Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2024
Waterstone Financial, Inc. (NASDAQ: WSBF) reported net income of $4.7 million, or $0.26 per diluted share, for Q3 2024, compared to $3.3 million, or $0.16 per diluted share, in Q3 2023. The company's Community Banking segment saw growth in loan and core deposit balances, while maintaining strong asset quality metrics. The Mortgage Banking segment experienced a decrease in fundings but remained profitable due to cost control measures.
Key highlights include:
- Consolidated return on average assets: 0.83% (Q3 2024) vs 0.58% (Q3 2023)
- Dividends declared: $0.15 per common share
- Share repurchases: ~71,000 shares at $13.75 per share
- Book value per share: $17.58 (September 30, 2024)
- Community Banking pre-tax income: $5.6 million
- Mortgage Banking pre-tax income: $144,000
Waterstone Financial, Inc. (NASDAQ: WSBF) ha riportato un utile netto di 4,7 milioni di dollari, ovvero 0,26 dollari per azione diluita, per il terzo trimestre del 2024, rispetto ai 3,3 milioni di dollari, o 0,16 dollari per azione diluita, nel terzo trimestre del 2023. Il segmento di Community Banking ha registrato una Crescita dei prestiti e dei saldi dei depositi core, mantenendo forti parametri di qualità degli attivi. Il segmento di Mortgage Banking ha vissuto una riduzione nei finanziamenti, ma è rimasto redditizio grazie a misure di controllo dei costi.
I punti salienti includono:
- Rendimento consolidato su attivi medi: 0,83% (Q3 2024) vs 0,58% (Q3 2023)
- Dividendi dichiarati: 0,15 dollari per azione comune
- Riacquisti di azioni: ~71.000 azioni a 13,75 dollari per azione
- Valore contabile per azione: 17,58 dollari (30 settembre 2024)
- Reddito ante imposte del Community Banking: 5,6 milioni di dollari
- Reddito ante imposte del Mortgage Banking: 144.000 dollari
Waterstone Financial, Inc. (NASDAQ: WSBF) informó un ingreso neto de 4,7 millones de dólares, o 0,26 dólares por acción diluida, para el tercer trimestre de 2024, en comparación con 3,3 millones de dólares, o 0,16 dólares por acción diluida, en el tercer trimestre de 2023. El segmento de Banca Comunitaria vio un crecimiento en los saldos de préstamos y depósitos básicos, mientras mantenía sólidos indicadores de calidad de activos. El segmento de Banca Hipotecaria experimentó una disminución en los financiamientos pero se mantuvo rentable gracias a medidas de control de costos.
Los puntos destacados incluyen:
- Rendimiento consolidado sobre activos promedio: 0,83% (Q3 2024) vs 0,58% (Q3 2023)
- Dividendos declarados: 0,15 dólares por acción común
- Recompra de acciones: ~71,000 acciones a 13,75 dólares por acción
- Valor contable por acción: 17,58 dólares (30 de septiembre de 2024)
- Ingreso antes de impuestos de la Banca Comunitaria: 5,6 millones de dólares
- Ingreso antes de impuestos de la Banca Hipotecaria: 144,000 dólares
Waterstone Financial, Inc. (NASDAQ: WSBF)는 2024년 3분기에 470만 달러의 순이익을 기록했으며, 주당 희석 기준 0.26달러로, 이는 2023년 3분기의 330만 달러, 즉 0.16달러와 비교됩니다. 회사의 커뮤니티 뱅킹 부문은 대출 및 핵심 예치금 잔고의 성장을 보였으며, 강력한 자산 품질 지표를 유지했습니다. 모기지 뱅킹 부문은 자금 조달 감소를 경험했지만 비용 절감 조치로 수익성을 유지했습니다.
