0001569994-21-000054.txt : 20211019 0001569994-21-000054.hdr.sgml : 20211019 20211019160036 ACCESSION NUMBER: 0001569994-21-000054 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20211019 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20211019 DATE AS OF CHANGE: 20211019 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: 211330905 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 wsb-20211019.htm 8-K
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):  October 19, 2021

 
Waterstone Financial, Inc.
(Exact name of Registrant as specified in its charter)

Maryland
(State or Other Jurisdiction
of Incorporation)
001-36271
(Commission File Number)
90-1026709
(I.R.S. Employer Identification No.)

11200 West 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter).

☐
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 October 19, 2021, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter and nine months ended September 30, 2021.  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 October 19, 2021. 

 











 
 
 


 




 
 


- 2 -


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: October 19, 2021
/s/ Mark R. Gerke
 
Name: Mark R. Gerke
 
Title: Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 3 -

EXHIBIT INDEX




Exhibit No.          Description


























- 4 -
 EX-99.1 2 wsbf-20211019ex991.htm EX99
Exhibit 99.1
 
WATERSTONE FINANCIAL, INC.
WATERSTONE BANK
11200 W. PLANK CT.
WAUWATOSA, WI 53226
Contact:
Mark R. Gerke
Chief Financial Officer

Exhibit 99.1
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2021.
Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $19.0 million, or $0.79 per diluted share for the quarter ended September 30, 2021 compared to $26.3 million, or $1.08 per diluted share for the quarter ended September 30, 2020. Net income per diluted share was $2.43 for the nine months ended September 30, 2021 compared to net income per diluted share of $2.15 for the nine months ended September 30, 2020.
“We are pleased with the Company’s continued strong financial results during the third quarter,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “We have the right team members to navigate market challenges, as we meet the ever changing demands for our customers. Our results validate the strategies we have implemented over the past years to grow our brands and deliver for our shareholders.”

Highlights of the Quarter Ended September 30, 2021

Waterstone Financial, Inc. (Consolidated)

•
Consolidated net income of Waterstone Financial, Inc. totaled $19.0 million for the quarter ended September 30, 2021, compared to $26.3 million for the quarter ended September 30, 2020.
•
Consolidated return on average assets was 3.38% for the quarter ended September 30, 2021 compared to 4.78% for the quarter ended September 30, 2020.
•
Consolidated return on average equity was 17.25% for the quarter ended September 30, 2021 and 26.30% for the quarter ended September 30, 2020.
•
Dividends declared during the quarter ended September 30, 2021 totaled $0.20 per common share.
•
We repurchased approximately 178,000 shares at a cost of $3.5 million during the quarter ended September 30, 2021.

