Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2022
26 Janeiro 2023 - 6:09PM
Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for
WaterStone Bank, reported net income of $935,000, or $0.04 per
diluted share for the quarter ended December 31, 2022 compared
to $12.6 million, or $0.53 per diluted share for the
quarter ended December 31, 2021. Net income per diluted share was
$0.89 for the twelve months ended December 31,
2022 compared to net income per diluted share of
$2.96 for the twelve months ended December 31, 2021.
“The quarter was mixed as the community banking
segment continued to achieve excellent loan growth while the
mortgage banking segment lagged with lower volumes and
declining margins,” said Douglas Gordon, Chief Executive Officer of
Waterstone Financial, Inc. “Net interest income grew in the
quarter as we added $156.0 million to the loan portfolio
and efficiently used our cash as interest rates
continued to rise. The mortgage banking segment continues
to face significant challenges as a result of increases
in mortgage rates year-over-year and the decline in affordable
housing inventories. We are focused on controlling expenses
and being prepared to capitalize when the mortgage market
improves.”
Highlights of the Quarter Ended December 31, 2022
Waterstone Financial, Inc. (Consolidated)
● |
Consolidated net income of Waterstone Financial, Inc. totaled
$935,000 for the quarter ended December 31, 2022, compared to $12.6
million for the quarter ended December 31, 2021. |
● |
Consolidated return on average assets was 0.19% for the quarter
ended December 31, 2022 compared to 2.22% for the quarter
ended December 31, 2021. |
● |
Consolidated return on average equity was 0.99% for the quarter
ended December 31, 2022 and 11.14% for the quarter ended
December 31, 2021. |
● |
Dividends declared during the quarter ended December 31, 2022
totaled $0.20 per common share. |
● |
We repurchased approximately 159,000 shares at a cost of $2.6
million, or $16.53 per share, during the quarter ended December 31,
2022. |
● |
Nonperforming assets as percentage of total assets was 0.22% at
December 31, 2022, 0.27% at September 30, 2022, and 0.26% at
December 31, 2021. |
● |
Past due loans as percentage of total loans was 0.41% at December
31, 2022, 0.48% at September 30, 2022, and 0.59% at December 31,
2021. |
● |
Book value per share was $16.71 at December 31, 2022 and $17.45 at
December 31, 2021. The decrease reflects an $0.79 per share
impact resulting from an increase in the unrealized loss on
available for sale securities. |
|
|
Community Banking Segment
● |
Pre-tax income totaled
$7.0 million for the quarter ended December 31, 2022,
which represents a $1.4 million, or 16.4%, decrease compared to
$8.4 million for the quarter ended December 31, 2021. |
● |
Net interest income totaled
$15.7 million for the quarter ended December 31, 2022, which
represents a $2.5 million, or 19.2%, increase compared to $13.2
million for the quarter ended December 31, 2021. |
● |
Average loans held for investment totaled $1.41 billion during the
quarter ended December 31, 2022, which represents an increase of
$201.9 million, or 16.7%, compared to $1.21 billion for the quarter
ended December 31, 2021. Average loans held for investment
increased $102.1 million compared to $1.31 billion for the quarter
ended September 30, 2022. |
● |
The community banking segment purchased $112.0 million
adjustable-rate loans that were originated by the mortgage banking
segment during the quarter ended December 31, 2022. Other
noninterest expense includes fees totaling $2.0 million during the
quarter ended December 31, 2022 which were paid to the
mortgage banking segment and eliminated on a consolidated
basis. |
● |
Net interest margin increased 82 basis points to 3.29% for the
quarter ended December 31, 2022 compared to 2.47% for the
quarter ended December 31, 2021, which was a result of a decrease
in the average balance of cash, as funds were utilized to fund
loans held for investment, purchase investment securities and pay
down borrowings. In addition, yields increased on loans receivable,
loans held for sale, mortgage related securities, debt securities,
federal funds sold and short term investments category. Net
interest margin decreased five basis points compared to 3.34% for
the quarter ended September 30, 2022, driven by an increase in
weighted average cost of deposits and borrowings as the federal
funds rate increases resulted in increased funding rates.
|
● |
The segment had a provision for credit losses - loans of
$290,000 for the quarter ended December 31, 2022 compared to a
negative provision for loan losses of $1.5 million for the quarter
ended December 31, 2021. The current quarter increase was primarily
due to an increase in loans held for investment during the quarter.
