0001437749-23-020613.txt : 20230725 0001437749-23-020613.hdr.sgml : 20230725 20230725160014 ACCESSION NUMBER: 0001437749-23-020613 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230725 DATE AS OF CHANGE: 20230725 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: 231108513 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 wsbf20230525_8k.htm FORM 8-K wsbf20230525_8k.htm
false 0001569994 0001569994 2023-07-25 2023-07-25
 
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): July 25, 2023
 
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 July 25, 2023, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2023. 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 July 25, 2023.
   
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: July 25, 2023   /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 July 25, 2023.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 EX-99.1 2 ex_526724.htm EXHIBIT 99.1 ex_526724.htm

Exhibit 99.1

 

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Six Months Ended June 30, 2023.

 

WAUWATOSA, WI – 7/25/2023 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $4.0 million, or $0.20 per diluted share for the quarter ended June 30, 2023 compared to $8.0 million, or $0.36 per diluted share for the quarter ended June 30, 2022. Net income per diluted share was $0.30 for the six months ended June 30, 2023 compared to net income per diluted share of $0.58 for the six months ended June 30, 2022.

 

"The Community Banking segment's continued strong asset quality metrics and growing loan portfolio stand out as bright spots in an otherwise challenging environment," said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. "While we achieved marginally better performance compared to recent quarters, the Mortgage Banking segment loss continues to reflect an industry that is challenged by low levels of housing inventory and higher mortgage rates. Both dynamics have resulted in lower volumes and margins for the mortgage banking inventory.  In spite of the challenges in the market, we announced a 2,000,000 share repurchase program during the quarter, as we believe in the long-term success of the Company and providing a high level of total return to our shareholders.”

 

Highlights of the Quarter Ended June 30, 2023

 

Waterstone Financial, Inc. (Consolidated)

 

● Consolidated net income of Waterstone Financial, Inc. totaled $4.0 million for the quarter ended June 30, 2023, compared to $8.0 million for the quarter ended June 30, 2022.
● Consolidated return on average assets was 0.74% for the quarter ended June 30, 2023 compared to 1.61% for the quarter ended June 30, 2022.
● Consolidated return on average equity was 4.41% for the quarter ended June 30, 2023 and 7.93% for the quarter ended June 30, 2022.
● Dividends declared during the quarter ended June 30, 2023 totaled $0.20 per common share.
● We repurchased approximately 511,000 shares at a cost (including the excise tax) of $7.3 million, or $14.32 per share, during the quarter ended June 30, 2023.
● We authorized a new share repurchase program during the quarter that allows to repurchase up to 2,000,000 million shares issued and outstanding. 
● Nonperforming assets as percentage of total assets was 0.19% at June 30, 2023, 0.22% at March 31, 2023, and 0.39% at June 30, 2022.
● Past due loans as a percentage of total loans was 0.50% at June 30, 2023, 0.64% at March 31, 2023, and 0.60% at June 30, 2022. 
● Book value per share was $16.64 at June 30, 2023 and $16.71 at December 31, 2022.  

 

Community Banking Segment

 

