0001437749-24-002553.txt : 20240130 0001437749-24-002553.hdr.sgml : 20240130 20240130160047 ACCESSION NUMBER: 0001437749-24-002553 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240130 DATE AS OF CHANGE: 20240130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Waterstone Financial, Inc. CENTRAL INDEX KEY: 0001569994 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] ORGANIZATION NAME: 02 Finance 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: 24578093 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 wsbf20231127_8k.htm FORM 8-K wsbf20231127_8k.htm
false 0001569994 0001569994 2024-01-30 2024-01-30
 
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): January 30, 2024
 
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 January 30, 2024, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter and twelve months ended December 31, 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 January 30, 2024.
   
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: January 30, 2024   /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 January 30, 2024.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 EX-99.1 2 ex_600480.htm EXHIBIT 99.1 ex_600480.htm

Exhibit 99.1

 

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2023.

 

WAUWATOSA, WI – 1/30/2024 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported a net loss of $40,000, or less than $0.01 per diluted share, for the quarter ended December 31, 2023 compared to net income of $935,000, or $0.04 per diluted share for the quarter ended December 31, 2022. Net income per diluted share was $0.46 for the twelve months ended December 31, 2023 compared to net income per diluted share of $0.89 for the twelve months ended December 31, 2022.

 

“The current market dynamics continue to present challenges for both our Community Banking and Mortgage Banking segments.” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc.  "The rapid rise in short-term interest rates and an inverted yield curve continue to create downward pressure on the net interest margin of the Community Banking segment.  In addition, the housing market continues to be adversely impacted by elevated interest rates, which have resulted in low levels of inventory and a decrease in housing affordability.  As is the case for the overall mortgage banking industry, the results of operations within our Mortgage Banking segment have been negatively impacted by declining mortgage origination volumes and compressed margins.  In spite of these challenges, our strong asset quality and robust level of capital allowed us to continue to provide strong shareholder returns throughout 2023.  During the year ended December 31, 2023, we declared dividends of $0.70 per share and repurchased 1.9 million shares of our stock at an average price well below our current book value per share.”

 

Highlights of the Quarter and Year Ended December 31, 2023

 

Waterstone Financial, Inc. (Consolidated)

 

● Consolidated net loss of Waterstone Financial, Inc. totaled $40,000 for the quarter ended December 31, 2023, compared to net income of $935,000 for the quarter ended December 31, 2022.
● Consolidated return on average assets was (0.01)% for the quarter ended December 31, 2023 compared to 0.19% for the quarter ended December 31, 2022.
● Consolidated return on average equity was (0.05)% for the quarter ended December 31, 2023 and 0.99% for the quarter ended December 31, 2022.
● Dividends declared during the quarter ended December 31, 2023 totaled $0.15 per common share.
● During the quarter ended December 31, 2023 , we repurchased approximately 545,000 shares at a cost (including the federal excise tax) of $6.2 million, or $11.36 per share.  This share repurchase activity was accretive to book value per share in the amount of $0.14 during the quarter ended  December 31, 2023 . 
● During the year ended  December 31, 2023 , we repurchased approximately 1.9 million shares at a cost (including the federal excise tax) of $26.0 million, or $13.38 per share, This share repurchase activity was accretive to book value per share in the $0.32 during the year ended  December 31, 2023 .
● Nonperforming assets as percentage of total assets was 0.23% at December 31, 2023, 0.20% at September 30, 2023, and 0.22% at December 31, 2022.  
●

Past due loans as a percentage of total loans was 0.68% at December 31, 2023, 0.53% at September 30, 2023, and 0.41% at December 31, 2022. 
● Book value per share was $16.94 at December 31, 2023 and $16.71 at December 31, 2022. 