주요 하이라이트는 다음과 같습니다:
- 평균 자산에 대한 consolidated 수익률: 0.83% (Q3 2024) vs 0.58% (Q3 2023)
- 선언된 배당금: 보통주 0.15달러
- 자사주 매입: 약 71,000주를 주당 13.75달러에 매입
- 주당 장부가치: 17.58달러 (2024년 9월 30일)
- 커뮤니티 뱅킹 세전 수익: 560만 달러
- 모기지 뱅킹 세전 수익: 144,000 달러
Waterstone Financial, Inc. (NASDAQ: WSBF) a annoncé un bénéfice net de 4,7 millions de dollars, soit 0,26 dollar par action diluée, pour le troisième trimestre de 2024, contre 3,3 millions de dollars, ou 0,16 dollar par action diluée, pour le troisième trimestre de 2023. Le segment de la banque communautaire a connu une croissance des soldes de prêts et des dépôts de base, tout en maintenant des indicateurs de qualité des actifs solides. Le segment de la banque hypothécaire a enregistré une baisse des financements mais est resté rentable grâce à des mesures de contrôle des coûts.
Les points clés comprennent :
- Rendement consolidé des actifs moyens : 0,83 % (Q3 2024) contre 0,58 % (Q3 2023)
- Dividendes déclarés : 0,15 dollar par action ordinaire
- Rachats d'actions : ~71 000 actions à 13,75 dollars par action
- Valeur comptable par action : 17,58 dollars (30 septembre 2024)
- Revenu avant impôt de la banque communautaire : 5,6 millions de dollars
- Revenu avant impôt de la banque hypothécaire : 144 000 dollars
Waterstone Financial, Inc. (NASDAQ: WSBF) berichtete über einen Nettogewinn von 4,7 Millionen Dollar, oder 0,26 Dollar pro verwässerter Aktie, für das 3. Quartal 2024, im Vergleich zu 3,3 Millionen Dollar oder 0,16 Dollar pro verwässerter Aktie im 3. Quartal 2023. Das Segment Community Banking verzeichnete Wachstum bei Darlehen und Kern-Einlagen, während es starke Kennzahlen zur Vermögensqualität beibehielt. Das Segment Mortgage Banking erlebte einen Rückgang bei Finanzierungen, blieb jedoch dank Kostensenkungsmaßnahmen profitabel.
Wichtige Highlights sind:
- Konsolidierte Rendite auf durchschnittliche Vermögenswerte: 0,83% (Q3 2024) vs 0,58% (Q3 2023)
- Erklärte Dividenden: 0,15 Dollar pro Stammaktie
- Aktienrückkäufe: etwa 71.000 Aktien zu 13,75 Dollar pro Aktie
- Buchwert pro Aktie: 17,58 Dollar (30. September 2024)
- Vorsteuerergebnis des Community Banking: 5,6 Millionen Dollar
- Vorsteuerergebnis des Mortgage Banking: 144.000 Dollar
- Net income increased to $4.7 million in Q3 2024 from $3.3 million in Q3 2023
- Consolidated return on average assets improved to 0.83% from 0.58% year-over-year
- Book value per share increased to $17.58 from $16.94 at the end of 2023
- Community Banking segment saw growth in loan and core deposit balances
- Mortgage Banking segment remained profitable despite decreased fundings
- Company declared dividends and continued share repurchases
- Net interest income in Community Banking segment decreased by 1.5% year-over-year
- Net interest margin in Community Banking segment decreased by 13 basis points year-over-year
- Mortgage Banking loan originations decreased by 6.5% compared to Q3 2023
- Past due loans as a percentage of total loans increased to 0.63% from 0.53% year-over-year
Insights
Waterstone Financial's Q3 2024 results show a significant improvement year-over-year. Net income increased to
Key positives include:
- Improved return on average assets (0.83% vs 0.58%) and return on average equity (5.55% vs 3.63%)
- Continued share repurchases and dividend payments, showing commitment to shareholder returns
- Strong asset quality with nonperforming assets at 0.25% of total assets
- Community Banking segment maintained stable pre-tax income despite interest margin pressure
- Mortgage Banking segment returned to profitability
However, challenges remain, including a competitive retail funding environment and decreased mortgage fundings. The net interest margin compression (2.13% vs 2.26% YoY) warrants monitoring. Overall, Waterstone's improved profitability and strong capital management are positive indicators for investors.
