Market Risk

57

Item 4. Controls and Procedures

58
   

PART II. OTHER INFORMATION

  
   

Item 1. Legal Proceedings

58
Item 1A. Risk Factors 58
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58
Item 3. Defaults Upon Senior Securities 58
Item 4. Mine Safety Disclosures 58
Item 5. Other Information 59
Item 6. Exhibits 59
Signatures 59

 

 

 

 
   

 

 
Table of Contents
 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

  

(Unaudited)

     
  

March 31, 2022

  

December 31, 2021

 
  

(Dollars In Thousands, except share and per share data)

 

Assets

        

Cash

 $247,857  $343,016 

Federal funds sold

  10,954   13,981 

Interest-earning deposits in other financial institutions and other short term investments

  19,719   19,725 

Cash and cash equivalents

  278,530   376,722 

Securities available for sale (at fair value)

  201,953   179,016 

Loans held for sale (at fair value)

  154,440   312,738 

Loans receivable

  1,207,416   1,205,785 

Less: Allowance for credit losses ("ACL") - loans

  16,905   15,778 

Loans receivable, net

  1,190,511   1,190,007 
         

Office properties and equipment, net

  21,932   22,273 

Federal Home Loan Bank stock (at cost)

  24,438   24,438 

Cash surrender value of life insurance

  65,315   65,368 

Real estate owned, net

  148   148 

Prepaid expenses and other assets

  67,347   45,148 

Total assets

 $2,004,614  $2,215,858 
         

Liabilities and Shareholders’ Equity

        

Liabilities:

        

Demand deposits

 $218,119  $214,409 

Money market and savings deposits

  400,710   392,314 

Time deposits

  591,619   626,663 

Total deposits

  1,210,448   1,233,386 
         

Borrowings

  326,478   477,127 

Advance payments by borrowers for taxes

  10,759   4,094 

Other liabilities

  44,677   68,478 

Total liabilities

  1,592,362   1,783,085 

Commitments and contingencies (Note 9)

          
         

Shareholders’ equity:

        

Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at March 31, 2022 and at December 31, 2021, no shares issued

  -   - 

Common stock (par value $.01 per share) Authorized - 100,000,000 shares at March 31, 2022 and at December 31, 2021, Issued - 24,146,920 at March 31, 2022 and 24,795,124 at December 31, 2021, Outstanding - 24,146,920 at March 31, 2022 and 24,795,124 at December 31, 2021

  241   248 

Additional paid-in capital

  161,354   174,505 

Retained earnings

  272,740   273,398 

Unearned ESOP shares

  (13,946)  (14,243)

Accumulated other comprehensive loss, net of taxes

  (8,137)  (1,135)

Total shareholders’ equity

  412,252   432,773 

Total liabilities and shareholders’ equity

 $2,004,614  $2,215,858 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

3
Table of Contents
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

Three months ended March 31,

  
   

2022

    

2021

  
   

(In Thousands, except per share amounts)

  
                 

Interest income:

                

Loans

   $ 13,500     $ 16,603  

Mortgage-related securities

     602       491  

Debt securities, federal funds sold and short-term investments

     928       875  

Total interest income

     15,030       17,969  

Interest expense:

                

Deposits

     779       1,517  

Borrowings

     2,387       2,500  

Total interest expense

     3,166       4,017  

Net interest income

     11,864       13,952  

Provision (credit) for credit losses

     (76 )     (1,070 )

Net interest income after provision for loan losses

     11,940       15,022  

Noninterest income:

                

Service charges on loans and deposits

     510       690  

Increase in cash surrender value of life insurance

     316       301  

Mortgage banking income

     28,275       54,391  

Other

     717       817  

Total noninterest income

     29,818       56,199  

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

     25,535       34,123  

Occupancy, office furniture, and equipment

     2,188       2,565  

Advertising

     905       824  

Data processing

     1,202       971  

Communications

     340       331  

Professional fees

     461       (315 )

Real estate owned

     5       (12 )

Loan processing expense

     1,431       1,335  

Other

     2,868       3,178  

Total noninterest expenses

     34,935       43,000  

Income before income taxes

     6,823       28,221  

Income tax expense

     1,532       6,877  

Net income

   $ 5,291     $ 21,344  

Income per share:

                

Basic

   $ 0.23     $ 0.90  

Diluted

   $ 0.23     $ 0.89  

Weighted average shares outstanding:

                

Basic

     23,132       23,735  

Diluted

     23,311       23,950  

 

See accompanying notes to unaudited consolidated financial statements.

