{"product_id":"wsbf-vrio-analysis","title":"Waterstone Financial, Inc. (WSBF): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs Waterstone Financial, Inc. (WSBF) truly built to last? This VRIO analysis rigorously tests the Value, Rarity, Inimitability, and Organization of its core assets to uncover the definitive source of its competitive advantage - or where its weaknesses lie. Discover immediately below whether Waterstone Financial, Inc. (WSBF)'s current success is a sustainable powerhouse or just a temporary fluke.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 1: Disciplined Credit Risk Management\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at Waterstone Financial, Inc.’s ability to keep loan losses low, even when the economic weather gets choppy. This disciplined credit risk management is a bedrock for their profitability, and the numbers from mid-2025 back that up.\u003c\/p\u003e\n\n\u003cp\u003eThe direct takeaway is that this capability is currently a \u003cstrong\u003etemporary\u003c\/strong\u003e competitive advantage. It helps them right now, but it’s not something that competitors can’t eventually figure out how to copy.\u003c\/p\u003e\n\n\u003ch3\u003eVRIO Dimension Assessment\u003c\/h3\u003e\n\u003cp\u003eHere’s the quick math on how this core capability stacks up across the four VRIO dimensions:\u003c\/p\u003e\n\u003ctable border=\"1\"\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eDimension\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eAssessment\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eKey 2025 Data Point\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eValue (V)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eReported a negative provision for credit losses related to funded loans of \u003cstrong\u003e$125,000\u003c\/strong\u003e for Q2 2025.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eRarity (R)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eNo\u003c\/td\u003e\n    \u003ctd\u003eNonperforming assets were \u003cstrong\u003e0.37%\u003c\/strong\u003e of total assets on June 30, 2025, which is good but not unique among well-run peers.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eImitability (I)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eCostly to Imitate (Culture)\u003c\/td\u003e\n    \u003ctd\u003eThe underlying culture that enforces these standards over time is harder to copy than just the written policies.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eOrganization (O)\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eAsset quality improved further by September 30, 2025, with Nonperforming Assets dropping to \u003cstrong\u003e0.27%\u003c\/strong\u003e of total assets.\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eCompetitive Implication\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003eTemporary Competitive Advantage\u003c\/td\u003e\n    \u003ctd\u003eStrong performance, but the market often prices in basic credit quality when loan growth is flat.\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eValue: Profitability Shield\u003c\/h3\u003e\n\u003cp\u003eThis capability directly supports the bottom line by minimizing the need to set aside cash for bad loans. Honestly, seeing a negative provision for credit losses related to funded loans - meaning they actually released funds from the allowance - in the quarter ended June 30, 2025, is a clear sign of value creation. It directly supports their reported net income of \u003cstrong\u003e$7.7 million\u003c\/strong\u003e for that quarter.\u003c\/p\u003e\n\u003cp\u003eWhat this estimate hides is that the benefit is magnified when the overall loan portfolio is growing, which wasn't the case for Waterstone Financial, Inc. in Q2 2025.\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eQ2 2025 negative provision (funded loans): \u003cstrong\u003e$125,000\u003c\/strong\u003e.\u003c\/li\u003e\n  \u003cli\u003eAsset quality remains tight: Past due loans at \u003cstrong\u003e0.69%\u003c\/strong\u003e of total loans on June 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eRarity: Good, Not Unique\u003c\/h3\u003e\n\u003cp\u003eWhile their asset quality is excellent, it isn't so rare that it commands a massive premium in the current market. As of June 30, 2025, Nonperforming Assets stood at \u003cstrong\u003e0.37%\u003c\/strong\u003e of total assets. That’s a great number, defintely, but other community banks that have weathered the rate environment well are likely showing similar figures. It’s table stakes for a well-run institution, not a secret sauce.\u003c\/p\u003e\n\n\u003ch3\u003eImitability: Culture vs. Process\u003c\/h3\u003e\n\u003cp\u003eThe written procedures for underwriting and review are definitely imitable; a competitor can hire away your best credit officers or buy similar software. Still, the deep-seated culture that keeps delinquency low over decades - the one that makes officers say no to a marginal loan even when management is pushing for growth - that’s the hard part to copy. That cultural element is what makes this capability costly to imitate, even if the mechanics are not.