Waterstone Financial's Q3 results reflect resilience in a challenging banking environment. The Community Banking segment's loan growth of
The bank's asset quality remains robust, with past due loans at 0.63% and a negative provision for credit losses, suggesting a conservative approach to risk management. However, the efficiency ratio increase to
In the Mortgage Banking segment, the shift towards purchase activity (88.9% of originations) and improved gross margin (3.83% vs 3.62%) demonstrate adaptability to market conditions. The segment's return to profitability, despite lower volumes, highlights effective cost management.
Waterstone's ability to navigate interest rate challenges while maintaining growth and profitability positions it well in the competitive banking landscape.
WAUWATOSA, Wis., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of
“The Community Banking segment achieved growth in its loan and core deposit (excluding brokered deposits) balances,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. “We continue to maintain strong asset quality metrics and remain in a net recovery position, resulting in a negative provision during the quarter. While the decrease in our wholesale borrowing rate during the quarter captures a portion of the benefit from the 50 bps cut in the Federal Funds rate during September, the competitive retail funding environment remains a headwind. The Mortgage Banking segment experienced a decrease in fundings; however, it remained profitable due in large part to our continued focus on cost control. Waterstone Financial, Inc. remained active in share repurchases and once again declared a dividend, as we are committed to shareholder returns.”
Highlights of the Quarter Ended September 30, 2024
Waterstone Financial, Inc. (Consolidated)
| ● | Consolidated net income of Waterstone Financial, Inc. totaled |
| ● | Consolidated return on average assets was |
| ● | Consolidated return on average equity was |
| ● | Dividends declared during the quarter ended September 30, 2024, totaled |
| ● | During the quarter ended September 30, 2024, we repurchased approximately 71,000 shares at a cost (including the federal excise tax) of |
| ● | Nonperforming assets as a percentage of total assets was |
| ● | Past due loans as a percentage of total loans was |
| ● | Book value per share was |
Community Banking Segment
| ● | Pre-tax income totaled | |
| ● | Net interest income totaled | |
| ● | Average loans held for investment totaled | |
| ● | Net interest margin decreased 13 basis points to | |
| ● | Past due loans at the community banking segment totaled | |
| ● | The segment had a negative provision for credit losses related to funded loans of | |
| ● | The efficiency ratio, a non-GAAP ratio, was | |
| ● | Average deposits (excluding escrow accounts) totaled | |
Mortgage Banking Segment
| ● | Pre-tax income totaled |
| ● | Loan originations decreased |
| ● | Mortgage banking non-interest income decreased |
| ● | Gross margin on loans sold totaled |
| ● | Total compensation, payroll taxes and other employee benefits decreased |
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.