●

Pre-tax income totaled $6.4 million for the quarter ended June 30, 2023, which represents a $1.6 million, or 19.9%, decrease compared to $8.0 million for the quarter ended June 30, 2022.
● Past due loans at the community banking segment was $5.7 million at June 30, 2023, $7.5 million at March 31, 2023, and $5.8 million at June 30, 2022. 
● Net interest income totaled $13.2 million for the quarter ended June 30, 2023, which represents a $472,000, or 3.4%, decrease compared to $13.7 million for the quarter ended June 30, 2022.
● Average loans held for investment totaled $1.59 billion during the quarter ended June 30, 2023, which represents an increase of $339.6 million, or 27.2%, compared to $1.25 billion for the quarter ended June 30, 2022. The increase was primarily due to increases in the single-family and multi-family mortgages. Average loans held for investment increased $55.5 million compared to $1.53 billion for the quarter ended March 31, 2023. The increase was primarily due to an increase in the single-family mortgages.
● The community banking segment purchased $59.9 million adjustable-rate loans that were originated by the mortgage banking segment during the quarter ended June 30, 2023.  
● Net interest margin decreased 55 basis points to 2.47% for the quarter ended June 30, 2023 compared to 3.02% for the quarter ended June 30, 2022, which was a result of an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates. Net interest margin decreased 41 basis points compared to 2.88% for the quarter ended March 31, 2023, 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 related to funded loans of $619,000 for the quarter ended June 30, 2023 compared to a provision for credit losses related to funded loans of $170,000 for the quarter ended June 30, 2022.  The current quarter increase was primarily due to an increase in originations and loan balance. The negative provision for credit losses related to unfunded loan commitments was $462,000 for the quarter ended June 30, 2023 compared to a negative provision for credit losses related to unfunded loan commitments of $211,000 for the quarter ended June 30, 2022. The decrease for the quarter ended June 30, 2023 was due primarily to a decrease of loans in the loan commitment pipeline as loan funding activity increased during the quarter.  
● The efficiency ratio, a non-GAAP ratio, was 55.81% for the quarter ended June 30, 2023, compared to 48.43% for the quarter ended June 30, 2022.
● Average deposits (excluding escrow accounts) totaled $1.18 billion during the quarter ended June 30, 2023, a decrease of $24.3 million, or 2.0%, compared to $1.21 billion during the quarter ended June 30, 2022. Average deposits increased $9.7 million, or 3.3% annualized, compared to the $1.17 billion for the quarter ended March 31, 2023.  
● Other noninterest expense increased $635,000 to $1.6 million during the quarter ended June 30, 2023 compared to $1.0 million during the quarter ended June 30, 2022. The increase was driven by fees paid to the mortgage banking segment for the purchase of single-family adjustable rate mortgage loans.  These fees totaled $1.1 million during the quarter ended June 30, 2023 compared to $504,000 during the quarter ended June 30, 2022.
 
Mortgage Banking Segment
 
●

Pre-tax loss totaled $1.4 million for the quarter ended June 30, 2023, compared to $2.3 million of pre-tax income for the quarter ended June 30, 2022.
● Loan originations decreased $155.4 million, or 20.0%, to $623.3 million during the quarter ended June 30, 2023, compared to $778.8 million during the quarter ended June 30, 2022. Origination volume relative to purchase activity accounted for 96.4% of originations for the quarter ended June 30, 2023 compared to 90.4% of total originations for the quarter ended June 30, 2022.
● Mortgage banking non-interest income decreased $7.1 million, or 23.5%, to $23.0 million for the quarter ended June 30, 2023, compared to $30.1 million for the quarter ended June 30, 2022.
● Gross margin on loans sold decreased to 3.73% for the quarter ended June 30, 2023, compared to 3.85% for the quarter ended June 30, 2022.  
● Total compensation, payroll taxes and other employee benefits decreased $3.4 million, or 15.9%, to $17.9 million during the quarter ended June 30, 2023 compared to $21.3 million during the quarter ended June 30, 2022. The decrease primarily related to decreased commission expense and salary expense driven by decreased loan origination volume and reduced employee headcount.

 

 
 

 

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; 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.

 

Non-GAAP Financial Measures 

 

Management uses non-GAAP financial information in its analysis of the Company's performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhance comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company's financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.  Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently. 

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

For The Three Months Ended June 30,

    

For The Six Months Ended June 30,

  
   

2023

    

2022

    

2023

    

2022

  
   

(In Thousands, except per share amounts)

  

Interest income:

                                

Loans

   $ 22,150     $ 14,546     $ 42,035     $ 28,046  

Mortgage-related securities

     969       821       1,912       1,423  

Debt securities, federal funds sold and short-term investments

     1,128       1,049       2,190       1,977  

Total interest income

     24,247       16,416       46,137       31,446  

Interest expense:

                                

Deposits

     5,955       751       10,043       1,530  

Borrowings

     5,617       1,584       9,624       3,971  

Total interest expense

     11,572       2,335       19,667       5,501  

Net interest income

     12,675       14,081       26,470       25,945  

Provision (credit) for credit losses

     186       48       646       (28 )

Net interest income after provision for loan losses

     12,489       14,033       25,824       25,973  

Noninterest income:

                                