 

Community Banking Segment

 

●

Pre-tax income totaled $5.3 million for the quarter ended December 31, 2023, which represents a $1.7 million, or 24.3%, decrease compared to $7.0 million for the quarter ended December 31, 2022.
● Past due loans at the community banking segment totaled $7.9 million at December 31, 2023, $6.7 million at September 30, 2023, and $4.8 million at December 31, 2022. 
● Net interest income totaled $12.1 million for the quarter ended December 31, 2023, which represents a $3.7 million, or 23.4%, decrease compared to $15.7 million for the quarter ended December 31, 2022.
● Average loans held for investment totaled $1.66 billion during the quarter ended December 31, 2023, which represents an increase of $247.2 million, or 17.5%, compared to $1.41 billion for the quarter ended December 31, 2022. The increase was primarily due to increases in the single-family, multi-family, and commercial real estate mortgages. Average loans held for investment increased $33.1 million compared to $1.63 billion for the quarter ended September 30, 2023. The increase was primarily due to an increase in single-family and commercial real estate mortgages.
● Net interest margin decreased 104 basis points to 2.25% for the quarter ended December 31, 2023 compared to 3.29% for the quarter ended December 31, 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 one basis point compared to 2.26% for the quarter ended September 30, 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 negative provision for credit losses related to funded loans of $17,000 for the quarter ended December 31, 2023 compared to a provision for credit losses related to funded loans of $290,000 for the quarter ended December 31, 2022.  The current quarter decrease was primarily due to historical loss rates continuing to decrease. The negative provision for credit losses related to unfunded loan commitments was $533,000 for the quarter ended December 31, 2023 compared to a provision for credit losses related to unfunded loan commitments of $334,000 for the quarter ended December 31, 2022. The decrease for the quarter ended December 31, 2023 was due primarily to a decrease of loans in the loan commitment pipeline as loan activity decreased during the quarter and loans from the prior quarter pipeline funded.  
● The efficiency ratio, a non-GAAP ratio, was 63.26% for the quarter ended December 31, 2023, compared to 54.49% for the quarter ended December 31, 2022.
● Average deposits (excluding escrow accounts) totaled $1.21 billion during the quarter ended December 31, 2023, a decrease of $1.7 million, or 0.1%, compared to $1.21 billion during the quarter ended December 31, 2022. Average deposits increased $10.4 million, or 3.5% annualized, compared to the $1.20 billion for the quarter ended September 30, 2023.  
● Other noninterest expense decreased $1.8 million to $628,000 during the quarter ended December 31, 2023 compared to $2.5 million during the quarter ended December 31, 2022. The decrease was driven by fees paid to the mortgage banking segment for the purchase of single-family adjustable rate mortgage loans.  These fees totaled $44,000 during the quarter ended December 31, 2023 compared to $2.0 million during the quarter ended December 31, 2022.
 
Mortgage Banking Segment
 
●

Pre-tax loss totaled $6.0 million for the quarter ended December 31, 2023, compared to $6.5 million of pre-tax loss for the quarter ended December 31, 2022.
● Loan originations decreased $88.3 million, or 16.1%, to $458.4 million during the quarter ended December 31, 2023, compared to $546.6 million during the quarter ended December 31, 2022. Origination volume relative to purchase activity accounted for 95.7% of originations for the quarter ended December 31, 2023 compared to 95.6% of total originations for the quarter ended December 31, 2022.
● Mortgage banking non-interest income decreased $2.0 million, or 11.3%, to $16.0 million for the quarter ended December 31, 2023, compared to $18.1 million for the quarter ended December 31, 2022.
● Gross margin on loans sold totaled 3.51% for the quarter ended December 31, 2023, compared to 3.41% for the quarter ended December 31, 2022.  
● Total compensation, payroll taxes and other employee benefits decreased $2.5 million, or 14.5%, to $14.9 million during the quarter ended December 31, 2023 compared to $17.4 million during the quarter ended December 31, 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 December 31,

    

For The Twelve Months Ended December 31,

  
   

2023

    

2022

    

2023

    

2022

  
   

(In Thousands, except per share amounts)

  

Interest income:

                                

Loans

   $ 24,288     $ 18,654     $ 90,148     $ 62,935  

Mortgage-related securities

     1,081       915       4,053       3,241  

Debt securities, federal funds sold and short-term investments

     1,325       1,105       5,007       4,069  

Total interest income

     26,694       20,674       99,208       70,245  

Interest expense:

                                

Deposits

     8,253       2,352       25,738       4,863  

Borrowings

     6,685       2,711       23,255       8,428  

Total interest expense

     14,938       5,063       48,993       13,291  

Net interest income

     11,756       15,611       50,215       56,954  

Provision (credit) for credit losses

     (435 )     664       656       968  

Net interest income after provision (credit) for loan losses

     12,191       14,947       49,559       55,986  

Noninterest income:

                                

Service charges on loans and deposits

     328       497       1,819       2,202  

Increase in cash surrender value of life insurance

     337       344       1,710       1,738  

Mortgage banking income

     15,830       15,811       75,686       99,560  

Other

     381       443       1,970       2,055  

Total noninterest income

     16,876       17,095       81,185       105,555  

Noninterest expenses:

                                

Compensation, payroll taxes, and other employee benefits

     20,061       22,063       84,096       99,565  

Occupancy, office furniture, and equipment

     2,021       2,166       8,323       8,706  

Advertising

     1,030       972       3,779       3,976  

Data processing

     1,212       1,040       4,653       4,470  

Communications

     269       289       988       1,189  

Professional fees

     907       612       2,686       1,815  

Real estate owned

     1       13       4       19  

Loan processing expense

     756       1,059       3,428       4,744  

Other

     3,405       3,170       11,755       12,578  

Total noninterest expenses

     29,662       31,384       119,712       137,062  

(Loss) income before income taxes

     (595 )     658       11,032       24,479  

Income tax (benefit) expense

     (555 )     (277 )     1,657       4,992  

Net (loss) income

   $ (40 )   $ 935     $ 9,375     $ 19,487  

(Loss) income per share:

                                

Basic

   $ (0.00 )   $ 0.04     $ 0.47     $ 0.89  

Diluted

   $ (0.00 )   $ 0.04     $ 0.46     $ 0.89  

Weighted average shares outstanding:

                                

Basic

     19,380       20,966       20,158       21,884  

Diluted

     19,398       21,069       20,196       22,010  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

   

December 31,

    

December 31,

  
   

2023

    

2022

  
   

(Unaudited)

          

Assets

  

(In Thousands, except per share amounts)

  

Cash

   $ 30,667     $ 33,700  

Federal funds sold

     5,493       10,683  

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

     261       2,259  

Cash and cash equivalents

     36,421       46,642  

Securities available for sale (at fair value)

     204,907       196,588  

Loans held for sale (at fair value)

     164,993       131,188  

Loans receivable

     1,664,215       1,510,178  

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

     18,549       17,757  

Loans receivable, net

     1,645,666       1,492,421  
                 

Office properties and equipment, net

     19,995       21,105  

Federal Home Loan Bank stock (at cost)

     20,880       17,357  

Cash surrender value of life insurance

     67,859       66,443  

Real estate owned, net

     254       145  

Prepaid expenses and other assets

     52,414       59,783  

Total assets

   $ 2,213,389     $ 2,031,672  
                 

Liabilities and Shareholders' Equity

                

Liabilities:

                

Demand deposits

   $ 187,107     $ 230,596  

Money market and savings deposits

     273,233       326,145  

Time deposits

     730,284       642,271  

Total deposits

     1,190,624       1,199,012  
                 

Borrowings

     611,054       386,784  

Advance payments by borrowers for taxes

     6,607       5,334  

Other liabilities

     61,048       70,056  

Total liabilities

     1,869,333       1,661,186  
                 

Shareholders' equity:

                

Preferred stock

     -       -  

Common stock

     203       222  

Additional paid-in capital

     103,908       128,550  

Retained earnings

     269,606       274,246  

Unearned ESOP shares

     (11,869 )     (13,056 )

Accumulated other comprehensive loss, net of taxes

     (17,792 )     (19,476 )

Total shareholders' equity

     344,056       370,486  

Total liabilities and shareholders' equity

   $ 2,213,389     $ 2,031,672  
                 

Share Information

                

Shares outstanding

     20,315       22,174  

Book value per share

   $ 16.94     $ 16.71  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

December 31,

    

September 30,

    

June 30,

    

March 31,

    

December 31,

  
   

2023

    

2023

    

2023

    

2023

    

2022

  
   

(Dollars in Thousands, except per share amounts)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 11,756     $ 11,989     $ 12,675     $ 13,795     $ 15,611  

Provision (credit) for credit losses

     (435 )     445       186       460       664  

Total noninterest income

     16,876       22,230       23,525       18,554       17,095  

Total noninterest expense

     29,662       30,021       30,922       29,107       31,384  

Income before income taxes

     (595 )     3,753       5,092       2,782       658  

Income tax (benefit) expense

     (555 )     500       1,085       627       (277 )