Community Banking Segment

•
Pre-tax income totaled $8.9 million for the quarter ended September 30, 2021, which represents a $1.1 million, or 14.4%, increase compared to $7.7 million for the quarter ended September 30, 2020.
•
Net interest income totaled $14.1 million for the quarter ended September 30, 2021, which represents a 4.7% increase compared to $13.5 million for the quarter ended September 30, 2020.
•
Average loans held for investment totaled $1.26 billion during the quarter ended September 30, 2021, which represents a decrease of $174.0 million, or 12.2%, compared to $1.43 billion for the quarter ended September 30, 2020. Average loans held for investment decreased $63.8 million compared to $1.32 billion for the quarter ended June 30, 2021 as residential real estate loans continue to prepay at an accelerated rate.
•
Net interest margin increased five basis points to 2.68% for the quarter ended September 30, 2021 compared to 2.63% for the quarter ended September 30, 2020, which was a result of lower average rates on deposits, as certificate of deposits repriced at lower rates. Net interest margin decreased 10 basis points compared to 2.78% for the quarter ended June 30, 2021, driven by a decrease in average loan balance and a higher average cash balance.
•
The segment had a negative provision for loan losses of $750,000 for the quarter ended September 30, 2021 compared to a $1.0 million provision for loan losses for the quarter ended September 30, 2020. Net recoveries totaled $100,000 for the quarter ended September 30, 2021, as one significant loan recovery payment was received during the quarter, compared to net recoveries of $85,000 for the quarter ended September 30, 2020.
•
Noninterest income decreased $1.4 million for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020, due primarily to a decrease in gains from death benefit received on two bank owned life insurance policies during the three months ended September 30, 2020.
•
Noninterest expense decreased $116,000 for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020. Other noninterest expense decreased $396,000 as certain loan-related expenses decreased.  Compensation, payroll taxes and other employee benefits expense increased $360,000 primarily due to an increase in health insurance expense and Employee Stock Ownership Plan expense as the average stock price increased compared to the quarter ending September 30, 2020.
•
The efficiency ratio was 48.74% for the quarter ended September 30, 2021, compared to 47.23% for the quarter ended September 30, 2020.
•
Average deposits (excluding escrow accounts) totaled $1.25 billion during the quarter ended September 30, 2021, an increase of $74.9 million, or 6.3%, compared to $1.18 billion during the quarter ended September 30, 2020. Average deposits increased $24.3 million, or 7.9% annualized compared to the $1.23 billion for the quarter ended June 30, 2021.
•
Nonperforming assets as percentage of total assets was 0.18% at September 30, 2021, 0.20% at June 30, 2021, and 0.31% at September 30, 2020.
•
Past due loans as percentage of total loans was 0.92% at September 30, 2021, 0.53% at June 30, 2021, and 0.39% at September 30, 2020.
•
PPP loans totaled $4.1 million as of September 30, 2021. The average balance for the quarter ended September 30, 2021 was $10.6 million. For the quarter ended September 30, 2021, PPP loan interest income recognized was approximately $26,000 and the amortization of fee income was approximately $464,000. Net interest margin, excluding the impact of the PPP loans, was 2.63%. Net interest margin for the quarter ended September 30, 2021, including the impact of the PPP loans, was 2.68%.
•
The Company held approximately $3.5 million in loans, representing 0.3% of the total loan portfolio as of September 30, 2021, which had been modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $3.5 million in loans, $559,000 qualify as modifications under the Coronavirus Aid, Relief and Economic Security (“CARES Act”). The remaining $2.9 million is composed of three loan relationships that are classified as troubled debt restructurings.

Mortgage Banking Segment

•
Pre-tax income totaled $15.6 million for the quarter ended September 30, 2021, compared to $27.4 million for the quarter ended September 30, 2020.
•
Loan originations decreased $241.2 million, or 18.6%, to $1.06 billion during the quarter ended September 30, 2021, compared to $1.30 billion during the quarter ended September 30, 2020. Origination volume relative to purchase activity accounted for 73.8% of originations for the quarter ended September 30, 2021 compared to 64.1% of total originations for the quarter ended September 30, 2020.
•
Mortgage banking non-interest income decreased $21.9 million, or 29.9%, to $51.3 million for the quarter ended September 30, 2021, compared to $73.1 million for the quarter ended September 30, 2020. During the quarter ended September 30, 2021, the Company sold mortgage servicing rights related to $1.24 billion in loans serviced for third parties. The sale generated $12.4 million in net proceeds and a $4.0 million gain. There was no comparable sale during the quarter ended September 30, 2020. As of September 30, 2021, the Company maintained servicing rights related to $160.8 million in loans previously sold to third parties.
•
Gross margin on loans sold decreased to 4.54% for the quarter ended September 30, 2021, compared to 5.44% for the quarter ended September 30, 2020.
•
Total compensation, payroll taxes and other employee benefits decreased $5.6 million, or 16.1%, to $29.0 million during the quarter ended September 30, 2021 compared to $34.6 million during the quarter ended September 30, 2020. 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 decreased $4.0 million to $421,000 during the quarter ended September 30, 2021 compared to $4.5 million of expense during the quarter ended September 30, 2020.  The decrease related to a decrease in litigation costs compared to the prior year, as the Herrington settlement was resolved during the quarter ended September 30, 2020.
•
Other noninterest expense decreased $174,000 to $2.3 million during the quarter ended September 30, 2021 compared to $2.4 million during the quarter ended September 30, 2020. The decrease related to a decrease in the servicing fees on mortgage servicing rights due to the sale during the quarter ended September 30, 2021.

