0001437749-22-009416.txt : 20220421 0001437749-22-009416.hdr.sgml : 20220421 20220421160033 ACCESSION NUMBER: 0001437749-22-009416 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220421 DATE AS OF CHANGE: 20220421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Waterstone Financial, Inc. CENTRAL INDEX KEY: 0001569994 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36271 FILM NUMBER: 22841371 BUSINESS ADDRESS: STREET 1: 11200 WEST PLANK COURT CITY: WAUWATOSA STATE: WI ZIP: 53226 BUSINESS PHONE: (414) 761-1000 MAIL ADDRESS: STREET 1: 11200 WEST PLANK COURT CITY: WAUWATOSA STATE: WI ZIP: 53226 8-K 1 wsbf20220420_8k.htm FORM 8-K wsbf20220420_8k.htm
false 0001569994 0001569994 2022-04-21 2022-04-21
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): April 21, 2022
 
Waterstone Financial, Inc.
 
(Exact name of registrant as specified in its charter)
 
Maryland 001-36271 90-1026709
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(I.R.S. Employer Identification No.)
 
11200 W Plank Ct, Wauwatosa, Wisconsin 53226
(Address of principal executive offices)
414-761-1000
Registrant’s telephone number, including area code:
Not Applicable
Former name or former address, if changed since last report
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, $0.01 Par Value   WSBF   The NASDAQ Stock Market, LLC
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities and Exchange Act of 1934.
 
☐
Emerging growth company
 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
 
 
Item 2.02 Results of Operations and Financial Condition.
 
On April 21, 2022, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2022. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached to this report and incorporated by reference.
 
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
Exhibit No. Description
   
99.1 Press release of Waterstone Financial, Inc. issued April 21, 2022.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
    Waterstone Financial, Inc.  
       
Date: April 21, 2022   /s/ Mark R. Gerke  
    Name:    Mark R. Gerke  
    Title:    Chief Financial Officer  
 
 
 
 
EXHIBIT INDEX
 
 
 
Exhibit No. Description
   
99.1 Press release of Waterstone Financial, Inc. issued April 21, 2022.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 EX-99.1 2 ex_360968.htm EXHIBIT 99.1 ex_360968.htm

Exhibit 99.1

 

Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2022.

 

WAUWATOSA, WI – 4/21/2022 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $5.3 million, or $0.23 per diluted share for the quarter ended March 31, 2022 compared to $21.3 million, or $0.89 per diluted share for the quarter ended March 31, 2021.

 

“We are pleased with the Company’s performance given the challenging economic conditions,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “While loan growth was modest during the quarter, we maintain a loan pipeline that is stronger than it has been over the past year. We continued to position ourselves for the future by reducing outstanding wholesale borrowings at the community banking segment, and growing our branch network at the mortgage banking segment, as we continued to focus on strategic opportunities to add talented loan originators. Additionally, we were able to continue returning shareholder value through quarterly dividends and stock buybacks.”

 

Highlights of the Quarter Ended March 31, 2022

 

Waterstone Financial, Inc. (Consolidated)

 

 

●

Consolidated net income of Waterstone Financial, Inc. totaled $5.3 million for the quarter ended March 31, 2022, compared to $21.3 million for the quarter ended March 31, 2021.
 

●

Consolidated return on average assets was 1.00% for the quarter ended March 31, 2022 compared to 3.99% for the quarter ended March 31, 2021.
 

●

Consolidated return on average equity was 5.00% for the quarter ended March 31, 2022 and 20.49% for the quarter ended March 31, 2021.
 

●

Dividends declared during the quarter ended March 31, 2022 totaled $0.20 per common share.
 

●

We repurchased approximately 681,000 shares at a cost of $13.8 million during the quarter ended March 31, 2022.

 

Community Banking Segment

 

 

●

Pre-tax income totaled $5.4 million for the quarter ended March 31, 2022, which represents a $3.7 million, or 40.6%, decrease compared to $9.1 million for the quarter ended March 31, 2021.
 

●

Net interest income totaled $11.7 million for the quarter ended March 31, 2022, which represents a $2.6 million, or 18.2%, decrease compared to $14.2 million for the quarter ended March 31, 2021.
 