Contact: Mark R. Gerke
Chief Financial Officer
414-459-4012
markgerke@wsbonline.com
| WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||
| For The Three Months Ended September 30, | For The Nine Months Ended September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| (In Thousands, except per share amounts) | |||||||||||||
| Interest income: | |||||||||||||
| Loans | $ | 26,590 | $ | 23,825 | $ | 76,675 | $ | 65,860 | |||||
| Mortgage-related securities | 1,137 | 1,060 | 3,360 | 2,972 | |||||||||
| Debt securities, federal funds sold and short-term investments | 1,464 | 1,492 | 4,081 | 3,682 | |||||||||
| Total interest income | 29,191 | 26,377 | 84,116 | 72,514 | |||||||||
| Interest expense: | |||||||||||||
| Deposits | 10,477 | 7,442 | 29,163 | 17,485 | |||||||||
| Borrowings | 7,197 | 6,946 | 21,620 | 16,570 | |||||||||
| Total interest expense | 17,674 | 14,388 | 50,783 | 34,055 | |||||||||
| Net interest income | 11,517 | 11,989 | 33,333 | 38,459 | |||||||||
| Provision (credit) for credit losses | (377 | ) | 445 | (535 | ) | 1,091 | |||||||
| Net interest income after provision (credit) for loan losses | 11,894 | 11,544 | 33,868 | 37,368 | |||||||||
| Noninterest income: | |||||||||||||
| Service charges on loans and deposits | 545 | 450 | 1,434 | 1,491 | |||||||||
| Increase in cash surrender value of life insurance | 410 | 334 | 1,562 | 1,373 | |||||||||
| Mortgage banking income | 21,294 | 21,172 | 66,200 | 59,856 | |||||||||
| Other | 303 | 274 | 1,101 | 1,589 | |||||||||
| Total noninterest income | 22,552 | 22,230 | 70,297 | 64,309 | |||||||||
| Noninterest expenses: | |||||||||||||
| Compensation, payroll taxes, and other employee benefits | 21,017 | 21,588 | 62,655 | 64,035 | |||||||||
| Occupancy, office furniture, and equipment | 1,857 | 1,993 | 5,994 | 6,302 | |||||||||
| Advertising | 926 | 916 | 2,827 | 2,749 | |||||||||
| Data processing | 1,297 | 1,229 | 3,745 | 3,441 | |||||||||
| Communications | 232 | 243 | 698 | 719 | |||||||||
| Professional fees | 569 | 745 | 2,070 | 1,779 | |||||||||
| Real estate owned | - | 1 | 14 | 3 | |||||||||
| Loan processing expense | 697 | 722 | 2,604 | 2,672 | |||||||||
| Other | 1,965 | 2,584 | 5,762 | 8,350 | |||||||||
| Total noninterest expenses | 28,560 | 30,021 | 86,369 | 90,050 | |||||||||
| Income before income taxes | 5,886 | 3,753 | 17,796 | 11,627 | |||||||||
| Income tax expense | 1,158 | 500 | 4,318 | 2,212 | |||||||||
| Net income | $ | 4,728 | $ | 3,253 | $ | 13,478 | $ | 9,415 | |||||
| Income per share: | |||||||||||||
| Basic | $ | 0.26 | $ | 0.16 | $ | 0.72 | $ | 0.46 | |||||
| Diluted | $ | 0.26 | $ | 0.16 | $ | 0.72 | $ | 0.46 | |||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 18,350 | 19,998 | 18,631 | 20,420 | |||||||||
| Diluted | 18,445 | 20,022 | 18,677 | 20,473 | |||||||||
| WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| Assets | (In Thousands, except per share amounts) | ||||||
| Cash | $ | 35,770 | $ | 30,667 | |||
| Federal funds sold | 5,359 | 5,493 | |||||
| Interest-earning deposits in other financial institutions and other short-term investments | 278 | 261 | |||||
| Cash and cash equivalents | 41,407 | 36,421 | |||||
| Securities available for sale (at fair value) | 213,164 | 204,907 | |||||
| Loans held for sale (at fair value) | 155,846 | 164,993 | |||||
| Loans receivable | 1,695,403 | 1,664,215 | |||||