The provision for credit losses - unfunded commitments was $334,000
as the loan pipeline increased from the prior quarter
end. |
● |
The efficiency ratio was
54.49% for the quarter ended December 31, 2022, compared to 53.02%
for the quarter ended December 31, 2021. |
● |
Average deposits (excluding escrow accounts) totaled $1.21 billion
during the quarter ended December 31, 2022, a decrease of $35.3
million, or 2.8%, compared to $1.25 billion during the quarter
ended December 31, 2021. Average deposits increased $18.1 million,
or 6.1% annualized compared to the $1.19 billion for the quarter
ended September 30, 2022 due to an increase in certificate of
deposits rates attracting more customers. |
● |
Other noninterest expense increased $1.8 million to $2.5 million
during the quarter ended December 31, 2022 compared to
$651,000 during the quarter ended December 31, 2021. The increase
was driven by fees paid to the mortgage banking segment for the
purchase of single-family adjustable rate mortgage loans. See
the note on the loans purchased from the mortgage banking segment
above. These fees are eliminated in the consolidated statements of
income. |
|
|
Mortgage Banking Segment
● |
Pre-tax loss totaled
$6.5 million for the quarter ended December 31, 2022, compared
to $7.3 million of pre-tax income for the quarter ended
December 31, 2021. |
● |
Loan originations decreased $446.5 million, or 45.0%, to $546.6
million during the quarter ended December 31, 2022, compared to
$993.1 million during the quarter ended December 31, 2021.
Origination volume relative to purchase activity accounted for
95.6% of originations for the quarter ended December 31, 2022
compared to 73.8% of total originations for the quarter ended
December 31, 2021. |
● |
Mortgage banking non-interest
income decreased $22.6 million, or 55.6%, to $18.1 million for the
quarter ended December 31, 2022, compared to $40.7 million for the
quarter ended December 31, 2021. |
● |
Gross margin on loans sold
decreased to 3.41% for the quarter ended December 31, 2022,
compared to 4.18% for the quarter ended December 31,
2021. |
● |
Total compensation, payroll taxes and other employee benefits
decreased $10.5 million, or 37.6%, to $17.4 million during the
quarter ended December 31, 2022 compared to $27.9 million
during the quarter ended December 31, 2021. The decrease primarily
related to decreased commission expense and branch manager
compensation driven by decreased loan origination volume and branch
profitability as gross margins decreased. |
● |
Other noninterest expense increased $1.1 million to $2.6 million
during the quarter ended December 31, 2022 compared to $1.4
million during the quarter ended December 31, 2021. The increase
related to an increase in provision of loan sale losses. |
● |
During the year ended December 31, 2022 the segment has added 11
branches and a total of 130 loan origination personnel.
Losses associated with these new branches totaled approximately
$725,000 for the quarter ended December 31, 2022 and $1.9 million
for the year ended December 31, 2022. These branch losses are
net of corporate revenue of approximately $641,000 for the quarter
ended December 31, 2022 and $1.2 million for the year ended
December 31, 2022. |
|
|
About Waterstone Financial, Inc.
Waterstone Financial, Inc. is the savings and
loan holding company for WaterStone Bank. WaterStone Bank was
established in 1921 and offers a full suite of personal and
business banking products. The Bank has branches in Wauwatosa/State
St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners,
Germantown/Menomonee Falls, Greenfield/Loomis Rd,
Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave,
Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield
Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the
parent company to Waterstone Mortgage, which has the ability to
lend in 48 states. For more information about WaterStone Bank, go
to http://www.wsbonline.com.