●

Average loans held for investment totaled $1.20 billion during the quarter ended March 31, 2022, which represents a decrease of $142.2 million, or 10.6%, compared to $1.35 billion for the quarter ended March 31, 2021. Average loans held for investment decreased $6.3 million compared to $1.21 billion for the quarter ended December 31, 2021.
 

●

Net interest margin decreased 42 basis points to 2.38% for the quarter ended March 31, 2022 compared to 2.80% for the quarter ended March 31, 2021, which was a result of lower rates and average balance on loans and a higher average interest earnings cash balance within the debt securities, federal funds sold and short term investments category. Net interest margin decreased nine basis points compared to 2.47% for the quarter ended December 31, 2021, driven by a decrease in average loan balance and a higher average cash balance.

 

 

 
 

 

 

●

The segment had a negative provision for credit losses of $140,000 for the quarter ended March 31, 2022 compared to a negative provision for loan losses of $1.1 million for the quarter ended March 31, 2021.
 

●

We adopted the current expected credit losses (“CECL”) model on January 1, 2022, which resulted in an opening balance adjustment of $430,000 to increase the allowance for credit losses. Additionally, there was a $1.4 million opening balance adjustment to record an allowance for credit losses on unfunded loan commitments, which is presented in Other Liabilities on the Consolidated Statements of Financial Condition. Net of tax impact, the adoption of the CECL model resulted in a $1.4 million reduction to retained earnings.
 

●

Net recoveries totaled $616,000 for the quarter ended March 31, 2022, as one significant loan recovery payment was received during the quarter, compared to net charge-offs of $27,000 for the quarter ended March 31, 2021. With the adoption of CECL, estimated recoveries may be accounted for within the calculation and do not impact the provision for credit losses line item when cash is received.
 

●

The efficiency ratio was 59.59% for the quarter ended March 31, 2022, compared to 48.17% for the quarter ended March 31, 2021.
 

●

Average deposits (excluding escrow accounts) totaled $1.23 billion during the quarter ended March 31, 2022, an increase of $24.2 million, or 2.0%, compared to $1.21 billion during the quarter ended March 31, 2021. Average deposits decreased $15.6 million, or 5.0% annualized compared to the $1.25 billion for the quarter ended December 31, 2021.
 

●

Nonperforming assets as percentage of total assets was 0.34% at March 31, 2022, 0.26% at December 31, 2021, and 0.20% at March 31, 2021.
 

●

Past due loans as percentage of total loans was 0.53% at March 31, 2022, 0.59% at December 31, 2021, and 0.52% at March 31, 2021.

 

Mortgage Banking Segment

 

 

●

Pre-tax income totaled $1.4 million for the quarter ended March 31, 2022, compared to $19.1 million for the quarter ended March 31, 2021.
 

●

Loan originations decreased $406.6 million, or 36.5%, to $708.5 million during the quarter ended March 31, 2022, compared to $1.12 billion during the quarter ended March 31, 2021. Origination volume relative to purchase activity accounted for 77.3% of originations for the quarter ended March 31, 2022 compared to 56.1% of total originations for the quarter ended March 31, 2021.
 

●

Mortgage banking non-interest income decreased $26.4 million, or 48.0%, to $28.6 million for the quarter ended March 31, 2022, compared to $55.0 million for the quarter ended March 31, 2021.
 

●

Gross margin on loans sold decreased to 4.00% for the quarter ended March 31, 2022, compared to 4.86% for the quarter ended March 31, 2021.
 

●

Total compensation, payroll taxes and other employee benefits decreased $8.8 million, or 30.2%, to $20.4 million during the quarter ended March 31, 2022 compared to $29.3 million during the quarter ended March 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.
 

●

Professional fees increased $862,000 to $338,000 of expense during the quarter ended March 31, 2022 compared to $524,000 of income during the quarter ended March 31, 2021. The increase related to receiving a legal settlement award during the quarter ended March 31, 2021.
 

●

Other noninterest expense decreased $372,000 to $2.3 million during the quarter ended March 31, 2022 compared to $2.7 million during the quarter ended March 31, 2021. The decrease related to a decrease in the amortization expense on mortgage servicing rights due to the bulk sale of mortgage servicing rights during 2021.

