Waterstone Financial, Inc. (WSBF) Balance Sheet
WSBF balance sheet, 2025
December 31, 2025 · U.S. dollars$2.26B assets = $1.91B liabilities + $349.4M equity
Both columns are drawn to the same scale: what WSBF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WSBF financial health
Descriptive bands, not a rating. Fiscal 2025.
WSBF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.79B2016 | $2.26B2025 | +2.6%/yr | |
| Total liabilities | $1.38B2016 | $1.91B2025 | +3.7%/yr | |
| Shareholders’ equity | $410.7M2016 | $349.4M2025 | −1.8%/yr | |
| Cash & short-term investments | $247.2M2016 | $234.2M2025 | −0.6%/yr | |
| Total debt | $387.2M2016 | $412.3M2025 | +0.7%/yr | |
| Net cash (debt) | −$140.0M2016 | −$178.0M2025 | −$38.1M | |
| Working capital | −$834.4M2016 | −$1.43B2025 | −$590.9M | |
| Book value per share | $15.002016 | $19.562025 | +3.0%/yr | |
| Debt / equity | 0.942016 | 1.182025 | +0.24 | |
| Shares outstanding | 27.4M2016 | 17.9M2025 | −4.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WSBF assets
WSBF liabilities and equity
WSBF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WSBF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $234.2M | $191.2M | $235.8M | $232.5M | $541.8M | $235.5M | $240.1M | $246.7M | $231.3M | $247.2M |
| Cash & equivalents | $63.9M | $35.5M | $30.7M | $36.0M | $362.7M | $75.9M | $61.6M | $61.0M | $31.6M | $20.4M |
| Short-term investments | $170.4M | $155.8M | $204.9M | $196.6M | $179.0M | $159.6M | $178.5M | $185.7M | $199.7M | $226.8M |
| Receivables | $1.66B | $1.66B | $1.65B | $1.49B | $1.19B | $1.36B | $1.38B | $1.37B | $1.28B | $1.16B |
| Inventory | $0 | $0 | −$1.61B | $145,000 | $148,000 | $322,000 | $748,000 | $2.2M | $4.6M | $6.1M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $234.2M | $191.2M | $235.8M | $292.3M | $586.9M | $293.1M | $271.3M | $269.2M | $251.4M | $272.1M |
| Property, plant & equipment (net) | $18.9M | $19.4M | $20.0M | $21.1M | $22.3M | $23.7M | $25.0M | $24.5M | $22.9M | $23.7M |
| Goodwill & intangible assets | $0 | $732,000 | $1.85B | $202.7M | $193.7M | $173.2M | $197.0M | $109,000 | $888,000 | $2.3M |
| Long-term investments | $230.8M | $208.5M | $204.9M | $196.6M | $179.0M | $159.6M | $178.5M | $185.7M | $199.7M | $226.8M |
| Other non-current assets | $1.78B | $1.79B | $0 | $1.32B | $1.23B | $1.53B | $1.32B | $1.44B | $1.33B | $1.27B |
| Total assets | $2.26B | $2.21B | $2.21B | $2.03B | $2.22B | $2.18B | $2.00B | $1.92B | $1.81B | $1.79B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $1.20B | $1.23B | $1.18B | $1.07B | $1.04B | $967.4M | $949.4M |
| Short-term debt | $222.3M | $296.5M | $309.0M | $185.7M | $7.1M | $38.1M | $13.6M | $5.0M | $46.3M | $157.2M |
| Total current liabilities | $1.66B | $1.66B | $1.50B | $1.39B | $1.24B | $1.22B | $1.08B | $1.04B | $1.01B | $1.11B |
| Long-term debt | $190.0M | $150.0M | $155.0M | $386.8M | $477.1M | $508.1M | $470.0M | $430.0M | $340.0M | $230.0M |
| Other long-term liabilities | $60.6M | $64.1M | $212.7M | $0 | $65.4M | $40.5M | $51.3M | $42.2M | $40.6M | $43.4M |
| Total liabilities | $1.91B | $1.87B | $1.87B | $1.66B | $1.78B | $1.77B | $1.60B | $1.52B | $1.39B | $1.38B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $184,000 | $193,000 | $203,000 | $222,000 | $248,000 | $251,000 | $271,000 | $285,000 | $295,000 | $294,000 |
| Retained earnings (deficit) | $293.0M | $277.2M | $269.6M | $274.2M | $273.4M | $245.3M | $197.4M | $187.2M | $183.4M | $184.6M |
| Treasury stock | — | — | — | — | — | — | — | −$97.9M | −$78.7M | −$76.5M |