Recent Developments:

COVID-19 Pandemic and the CARES Act
The CARES Act, signed into law at the end of March 2020, allowed for a temporary delay in the adoption of accounting guidance under Accounting Standards Codification Topic 326, “Financial Instruments – Credit Losses (“CECL”) until the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency.  During the quarter ended June 30, 2020, pursuant to the CARES Act and guidance from the Securities and Exchange Commission (“SEC”) and Financial Accounting Standards Board (“FASB”), we elected to delay adoption of CECL.  On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law.  Among other provisions, this Act extended the temporary delay on the adoption of CECL until January 1, 2022.  We have elected to continue to delay adoption of CECL.  As a result, our financial statements for the quarter and year ended September 30, 2021 include an allowance for loan losses that was prepared under the existing incurred loss methodology.

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 September 30,
    
For The Nine Months Ended September 30,
  
 
  
2021
    
2020
    
2021
    
2020
  
 
  
(In Thousands, except per share amounts)
  
Interest income:
                        
Loans
  
$
16,131
    
$
18,224
    
$
49,214
    
$
54,404
  
Mortgage-related securities
    
471
      
588
      
1,448
      
1,960
  
Debt securities, federal funds sold and short-term investments
    
904
      
732
      
2,637
      
2,493
  
Total interest income
    
17,506
      
19,544
      
53,299
      
58,857
  
Interest expense:
                                
Deposits
    
947
      
3,495
      
3,542
      
11,760
  
Borrowings
    
2,445
      
2,640
      
7,414
      
7,913
  
Total interest expense
    
3,392
      
6,135
      
10,956
      
19,673
  
Net interest income
    
14,114
      
13,409
      
42,343
      
39,184
  
Provision for loan losses
    
(700
)
    
1,025
      
(2,520
)
    
6,310
  
Net interest income after provision for loan losses
    
14,814
      
12,384
      
44,863
      
32,874
  
Noninterest income:
                                
Service charges on loans and deposits
    
1,136
      
672
      
2,483
      
3,384
  
Increase in cash surrender value of life insurance
    
312
      
714
      
1,297
      
1,587
  
Mortgage banking income
    
46,547
      
72,112
      
150,587
      
166,292
  
Other
    
4,941
      
2,265
      
6,812
      
2,868
  
Total noninterest income
    
52,936
      
75,763
      
161,179
      
174,131
  
Noninterest expenses:
                                
Compensation, payroll taxes, and other employee benefits
    
34,229
      
39,405
      
102,278
      
100,695
  
Occupancy, office furniture, and equipment
    
2,488
      
2,469
      
7,346
      
7,744
  
Advertising
    
835
      
861
      
2,570
      
2,625
  
Data processing
    
986
      
922
      
2,871
      
3,023
  
Communications
    
331
      
339
      
988
      
994
  
Professional fees
    
550
      
4,738
      
804
      
7,647
  
Real estate owned
    
1
      
11
      
(11
)
    
55
  
Loan processing expense
    
1,135
      
1,336
      
3,670
      
3,620
  
Other
    
2,768
      
2,920
      
9,104
      
9,495
  
Total noninterest expenses
    
43,323
      
53,001
      
129,620
      
135,898
  
Income before income taxes
    
24,427
      
35,146
      
76,422
      
71,107
  
Income tax expense
    
5,427
      
8,853
      
18,184
      
17,797
  
Net income
  
$
19,000
    
$
26,293
    
$
58,238
    
$
53,310
  
Income per share:
                                
Basic
  
$
0.80
    
$
1.08
    
$
2.45
    
$
2.16
  
Diluted
  
$
0.79
    
$
1.08
    
$
2.43
    
$
2.15
  
Weighted average shares outstanding:
                                
Basic
    
23,785
      
24,297
      
23,790
      
24,720
  
Diluted
    
23,960
      
24,380
      
23,987
      
24,842
  


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
   
September 30,
    
December 31,
  
   
2021
    
2020
  
   
(Unaudited)
        
Assets
  
(In Thousands, except per share amounts)
  
Cash
  
$
327,288
    
$
56,190
  
Federal funds sold
    
12,097
      
18,847
  
Interest-earning deposits in other financial institutions and other short term investments
    
19,229
      
19,730
  
Cash and cash equivalents
    
358,614
      
94,767
  
Securities available for sale (at fair value)
    
174,830
      
159,619
  
Loans held for sale (at fair value)
    
325,958
      
402,003
  
Loans receivable
    
1,226,834
      
1,375,137
  
Less: Allowance for loan losses
    
16,790
      
18,823
  
Loans receivable, net
    
1,210,044
      
1,356,314
  
                 
Office properties and equipment, net
    
22,676
      
23,722
  
Federal Home Loan Bank stock (at cost)
    