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization: Exploiting the Strength\u003c\/h3\u003e\n\u003cp\u003eWaterstone Financial, Inc. is clearly organized to take advantage of this. The proof is in the consistency; their Nonperforming Assets ratio improved even further to \u003cstrong\u003e0.27%\u003c\/strong\u003e by September 30, 2025, showing the systems are working and being maintained. They are structured to monitor and act on credit quality, which is reflected in their strong return on average equity of \u003cstrong\u003e9.04%\u003c\/strong\u003e annualized for Q2 2025.\u003c\/p\u003e\n\u003cp\u003eThe bank is organized to exploit this, as shown by:\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eConsistent low delinquency rates.\u003c\/li\u003e\n  \u003cli\u003eStrong underwriting standards in place.\u003c\/li\u003e\n  \u003cli\u003eBook value per share growth to \u003cstrong\u003e$18.19\u003c\/strong\u003e by June 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eCompetitive Advantage: Temporary Status\u003c\/h3\u003e\n\u003cp\u003eRight now, this strength is a \u003cstrong\u003eTemporary Competitive Advantage\u003c\/strong\u003e. In a high-rate environment where loan growth is tough - average loans held for investment only grew by $15.0 million sequentially to $1.68 billion in Q3 2025 - the market rewards profitability more than safety. Once rates drop and loan demand picks up, this low-risk profile will be less of a differentiator against a bank that was taking slightly more risk for higher growth.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 2: Stable, Low-Cost Core Retail Deposit Base\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe stable, low-cost core retail deposit base directly supported the Community Banking segment's financial performance.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet Interest Income for the Community Banking segment increased by \u003cstrong\u003e$2.4 million\u003c\/strong\u003e, or \u003cstrong\u003e21.4%\u003c\/strong\u003e, for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024.\u003c\/li\u003e\n\u003cli\u003eNet Interest Margin increased \u003cstrong\u003e59 basis points\u003c\/strong\u003e to \u003cstrong\u003e2.60%\u003c\/strong\u003e for the quarter ended June 30, 2025, compared to 2.01% for the quarter ended June 30, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGrowth in core deposits demonstrates strong local trust, which is a rare characteristic in the current environment.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ2 2025\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003cth\u003eYoY Growth (Q2)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Core Retail Deposits (excl. brokered\/escrow)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e7.5%\u003c\/strong\u003e (vs Q2 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunity Banking Net Interest Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e21.4%\u003c\/strong\u003e (vs Q2 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.60%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.76%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e59 basis points\u003c\/strong\u003e increase (vs Q2 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eLocal branch relationships and community trust are slow to build and hard for distant competitors to replicate quickly.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe Community Banking segment in Southeastern Wisconsin is structured to nurture these local relationships effectively.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eWaterstone Financial, Inc. is based in Wauwatosa, Wisconsin.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSustained. A sticky, local deposit base is a foundational advantage for any community bank.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 3: Dual-Segment Diversification\n\u003c\/h2\u003e\n\u003cp\u003eThe dual-segment structure of Community Banking and Mortgage Banking provides a mechanism for performance stabilization across different interest rate and housing market cycles.\u003c\/p\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eThe two segments - Community Banking and Mortgage Banking - offer a hedge; when mortgage origination slows, the steady net interest income from community lending can stabilize results.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003cth\u003eQ1 2025\u003c\/th\u003e\n\u003cth\u003eQ4 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunity Banking Pre-Tax Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated, but NII grew \u003cstrong\u003e6.9%\u003c\/strong\u003e YoY\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMortgage Banking Pre-Tax Result\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.3 million\u003c\/strong\u003e Income\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.2 million\u003c\/strong\u003e Loss\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$625,000\u003c\/strong\u003e Loss\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (Community Banking)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated, but grew \u003cstrong\u003e6.9%\u003c\/strong\u003e YoY\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$12.