On this page of StockholderLetter.com we present the latest annual shareholder letter from Waterstone Financial, Inc. — ticker symbol WSBF. Reading current and past WSBF letters to shareholders can bring important insights into the investment thesis.
![WATERSTONE FINANCIAL, INC.
MESSAGE FROM BILL BRUSS
Dear Fellow Shareholder:
2024 was marked by improved performance in our mortgage banking segment as Waterstone Mortgage began to
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market that continues to be hampered by low housing inventory and high mortgage interest rates.
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banking segment. Nevertheless, WaterStone Bank s earnings remained positive with sustained emphasis on asset
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stock repurchase plan, we returned $26 million to our shareholders in 2024 while increasing tangible book value
by $.58/share.
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throughout our organization, ensuring that customers calling our customer support center are greeted by a live
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Contributing to the growth and betterment of the communities we live and work in is a priority for WaterStone
Bank. Our employee driven initiatives, focused on improving education, strengthening families, and supporting
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in the communities we serve. More importantly, our team volunteered over 850 hours in service to many of
these organizations.
Our dedicated team members are at the center of everything we do: providing great service to our customers
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technologies and new opportunities for learning and growth; we had the privilege of internally promoting 25 team
members to new opportunities.
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look forward to sharing our success with you in the years to come.
Sincerely,
William Bruss
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• 
4/10/2025 Letter Continued (Full PDF)
•
4/13/2023 WSBF Stockholder Letter
• 4/11/2024 WSBF Stockholder Letter
• More "Banking & Savings" Category Stockholder Letters
•
WSBF Benford's Law Stock Score = 98
4/10/2025 Letter Continued (Full PDF)
•
4/13/2023 WSBF Stockholder Letter•
4/11/2024 WSBF Stockholder Letter•
More "Banking & Savings" Category Stockholder Letters•
WSBF Benford's Law Stock Score = 98WSBF Shareholder/Stockholder Letter Transcript:
WATERSTONE FINANCIAL, INC. MESSAGE FROM BILL BRUSS Dear Fellow Shareholder: 2024 was marked by improved performance in our mortgage banking segment as Waterstone Mortgage began to UHDOL]H WKH EHQH WV RI LWV H RUWV DURXQG H[SHQVH PDQDJHPHQW DQG UHWXUQHG WR SUR WDELOLW\ GHVSLWH D PRUWJDJH market that continues to be hampered by low housing inventory and high mortgage interest rates. +LJKHU LQWHUHVW UDWHV DOVR FRQWULEXWHG WR PRGHVW ORDQ JURZWK DQG KLJKHU LQWHUHVW H[SHQVH LQ RXU FRPPXQLW\ banking segment. Nevertheless, WaterStone Bank s earnings remained positive with sustained emphasis on asset TXDOLW\ H[SHQVH PDQDJHPHQW DQG PDLQWHQDQFH RI RXU VWURQJ FDSLWDO SRVLWLRQ :DWHUVWRQH )LQDQFLDO QF FRQWLQXHG WR GHOLYHU YDOXH WR RXU VKDUHKROGHUV 7KURXJK GLYLGHQGV DQG H[HFXWLRQ RI RXU stock repurchase plan, we returned $26 million to our shareholders in 2024 while increasing tangible book value by $.58/share. :H FRQWLQXH WR VHHN ZD\V WR SXW RXU FXVWRPHUV UVW E\ SURYLGLQJ H[FHOOHQW DQG FRQVLVWHQW FXVWRPHU VHUYLFH throughout our organization, ensuring that customers calling our customer support center are greeted by a live YRLFH DQG FRQWLQXLQJ WR LQYHVW LQ WHFKQRORJLHV WKDW OHDG WR DQ LPSURYHG FXVWRPHU H[SHULHQFH Contributing to the growth and betterment of the communities we live and work in is a priority for WaterStone Bank. Our employee driven initiatives, focused on improving education, strengthening families, and supporting RXU YHWHUDQV DQG UVW UHVSRQGHUV UHVXOWHG LQ JUDQWV RI WKURXJK RXU FKDULWDEOH IXQG WR RUJDQL]DWLRQV in the communities we serve. More importantly, our team volunteered over 850 hours in service to many of these organizations. Our dedicated team members are at the center of everything we do: providing great service to our customers DQG OHDGLQJ LQ WKH FRPPXQLW\ Q ZH IRFXVHG RQ SURYLGLQJ RXU HPSOR\HHV ZLWK LPSURYHG DQG PRUH H FLHQW technologies and new opportunities for learning and growth; we had the privilege of internally promoting 25 team members to new opportunities. 7KDQN \RX IRU \RXU FRQWLQXHG WUXVW DQG VXSSRUW :H DSSUHFLDWH \RXU FRQ GHQFH LQ :DWHUVWRQH )LQDQFLDO QF DQG look forward to sharing our success with you in the years to come. Sincerely, William Bruss 3UHVLGHQW &KLHI ([HFXWLYH 2 FHU