Forward-Looking Statements
This press release contains statements or
information that may constitute forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements include, without limitation, statements regarding
expected financial and operating activities and results that are
preceded by, followed by, or that include words such as “may,”
“expects,” “anticipates,” “estimates” or “believes.” Any such
statements are based upon current expectations that involve a
number of risks and uncertainties and are subject to important
factors that could cause actual results to differ materially from
those anticipated by the forward-looking statements. Factors that
might cause such a difference include changes in interest rates;
demand for products and services; the degree of competition by
traditional and nontraditional competitors; changes in banking
regulation or actions by bank regulators; changes in tax laws; the
impact of technological advances; governmental and regulatory
policy changes; the outcomes of contingencies; trends in customer
behavior as well as their ability to repay loans; changes in local
real estate values; changes in the national and local economies,
including significant disruption to financial market and other
economic activity caused by the outbreak of COVID-19; and other
factors, including risk factors referenced in Item 1A. Risk Factors
in Waterstone’s most recent Annual Report on Form 10-K and as may
be described from time to time in Waterstone’s subsequent SEC
filings, which factors are incorporated herein by reference.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect only Waterstone’s belief
as of the date of this press release.
WATERSTONE FINANCIAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
For The Three Months Ended December 31, |
|
|
For The Twelve Months Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(In Thousands, except per share amounts) |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,654 |
|
|
$ |
15,152 |
|
|
$ |
62,935 |
|
|
$ |
64,366 |
|
Mortgage-related
securities |
|
|
915 |
|
|
|
506 |
|
|
|
3,241 |
|
|
|
1,954 |
|
Debt securities, federal funds
sold and short-term investments |
|
|
1,105 |
|
|
|
926 |
|
|
|
4,069 |
|
|
|
3,563 |
|
Total interest income |
|
|
20,674 |
|
|
|
16,584 |
|
|
|
70,245 |
|
|
|
69,883 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,352 |
|
|
|
878 |
|
|
|
4,863 |
|
|
|
4,420 |
|
Borrowings |
|
|
2,711 |
|
|
|
2,534 |
|
|
|
8,428 |
|
|
|
9,948 |
|
Total interest expense |
|
|
5,063 |
|
|
|
3,412 |
|
|
|
13,291 |
|
|
|
14,368 |
|
Net interest income |
|
|
15,611 |
|
|
|
13,172 |
|
|
|
56,954 |
|
|
|
55,515 |
|
Provision (credit) for credit
losses (1) |
|
|
664 |
|
|
|
(1,470 |
) |
|
|
968 |
|
|
|
(3,990 |
) |
Net interest income after
provision for loan losses |
|
|
14,947 |
|
|
|
14,642 |
|
|
|
55,986 |
|
|
|
59,505 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on loans and
deposits |
|
|
497 |
|
|
|
842 |
|
|
|
2,202 |
|
|
|
3,325 |
|
Increase in cash surrender
value of life insurance |
|
|
344 |
|
|
|
318 |
|
|
|
1,738 |
|
|
|
1,615 |
|
Mortgage banking income |
|
|
15,811 |
|
|
|
40,448 |
|
|
|
99,560 |
|
|
|
191,035 |
|
Other |
|
|
443 |
|
|
|
408 |
|
|
|
2,055 |
|