 

 
 

 

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 SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

For The Three Months Ended March 31,

  
   

2022

    

2021

  
   

(In Thousands, except per share amounts)

  

Interest income:

                

Loans

   $ 13,500     $ 16,603  

Mortgage-related securities

     602       491  

Debt securities, federal funds sold and short-term investments

     928       875  

Total interest income

     15,030       17,969  

Interest expense:

                

Deposits

     779       1,517  

Borrowings

     2,387       2,500  

Total interest expense

     3,166       4,017  

Net interest income

     11,864       13,952  

Provision (credit) for credit losses (1)

     (76 )     (1,070 )

Net interest income after provision (credit) for credit losses

     11,940       15,022  

Noninterest income:

                

Service charges on loans and deposits

     510       690  

Increase in cash surrender value of life insurance

     316       301  

Mortgage banking income

     28,275       54,391  

Other

     717       817  

Total noninterest income

     29,818       56,199  

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

     25,535       34,123  

Occupancy, office furniture, and equipment

     2,188       2,565  

Advertising

     905       824  

Data processing

     1,202       971  

Communications

     340       331  

Professional fees

     461       (315 )

Real estate owned

     5       (12 )

Loan processing expense

     1,431       1,335  

Other

     2,868       3,178  

Total noninterest expenses

     34,935       43,000  

Income before income taxes

     6,823       28,221  

Income tax expense

     1,532       6,877  

Net income

   $ 5,291     $ 21,344  

Income per share:

                

Basic

   $ 0.23     $ 0.90  

Diluted

   $ 0.23     $ 0.89  

Weighted average shares outstanding:

                

Basic

     23,132       23,735  

Diluted

     23,311       23,950  

 

(1) The Company adopted ASU 2016-13 as of January 1, 2022.  The 2021 amount presented is calculated under the prior accounting standard. 

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

   

March 31,

   

December 31,

 
   

2022

    

2021

  
   

(Unaudited)

          

Assets

  

(In Thousands, except per share amounts)

  

Cash

   $ 247,857     $ 343,016  

Federal funds sold

     10,954       13,981  

Interest-earning deposits in other financial institutions and other short term investments

     19,719       19,725  

Cash and cash equivalents

     278,530       376,722  

Securities available for sale (at fair value)

     201,953       179,016  

Loans held for sale (at fair value)

     154,440       312,738  

Loans receivable

     1,207,416       1,205,785  

Less: Allowance for credit losses (1)

     16,905       15,778  

Loans receivable, net

     1,190,511       1,190,007  
                 

Office properties and equipment, net

     21,932       22,273  

Federal Home Loan Bank stock (at cost)

     24,438       24,438  

Cash surrender value of life insurance

     65,315       65,368  

Real estate owned, net

     148       148  

Prepaid expenses and other assets

     67,347       45,148  

Total assets

   $ 2,004,614     $ 2,215,858  
                 

Liabilities and Shareholders' Equity

                

Liabilities:

                

Demand deposits

   $ 218,119     $ 214,409  

Money market and savings deposits

     400,710       392,314  

Time deposits

     591,619       626,663  

Total deposits

     1,210,448       1,233,386  
                 

Borrowings

     326,478       477,127  

Advance payments by borrowers for taxes

     10,759       4,094  

Other liabilities

     44,677       68,478  

Total liabilities

     1,592,362       1,783,085  
                 

Shareholders' equity:

                

Preferred stock

     -       -  

Common stock

     241       248  

Additional paid-in capital

     161,354       174,505  

Retained earnings

     272,740       273,398  

Unearned ESOP shares

     (13,946 )     (14,243 )

Accumulated other comprehensive loss, net of taxes

     (8,137 )     (1,135 )

Total shareholders' equity

     412,252       432,773  

Total liabilities and shareholders' equity

   $ 2,004,614     $ 2,215,858  
                 

Share Information

                

Shares outstanding

     24,147       24,795  

Book value per share

   $ 17.07     $ 17.45  

Closing market price

   $ 19.34     $ 21.86  

Price to book ratio

     113.30 %     125.27 %

 

(1) The Company adopted ASU 2016-13 as of January 1, 2022.  The 2021 amount presented is calculated under the prior accounting standard. 