Service charges on loans and deposits

     611       666       1,041       1,176  

Increase in cash surrender value of life insurance

     714       724       1,039       1,040  

Mortgage banking income

     21,914       29,410       38,684       57,685  

Other

     286       438       1,315       1,155  

Total noninterest income

     23,525       31,238       42,079       61,056  

Noninterest expenses:

                                

Compensation, payroll taxes, and other employee benefits

     22,395       25,793       42,447       51,328  

Occupancy, office furniture, and equipment

     2,046       2,056       4,309       4,244  

Advertising

     944       962       1,833       1,867  

Data processing

     1,090       1,144       2,212       2,346  

Communications

     225       258       476       598  

Professional fees

     618       349       1,034       810  

Real estate owned

     1       -       2       5  

Loan processing expense

     932       1,134       1,950       2,565  

Other

     2,671       3,354       5,766       6,221  

Total noninterest expenses

     30,922       35,050       60,029       69,984  

Income before income taxes

     5,092       10,221       7,874       17,045  

Income tax expense

     1,085       2,231       1,712       3,763  

Net income

   $ 4,007     $ 7,990     $ 6,162     $ 13,282  

Income per share:

                                

Basic

   $ 0.20     $ 0.36     $ 0.30     $ 0.59  

Diluted

   $ 0.20     $ 0.36     $ 0.30     $ 0.58  

Weighted average shares outstanding:

                                

Basic

     20,384       22,126       20,635       22,626  

Diluted

     20,431       22,229       20,702       22,768  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

   

June 30,

    

December 31,

  
   

2023

    

2022

  
   

(Unaudited)

          

Assets

  

(In Thousands, except per share amounts)

  

Cash

   $ 53,364     $ 33,700  

Federal funds sold

     7,563       10,683  

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

     263       2,259  

Cash and cash equivalents

     61,190       46,642  

Securities available for sale (at fair value)

     195,011       196,588  

Loans held for sale (at fair value)

     203,268       131,188  

Loans receivable

     1,614,684       1,510,178  

Less: Allowance for credit losses ("ACL") - loans

     18,374       17,757  

Loans receivable, net

     1,596,310       1,492,421  
                 

Office properties and equipment, net

     20,335       21,105  

Federal Home Loan Bank stock (at cost)

     26,798       17,357  

Cash surrender value of life insurance

     67,188       66,443  

Real estate owned, net

     145       145  

Prepaid expenses and other assets

     59,580       59,783  

Total assets

   $ 2,229,825     $ 2,031,672  
                 

Liabilities and Shareholders' Equity

                

Liabilities:

                

Demand deposits

   $ 197,102     $ 230,596  

Money market and savings deposits

     280,758       326,145  

Time deposits

     709,108       642,271  

Total deposits

     1,186,968       1,199,012  
                 

Borrowings

     614,877       386,784  

Advance payments by borrowers for taxes

     20,610       5,334  

Other liabilities

     51,607       70,056  

Total liabilities

     1,874,062       1,661,186  
                 

Shareholders' equity:

                

Preferred stock

     -       -  

Common stock

     214       222  

Additional paid-in capital

     116,611       128,550  

Retained earnings

     272,229       274,246  

Unearned ESOP shares

     (12,463 )     (13,056 )

Accumulated other comprehensive loss, net of taxes

     (20,828 )     (19,476 )

Total shareholders' equity

     355,763       370,486  

Total liabilities and shareholders' equity

   $ 2,229,825     $ 2,031,672  
                 

Share Information

                

Shares outstanding

     21,376       22,174  

Book value per share

   $ 16.64     $ 16.71  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

June 30,

    

March 31,

    

December 31,

    

September 30,

    

June 30,

  
   

2023

    

2023

    

2022

    

2022

    

2022

  
   

(Dollars in Thousands, except per share amounts)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 12,675     $ 13,795     $ 15,611     $ 15,398     $ 14,081  

Provision for credit losses

     186       460       664       332       48  

Total noninterest income

     23,525       18,554       17,095       27,404       31,238  

Total noninterest expense

     30,922       29,107       31,384       35,694       35,050  

Income before income taxes

     5,092       2,782       658       6,776       10,221  

Income tax (benefit) expense

     1,085       627       (277 )     1,506       2,231  

Net income

   $ 4,007     $ 2,155     $ 935     $ 5,270     $ 7,990  

Income per share – basic

   $ 0.20     $ 0.10     $ 0.04     $ 0.25     $ 0.36  

Income per share – diluted

   $ 0.20     $ 0.10     $ 0.04     $ 0.25     $ 0.36  

Dividends declared per common share

   $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.20  
                                         

Performance Ratios (annualized):