|
|
7,220 |
|
Total noninterest income |
|
|
17,095 |
|
|
|
42,016 |
|
|
|
105,555 |
|
|
|
203,195 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation, payroll taxes,
and other employee benefits |
|
|
22,063 |
|
|
|
32,837 |
|
|
|
99,565 |
|
|
|
135,115 |
|
Occupancy, office furniture,
and equipment |
|
|
2,166 |
|
|
|
2,266 |
|
|
|
8,706 |
|
|
|
9,612 |
|
Advertising |
|
|
972 |
|
|
|
958 |
|
|
|
3,976 |
|
|
|
3,528 |
|
Data processing |
|
|
1,040 |
|
|
|
1,079 |
|
|
|
4,470 |
|
|
|
3,950 |
|
Communications |
|
|
289 |
|
|
|
321 |
|
|
|
1,189 |
|
|
|
1,309 |
|
Professional fees |
|
|
612 |
|
|
|
471 |
|
|
|
1,815 |
|
|
|
1,275 |
|
Real estate owned |
|
|
13 |
|
|
|
14 |
|
|
|
19 |
|
|
|
3 |
|
Loan processing expense |
|
|
1,059 |
|
|
|
940 |
|
|
|
4,744 |
|
|
|
4,610 |
|
Other |
|
|
3,170 |
|
|
|
2,088 |
|
|
|
12,578 |
|
|
|
11,192 |
|
Total noninterest
expenses |
|
|
31,384 |
|
|
|
40,974 |
|
|
|
137,062 |
|
|
|
170,594 |
|
Income before income
taxes |
|
|
658 |
|
|
|
15,684 |
|
|
|
24,479 |
|
|
|
92,106 |
|
Income tax (benefit)
expense |
|
|
(277 |
) |
|
|
3,131 |
|
|
|
4,992 |
|
|
|
21,315 |
|
Net income |
|
$ |
935 |
|
|
$ |
12,553 |
|
|
$ |
19,487 |
|
|
$ |
70,791 |
|
Income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.53 |
|
|
$ |
0.89 |
|
|
$ |
2.98 |
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.53 |
|
|
$ |
0.89 |
|
|
$ |
2.96 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,966 |
|
|
|
23,598 |
|
|
|
21,884 |
|
|
|
23,741 |
|
Diluted |
|
|
21,069 |
|
|
|
23,802 |
|
|
|
22,010 |
|
|
|
23,931 |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
(In Thousands, except per share amounts) |
|
Cash |
|
$ |
33,700 |
|
|
$ |
343,016 |
|
Federal funds sold |
|
|
10,683 |
|
|
|
13,981 |
|
Interest-earning deposits in
other financial institutions and other short-term investments |
|
|
2,259 |
|
|
|
19,725 |
|
Cash and cash equivalents |
|
|
46,642 |
|
|
|
376,722 |
|
Securities available for sale
(at fair value) |
|
|
196,588 |
|
|
|
179,016 |
|
Loans held for sale (at fair
value) |
|
|
131,188 |
|
|
|
312,738 |
|
Loans receivable |
|
|
1,510,178 |
|
|
|
1,205,785 |
|
Less: Allowance for credit
losses ("ACL") - loans (1) |
|
|
17,757 |
|
|
|
15,778 |
|
Loans receivable, net |
|
|
1,492,421 |
|
|
|
1,190,007 |
|
|
|
|
|
|
|
|
|
|
Office properties and
equipment, net |
|
|
21,105 |
|
|
|
22,273 |
|
Federal Home Loan Bank stock
(at cost) |
|
|
17,357 |
|
|
|
24,438 |
|
Cash surrender value of life
insurance |
|
|
66,443 |
|
|
|
65,368 |
|
Real estate owned, net |
|
|
145 |
|
|
|
148 |
|
Prepaid expenses and other
assets |
|
|
59,783 |
|
|
|
45,148 |
|
Total assets |
|
$ |
2,031,672 |
|
|
$ |
2,215,858 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Demand deposits |
|
$ |
230,596 |
|
|
$ |
214,409 |
|
Money market and savings
deposits |
|
|
326,145 |
|
|
|
392,314 |
|
Time deposits |
|
|
642,271 |
|
|
|
626,663 |
|
Total deposits |
|
|
1,199,012 |
|
|
|
1,233,386 |
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
386,784 |
|
|
|
477,127 |
|
Advance payments by borrowers
for taxes |
|
|
5,334 |
|
|
|
4,094 |
|
Other liabilities |
|
|
70,056 |
|
|
|
68,478 |
|
Total liabilities |
|
|
1,661,186 |
|
|
|
