WSBF Q1 net income up 96% as mortgage banking returns to profit, NIM expands 50bp

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Net income rose 96% to $6.0M from $4.6M, driven by mortgage banking's swing from $1.6M loss to $12K profit and community banking's improved performance on wider margins and lower provision expense.

  MD&A: Net Income verify on EDGAR →
• high

  Net interest margin expanded 50 basis points to 2.97% from 2.47%, reflecting higher loan yields (5.88% vs 5.75%), lower deposit costs (retail time deposits down 65bp to 3.68%), and reduced borrowing costs as funding shifted from FHLB advances to deposits.

  MD&A: Net Interest Margin verify on EDGAR →
• high

  Mortgage banking returned to profitability despite an 8.3% margin compression, as origination volume surged 31.1% to $508.3M driven by 173.7% growth in refinance activity and 10.7% increase in purchase volume.

  MD&A: Mortgage Banking verify on EDGAR →