| Accumulated other comprehensive income | −$12.3M | −$18.8M | −$17.8M | −$19.5M | −$1.1M | $2.3M | $642,000 | −$2.4M | −$477,000 | −$378,000 |
| Total shareholders' equity | $349.4M | $339.1M | $344.1M | $370.5M | $432.8M | $413.1M | $393.7M | $399.7M | $412.1M | $410.7M |
| Key figures | ||||||||||
| Total debt | $412.3M | $446.5M | $466.1M | $386.8M | $477.1M | $508.1M | $483.6M | $435.0M | $386.3M | $387.2M |
| Net cash (debt) | −$178.0M | −$255.3M | −$230.2M | −$154.2M | $64.6M | −$272.5M | −$243.5M | −$188.3M | −$155.0M | −$140.0M |
| Working capital | −$1.43B | −$1.47B | −$1.27B | −$1.09B | −$653.6M | −$929.9M | −$810.1M | −$774.4M | −$762.3M | −$834.4M |
| Tangible book value | $349.4M | $338.4M | −$1.51B | $167.8M | $239.1M | $239.9M | $196.7M | $399.6M | $411.2M | $408.4M |
| Book value per share | $19.56 | $18.24 | $17.04 | $16.83 | $18.08 | $16.79 | $15.00 | $14.46 | $14.77 | $15.00 |
| Shares outstanding | 17.9M | 18.6M | 20.2M | 22.0M | 23.9M | 24.6M | 26.2M | 27.6M | 27.9M | 27.4M |
| Current ratio | 0.14 | 0.12 | 0.16 | 0.21 | 0.47 | 0.24 | 0.25 | 0.26 | 0.25 | 0.25 |
| Quick ratio | 1.14 | 1.12 | 1.25 | 1.24 | 1.40 | 1.30 | 1.49 | 1.55 | 1.49 | 1.27 |
| Debt / equity | 1.18 | 1.32 | 1.35 | 1.04 | 1.10 | 1.23 | 1.23 | 1.09 | 0.94 | 0.94 |
| Equity / assets | 15.5% | 15.3% | 15.5% | 18.2% | 19.5% | 18.9% | 19.7% | 20.9% | 22.8% | 22.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $275.5M | $38.8M | $234.2M | $216.7M | $282.2M | $251.4M | $191.2M | $249.2M | $241.3M | $246.3M | $235.8M | $250.6M |
| Cash & equivalents | $38.2M | $38.8M | $63.9M | $50.4M | $63.5M | $37.7M | $35.5M | $35.8M | $36.4M | $41.6M | $30.9M | $56.1M |
| Short-term investments | $237.3M | $237.0M | $170.4M | $166.3M | $218.8M | $213.6M | $155.8M | $213.2M | $204.8M | $204.7M | $204.9M | $194.5M |
| Receivables | $1.67B | $1.67B | $1.66B | $1.70B | $1.65B | $0 | $0 | $1.68B | $1.66B | $1.65B | $1.65B | $1.63B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.71B | −$1.62B | −$1.69B | −$1.61B | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $36.0M | $0 | $45.7M | $0 | $0 |
| Total current assets | $275.5M | $38.8M | $234.2M | $216.7M | $282.2M | $251.4M | $191.2M | $249.2M | $241.3M | $246.3M | $235.8M | $250.6M |
| Property, plant & equipment (net) | $18.9M | $19.3M | $18.9M | $18.7M | $18.9M | $19.2M | $19.4M | $19.4M | $19.7M | $19.9M | $20.0M | $20.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $732,000 | $0 | $0 | $0 | $1.85B | $0 |
| Long-term investments | $237.3M | $237.0M | $230.8M | $226.4M | $218.8M | $213.6M | $208.5M | $213.2M | $204.8M | $204.7M | $204.9M | $194.5M |
| Other non-current assets | $1.72B | $1.96B | $1.78B | $1.81B | $1.74B | $1.69B | $1.79B | $1.76B | $1.82B | $1.76B | $0 | $1.76B |
| Total assets | $2.25B | $2.25B | $2.26B | $2.27B | $2.26B | $2.18B | $2.21B | $2.24B | $2.29B | $2.23B | $2.22B | $2.22B |
| Liabilities | ||||||||||||
| Short-term debt | $412.0M | $170.1M | $222.3M | $259.1M | $255.7M | $205.9M | $296.5M | $263.0M | $419.1M | $145.7M | $311.1M | $161.9M |
| Total current liabilities | $1.83B | $170.1M | $1.66B | $1.65B | $1.64B | $1.59B | $1.66B | $1.53B | $1.64B | $1.35B | $1.50B | $1.37B |
| Long-term debt | $213.0M | $243.0M | $190.0M | $210.0M | $210.0M | $190.0M | $150.0M | $160.0M | $100.0M | $488.5M | $155.0M | $587.9M |
| Other long-term liabilities | $0 | $1.49B | $60.6M | $68.6M | $64.6M | $57.0M | $64.1M | $214.7M | $211.6M | $62.7M | $212.7M | $0 |