1,783,085 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
|
- |
|
Common stock |
|
|
222 |
|
|
|
248 |
|
Additional paid-in
capital |
|
|
128,550 |
|
|
|
174,505 |
|
Retained earnings |
|
|
274,246 |
|
|
|
273,398 |
|
Unearned ESOP shares |
|
|
(13,056 |
) |
|
|
(14,243 |
) |
Accumulated other
comprehensive loss, net of taxes |
|
|
(19,476 |
) |
|
|
(1,135 |
) |
Total shareholders'
equity |
|
|
370,486 |
|
|
|
432,773 |
|
Total liabilities and
shareholders' equity |
|
$ |
2,031,672 |
|
|
$ |
2,215,858 |
|
|
|
|
|
|
|
|
|
|
Share
Information |
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
22,174 |
|
|
|
24,795 |
|
Book value per share |
|
$ |
16.71 |
|
|
$ |
17.45 |
|
|
|
|
|
|
|
|
|
|
WATERSTONE FINANCIAL, INC. AND
SUBSIDIARIESSUMMARY OF KEY QUARTERLY FINANCIAL
DATA(Unaudited)
|
|
At or For the Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in Thousands, except per share amounts) |
|
Condensed Results of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
15,611 |
|
|
$ |
15,398 |
|
|
$ |
14,081 |
|
|
$ |
11,864 |
|
|
$ |
13,172 |
|
Provision (credit) for credit
losses (1) |
|
|
664 |
|
|
|
332 |
|
|
|
48 |
|
|
|
(76 |
) |
|
|
(1,470 |
) |
Total noninterest income |
|
|
17,095 |
|
|
|
27,404 |
|
|
|
31,238 |
|
|
|
29,818 |
|
|
|
42,016 |
|
Total noninterest expense |
|
|
31,384 |
|
|
|
35,694 |
|
|
|
35,050 |
|
|
|
34,935 |
|
|
|
40,974 |
|
Income before income
taxes |
|
|
658 |
|
|
|
6,776 |
|
|
|
10,221 |
|
|
|
6,823 |
|
|
|
15,684 |
|
Income tax (benefit)
expense |
|
|
(277 |
) |
|
|
1,506 |
|
|
|
2,231 |
|
|
|
1,532 |
|
|
|
3,131 |
|
Net income |
|
$ |
935 |
|
|
$ |
5,270 |
|
|
$ |
7,990 |
|
|
$ |
5,291 |
|
|
$ |
12,553 |
|
Income per share – basic |
|
$ |
0.04 |
|
|
$ |
0.25 |
|
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
$ |
0.53 |
|
Income per share –
diluted |
|
$ |
0.04 |
|
|
$ |
0.25 |
|
|
$ |
0.36 |
|
|
$ |
0.23 |
|
|
$ |
0.53 |
|
Dividends declared per
share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets -
QTD |
|
|
0.19 |
% |
|
|
1.08 |
% |
|
|
1.61 |
% |
|
|
1.00 |
% |
|
|
2.22 |
% |
Return on average equity -
QTD |
|
|
0.99 |
% |
|
|
5.38 |
% |
|
|
7.93 |
% |
|
|
5.00 |
% |
|
|
11.14 |
% |
Net interest margin - QTD |
|
|
3.29 |
% |
|
|
3.34 |
% |
|
|
3.02 |
% |
|
|
2.38 |
% |
|
|
2.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets -
YTD |
|
|
0.96 |
% |
|
|
1.22 |
% |
|
|
1.30 |
% |
|
|
1.00 |
% |
|
|
3.20 |
% |
Return on average equity -
YTD |
|
|
4.91 |
% |
|
|
6.09 |
% |
|
|
6.42 |
% |
|
|
5.00 |
% |
|
|
16.38 |
% |
Net interest margin - YTD |
|
|
3.00 |
% |
|
|
2.90 |
% |
|
|
2.69 |
% |
|
|
2.38 |
% |
|
|
2.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans to total
loans |
|
|
0.41 |
% |
|
|
0.48 |
% |
|
|
0.60 |
% |
|
|
0.53 |
% |
|
|
0.59 |
% |
Nonaccrual loans to total
loans |
|
|
0.29 |
% |
|
|
0.37 |
% |
|
|
0.59 |
% |
|
|
0.55 |
% |
|
|
0.46 |
% |
Nonperforming assets to total
assets |
|
|
0.22 |
% |
|
|
0.27 |
% |
|
|
0.39 |
% |
|
|
0.34 |
% |
|
|
0.26 |
% |
Allowance for credit losses to
loans receivable (1) |
|
|
1.18 |
% |
|
|
1.29 |
% |
|
|
1.35 |
% |
|
|
1.40 |
% |
|
|
1.31 |
% |
(1) The Company adopted ASU 2016-13 as of January 1,
2022. The 2021 amounts presented are calculated
under the prior accounting standard.