 

4
Table of Contents
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

  

Three months ended March 31,

 
  

2022

  

2021

 
  

(In Thousands)

 

Net income

 $5,291  $21,344 
         

Other comprehensive loss, net of tax:

        

Net unrealized holding loss on available for sale securities:

        

Net unrealized holding loss arising during the period, net of tax benefit of $2,623 and $432, respectively

  (7,002)  (1,156)

Total other comprehensive loss

  (7,002)  (1,156)

Comprehensive (loss) income

 $(1,711) $20,188 

 

See accompanying notes to unaudited consolidated financial statements.

 

5
Table of Contents
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

                      

Accumulated

     
          

Additional

      

Unearned

  

Other

  

Total

 
  

Common Stock

  

Paid-In

  

Retained

  

ESOP

  

Comprehensive

  

Shareholders'

 
  

Shares

  

Amount

  

Capital

  

Earnings

  

Shares

  

Income (Loss)

  

Equity

 
  

(In Thousands, except per share amounts)

 

For the three months ended March 31, 2021

                            

Balances at December 31, 2020

  25,088  $251  $180,684  $245,287  $(15,430) $2,326  $413,118 
                             

Comprehensive income:

                            

Net income

  -   -   -   21,344   -   -   21,344 

Other comprehensive loss

  -   -   -   -   -   (1,156)  (1,156)

Total comprehensive income

                     20,188 
                             

ESOP shares committed to be released to plan participants

  -   -   223   -   297   -   520 

Cash dividend, $0.20 per share

  -   -   -   (4,772)  -   -   (4,772)

Proceeds from stock option exercises

  142   1   1,458   -   -   -   1,459 

Stock compensation expense

  -   -   175   -   -   -   175 

Purchase of common stock returned to authorized but unissued

  -   -   (7)  -   -   -   (7)

Balances at March 31, 2021

  25,230  $252  $182,533  $261,859  $(15,133) $1,170  $430,681 
                             
  

(In Thousands, except per share amounts)

 

For the three months ended March 31, 2022

                            

Balances at December 31, 2021

  24,795  $248  $174,505  $273,398  $(14,243) $(1,135) $432,773 
                             

Comprehensive loss:

                            

Net income

  -   -   -   5,291   -   -   5,291 

Other comprehensive loss

  -   -   -   -   -   (7,002)  (7,002)

Total comprehensive loss

                     (1,711)
                             

Adoption of new accounting pronouncement (see Note 1)

  -   -   -   (1,392)  -   -   (1,392)

ESOP shares committed to be released to plan participants

  -   -   236   -   297   -   533 

Cash dividend, $0.20 per share

  -   -   -   (4,557)  -   -   (4,557)

Proceeds from stock option exercises

  33   -   191   -   -   -   191 

Stock compensation expense

  -   -   170   -   -   -   170 

Purchase of common stock returned to authorized but unissued

  (681)  (7)  (13,748)  -   -   -   (13,755)

Balances at March 31, 2022

  24,147  $241  $161,354  $272,740  $(13,946) $(8,137) $412,252 

 

See accompanying notes to unaudited consolidated financial statements.

 

6
Table of Contents
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Three months ended March 31,

  
   

2022

    

2021

  
   

(In Thousands)

  
                 

Operating activities:

                

Net income

   $ 5,291     $ 21,344  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Provision (credit) for credit losses

     (76 )     (1,070 )

Depreciation, amortization, accretion

     1,081       1,749  

Deferred taxes

     (310 )     2,059  

Stock based compensation

     170       175  

Origination of mortgage servicing rights

     (1,001 )     (3,516 )

Gain on sale of loans held for sale

     (22,141 )     (53,708 )

Loans originated for sale

     (698,115 )     (1,109,074 )