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eMany regional banks have both, so the structure itself isn't rare, but their current performance split is notable.\u003c\/p\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eCompetitors can easily set up a similar structure, but integrating the two operations smoothly is tough.\u003c\/p\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eThe company manages this through separate segment reporting, though the Mortgage Banking segment still faced headwinds in 2025.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCommunity Banking segment efficiency ratio improved to \u003cstrong\u003e48.94%\u003c\/strong\u003e for the quarter ended September 30, 2025, compared to \u003cstrong\u003e60.35%\u003c\/strong\u003e for the quarter ended September 30, 2024.\u003c\/li\u003e\n\u003cli\u003eCommunity Banking segment net interest income increased \u003cstrong\u003e19.3%\u003c\/strong\u003e to \u003cstrong\u003e$14.6 million\u003c\/strong\u003e for Q3 2025 compared to Q3 2024.\u003c\/li\u003e\n\u003cli\u003eMortgage Banking segment pre-tax income was \u003cstrong\u003e$1.3 million\u003c\/strong\u003e for Q3 2025, compared to a pre-tax loss of \u003cstrong\u003e$2.2 million\u003c\/strong\u003e in Q1 2025.\u003c\/li\u003e\n\u003cli\u003eConsolidated net income for Q3 2025 was \u003cstrong\u003e$7.9 million\u003c\/strong\u003e, compared to a net loss of \u003cstrong\u003e$40,000\u003c\/strong\u003e for the quarter ended December 31, 2023.\u003c\/li\u003e\n\u003cli\u003eBook value per share rose to \u003cstrong\u003e$18.65\u003c\/strong\u003e at September 30, 2025, from \u003cstrong\u003e$17.53\u003c\/strong\u003e at December 31, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eTemporary. It helps weather storms, but the Mortgage segment’s recent struggles show it’s not a perfect shield.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 4: Long-Standing Community Franchise and History\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The WaterStone Bank brand, established in \u003cstrong\u003e1921\u003c\/strong\u003e, carries implicit trust and local recognition in its primary market of southeastern Wisconsin.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e A history dating back to \u003cstrong\u003e1921\u003c\/strong\u003e, representing nearly 104 years as of 2025, in the same region is rare for a modern, publicly traded entity, which began trading on Nasdaq in \u003cstrong\u003e2014\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Cannot buy over 100 years of local goodwill or community service history overnight.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e This is embedded in the bank’s mission and local employee base, which is organized around community service initiatives. Specific metrics related to this organization include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe WaterStone Bank Foundation donated over \u003cstrong\u003e$645,000\u003c\/strong\u003e to more than \u003cstrong\u003e250\u003c\/strong\u003e local nonprofits and schools in \u003cstrong\u003e2022\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEmployees volunteered nearly \u003cstrong\u003e750\u003c\/strong\u003e hours of community service and actively served on \u003cstrong\u003e43\u003c\/strong\u003e nonprofit boards in the greater Milwaukee area (context implies 2022 data).\u003c\/li\u003e\n\u003cli\u003eThe bank operates \u003cstrong\u003e14\u003c\/strong\u003e branch locations across southeastern Wisconsin.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. This deep-rooted local brand equity is a major barrier to entry. The scale of the local franchise is reflected in recent financial metrics:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Core Retail Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated Return on Average Assets (Annualized)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.39%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook Value Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17.53\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 5: Proactive Capital Return Strategy\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eConsistent shareholder returns via dividends and buybacks support the stock price and signal management confidence in intrinsic value.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQuarterly Dividend Amount: \u003cstrong\u003e$0.15\u003c\/strong\u003e per common share.\u003c\/li\u003e\n\u003cli\u003eAnnualized Dividend: \u003cstrong\u003e$0.60\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eTotal Capital Returned to Shareholders (2023): \u003cstrong\u003e$40.0 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eShare Repurchases Cost (Q2 2025): \u003cstrong\u003e$6.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eActive share repurchases are common, but consistently executing them to reduce shares to \u003cstrong\u003e18,524,115\u003c\/strong\u003e by Q3 2025 is a focused commitment.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ2 2025 End\u003c\/th\u003e\n\u003cth\u003eQ3 2025 End\u003c\/th\u003e\n\u003cth\u003eFY 2024 End\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares Outstanding\u003c\/td\u003e\n\u003ctd\u003eApprox. 