| Total liabilities | $1.90B | $1.90B | $1.91B | $1.92B | $1.92B | $1.83B | $1.87B | $1.90B | $1.95B | $1.90B | $1.87B | $1.88B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $180,000 | $182,000 | $184,000 | $185,000 | $188,000 | $193,000 | $193,000 | $194,000 | $195,000 | $199,000 | $203,000 | $209,000 |
| Retained earnings (deficit) | $301.6M | $296.0M | $293.0M | $287.9M | $282.6M | $277.5M | $277.2M | $274.7M | $272.8M | $269.8M | $269.6M | $272.5M |
| Accumulated other comprehensive income | −$13.4M | −$13.3M | −$12.3M | −$13.3M | −$15.3M | −$16.4M | −$18.8M | −$14.8M | −$19.7M | −$19.1M | −$17.8M | −$24.3M |
| Total shareholders' equity | $351.1M | $348.2M | $349.4M | $345.5M | $341.5M | $341.4M | $339.1M | $342.0M | $334.9M | $338.0M | $344.1M | $346.3M |
| Key figures | ||||||||||||
| Total debt | $412.0M | $413.0M | $412.3M | $469.1M | $465.7M | $395.9M | $446.5M | $423.8M | $519.1M | $634.2M | $466.1M | $487.9M |
| Net cash (debt) | −$136.5M | −$374.3M | −$178.0M | −$252.4M | −$183.5M | −$144.5M | −$255.3M | −$174.6M | −$277.8M | −$387.9M | −$230.2M | −$237.3M |
| Working capital | −$1.56B | −$131.3M | −$1.43B | −$1.43B | −$1.36B | −$1.34B | −$1.47B | −$1.28B | −$1.40B | −$1.10B | −$1.27B | −$1.12B |
| Tangible book value | $351.1M | $348.2M | $349.4M | $345.5M | $341.5M | $341.4M | $338.4M | $342.0M | $334.9M | $338.0M | −$1.51B | $346.3M |
| Book value per share | $20.29 | $19.98 | $19.56 | $19.21 | $18.97 | $18.67 | $18.44 | $18.54 | $18.04 | $17.76 | $17.74 | $17.30 |
| Shares outstanding | 17.3M | 17.4M | 17.9M | 18.0M | 18.0M | 18.3M | 18.4M | 18.4M | 18.6M | 19.0M | 19.4M | 20.0M |
| Current ratio | 0.15 | 0.23 | 0.14 | 0.13 | 0.17 | 0.16 | 0.12 | 0.16 | 0.15 | 0.18 | 0.16 | 0.18 |
| Quick ratio | 1.06 | 10.03 | 1.14 | 1.16 | 1.18 | 0.16 | 0.12 | 1.26 | 1.16 | 1.41 | 1.25 | 1.38 |
| Debt / equity | 1.17 | 1.19 | 1.18 | 1.36 | 1.36 | 1.16 | 1.32 | 1.24 | 1.55 | 1.88 | 1.35 | 1.41 |
| Equity / assets | 15.6% | 15.5% | 15.5% | 15.2% | 15.1% | 15.7% | 15.3% | 15.2% | 14.6% | 15.1% | 15.5% | 15.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
WSBF financial position
At the end of fiscal 2025 (December 31, 2025), Waterstone Financial had total assets of $2.3 billion (up 2.3% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $349.4 million. It held $234.2 million in cash and short-term investments against $412.3 million of debt, net debt of $178.0 million. Its current ratio was 0.14. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity $351.1 million.
Related: WSBF income statement, WSBF cash flow statement, WSBF key metrics. See the WSBF stock overview for the latest quote and news.
WSBF balance sheet FAQ
What are Waterstone Financial's total assets?
Waterstone Financial reported total assets of $2.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.2 billion a year earlier.
How much debt does Waterstone Financial have?
Waterstone Financial had $412.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.18.
How much cash does Waterstone Financial have?
Waterstone Financial held $234.2 million in cash and short-term investments at the end of fiscal 2025; with $412.3 million of debt that is net debt of $178.0 million.
What is Waterstone Financial's book value?
Waterstone Financial's shareholders' equity (book value) was $349.4 million at the end of fiscal 2025, or $19.56 per share.
What is Waterstone Financial's current ratio?
Waterstone Financial had current assets of $234.2 million and current liabilities of $1.7 billion, a current ratio of 0.14 (current liabilities exceed current assets).