24,438
      
26,720
  
Cash surrender value of life insurance
    
65,050
      
63,573
  
Real estate owned, net
    
148
      
322
  
Prepaid expenses and other assets
    
52,353
      
57,547
  
Total assets
  
$
2,234,111
    
$
2,184,587
  
                 
Liabilities and Shareholders' Equity
                
Liabilities:
                
Demand deposits
  
$
217,078
    
$
188,225
  
Money market and savings deposits
    
371,719
      
295,317
  
Time deposits
    
657,767
      
701,328
  
Total deposits
    
1,246,564
      
1,184,870
  
                 
Borrowings
    
475,000
      
508,074
  
Advance payments by borrowers for taxes
    
25,298
      
3,522
  
Other liabilities
    
44,678
      
75,003
  
Total liabilities
    
1,791,540
      
1,771,469
  
                 
Shareholders' equity:
                
Preferred stock
    
-
      
-
  
Common stock
    
250
      
251
  
Additional paid-in capital
    
179,312
      
180,684
  
Retained earnings
    
277,316
      
245,287
  
Unearned ESOP shares
    
(14,540
)
    
(15,430
)
Accumulated other comprehensive income, net of taxes
    
233
      
2,326
  
Total shareholders' equity
    
442,571
      
413,118
  
Total liabilities and shareholders' equity
  
$
2,234,111
    
$
2,184,587
  
                 
Share Information
                
Shares outstanding
    
25,038
      
25,088
  
Book value per share
  
$
17.68
    
$
16.47
  
Closing market price
  
$
20.49
    
$
18.82
  
Price to book ratio
    
115.89
%
    
114.27
%


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
                               
   
At or For the Three Months Ended
  
   
September 30,
    
June 30,
    
March 31,
    
December 31,
    
September 30,
  
   
2021
    
2021
    
2021
    
2020
    
2020
  
   
(Dollars in Thousands, except per share amounts)
  
Condensed Results of Operations:
                              
Net interest income
  
$
14,114
    
$
14,277
    
$
13,952
    
$
14,316
    
$
13,409
  
Provision for loan losses
    
(700
)
    
(750
)
    
(1,070
)
    
30
      
1,025
  
Total noninterest income
    
52,936
      
52,044
      
56,199
      
69,886
      
75,763
  
Total noninterest expense
    
43,323
      
43,297
      
43,000
      
47,163
      
53,001
  
Income before income taxes
    
24,427
      
23,774
      
28,221
      
37,009
      
35,146
  
Income tax expense
    
5,427
      
5,880
      
6,877
      
9,174
      
8,853
  
Net income
  
$
19,000
    
$
17,894
    
$
21,344
    
$
27,835
    
$
26,293
  
Income per share – basic
  
$
0.80
    
$
0.75
    
$
0.90
    
$
1.17
    
$
1.08
  
Income per share – diluted
  
$
0.79
    
$
0.74
    
$
0.89
    
$
1.17
    
$
1.08
  
Dividends declared per share
  
$
0.20
    
$
0.70
    
$
0.20
    
$
0.50
    
$
0.12
  
                                         
Performance Ratios (annualized):
                                        
Return on average assets - QTD
    
3.38
%
    
3.25
%
    
3.99
%
    
4.96
%
    
4.78
%
Return on average equity - QTD
    
17.25
%
    
16.49
%
    
20.49
%
    
27.11
%
    
26.30
%
Net interest margin - QTD
    
2.68
%
    
2.78
%
    
2.80
%
    
2.73
%
    
2.63
%
                                         
Return on average assets - YTD
    
3.54
%
    
3.62
%
    
3.99
%
    
3.77
%
    
3.35
%
Return on average equity - YTD
    
18.08
%
    
18.49
%
    
20.49
%
    
20.18
%
    
18.02
%
Net interest margin - YTD
    
2.75
%
    
2.79
%
    
2.80
%
    
2.67
%
    
2.64
%
                                         
Asset Quality Ratios:
                                        
Past due loans to total loans
    
0.92
%
    
0.53
%
    
0.52
%
    
0.57
%
    
0.39
%
Nonaccrual loans to total loans
    
0.32
%
    
0.34
%
    
0.31
%
    
0.40
%
    
0.42
%
Nonperforming assets to total assets
    
0.18
%
    
0.20
%
    
0.20
%
    
0.27
%
    
0.31
%
Allowance for loan losses to loans receivable
    
1.37
%
    
1.34
%
    
1.33
%
    
1.37
%
    
1.31
%

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
(Unaudited)
                               
