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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Wisconsin, the state note

Waterstone Bank SSB

Wauwatosa, Wisconsin · $2.25B in assets · beside the 11 other Wisconsin banks between $1B and $3B

The filing

124.9%
Loans / deposits
12th of 12
75.5%
Efficiency
12th of 12
+0.5%
Loans, year over year
12th of 12, largest first

Waterstone Bank SSB is the fifth largest of the 12 Wisconsin banks nearest its size between $1B and $3B, with $2.25B in assets at 30 June 2026. Loans are 124.9% of deposits, the highest in the cohort against a median of 94.6%, and equity is 14.7% of assets, 3rd of 12. Loans grew +0.5% in the year, the slowest in the cohort, and deposits grew 3.0%; the cohort's median loan growth is +4.0%.

Noncurrent loans are 0.36% of the book, 4th of 12 against a median of 0.54%; 0.28% is 30 to 89 days past due, and the allowance covers them 2.7 times. Commercial real estate is 58.1% of loans, 9th of 12 against a median of 45.7%, and 294% of capital, below the 300% screen, with construction at 19% against the 100% screen.

Return on assets is 1.29%, 7th of 12 against a median of 1.30%, on an efficiency ratio of 75.5%, the highest in the cohort. Five years ago it was 3.56%. The question is cost: what the efficiency ratio does to earnings when the margin compresses.

Loans as a share of depositsWI banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 94.6% TC Tri City National Bank 66.7% NE National Exchange Bank & Trust 75.3% CN Ccfbank National Association 87.6% I Incrediblebank 89.9% NB National Bank of Commerce 92.9% WS Waukesha State Bank 94.0% NS North Shore Bank 95.1% HB Horicon Bank 96.7% BF Bank Five Nine 97.9% PB Park Bank 104.8% OC One Community Bank 107.8% WB Waterstone Bank SSB 124.9%
Loans, year over yearWI banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +4.0% OC One Community Bank +18.2% BF Bank Five Nine +7.7% WS Waukesha State Bank +7.4% NS North Shore Bank +7.1% HB Horicon Bank +6.3% I Incrediblebank +5.6% CN Ccfbank National Association +2.4% PB Park Bank +1.6% NB National Bank of Commerce +1.4% NE National Exchange Bank & Trust +1.1% TC Tri City National Bank +0.6% WB Waterstone Bank SSB +0.5%

SBA 7(a), FY2008 to FY2026

Waterstone Bank SSB is the 214th largest 7(a) lender into Wisconsin of 426, with $3M across 14 loans, 0.0% of everything approved in the state (Byline Bank leads with $864M). 2 of its 2 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Wisconsin, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Milwaukee, WI$3M60th of 1440.2%quiet FY2015
Waukesha, WI$465K98th of 1220.0%quiet FY2010
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Transportation & warehousing1$980K30.6%0.01%774th of 1,563
Administrative & waste services2$680K21.2%0.00%940th of 1,763
Manufacturing3$662K20.7%0.00%1562nd of 2,246
Other services2$280K8.7%0.00%1716th of 2,248
Accommodation & food services1$185K5.8%0.00%2293rd of 2,596
7(a) lenders into Wisconsin, share of approvals since FY2008426 lenders on record; the ten largest and Waterstone Bank SSB
BB Byline Bank 9.3% $864M · 860 loans BF Bank Five Nine 7.9% $733M · 1,782 loans BF Bank First, N.A. 4.7% $437M · 963 loans UB UMB Bank, National Association 3.8% $355M · 672 loans UB U.S. Bank, National Association 3.5% $324M · 1,831 loans NN Nicolet National Bank 3.2% $296M · 741 loans ON Old National Bank 3.0% $279M · 390 loans AB Associated Bank National Associat… 3.0% $278M · 2,089 loans LO Live Oak Banking Company 2.6% $246M · 206 loans SC Summit CU 2.6% $244M · 1,034 loans WB Waterstone Bank SSB 0.0% $3M · 14 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 5 CBLR filers; owner-occupied excluded; bold marks a screen met
Waterstone Bank SSBRankCohort median
Total CRE against capital, the 300% screen294%7th of 12272%
Construction against capital, the 100% screen19%2nd of 1237%
Construction and land development, share of loans3.7%2nd of 126.6%
Non-owner-occupied nonfarm nonresidential, share of loans11.8%4th of 1219.6%
Total CRE, the guidance definition, share of loans58.1%9th of 1245.7%
CRE growth over 36 months, the third prong+12.4%5th of 12+15.6%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
National Exchange Bank & Trust$2.89B1.7%49.4%0.37%-0.07%3.0%75.3%19.8%
One Community Bank$2.63B1.3%52.9%0.58%0.00%1.0%107.8%12.7%
North Shore Bank$2.61B1.0%69.9%0.10%0.02%0.7%95.1%15.3%
Bank Five Nine$2.53B1.3%58.6%1.91%0.03%0.6%97.9%9.6%
Waterstone Bank SSB$2.25B1.3%75.5%0.36%0.00%1.0%124.9%14.7%
National Bank of Commerce$2.23B2.0%51.5%0.64%0.05%1.0%92.9%9.8%
Incrediblebank$2.10B1.1%63.0%0.89%0.11%1.1%89.9%7.7%
Tri City National Bank$1.95B0.8%72.9%0.51%0.04%1.2%66.7%9.7%
Ccfbank National Association$1.81B0.7%60.6%2.28%0.23%1.9%87.6%12.0%
Horicon Bank$1.65B1.4%63.3%0.93%0.01%1.3%96.7%10.3%
Waukesha State Bank$1.62B2.4%55.6%0.25%0.01%0.9%94.0%10.9%
Park Bank$1.54B0.7%71.3%0.24%0.00%1.2%104.8%10.2%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Waterstone Bank SSBCohort median
20212026Change20212026Change
Loans$1.65B$1.84B+11%$1.11B$1.65B+48%
Deposits$1.31B$1.47B+13%$1.29B$1.76B+37%
NPA / loans0.26%0.36%+0.09 pts0.45%0.54%+0.10 pts
Efficiency62.6%75.5%+12.9 pts57.4%61.8%+4.4 pts
ROA3.56%1.29%-2.27 pts1.36%1.30%-0.06 pts

This read was prepared for Waterstone Bank SSB's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Waterstone Bank SSB is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort WI banks $1B to $3B
Institution www.wsbonline.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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