Proceeds on sales of loans originated for sale

     878,554       1,223,492  

Gain on death benefit on bank owned life insurance

     (340 )     -  

(Increase) decrease in accrued interest receivable

     (160 )     33  

Increase in cash surrender value of life insurance

     (316 )     (301 )

Increase in derivative assets

     (4,681 )     (544 )

Decrease in accrued interest on deposits and borrowings

     (102 )     (102 )

Increase in prepaid tax expense

     (732 )     (463 )

Legal settlement

     -       (4,250 )

Increase (decrease) in derivative liabilities

     3,477       (5,140 )

Net gain loss related to real estate owned

     -       (11 )

Change in other assets and other liabilities, net

     (17,995 )     (11,282 )

Net cash provided by operating activities

     142,604       59,391  
                 

Investing activities:

                

Net (increase) decrease in loans receivable

     (1,015 )     39,742  

Purchases of:

                

Mortgage related securities

     (47,877 )     (16,153 )

Premises and equipment, net

     (121 )     (268 )

Proceeds from:

                

Principal repayments on mortgage-related securities

     8,964       11,022  

Maturities of debt securities

     6,380       885  

Sales of real estate owned

     -       183  

Net cash (used in) provided by investing activities

     (33,669 )     35,411  
                 

Financing activities:

                

Net (decrease) increase in deposits

     (22,938 )     34,821  

Net change in short-term borrowings

     4,351       (17,569 )

Repayment of long-term debt

     (155,000 )     -  

Net change in advance payments by borrowers for taxes

     (2,753 )     (5,025 )

Cash dividends on common stock

     (17,223 )     (4,847 )

Purchase of common stock returned to authorized but unissued

     (13,755 )     (7 )

Proceeds from stock option exercises

     191       1,459  

Net cash (used in) provided by financing activities

     (207,127 )     8,832  

(Decrease) increase in cash and cash equivalents

     (98,192 )     103,634  

Cash and cash equivalents at beginning of period

     376,722       94,767  

Cash and cash equivalents at end of period

   $ 278,530     $ 198,401  
                 

Supplemental information:

                

Cash paid or credited during the period for:

                

Income tax payments

   $ 2,135     $ 5,281  

Interest payments

     3,064       4,119  

Noncash activities:

                

Dividends declared but not paid in other liabilities

     4,860       5,157  

 

See accompanying notes to unaudited consolidated financial statements.

 

7
Table of Contents

 

 

Note 1 — Basis of Presentation

 

The unaudited interim consolidated financial statements include the accounts of Waterstone Financial, Inc. (the “Company”) and the Company’s subsidiaries.

 

WaterStone Bank SSB (the "Bank") is a community bank that has served the banking needs of its customers since 1921. WaterStone Bank also has an active mortgage banking subsidiary, Waterstone Mortgage Corporation.

 

WaterStone Bank conducts its community banking business from 14 banking offices located in Milwaukee, Washington and Waukesha Counties, Wisconsin. WaterStone Bank's principal lending activity is originating one- to four-family, multi-family residential real estate, and commercial real estate loans for retention in its portfolio. WaterStone Bank also offers home equity loans and lines of credit, construction and land loans, commercial business loans, and consumer loans. WaterStone Bank funds its loan production primarily with retail deposits and Federal Home Loan Bank advances. Our deposit offerings include: certificates of deposit, money market savings accounts, transaction deposit accounts, non-interest bearing demand accounts and individual retirement accounts. Our investment securities portfolio is comprised principally of mortgage-backed securities, government-sponsored enterprise bonds and municipal obligations.

 

WaterStone Bank'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.

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, Rule 10-01 of Regulation S-X and the instructions to Form 10-Q. The financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations, changes in shareholders’ equity, and cash flows of the Company for the periods presented.

 

The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s  December 31, 2021 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period.

 

The preparation of the unaudited consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the allowance for loan losses, income taxes, and fair value measurements. Actual results could differ from those estimates.

 

Subsequent Events

 

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. There were no significant subsequent events for the three months ended March 31, 2022 through the issuance date of these unaudited consolidated financial statements that warranted adjustment to or disclosure in the unaudited consolidated financial statements.