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2022

    

2021

    

2021

    

2021

    

2021

  
   

(Dollars in Thousands, except per share amounts)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 11,864     $ 13,172     $ 14,114     $ 14,277     $ 13,952  
Provision (credit) for credit losses (1)     (76 )     (1,470 )     (700 )     (750 )     (1,070 )

Total noninterest income

     29,818       42,016       52,936       52,044       56,199  

Total noninterest expense

     34,935       40,974       43,323       43,297       43,000  

Income before income taxes

     6,823       15,684       24,427       23,774       28,221  

Income tax expense

     1,532       3,131       5,427       5,880       6,877  

Net income

   $ 5,291     $ 12,553     $ 19,000     $ 17,894     $ 21,344  

Income per share – basic

   $ 0.23     $ 0.53     $ 0.80     $ 0.75     $ 0.90  

Income per share – diluted

   $ 0.23     $ 0.53     $ 0.79     $ 0.74     $ 0.89  

Dividends declared per share

   $ 0.20     $ 0.70     $ 0.20     $ 0.70     $ 0.20  
                                         

Performance Ratios (annualized):

                                        

Return on average assets - QTD

     1.00 %     2.22 %     3.38 %     3.25 %     3.99 %

Return on average equity - QTD

     5.00 %     11.14 %     17.25 %     16.49 %     20.49 %

Net interest margin - QTD

     2.38 %     2.47 %     2.68 %     2.78 %     2.80 %
                                         

Return on average assets - YTD

     1.00 %     3.20 %     3.54 %     3.62 %     3.99 %

Return on average equity - YTD

     5.00 %     16.38 %     18.08 %     18.49 %     20.49 %

Net interest margin - YTD

     2.38 %     2.68 %     2.75 %     2.79 %     2.80 %
                                         

Asset Quality Ratios:

                                        

Past due loans to total loans

     0.53 %     0.59 %     0.92 %     0.53 %     0.52 %

Nonaccrual loans to total loans

     0.55 %     0.46 %     0.32 %     0.34 %     0.31 %

Nonperforming assets to total assets

     0.34 %     0.26 %     0.18 %     0.20 %     0.20 %

Allowance for loan losses to loans receivable

     1.40 %     1.31 %     1.37 %     1.34 %     1.33 %

 

(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 SUBSIDIARIES

SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2022

    

2021

    

2021

    

2021

    

2021

  

Average balances

  

(Dollars in Thousands)

  

Interest-earning assets

                                        

Loans receivable and held for sale

   $ 1,361,839     $ 1,517,984     $ 1,573,194     $ 1,655,078     $ 1,657,260  

Mortgage related securities

     138,863       119,709       108,743       100,056       90,457  

Debt securities, federal funds sold and short term investments

     519,116       475,574       409,559       308,105       273,929  

Total interest-earning assets

     2,019,818       2,113,267       2,091,496       2,063,239       2,021,646  

Noninterest-earning assets

     128,813       131,703       137,454       143,375       147,781  

Total assets

   $ 2,148,631     $ 2,244,970     $ 2,228,950     $ 2,206,614     $ 2,169,427  
                                         

Interest-bearing liabilities

                                        

Demand accounts

   $ 69,736     $ 70,762     $ 68,478     $ 63,610     $ 55,552  

Money market, savings, and escrow accounts

     404,413       398,210       391,599       350,270       314,418  

Certificates of deposit

     610,681       643,546       663,343       690,196       705,712  

Total interest-bearing deposits

     1,084,830       1,112,518       1,123,420       1,104,076       1,075,682  

Borrowings

     440,252       481,971       475,000       480,054       482,665  

Total interest-bearing liabilities

     1,525,082       1,594,489       1,598,420       1,584,130       1,558,347  

Noninterest-bearing demand deposits

     152,900       153,303       153,436       141,648       138,446  

Noninterest-bearing liabilities

     41,232       49,982       40,148       45,658       50,188  

Total liabilities

     1,719,214       1,797,774       1,792,004       1,771,436       1,746,981  

Equity

     429,417       447,196       436,946       435,178       422,446  

Total liabilities and equity

   $ 2,148,631     $ 2,244,970     $ 2,228,950     $ 2,206,614     $ 2,169,427  
                                         

Average Yield/Costs (annualized)

                                        