Net (loss) income

   $ (40 )   $ 3,253     $ 4,007     $ 2,155     $ 935  

(Loss) income per share – basic

   $ (0.00 )   $ 0.16     $ 0.20     $ 0.10     $ 0.04  

(Loss) income per share – diluted

   $ (0.00 )   $ 0.16     $ 0.20     $ 0.10     $ 0.04  

Dividends declared per common share

   $ 0.15     $ 0.15     $ 0.20     $ 0.20     $ 0.20  
                                         

Performance Ratios (annualized):

                                        

Return on average assets - QTD

     (0.01 )%     0.58 %     0.74 %     0.43 %     0.19 %

Return on average equity - QTD

     (0.05 )%     3.63 %     4.41 %     2.35 %     0.99 %

Net interest margin - QTD

     2.25 %     2.26 %     2.47 %     2.88 %     3.29 %
                                         

Return on average assets - YTD

     0.44 %     0.59 %     0.59 %     0.43 %     0.96 %

Return on average equity - YTD

     2.62 %     3.46 %     3.37 %     2.35 %     4.91 %

Net interest margin - YTD

     2.46 %     2.53 %     2.67 %     2.88 %     3.00 %
                                         

Asset Quality Ratios:

                                        

Past due loans to total loans

     0.68 %     0.53 %     0.50 %     0.64 %     0.41 %

Nonaccrual loans to total loans

     0.29 %     0.25 %     0.26 %     0.29 %     0.29 %

Nonperforming assets to total assets

     0.23 %     0.20 %     0.19 %     0.22 %     0.22 %

Allowance for credit losses - loans to loans receivable

     1.11 %     1.12 %     1.14 %     1.14 %     1.18 %

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY 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,

  
   

2023

    

2023

    

2023

    

2023

    

2022

  

Average balances

  

(Dollars in Thousands)

  

Interest-earning assets

                                        

Loans receivable and held for sale

   $ 1,797,988     $ 1,797,233     $ 1,759,001     $ 1,654,942     $ 1,578,790  

Mortgage related securities

     172,863       174,202       171,938       170,218       170,209  

Debt securities, federal funds sold and short term investments

     106,504       132,935       123,195       115,962       130,973  

Total interest-earning assets

     2,077,355       2,104,370       2,054,134       1,941,122       1,879,972  

Noninterest-earning assets

     105,073       105,714       108,320       107,009       122,643  

Total assets

   $ 2,182,428     $ 2,210,084     $ 2,162,454     $ 2,048,131     $ 2,002,615  
                                         

Interest-bearing liabilities

                                        

Demand accounts

   $ 91,868     $ 90,623     $ 69,147     $ 68,564     $ 75,449  

Money market, savings, and escrow accounts

     302,121       306,806       305,576       322,220       349,820  

Certificates of deposit

     735,418       719,708       695,310       648,531       628,375  

Total interest-bearing deposits

     1,129,407       1,117,137       1,070,033       1,039,315       1,053,644  

Borrowings

     549,210       584,764       551,545       441,716       333,249  

Total interest-bearing liabilities

     1,678,617       1,701,901       1,621,578       1,481,031       1,386,893  

Noninterest-bearing demand deposits

     102,261       106,042       130,291       143,296       177,217  

Noninterest-bearing liabilities

     56,859       46,805       46,446       51,840       63,866  

Total liabilities

     1,837,737       1,854,748       1,798,315       1,676,167       1,627,976  

Equity

     344,691       355,336       364,139       371,964       374,639  

Total liabilities and equity

   $ 2,182,428     $ 2,210,084     $ 2,162,454     $ 2,048,131     $ 2,002,615  
                                         

Average Yield/Costs (annualized)

                                        