 

8
Table of Contents
 

Impact of Recent Accounting Pronouncements

 

ASC Topic 326 "Financial Instruments - Credit Losses." Authoritative accounting guidance under ASC Topic 326, "Financial Instruments - Credit Losses" amended the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information for credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The authoritative guidance also requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected (net of the allowance for credit losses). In addition, the credit losses relating to available-for-sale (AFS) debt securities should be recorded through an allowance for credit losses rather than a write-down.

 

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It included an option for entities to delay the adoption of ASC Topic 326 until the earlier of the termination date of the national emergency declaration by the President or December 31, 2021. Due to the uncertainty on the economy and unemployment from COVID-19, the Company determined to delay its adoption of ASC Topic 326 and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to ASC Topic 326. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The legislation extended the delay of the adoption of ASC Topic 326 allowed under the CARES Act until the earlier of the first day of the fiscal year that begins after the date when the COVID-19 national emergency is terminated or January 1, 2022.

 

ASC Topic 326 "Financial Instruments - Credit Losses." Authoritative accounting guidance under ASC Topic 326, "Troubled Debt Restructurings and Vintage Disclosures" eliminates the accounting guidance for troubled debt restructurings (“TDRs”), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The accounting guidance also requires public business entities to expand the vintage disclosures to include gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.

 

Accounting Standards Adopted in 2022

 

The Company adopted ASC Topic 326 on January 1, 2022, and applied the standard’s provisions as a cumulative-effect adjustment to retained earnings, as of January 1, 2022 (i.e., modified retrospective approach). Upon adoption of the standard, the Company recorded a $430,000 increase to the allowance for credit losses and $1.4 million increase to the allowance for unfunded commitments which resulted in a $1.4 million after-tax decrease to retained earnings as of January 1, 2022. The tax effect resulted in a $439,000 increase to deferred tax assets. 

 

The Company did not record an allowance for AFS securities on January 1, 2022 as the investment portfolio consists primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed minimal. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. See Note 2 - Securities Available for Sale and Note 3 - Loans Receivable for more information.

 

9
Table of Contents
 
 

Note 2 — Securities Available for Sale

 

The amortized cost and fair values of the Company’s investment in securities available for sale follow:

 

  

March 31, 2022

 
      

Gross

  

Gross

     
  

Amortized

  

unrealized

  

unrealized

     
  

cost

  

gains

  

losses

  

Fair value

 
  

(In Thousands)

 

Mortgage-backed securities

 $17,545  $54  $(688) $16,911 

Collateralized mortgage obligations:

                

Government sponsored enterprise issued

  133,599   10   (8,009)  125,600 

Private-label issued

  10,397   12   (173)  10,236 

Mortgage-related securities

  161,541   76   (8,870)  152,747 
                 

Government sponsered enterprise bonds

  2,500   -   (156)  2,344 

Municipal securities

  35,905   469   (751)  35,623 

Other debt securities

  12,500   -   (1,261)  11,239 

Debt securities

  50,905   469   (2,168)  49,206 

Total

 $212,446  $545  $(11,038) $201,953 

 

  

December 31, 2021

 
      

Gross

  

Gross

     
  

Amortized

  

unrealized

  

unrealized

     
  

cost

  

gains

  

losses

  

Fair value

 
  

(In Thousands)

 

Mortgage-backed securities

 $19,133  $542  $(187) $19,488 

Collateralized mortgage obligations

                

Government sponsored enterprise issued

  100,543   503   (1,744)  99,302 

Private-label issued

  2,913   30   -   2,943 

Mortgage related securities

  122,589   1,075   (1,931)  121,733 
                 

Government sponsered enterprise bonds

  2,500   -   (52)  2,448 

Municipal securities

  42,295   1,206   (7)  43,494 

Other debt securities

  12,500   41   (1,200)  11,341 

Debt securities

  57,295   1,247   (1,259)  57,283 

Total

 $179,884  $2,322  $(3,190) $179,016 

 

The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At March 31, 2022, $352,000 of the Company’s mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2021, $430,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities.