Loans receivable and held for sale

     4.02 %     3.96 %     4.07 %     3.99 %     4.06 %

Mortgage related securities

     1.76 %     1.68 %     1.72 %     1.95 %     2.20 %

Debt securities, federal funds sold and short term investments

     0.72 %     0.77 %     0.88 %     1.12 %     1.30 %

Total interest-earning assets

     3.02 %     3.11 %     3.32 %     3.47 %     3.60 %
                                         

Demand accounts

     0.08 %     0.08 %     0.08 %     0.08 %     0.07 %

Money market and savings accounts

     0.21 %     0.22 %     0.24 %     0.23 %     0.32 %

Certificates of deposit

     0.37 %     0.40 %     0.42 %     0.50 %     0.72 %

Total interest-bearing deposits

     0.29 %     0.31 %     0.33 %     0.39 %     0.57 %

Borrowings

     2.20 %     2.09 %     2.04 %     2.06 %     2.10 %

Total interest-bearing liabilities

     0.84 %     0.85 %     0.84 %     0.90 %     1.05 %

 

 
 

 

COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2022

    

2021

    

2021

    

2021

    

2021

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 11,652     $ 13,197     $ 14,090     $ 14,517     $ 14,247  
Provision (credit) for credit losses (1)     (140 )     (1,500 )     (750 )     (750 )     (1,100 )

Total noninterest income

     1,432       1,459       1,726       1,630       1,243  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     5,212       5,085       5,360       4,874       4,975  

Occupancy, office furniture and equipment

     937       960       909       887       1,025  

Advertising

     227       278       233       260       209  

Data processing

     608       531       531       466       511  

Communications

     94       100       122       86       119  

Professional fees

     114       151       130       198       194  

Real estate owned

     5       14       1       -       (12 )

Loan processing expense

     -       -       -       -       -  

Other

     600       651       422       461       440  

Total noninterest expense

     7,797       7,770       7,708       7,232       7,461  

Income before income taxes

     5,427       8,386       8,858       9,665       9,129  

Income tax expense

     1,167       1,690       2,092       2,128       1,786  

Net income

   $ 4,260     $ 6,696     $ 6,766     $ 7,537     $ 7,343  
                                         

Efficiency ratio - QTD

     59.59 %     53.02 %     48.74 %     44.79 %     48.17 %

Efficiency ratio - YTD

     59.59 %     48.58 %     47.21 %     46.44 %     48.17 %

 

(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 SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2022

    

2021

    

2021

    

2021

    

2021

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest income (loss)

   $ 183     $ (49 )   $ (2 )   $ (251 )   $ (350 )
Provision for credit losses (2)     64       30       50       -       30  

Total noninterest income

     28,604       40,692       51,290       50,556       55,035  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     20,438       27,866       28,981       29,170       29,262  

Occupancy, office furniture and equipment

     1,251       1,306       1,579       1,406       1,540  

Advertising

     678       680       602       651       615  

Data processing

     588       542       450       443       454  

Communications

     246       221       209       240       212  

Professional fees

     338       306       421       361       (524 )

Real estate owned

     -       -       -       -       -  

Loan processing expense

     1,431       940       1,135       1,200       1,335  

Other

     2,309       1,445       2,270       2,678       2,681  

Total noninterest expense

     27,279       33,306       35,647       36,149       35,575  

Income before income taxes

     1,444       7,307       15,591       14,156       19,080  

Income tax expense

     377       1,443       3,341       3,761       5,096  

Net income

   $ 1,067     $ 5,864     $ 12,250     $ 10,395     $ 13,984  
                                         

Efficiency ratio - QTD

     94.76 %     81.95 %     69.50 %     71.86 %     65.05 %

Efficiency ratio - YTD

     94.76 %     71.44 %     68.71 %     68.32 %     65.05 %
                                         

Loan originations

   $ 708,463     $ 993,113     $ 1,055,500     $ 1,065,161     $ 1,115,091  

Purchase

     77.3 %     73.8 %     73.8 %     75.4 %     56.1 %

Refinance

     22.7 %     26.2 %     26.2 %     24.6 %     43.9 %

Gross margin on loans sold(1)

     4.00 %     4.18 %     4.54 %     4.81 %     4.86 %

 

(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. 

 

 
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Document And Entity Information
Apr. 21, 2022
Document Information [Line Items]  
Entity, Registrant Name Waterstone Financial, Inc.
Document, Type 8-K
Document, Period End Date Apr. 21, 2022
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-36271
Entity, Tax Identification Number 90-1026709
Entity, Address, Address Line One 11200 W Plank Ct
Entity, Address, City or Town Wauwatosa
Entity, Address, State or Province WI
Entity, Address, Postal Zip Code 53226
City Area Code 414
Local Phone Number 761-1000
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol WSBF
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001569994
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