WATERSTONE FINANCIAL, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY AVERAGE BALANCES
AND YIELD/COSTS(Unaudited)
|
|
At or For the Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
Average
balances |
|
(Dollars in Thousands) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable and held for
sale |
|
$ |
1,578,790 |
|
|
$ |
1,492,462 |
|
|
$ |
1,433,452 |
|
|
$ |
1,361,839 |
|
|
$ |
1,517,984 |
|
Mortgage related
securities |
|
|
170,209 |
|
|
|
172,807 |
|
|
|
168,000 |
|
|
|
138,863 |
|
|
|
119,709 |
|
Debt securities, federal funds
sold and short term investments |
|
|
130,973 |
|
|
|
162,211 |
|
|
|
269,823 |
|
|
|
519,116 |
|
|
|
475,574 |
|
Total interest-earning assets |
|
|
1,879,972 |
|
|
|
1,827,480 |
|
|
|
1,871,275 |
|
|
|
2,019,818 |
|
|
|
2,113,267 |
|
Noninterest-earning
assets |
|
|
122,643 |
|
|
|
114,274 |
|
|
|
117,248 |
|
|
|
128,813 |
|
|
|
131,703 |
|
Total assets |
|
$ |
2,002,615 |
|
|
$ |
1,941,754 |
|
|
$ |
1,988,523 |
|
|
$ |
2,148,631 |
|
|
$ |
2,244,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts |
|
$ |
75,449 |
|
|
$ |
75,058 |
|
|
$ |
70,674 |
|
|
$ |
69,736 |
|
|
$ |
70,762 |
|
Money market, savings, and
escrow accounts |
|
|
349,820 |
|
|
|
398,643 |
|
|
|
412,321 |
|
|
|
404,413 |
|
|
|
398,210 |
|
Certificates of deposit |
|
|
628,375 |
|
|
|
586,012 |
|
|
|
584,244 |
|
|
|
610,681 |
|
|
|
643,546 |
|
Total interest-bearing deposits |
|
|
1,053,644 |
|
|
|
1,059,713 |
|
|
|
1,067,239 |
|
|
|
1,084,830 |
|
|
|
1,112,518 |
|
Borrowings |
|
|
333,249 |
|
|
|
296,111 |
|
|
|
326,068 |
|
|
|
440,252 |
|
|
|
481,971 |
|
Total interest-bearing liabilities |
|
|
1,386,893 |
|
|
|
1,355,824 |
|
|
|
1,393,307 |
|
|
|
1,525,082 |
|
|
|
1,594,489 |
|
Noninterest-bearing demand
deposits |
|
|
177,217 |
|
|
|
153,591 |
|
|
|
154,070 |
|
|
|
152,900 |
|
|
|
153,303 |
|
Noninterest-bearing
liabilities |
|
|
63,866 |
|
|
|
43,683 |
|
|
|
36,962 |
|
|
|
41,232 |
|
|
|
49,982 |
|
Total liabilities |
|
|
1,627,976 |
|
|
|
1,553,098 |
|
|
|
1,584,339 |
|
|
|
1,719,214 |
|
|
|
1,797,774 |
|
Equity |
|
|
374,639 |
|
|
|
388,656 |
|
|
|
404,184 |
|
|
|
429,417 |
|
|
|
447,196 |
|
Total liabilities and equity |
|
$ |
2,002,615 |
|
|
$ |
1,941,754 |
|
|
$ |
1,988,523 |
|
|
$ |
2,148,631 |
|
|
$ |
2,244,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Yield/Costs
(annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable and held for
sale |
|
|
4.69 |
% |
|
|
4.32 |
% |
|
|
4.07 |
% |
|
|
4.02 |
% |
|
|
3.96 |
% |
Mortgage related
securities |
|
|
2.13 |
% |
|
|
2.07 |
% |
|
|
1.96 |
% |
|
|
1.76 |
% |
|
|
1.68 |
% |
Debt securities, federal funds
sold and short term investments |
|
|
3.35 |
% |
|
|
2.41 |
% |
|
|
1.56 |
% |
|
|
0.72 |
% |
|
|
0.77 |
% |
Total interest-earning assets |
|
|
4.36 |
% |
|
|
3.93 |
% |
|
|
3.52 |
% |
|