19,032,000 (Implied from 508k repurchased)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e18,524,115\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eApprox. 19.34 Million (Implied from 18.77M in latest stats)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook Value per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.19\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.65\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17.53\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eCompetitors can buy back shares, but WSBF’s commitment, even when earnings are inconsistent, is a policy choice.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ3 2025 Diluted EPS: \u003cstrong\u003e$0.45\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ3 2024 Diluted EPS: \u003cstrong\u003e$0.26\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTrailing Twelve Months (TTM) EPS: \u003cstrong\u003e$1.32\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDividend Payout Ratio (Trailing Year): \u003cstrong\u003e45.33%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe Board and management team, led by CEO William Bruss, are clearly aligned on using capital for buybacks to boost Book Value per Share to \u003cstrong\u003e$18.19\u003c\/strong\u003e by mid-2025.\u003c\/p\u003e\n\u003cp\u003eCEO: \u003cstrong\u003eWilliam Bruss\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eBook Value per Share as of June 30, 2025: \u003cstrong\u003e$18.19\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary. It boosts EPS and Book Value, but it's a financial lever, not an operational one.\u003c\/p\u003e\n\u003cp\u003eShare Repurchases in Q2 2025 increased Book Value by approximately \u003cstrong\u003e$0.14\u003c\/strong\u003e during the quarter.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 6: Mortgage Banking National Footprint\n\u003c\/h2\u003e\n\n\u003ch\u003e\u003ch\u003eValue\u003c\/h\u003e\u003ch\u003e\n\u003cp\u003eWaterstone Mortgage Corporation’s operation across \u003cstrong\u003e28 states\u003c\/strong\u003e provides a broader origination base than just the Wisconsin community bank footprint.\u003c\/p\u003e\n\u003cp\u003eMortgage banking non-interest income was \u003cstrong\u003e$21.0 million\u003c\/strong\u003e for the quarter ended September 30, 2025.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eOrigination volume relative to purchase activity for Q3 2025 was \u003cstrong\u003e90.1%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eGross margin on loans sold for Q3 2025 was \u003cstrong\u003e3.87%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\u003c\/h\u003e\u003ch\u003e\n\n\u003ch\u003e\u003ch\u003eRarity\u003c\/h\u003e\u003ch\u003e\n\u003cp\u003eA national mortgage origination footprint is more common than a hyper-local bank, but it offers scale. Waterstone Mortgage originated more than \u003cstrong\u003e$2.6 billion\u003c\/strong\u003e in annual volume for 2017.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMortgage Banking Non-Interest Income (USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Margin on Loans Sold (%)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.87%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.83%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResidential Mortgage Loans (USD Mil)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,289.46\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eData Not Available\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\u003c\/h\u003e\u003ch\u003e\n\n\u003ch\u003e\u003ch\u003eImitability\u003c\/h\u003e\u003ch\u003e\n\u003cp\u003eCompetitors can easily expand their mortgage operations geographically if they have the capital. Loan originations for the Mortgage Banking segment were \u003cstrong\u003e$387.7 million\u003c\/strong\u003e for the quarter ended March 31, 2025.\u003c\/p\u003e\u003c\/h\u003e\u003ch\u003e\n\n\u003ch\u003e\u003ch\u003eOrganization\u003c\/h\u003e\u003ch\u003e\n\u003cp\u003eThe segment is run separately, allowing it to pursue volume across a wider area, despite 2025 origination volume challenges. The Mortgage Banking segment recorded a \u003cstrong\u003esecond straight quarter of pre-tax income\u003c\/strong\u003e for the quarter ended September 30, 2025.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ3 2025 Mortgage Banking Income: \u003cstrong\u003e$20.9 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ3 2024 Mortgage Banking Income: \u003cstrong\u003e$21.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ4 2024 Pre-tax loss for the segment was \u003cstrong\u003e$625,000\u003c\/strong\u003e, an improvement from a \u003cstrong\u003e$6.0 million loss\u003c\/strong\u003e in Q4 2023.\u003c\/li\u003e\n\u003c\/ul\u003e\u003c\/h\u003e\u003ch\u003e\n\n\u003ch\u003e\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\u003ch\u003e\n\u003cp\u003eTemporary. It provides optionality but is subject to volatile secondary market pricing. Mortgage banking non-interest income decreased \u003cstrong\u003e22.6%\u003c\/strong\u003e from \u003cstrong\u003e$20.3 million\u003c\/strong\u003e in Q1 2024 to \u003cstrong\u003e$15.7 million\u003c\/strong\u003e in Q1 2025.