Waterstone Financial is a Wisconsin bank holding company running 14 branches and a mortgage unit that sells home loans to the secondary market.
Community banking generates steady deposit and loan income, while mortgage banking adds fee-based revenue from loan sales; net margin was 18.58% TTM.
Local brand and 14-branch network create switching costs, but larger regional banks like Associated Banc-Corp and U.S. Bank compete aggressively on rates and digital tools, eroding its deposit base.
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The user expresses regret for selling $WSBF and $HRTG, which have outperformed their financials. They plan to add another small-cap financial stock to their 'Blackjack 21' list.
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