                                        

Return on average assets - QTD

     0.74 %     0.43 %     0.19 %     1.08 %     1.61 %

Return on average equity - QTD

     4.41 %     2.35 %     0.99 %     5.38 %     7.93 %

Net interest margin - QTD

     2.47 %     2.88 %     3.29 %     3.34 %     3.02 %
                                         

Return on average assets - YTD

     0.59 %     0.43 %     0.96 %     1.22 %     1.30 %

Return on average equity - YTD

     3.37 %     2.35 %     4.91 %     6.09 %     6.42 %

Net interest margin - YTD

     2.67 %     2.88 %     3.00 %     2.90 %     2.69 %
                                         

Asset Quality Ratios:

                                        

Past due loans to total loans

     0.50 %     0.64 %     0.41 %     0.48 %     0.60 %

Nonaccrual loans to total loans

     0.26 %     0.29 %     0.29 %     0.37 %     0.59 %

Nonperforming assets to total assets

     0.19 %     0.22 %     0.22 %     0.27 %     0.39 %

Allowance for credit losses - loans to loans receivable

     1.14 %     1.14 %     1.18 %     1.29 %     1.35 %

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS

(Unaudited)

 

   

At or For the Three Months Ended

  
   

June 30,

    

March 31,

    

December 31,

    

September 30,

    

June 30,

  
   

2023

    

2023

    

2022

    

2022

    

2022

  

Average balances

  

(Dollars in Thousands)

  

Interest-earning assets

                                        

Loans receivable and held for sale

   $ 1,759,001     $ 1,654,942     $ 1,578,790     $ 1,492,462     $ 1,433,452  

Mortgage related securities

     171,938       170,218       170,209       172,807       168,000  

Debt securities, federal funds sold and short term investments

     123,195       115,962       130,973       162,211       269,823  

Total interest-earning assets

     2,054,134       1,941,122       1,879,972       1,827,480       1,871,275  

Noninterest-earning assets

     108,320       107,009       122,643       114,274       117,248  

Total assets

   $ 2,162,454     $ 2,048,131     $ 2,002,615     $ 1,941,754     $ 1,988,523  
                                         

Interest-bearing liabilities

                                        

Demand accounts

   $ 69,147     $ 68,564     $ 75,449     $ 75,058     $ 70,674  

Money market, savings, and escrow accounts

     305,576       322,220       349,820       398,643       412,321  

Certificates of deposit

     695,310       648,531       628,375       586,012       584,244  

Total interest-bearing deposits

     1,070,033       1,039,315       1,053,644       1,059,713       1,067,239  

Borrowings

     551,545       441,716       333,249       296,111       326,068  

Total interest-bearing liabilities

     1,621,578       1,481,031       1,386,893       1,355,824       1,393,307  

Noninterest-bearing demand deposits

     130,291       143,296       177,217       153,591       154,070  

Noninterest-bearing liabilities

     46,446       51,840       63,866       43,683       36,962  

Total liabilities

     1,798,315       1,676,167       1,627,976       1,553,098       1,584,339  

Equity

     364,139       371,964       374,639       388,656       404,184  

Total liabilities and equity

   $ 2,162,454     $ 2,048,131     $ 2,002,615     $ 1,941,754     $ 1,988,523  
                                         

Average Yield/Costs (annualized)

                                        

Loans receivable and held for sale

     5.05 %     4.87 %     4.69 %     4.32 %     4.07 %

Mortgage related securities

     2.26 %     2.25 %     2.13 %     2.07 %     1.96 %

Debt securities, federal funds sold and short term investments

     3.67 %     3.71 %     3.35 %     2.41 %     1.56 %

Total interest-earning assets

     4.73 %     4.57 %     4.36 %     3.93 %     3.52 %
                                         

Demand accounts

     0.09 %     0.08 %     0.08 %     0.08 %     0.09 %

Money market and savings accounts

     1.42 %     1.26 %     0.67 %     0.21 %     0.19 %

Certificates of deposit

     2.80 %     1.92 %     1.10 %     0.51 %     0.37 %

Total interest-bearing deposits

     2.23 %     1.60 %     0.89 %     0.37 %     0.28 %

Borrowings

     4.08 %     3.68 %     3.23 %     2.34 %     1.95 %

Total interest-bearing liabilities

     2.86 %     2.22 %     1.45 %     0.80 %     0.67 %

 