Loans receivable and held for sale

     5.36 %     5.26 %     5.05 %     4.87 %     4.69 %

Mortgage related securities

     2.48 %     2.41 %     2.26 %     2.25 %     2.13 %

Debt securities, federal funds sold and short term investments

     4.94 %     4.45 %     3.67 %     3.71 %     3.35 %

Total interest-earning assets

     5.10 %     4.97 %     4.73 %     4.57 %     4.36 %
                                         

Demand accounts

     0.11 %     0.11 %     0.09 %     0.08 %     0.08 %

Money market and savings accounts

     1.64 %     1.54 %     1.42 %     1.26 %     0.67 %

Certificates of deposit

     3.76 %     3.43 %     2.80 %     1.92 %     1.10 %

Total interest-bearing deposits

     2.90 %     2.64 %     2.23 %     1.60 %     0.89 %

Borrowings

     4.83 %     4.71 %     4.08 %     3.68 %     3.23 %

Total interest-bearing liabilities

     3.53 %     3.35 %     2.86 %     2.22 %     1.45 %

 

 
 

 

COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

December 31,

    

September 30,

    

June 30,

    

March 31,

    

December 31,

  
   

2023

    

2023

    

2023

    

2023

    

2022

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 12,056     $ 12,431     $ 13,238     $ 14,008     $ 15,737  

Provision (credit) for credit losses

     (550 )     445       158       388       624  

Total noninterest income

     894       966       1,540       987       1,033  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     5,397       4,618       4,683       5,168       4,781  

Occupancy, office furniture and equipment

     916       852       873       1,031       877  

Advertising

     363       200       230       184       203  

Data processing

     626       672       602       601       551  

Communications

     75       70       72       78       92  

Professional fees

     186       176       146       218       153  

Real estate owned

     1       1       1       1       13  

Loan processing expense

     -       -       -       -       -  

Other

     628       703       1,641       896       2,468  

Total noninterest expense

     8,192       7,292       8,248       8,177       9,138  

Income before income taxes

     5,308       5,660       6,372       6,430       7,008  

Income tax expense

     1,234       1,121       1,182       1,600       1,308  

Net income

   $ 4,074     $ 4,539     $ 5,190     $ 4,830     $ 5,700  
                                         

Efficiency ratio - QTD (non-GAAP)

     63.26 %     54.43 %     55.81 %     54.53 %     54.49 %

Efficiency ratio - YTD (non-GAAP)

     56.86 %     54.94 %     55.17 %     54.53 %     52.10 %

 

 
 

 

MORTGAGE BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

    At or For the Three Months Ended  
   

December 31,

    

September 30,

    

June 30,

    

March 31,

    

December 31,

  
   

2023

    

2023

    

2023

    

2023

    

2022

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest loss

   $ (367 )   $ (550 )   $ (622 )   $ (282 )   $ (241 )

Provision for credit losses

     115       -       28       72       40  

Total noninterest income

     16,028       21,452       23,041       17,951       18,066  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     14,881       17,186       17,929       15,099       17,397  

Occupancy, office furniture and equipment

     1,105       1,141       1,173       1,232       1,289  

Advertising

     667       716       714       705       769  

Data processing

     583       551       480       516       490  

Communications

     194       173       153       173       197  

Professional fees

     704       564       466       188       453  

Real estate owned

     -       -       -       -       -  

Loan processing expense

     756       722       932       1,018       1,059  

Other

     2,701       1,935       1,914       2,403       2,584  

Total noninterest expense

     21,591       22,988       23,761       21,334       24,238  

Loss before income taxes

     (6,045 )     (2,086 )     (1,370 )     (3,737 )     (6,453 )

Income tax benefit

     (1,827 )     (657 )     (126 )     (1,002 )     (1,602 )

Net loss

   $ (4,218 )   $ (1,429 )   $ (1,244 )   $ (2,735 )   $ (4,851 )
                                         

Efficiency ratio - QTD (non-GAAP)

     137.86 %     109.98 %     105.99 %     120.74 %     135.98 %

Efficiency ratio - YTD (non-GAAP)

     116.99 %     111.63 %     112.49 %     120.74 %     104.02 %
                                         

Loan originations

   $ 458,363     $ 597,562     $ 623,342     $ 442,710     $ 546,628  

Purchase

     95.7 %     95.4 %     96.4 %     96.5 %     95.6 %

Refinance

     4.3 %     4.6 %     3.6 %     3.5 %     4.4 %

Gross margin on loans sold(1)

     3.51 %     3.62 %     3.73 %     3.78 %     3.41 %

 

(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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