|
3.02 |
% |
|
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand accounts |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
Money market and savings
accounts |
|
|
0.67 |
% |
|
|
0.21 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
|
|
0.22 |
% |
Certificates of deposit |
|
|
1.10 |
% |
|
|
0.51 |
% |
|
|
0.37 |
% |
|
|
0.37 |
% |
|
|
0.40 |
% |
Total interest-bearing deposits |
|
|
0.89 |
% |
|
|
0.37 |
% |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.31 |
% |
Borrowings |
|
|
3.23 |
% |
|
|
2.34 |
% |
|
|
1.95 |
% |
|
|
2.20 |
% |
|
|
2.09 |
% |
Total interest-bearing liabilities |
|
|
1.45 |
% |
|
|
0.80 |
% |
|
|
0.67 |
% |
|
|
0.84 |
% |
|
|
0.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNITY BANKING
SEGMENTSUMMARY OF KEY QUARTERLY FINANCIAL
DATA(Unaudited)
|
|
At or For the Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in Thousands) |
|
Condensed Results of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
15,737 |
|
|
$ |
15,507 |
|
|
$ |
13,710 |
|
|
$ |
11,652 |
|
|
$ |
13,197 |
|
Provision (credit) for credit
losses (1) |
|
|
624 |
|
|
|
234 |
|
|
|
(41 |
) |
|
|
(140 |
) |
|
|
(1,500 |
) |
Total noninterest income |
|
|
1,033 |
|
|
|
1,116 |
|
|
|
1,640 |
|
|
|
1,432 |
|
|
|
1,459 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation, payroll taxes,
and other employee benefits |
|
|
4,781 |
|
|
|
4,424 |
|
|
|
4,596 |
|
|
|
5,212 |
|
|
|
5,085 |
|
Occupancy, office furniture
and equipment |
|
|
877 |
|
|
|
955 |
|
|
|
876 |
|
|
|
937 |
|
|
|
960 |
|
Advertising |
|
|
203 |
|
|
|
213 |
|
|
|
244 |
|
|
|
227 |
|
|
|
278 |
|
Data processing |
|
|
551 |
|
|
|
539 |
|
|
|
531 |
|
|
|
608 |
|
|
|
531 |
|
Communications |
|
|
92 |
|
|
|
108 |
|
|
|
63 |
|
|
|
94 |
|
|
|
100 |
|
Professional fees |
|
|
153 |
|
|
|
123 |
|
|
|
118 |
|
|
|
114 |
|
|
|
151 |
|
Real estate owned |
|
|
13 |
|
|
|
1 |
|
|
|
- |
|
|
|
5 |
|
|
|
14 |
|
Loan processing expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other |
|
|
2,468 |
|
|
|
1,477 |
|
|
|
1,006 |
|
|
|
600 |
|
|
|
651 |
|
Total noninterest expense |
|
|
9,138 |
|
|
|
7,840 |
|
|
|
7,434 |
|
|
|
7,797 |
|
|
|
7,770 |
|
Income before income
taxes |
|
|
7,008 |
|
|
|
8,549 |
|
|
|
7,957 |
|
|
|
5,427 |
|
|
|
8,386 |
|
Income tax expense |
|
|
1,308 |
|
|
|
1,983 |
|
|
|
1,658 |
|
|
|
1,167 |
|
|
|
1,690 |
|
Net income |
|
$ |
5,700 |
|
|
$ |
6,566 |
|
|
$ |
6,299 |
|
|
$ |
4,260 |
|
|
$ |
6,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio - QTD |
|
|
54.49 |
% |
|
|
47.16 |
% |
|
|
48.43 |
% |
|
|
59.59 |
% |
|
|
53.02 |
% |
Efficiency ratio - YTD |
|
|
52.10 |
% |
|
|
51.20 |
% |
|
|
53.57 |
% |
|
|
59.59 |
% |
|
|
48.58 |
% |
(1) The Company adopted ASU 2016-13 as of January 1,
2022. The 2021 amounts presented are calculated
under the prior accounting standard.