| Less: Allowance for credit losses ("ACL") - loans | 18,198 | 18,549 | |||||
| Loans receivable, net | 1,677,205 | 1,645,666 | |||||
| Office properties and equipment, net | 19,450 | 19,995 | |||||
| Federal Home Loan Bank stock (at cost) | 21,681 | 20,880 | |||||
| Cash surrender value of life insurance | 69,601 | 67,859 | |||||
| Real estate owned, net | 145 | 254 | |||||
| Prepaid expenses and other assets | 45,837 | 52,414 | |||||
| Total assets | $ | 2,244,336 | $ | 2,213,389 | |||
| Liabilities and Shareholders' Equity | |||||||
| Liabilities: | |||||||
| Demand deposits | $ | 180,449 | $ | 187,107 | |||
| Money market and savings deposits | 279,188 | 273,233 | |||||
| Time deposits | 804,204 | 730,284 | |||||
| Total deposits | 1,263,841 | 1,190,624 | |||||
| Borrowings | 560,127 | 611,054 | |||||
| Advance payments by borrowers for taxes | 27,847 | 6,607 | |||||
| Other liabilities | 50,519 | 61,048 | |||||
| Total liabilities | 1,902,334 | 1,869,333 | |||||
| Shareholders' equity: | |||||||
| Preferred stock | - | - | |||||
| Common stock | 194 | 203 | |||||
| Additional paid-in capital | 92,789 | 103,908 | |||||
| Retained earnings | 274,748 | 269,606 | |||||
| Unearned ESOP shares | (10,979 | ) | (11,869 | ) | |||
| Accumulated other comprehensive loss, net of taxes | (14,750 | ) | (17,792 | ) | |||
| Total shareholders' equity | 342,002 | 344,056 | |||||
| Total liabilities and shareholders' equity | $ | 2,244,336 | $ | 2,213,389 | |||
| Share Information | |||||||
| Shares outstanding | 19,457 | 20,315 | |||||
| Book value per share | $ | 17.58 | $ | 16.94 | |||
| 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, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| (Dollars in Thousands, except per share amounts) | |||||||||||||||||||
| Condensed Results of Operations: | |||||||||||||||||||
| Net interest income | $ | 11,517 | $ | 10,679 | $ | 11,137 | $ | 11,756 | $ | 11,989 | |||||||||
| Provision (credit) for credit losses | (377 | ) | (225 | ) | 67 | (435 | ) | 445 | |||||||||||
| Total noninterest income | 22,552 | 26,497 | 21,248 | 16,876 | 22,230 | ||||||||||||||
| Total noninterest expense | 28,560 | 30,259 | 27,550 | 29,662 | 30,021 | ||||||||||||||
| Income (loss) before income taxes (benefit) | 5,886 | 7,142 | 4,768 | (595 | ) | 3,753 | |||||||||||||
| Income tax expense (benefit) | 1,158 | 1,430 | 1,730 | (555 | ) | 500 | |||||||||||||
| Net income (loss) | $ | 4,728 | $ | 5,712 | $ | 3,038 | $ | (40 | ) | $ | 3,253 | ||||||||
| Income (loss) per share – basic | $ | 0.26 | $ | 0.31 | $ | 0.16 | $ | (0.00 | ) | $ | 0.16 | ||||||||
| Income (loss) per share – diluted | $ | 0.26 | $ | 0.31 | $ | 0.16 | $ | (0.00 | ) | $ | 0.16 | ||||||||
| Dividends declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | |||||||||
| Performance Ratios (annualized): | |||||||||||||||||||
| Return on average assets - QTD | 0.83 | % | 1.02 | % | 0.56 | % | -0.01 | % | 0.58 | % | |||||||||
| Return on average equity - QTD | 5.55 | % | 6.84 | % | 3.56 | % | -0.05 | % | 3.63 | % | |||||||||
| Net interest margin - QTD | 2.13 | % | 2.01 | % | 2.15 | % | 2.25 | % | 2.26 | % | |||||||||
| Return on average assets - YTD | 0.81 | % | 0.79 | % | 0.56 | % | 0.44 | % | 0.59 | % | |||||||||
| Return on average equity - YTD | 5.30 | % | 5.17 | % | 3.56 | % | 2.62 | % | 3.46 | % | |||||||||