 

The amortized cost and fair values of investment securities by contractual maturity at March 31, 2022 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(In Thousands)

 

Debt and other securities

        

Due within one year

 $11,188  $11,223 

Due after one year through five years

  21,412   21,601 

Due after five years through ten years

  13,199   12,024 

Due after ten years

  5,106   4,358 

Mortgage-related securities

  161,541   152,747 

Total

 $212,446  $201,953 

 

10
Table of Contents
 

Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

 

  

March 31, 2022

 
  

Less than 12 months

  

12 months or longer

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

value

  

loss

  

value

  

loss

  

value

  

loss

 
  

(In Thousands)

 

Mortgage-backed securities

 $10,416  $(314) $3,479  $(374) $13,895  $(688)

Collateralized mortgage obligations:

                        

Government sponsored enterprise issued

  103,876   (6,323)  13,953   (1,686)  117,829   (8,009)

Private-label issued

  7,650   (173)  -   -   7,650   (173)

Government sponsered enterprise bonds

  2,344   (156)  -   -   2,344   (156)

Municipal securities

  4,609   (751)  -   -   4,609   (751)

Other debt securities

  2,439   (61)  8,800   (1,200)  11,239   (1,261)

Total

 $131,334  $(7,778) $26,232  $(3,260) $157,566  $(11,038)

 

  

December 31, 2021

 
  

Less than 12 months

  

12 months or longer

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

value

  

loss

  

value

  

loss

  

value

  

loss

 
  

(In Thousands)

 

Mortgage-backed securities

 $4,042  $(101) $1,956  $(86) $5,998  $(187)

Collateralized mortgage obligations:

                        

Government sponsored enterprise issued

  66,254   (1,589)  4,371   (155)  70,625   (1,744)

Government sponsered enterprise bonds

  2,448   (52)  -   -   2,448   (52)

Municipal securities

  1,471   (7)  -   -   1,471   (7)

Other debt securities

  -   -   8,800   (1,200)  8,800   (1,200)

Total

 $74,215  $(1,749) $15,127  $(1,441) $89,342  $(3,190)

 

The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 131 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of March 31, 2022 and December 31, 2021, no allowance for credit losses on securities was recognized. The Company does not consider its securities  with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.

 

During the three months ended March 31, 2022 and March 31, 2021, there were no sales of securities.

 

11
Table of Contents
 
 

Note 3 - Loans Receivable

 

Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows:

 

  

March 31, 2022

  

December 31, 2021

 
  

(In Thousands)

 

Mortgage loans:

        

Residential real estate:

        

One- to four-family

 $294,249  $300,523 

Multi-family

  545,047   537,956 

Home equity

  10,649   11,012 

Construction and land

  70,102   82,588 

Commercial real estate

  266,481   250,676 

Consumer

  710   732 

Commercial loans

  20,178   22,298 

Total

 $1,207,416  $1,205,785 

 

The Company provides several types of loans to its customers, including residential, construction, commercial and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. While the Company's credit risks are geographically concentrated in the Milwaukee metropolitan area, there are no concentrations with individual or groups of related borrowers. While the real estate collateralizing these loans is primarily residential in nature, it ranges from owner-occupied single family homes to large apartment complexes.

 

Qualifying loans receivable totaling $845.9 million and $886.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged as collateral against $320.0 million and $475.0 million in outstanding Federal Home Loan Bank of Chicago ("FHLB") advances under a blanket security agreement at March 31, 2022 and December 31, 2021.

 

Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. Loans outstanding to such parties were approximately $2.3 million as of March 31, 2022 and $2.5 million as of December 31, 2021.  None of these loans were past due or considered impaired as of March 31, 2022 or December 31, 2021, respectively.

 

An analysis of past due loans receivable as of March 31, 2022 and December 31, 2021 follows:

 

  

As of March 31, 2022

 
  1-59 Days Past Due (1)  60-89 Days Past Due (2)  90 Days or Greater  Total Past Due  

Current (3)

  Total Loans 
  

(In Thousands)

 

Mortgage loans:

                        

Residential real estate:

                        

One- to four-family

 $735  $-  $5,332  $6,067  $288,182  $294,249 

Multi-family