\u003c\/p\u003e\u003c\/h\u003e\u003ch\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 7: Efficient Operating Expense Management\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Lowering noninterest expense directly flows to the bottom line, evidenced by the efficiency ratio improvement.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEfficiency Ratio for the quarter ended September 30, 2025: \u003cstrong\u003e48.94%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEfficiency Ratio for the quarter ended September 30, 2024: \u003cstrong\u003e60.35%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEfficiency Ratio for the quarter ended June 30, 2025: \u003cstrong\u003e50.40%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEfficiency Ratio for the quarter ended June 30, 2024: \u003cstrong\u003e62.37%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eConsolidated Total Noninterest Expense for the quarter ended September 30, 2025: \u003cstrong\u003e$27,466 thousand\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eConsolidated Total Noninterest Expense for the quarter ended September 30, 2024: \u003cstrong\u003e$28,377 thousand\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Achieving significant expense reduction while maintaining service quality metrics.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMortgage Banking segment recorded pre-tax income for the quarter ended September 30, 2025, following a pre-tax loss of \u003cstrong\u003e$2.2 million\u003c\/strong\u003e for the quarter ended March 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Competitors face similar pressures on wage and inflation costs.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The company demonstrated the ability to right-size its cost structure, reflected in sustained efficiency gains.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eNoninterest Expense Component (Dollars in Thousands)\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended September 30, 2024\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended June 30, 2024\u003c\/td\u003e\n\u003ctd\u003eQuarter Ended March 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompensation, payroll taxes, and other employee benefits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5,326\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5,116\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5,360\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOccupancy, office furniture and equipment\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$904\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$983\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal noninterest expense\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8,133\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7,937\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8,204\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 8: Strong Book Value Growth Trajectory\u003c\/h2\u003e\n\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eGrowing Book Value per Share to \u003cstrong\u003e$18.19\u003c\/strong\u003e by June 30, 2025, demonstrates tangible shareholder equity accumulation.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePeriod Ending\u003c\/th\u003e\n\u003cth\u003eBook Value per Share (USD)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.19\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSeptember 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.65\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17.53\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDecember 31, 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$16.94\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe 10-year average Book Value Per Share Growth Rate was \u003cstrong\u003e3.30%\u003c\/strong\u003e per year.\u003c\/p\u003e\n\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eOutpacing the regional banking sector’s total return over the last decade indicates historical value creation.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e$10,000 invested in WSBF over the past 10 years would be worth \u003cstrong\u003e$17,100\u003c\/strong\u003e today, assuming dividends were reinvested.\u003c\/li\u003e\n\u003cli\u003eThis performance is ahead of the regional banking sector as represented by SPDR S\u0026amp;P Regional Banking ETF (KRE).\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eThe trajectory is supported by strong credit quality and capital management practices.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCapital Adequacy Tier 1 Ratio as of September 2025 was \u003cstrong\u003e19.45%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNonperforming assets as a percentage of total assets at June 30, 2025, was \u003cstrong\u003e0.37%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003ePast due loans as a percentage of total loans at June 30, 2025, was \u003cstrong\u003e0.69%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eShare repurchase activity contributes to book value growth:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003cth\u003eShares Repurchased (Approx.)