WSBFMEDIUM SIGNALREGULATORY10-K

WSBF added extensive new cybersecurity governance disclosures detailing Board oversight responsibilities while removing various legacy financial footnotes and references.

The addition of detailed cybersecurity governance language suggests compliance with new SEC cybersecurity disclosure requirements, indicating the company is formalizing its risk management framework. This represents a positive step toward regulatory compliance and enhanced risk oversight, though it also signals increased regulatory burden and potential exposure reporting requirements.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

WSBF's financial position shows mixed signals with cash reserves growing substantially to $86.1M, providing enhanced liquidity and financial flexibility. However, operating cash flow declined meaningfully to $24.2M, suggesting potential operational headwinds despite net income growing moderately to $26.4M. The divergence between earnings growth and operating cash flow decline warrants closer monitoring of working capital dynamics and cash conversion efficiency.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+77.1%
$48.6M→$86.1M

Cash position surged 77.1% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
-49.7%
$48.1M→$24.2M

Operating cash flow fell 49.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Income
P&L
+41.3%
$18.7M→$26.4M

Net income grew 41.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
false --12-31 FY 2025 true true true true The Board of Directors, through the ITSC and CRMC, provides direction and oversight of the enterprise-wide risk management framework of the Company, including the management of risks arising from cybersecurity threats.
The Board of Directors review and approve the Information Security Policy.
The Board of Directors receives regular presentations which include updates on cybersecurity risks, including the threat environment, evolving standards, projects and initiatives, vulnerability assessments, third-party and independent reviews, technological trends and information security considerations arising with respect to the Company s peers and third parties.
The Board of Directors also receives information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
The Board of Directors, through the ITSC and CRMC, provides direction and oversight of the enterprise-wide risk management framework of the Company, including the management of risks arising from cybersecurity threats.
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REMOVED
Includes $522,000 and $193,000 for December 31, 2024 and 2023, respectively, which are on non-accrual status.
Includes $28,000 and $171,000 for December 31, 2024 and 2023, respectively, which are on non-accrual status.
The 2021 amounts presented are calculated under the prior accounting standard.
As of February 21, 2025, 19,319,808 shares of the Registrant s Common Stock were issued and outstanding.
Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 39 - 40 6.
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