 
 

 

COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

June 30,

    

March 31,

    

December 31,

    

September 30,

    

June 30,

  
   

2023

    

2023

    

2022

    

2022

    

2022

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 13,238     $ 14,008     $ 15,737     $ 15,507     $ 13,710  

Provision (credit) for credit losses

     158       388       624       234       (41 )

Total noninterest income

     1,540       987       1,033       1,116       1,640  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     4,683       5,168       4,781       4,424       4,596  

Occupancy, office furniture and equipment

     873       1,031       877       955       876  

Advertising

     230       184       203       213       244  

Data processing

     602       601       551       539       531  

Communications

     72       78       92       108       63  

Professional fees

     146       218       153       123       118  

Real estate owned

     1       1       13       1       -  

Loan processing expense

     -       -       -       -       -  

Other

     1,641       896       2,468       1,477       1,006  

Total noninterest expense

     8,248       8,177       9,138       7,840       7,434  

Income before income taxes

     6,372       6,430       7,008       8,549       7,957  

Income tax expense

     1,182       1,600       1,308       1,983       1,658  

Net income

   $ 5,190     $ 4,830     $ 5,700     $ 6,566     $ 6,299  
                                         

Efficiency ratio - QTD (non-GAAP)

     55.81 %     54.53 %     54.49 %     47.16 %     48.43 %

Efficiency ratio - YTD (non-GAAP)

     55.17 %     54.53 %     52.10 %     51.20 %     53.57 %

 

 
 

 

MORTGAGE BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

    At or For the Three Months Ended  
   

June 30,

    

March 31,

    

December 31,

    

September 30,

    

June 30,

  
   

2023

    

2023

    

2022

    

2022

    

2022

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest (loss) income

   $ (622 )   $ (282 )   $ (241 )   $ (155 )   $ 370  

Provision for credit losses

     28       72       40       98       89  

Total noninterest income

     23,041       17,951       18,066       27,305       30,126  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     17,929       15,099       17,397       21,864       21,311  

Occupancy, office furniture and equipment

     1,173       1,232       1,289       1,341       1,180  

Advertising

     714       705       769       924       718  

Data processing

     480       516       490       543       613  

Communications

     153       173       197       194       195  

Professional fees

     466       188       453       265       222  

Real estate owned

     -       -       -       -       -  

Loan processing expense

     932       1,018       1,059       1,120       1,134  

Other

     1,914       2,403       2,584       2,571       2,733  

Total noninterest expense

     23,761       21,334       24,238       28,822       28,106  

(Loss) income before income taxes

     (1,370 )     (3,737 )     (6,453 )     (1,770 )     2,301  

Income tax (benefit) expense

     (126 )     (1,002 )     (1,602 )     (470 )     578  

Net (loss) income

   $ (1,244 )   $ (2,735 )   $ (4,851 )   $ (1,300 )   $ 1,723  
                                         

Efficiency ratio - QTD (non-GAAP)

     105.99 %     120.74 %     135.98 %     106.16 %     92.16 %

Efficiency ratio - YTD (non-GAAP)

     112.49 %     120.74 %     104.02 %     97.42 %     93.42 %
                                         

Loan originations

   $ 623,342     $ 442,710     $ 546,628     $ 729,897     $ 778,760  

Purchase

     96.4 %     96.5 %     95.6 %     94.2 %     90.4 %

Refinance

     3.6 %     3.5 %     4.4 %     5.8 %     9.6 %

Gross margin on loans sold(1)

     3.73 %     3.78 %     3.41 %     3.70 %     3.85 %

 

(1) Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations

 

 
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Entity, Address, State or Province WI
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Local Phone Number 761-1000
Title of 12(b) Security Common Stock, $0.01 Par Value
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Security Exchange Name NASDAQ
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