MORTGAGE BANKING
SEGMENTSUMMARY OF KEY QUARTERLY FINANCIAL
DATA(Unaudited)
|
|
At or For the Three Months Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
(Dollars in Thousands) |
|
Condensed Results of Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest (loss)
income |
|
$ |
(241 |
) |
|
$ |
(155 |
) |
|
$ |
370 |
|
|
$ |
183 |
|
|
$ |
(49 |
) |
Provision for credit losses
(2) |
|
|
40 |
|
|
|
98 |
|
|
|
89 |
|
|
|
64 |
|
|
|
30 |
|
Total noninterest income |
|
|
18,066 |
|
|
|
27,305 |
|
|
|
30,126 |
|
|
|
28,604 |
|
|
|
40,692 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation, payroll taxes,
and other employee benefits |
|
|
17,397 |
|
|
|
21,864 |
|
|
|
21,311 |
|
|
|
20,438 |
|
|
|
27,866 |
|
Occupancy, office furniture
and equipment |
|
|
1,289 |
|
|
|
1,341 |
|
|
|
1,180 |
|
|
|
1,251 |
|
|
|
1,306 |
|
Advertising |
|
|
769 |
|
|
|
924 |
|
|
|
718 |
|
|
|
678 |
|
|
|
680 |
|
Data processing |
|
|
490 |
|
|
|
543 |
|
|
|
613 |
|
|
|
588 |
|
|
|
542 |
|
Communications |
|
|
197 |
|
|
|
194 |
|
|
|
195 |
|
|
|
246 |
|
|
|
221 |
|
Professional fees |
|
|
453 |
|
|
|
265 |
|
|
|
222 |
|
|
|
338 |
|
|
|
306 |
|
Real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loan processing expense |
|
|
1,059 |
|
|
|
1,120 |
|
|
|
1,134 |
|
|
|
1,431 |
|
|
|
940 |
|
Other |
|
|
2,584 |
|
|
|
2,571 |
|
|
|
2,733 |
|
|
|
2,309 |
|
|
|
1,445 |
|
Total noninterest expense |
|
|
24,238 |
|
|
|
28,822 |
|
|
|
28,106 |
|
|
|
27,279 |
|
|
|
33,306 |
|
(Loss) income before income
taxes |
|
|
(6,453 |
) |
|
|
(1,770 |
) |
|
|
2,301 |
|
|
|
1,444 |
|
|
|
7,307 |
|
Income tax (benefit)
expense |
|
|
(1,602 |
) |
|
|
(470 |
) |
|
|
578 |
|
|
|
377 |
|
|
|
1,443 |
|
Net (loss) income |
|
$ |
(4,851 |
) |
|
$ |
(1,300 |
) |
|
$ |
1,723 |
|
|
$ |
1,067 |
|
|
$ |
5,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio - QTD |
|
|
135.98 |
% |
|
|
106.16 |
% |
|
|
92.16 |
% |
|
|
94.76 |
% |
|
|
81.95 |
% |
Efficiency ratio - YTD |
|
|
104.02 |
% |
|
|
97.42 |
% |
|
|
93.42 |
% |
|
|
94.76 |
% |
|
|
71.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan originations |
|
$ |
546,628 |
|
|
$ |
729,897 |
|
|
$ |
778,760 |
|
|
$ |
708,463 |
|
|
$ |
993,113 |
|
Purchase |
|
|
95.6 |
% |
|
|
94.2 |
% |
|
|
90.4 |
% |
|
|
77.3 |
% |
|
|
73.8 |
% |
Refinance |
|
|
4.4 |
% |
|
|
5.8 |
% |
|
|
9.6 |
% |
|
|
22.7 |
% |
|
|
26.2 |
% |
Gross margin on loans
sold(1) |
|
|
3.41 |
% |
|
|
3.70 |
% |
|
|
3.85 |
% |
|
|
4.00 |
% |
|
|
4.18 |
% |
(1) Gross margin on loans sold equals mortgage banking income
(excluding the change in interest rate lock value) divided by total
loan originations
(2) The Company adopted ASU 2016-13 as of January 1,
2022. The 2021 amounts presented are calculated
under the prior accounting standard.
Contact: Mark R. GerkeChief Financial
Officer414-459-4012markgerke@wsbonline.com
Waterstone Financial (NASDAQ:WSBF)
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