\u003c\/th\u003e\n\u003cth\u003eCost (USD)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarter Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e508,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarter Ended December 31, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e194,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eThe structure supports book value growth by prioritizing earnings retention and buybacks over high dividend payouts.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQuarterly Dividend declared for Q2 2025 and Q4 2024 was \u003cstrong\u003e$0.15\u003c\/strong\u003e per common share.\u003c\/li\u003e\n\u003cli\u003eAnnual Dividend Yield reported at \u003cstrong\u003e4.47%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTrailing Twelve Months Payout Ratio was \u003cstrong\u003e45.33%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eLatest reported Buyback Yield \/ Dilution was \u003cstrong\u003e4.13%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eSustained. A consistent track record of growing tangible equity, evidenced by Book Value per Share reaching \u003cstrong\u003e$18.19\u003c\/strong\u003e by June 30, 2025, is a powerful signal to long-term holders.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWaterstone Financial, Inc. (WSBF) - VRIO Analysis: Core Capability 9: Experienced Leadership in Rate Cycles\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eCore Capability 9: Experienced Leadership in Rate Cycles\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eValue:\u003c\/strong\u003e Improvement in Net Interest Income (NII) in the core segment, demonstrating navigation of the interest rate environment.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 2024\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003cth\u003eChange (QoQ\/YoY)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (NII)\u003c\/td\u003e\n\u003ctd\u003e$12.3 million\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e+$2.4 million\u003c\/strong\u003e \/ \u003cstrong\u003e+19.3%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM)\u003c\/td\u003e\n\u003ctd\u003e2.13%\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.76%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+63 basis points\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCost of Funds Management\u003c\/td\u003e\n\u003ctd\u003eCompetitive retail funding environment headwind\u003c\/td\u003e\n\u003ctd\u003eReduction of cost of funds\u003c\/td\u003e\n\u003ctd\u003eImplied positive impact on NII\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eRarity:\u003c\/strong\u003e Experienced leadership capable of pivoting strategy, evidenced by focus on core deposit cost of funds.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eImitability:\u003c\/strong\u003e Leadership experience and institutional knowledge are very difficult, if not impossible, to imitate.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrganization:\u003c\/strong\u003e Cohesive management approach shown through communication on segment performance and cost control.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ4 2023\u003c\/th\u003e\n\u003cth\u003eQ4 2024\u003c\/th\u003e\n\u003cth\u003eQ3 2024\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio (Non-GAAP)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e63.26%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e51.54%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e60.35%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e48.94%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCore Retail Deposits (Avg, excl. brokered\/escrow)\u003c\/td\u003e\n\u003ctd\u003e$1.20 billion\u003c\/td\u003e\n\u003ctd\u003e$1.27 billion\u003c\/td\u003e\n\u003ctd\u003e$1.25 billion\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.31 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. The collective wisdom of the executive team is a durable asset.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinancial Performance Indicators:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eConsolidated Net Income Q4 2024: \u003cstrong\u003e$5.2 million\u003c\/strong\u003e vs. Net Loss Q4 2023: \u003cstrong\u003e($40,000)\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eConsolidated Return on Average Equity Q4 2024: \u003cstrong\u003e6.05%\u003c\/strong\u003e vs. Q4 2023: \u003cstrong\u003e(0.05)%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDividends declared Q4 2024: \u003cstrong\u003e$0.15\u003c\/strong\u003e per common share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eSo, you see, the real strength isn\\'t one big thing; it’s the combination of a century-old local brand and modern, disciplined financial management. Finance: draft 13-week cash view by Friday.\u003c\/p\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e\u003c\/h\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516282036373,"sku":"wsbf-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/wsbf-vrio-analysis.png?v=1740230831","url":"https:\/\/dcf-model.com\/es\/products\/wsbf-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}