   
At or For the Three Months Ended
  
   
September 30,
    
June 30,
    
March 31,
    
December 31,
    
September 30,
  
   
2021
    
2021
    
2021
    
2020
    
2020
  
Average balances
  
(Dollars in Thousands)
  
Interest-earning assets
                              
Loans receivable and held for sale
  
$
1,573,194
    
$
1,655,078
    
$
1,657,260
    
$
1,775,455
    
$
1,766,715
  
Mortgage related securities
    
108,743
      
100,056
      
90,457
      
91,199
      
96,529
  
Debt securities, federal funds sold and short term investments
    
409,559
      
308,105
      
273,929
      
217,356
      
166,160
  
    Total interest-earning assets
    
2,091,496
      
2,063,239
      
2,021,646
      
2,084,010
      
2,029,404
  
Noninterest-earning assets
    
137,454
      
143,375
      
147,781
      
147,573
      
160,526
  
    Total assets
  
$
2,228,950
    
$
2,206,614
    
$
2,169,427
    
$
2,231,583
    
$
2,189,930
  
                                         
Interest-bearing liabilities
                                        
Demand accounts
  
$
68,478
    
$
63,610
    
$
55,552
    
$
53,771
    
$
50,590
  
Money market, savings, and escrow accounts
    
391,599
      
350,270
      
314,418
      
304,467
      
282,349
  
Certificates of deposit
    
663,343
      
690,196
      
705,712
      
726,132
      
741,265
  
    Total interest-bearing deposits
    
1,123,420
      
1,104,076
      
1,075,682
      
1,084,370
      
1,074,204
  
Borrowings
    
475,000
      
480,054
      
482,665
      
546,070
      
531,588
  
    Total interest-bearing liabilities
    
1,598,420
      
1,584,130
      
1,558,347
      
1,630,440
      
1,605,792
  
Noninterest-bearing demand deposits
    
153,436
      
141,648
      
138,446
      
128,665
      
129,911
  
Noninterest-bearing liabilities
    
40,148
      
45,658
      
50,188
      
64,001
      
56,451
  
    Total liabilities
    
1,792,004
      
1,771,436
      
1,746,981
      
1,823,106
      
1,792,154
  
Equity
    
436,946
      
435,178
      
422,446
      
408,477
      
397,776
  
    Total liabilities and equity
  
$
2,228,950
    
$
2,206,614
    
$
2,169,427
    
$
2,231,583
    
$
2,189,930
  
                                         
Average Yield/Costs (annualized)
                                        
Loans receivable and held for sale
    
4.07
%
    
3.99
%
    
4.06
%
    
4.08
%
    
4.10
%
Mortgage related securities
    
1.72
%
    
1.95
%
    
2.20
%
    
2.30
%
    
2.42
%
Debt securities, federal funds sold and short term investments
    
0.88
%
    
1.12
%
    
1.30
%
    
1.59
%
    
1.75
%
    Total interest-earning assets
    
3.32
%
    
3.47
%
    
3.60
%
    
3.75
%
    
3.83
%
                                         
Demand accounts
    
0.08
%
    
0.08
%
    
0.07
%
    
0.07
%
    
0.09
%
Money market and savings accounts
    
0.24
%
    
0.23
%
    
0.32
%
    
0.53
%
    
0.67
%
Certificates of deposit
    
0.42
%
    
0.50
%
    
0.72
%
    
1.20
%
    
1.62
%
    Total interest-bearing deposits
    
0.33
%
    
0.39
%
    
0.57
%
    
0.96
%
    
1.29
%
Borrowings
    
2.04
%
    
2.06
%
    
2.10
%
    
1.97
%
    
1.98
%
    Total interest-bearing liabilities
    
0.84
%
    
0.90
%
    
1.05
%
    
1.30
%
    
1.52
%


COMMUNITY BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
                               
   
At or For the Three Months Ended
  
   
September 30,
    
June 30,
    
March 31,
    
December 31,
    
September 30,
  
   
2021
    
2021
    
2021
    
2020
    
2020
  
   
(Dollars in Thousands)
  
Condensed Results of Operations:
                              
Net interest income
  
$
14,090
    
$
14,517
    
$
14,247
    
$
14,546
    
$
13,461
  
Provision for loan losses
    
(750
)
    
(750
)
    
(1,100
)
    
-
      
1,000
  
Total noninterest income
    
1,726
      
1,630
      
1,243
      
1,655
      
3,104
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
5,360
      
4,874
      
4,975
      
5,159
      
5,000
  
Occupancy, office furniture and equipment
    
909
      
887
      
1,025
      
934
      
874
  
Advertising
    
233
      
260
      
209
      
244
      
252
  
Data processing
    
531
      
466
      
511
      
511
      
490
  
Communications
    
122
      
86
      
119
      
110
      
113
  
Professional fees
    
130
      
198
      
194
      
5
      
266
  
Real estate owned
    
1
      
-
      
(12
)
    
(63
)
    
11
  
Loan processing expense
    
-
      
-
      
-
      
-
      
-
  
Other
    
422
      
461
      
440
      
577
      
818
  
Total noninterest expense
    
7,708
      
7,232
      
7,461
      
7,477
      
7,824
  
Income before income taxes
    
8,858
      
9,665
      
9,129
      
8,724
      
7,741
  
Income tax expense
    
2,092
      
2,128
      
1,786
      
1,926
      
1,565
  
Net income
  
$
6,766
    
$
7,537
    
$
7,343
    
$
6,798
    
$
6,176
  
                                         
Efficiency ratio - QTD
    
48.74
%
    
44.79
%
    
48.17
%
    
46.15
%
    
47.23
%
Efficiency ratio - YTD
    
47.21
%
    
46.44
%
    
48.17
%
    
48.71
%
    
49.59
%


MORTGAGE BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
                               
   
At or For the Three Months Ended
  
   
September 30,
    
June 30,
    
March 31,
    
December 31,
    
September 30,
  
   
2021
    
2021
    
2021
    
2020
    
2020
  
   
(Dollars in Thousands)
  
Condensed Results of Operations:
                              
Net interest income
  
$
(2
)
  
$
(251
)
  
$
(350
)
  
$
(223
)
  
$
(58
)
Provision for loan losses
    
50
      
-
      
30
      
30
      
25
  
Total noninterest income
    
51,290
      
50,556
      
55,035
      
68,500
      
73,143
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
28,981
      
29,170
      
29,262
      
33,347
      
34,559
  
Occupancy, office furniture and equipment
    
1,579
      
1,406
      
1,540
      
1,545
      
1,595
  
Advertising
    
602
      
651
      
615
      
822
      
609
  
Data processing
    
450
      
443
      
454
      
402
      
426
  
Communications
    
209
      
240
      
212
      
225
      
226
  
Professional fees
    
421
      
361
      
(524
)
    
441
      
4,465
  
Real estate owned
    
-
      
-
      
-
      
-
      
-
  
Loan processing expense
    
1,135
      
1,200
      
1,335
      
1,026
      
1,336
  
Other
    
2,270
      
2,678
      
2,681
      
2,110
      
2,444
  
Total noninterest expense
    
35,647
      
36,149
      
35,575
      
39,918
      
45,660
  
Income (loss) before income taxes
    
15,591
      
14,156
      
19,080
      
28,329
      
27,400
  
Income tax expense (benefit)
    
3,341
      
3,761
      
5,096
      
7,252
      
7,284
  
Net income (loss)
  
$
12,250
    
$
10,395
    
$
13,984
    
$
21,077
    
$
20,116
  
                                         
Efficiency ratio - QTD
    
69.50
%
    
71.86
%
    
65.05
%
    
58.46
%
    
62.48
%
Efficiency ratio - YTD
    
68.71
%
    
68.32
%
    
65.05
%
    
65.20
%
    
67.95
%
                                         
Loan originations
  
$
1,055,500
    
$
1,065,161
    
$
1,115,091
    
$
1,282,321
    
$
1,296,725
  
Purchase
    
73.8
%
    
75.4
%
    
56.1
%
    
59.2
%
    
64.1
%
Refinance
    
26.2
%
    
24.6
%
    
43.9
%
    
40.8
%
    
35.9
%
Gross margin on loans sold(1)
    
4.54
%
    
4.81
%
    
4.86
%
    
5.40
%
    
5.44
%
(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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