| Net interest margin - YTD | 2.09 | % | 2.08 | % | 2.15 | % | 2.46 | % | 2.53 | % | |||||||||
| Asset Quality Ratios: | |||||||||||||||||||
| Past due loans to total loans | 0.63 | % | 0.76 | % | 0.64 | % | 0.68 | % | 0.53 | % | |||||||||
| Nonaccrual loans to total loans | 0.32 | % | 0.33 | % | 0.29 | % | 0.29 | % | 0.25 | % | |||||||||
| Nonperforming assets to total assets | 0.25 | % | 0.25 | % | 0.23 | % | 0.23 | % | 0.20 | % | |||||||||
| Allowance for credit losses - loans to loans receivable | 1.07 | % | 1.10 | % | 1.11 | % | 1.11 | % | 1.12 | % | |||||||||
| 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, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| Average balances | (Dollars in Thousands) | ||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||
| Loans receivable and held for sale | $ | 1,870,627 | $ | 1,859,608 | $ | 1,805,102 | $ | 1,797,988 | $ | 1,797,233 | |||||||||
| Mortgage related securities | 170,221 | 171,895 | 172,077 | 172,863 | 174,202 | ||||||||||||||
| Debt securities, federal funds sold and short-term investments | 115,270 | 107,992 | 110,431 | 106,504 | 132,935 | ||||||||||||||
| Total interest-earning assets | 2,156,118 | 2,139,495 | 2,087,610 | 2,077,355 | 2,104,370 | ||||||||||||||
| Noninterest-earning assets | 104,600 | 104,019 | 103,815 | 105,073 | 105,714 | ||||||||||||||
| Total assets | $ | 2,260,718 | $ | 2,243,514 | $ | 2,191,425 | $ | 2,182,428 | $ | 2,210,084 | |||||||||
| Interest-bearing liabilities | |||||||||||||||||||
| Demand accounts | $ | 89,334 | $ | 91,300 | $ | 87,393 | $ | 91,868 | $ | 90,623 | |||||||||
| Money market, savings, and escrow accounts | 304,116 | 293,483 | 281,171 | 302,121 | 306,806 | ||||||||||||||
| Certificates of deposit | 786,228 | 758,252 | 739,543 | 735,418 | 719,708 | ||||||||||||||
| Total interest-bearing deposits | 1,179,678 | 1,143,035 | 1,108,107 | 1,129,407 | 1,117,137 | ||||||||||||||
| Borrowings | 600,570 | 622,771 | 602,724 | 549,210 | 584,764 | ||||||||||||||
| Total interest-bearing liabilities | 1,780,248 | 1,765,806 | 1,710,831 | 1,678,617 | 1,701,901 | ||||||||||||||
| Noninterest-bearing demand deposits | 91,532 | 93,637 | 92,129 | 102,261 | 106,042 | ||||||||||||||
| Noninterest-bearing liabilities | 49,787 | 48,315 | 45,484 | 56,859 | 46,805 | ||||||||||||||
| Total liabilities | 1,921,567 | 1,907,758 | 1,848,444 | 1,837,737 | 1,854,748 | ||||||||||||||
| Equity | 339,151 | 335,756 | 342,981 | 344,691 | 355,336 | ||||||||||||||
| Total liabilities and equity | $ | 2,260,718 | $ | 2,243,514 | $ | 2,191,425 | $ | 2,182,428 | $ | 2,210,084 | |||||||||
| Average Yield/Costs (annualized) | |||||||||||||||||||
| Loans receivable and held for sale | 5.65 | % | 5.54 | % | 5.46 | % | 5.36 | % | 5.26 | % | |||||||||
| Mortgage related securities | 2.66 | % | 2.63 | % | 2.57 | % | 2.48 | % | 2.41 | % | |||||||||
| Debt securities, federal funds sold and short-term investments | 5.05 | % | 4.82 | % | 4.82 | % | 4.94 | % | 4.45 | % | |||||||||
| Total interest-earning assets | 5.39 | % | 5.27 | % | 5.18 | % | 5.10 | % | 4.97 | % | |||||||||
| Demand accounts | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | |||||||||
| Money market and savings accounts | 1.94 | % | 1.89 | % | 1.79 | % | 1.64 | % | 1.54 | % | |||||||||
| Certificates of deposit | 4.54 | % | 4.41 | % | 4.19 | % | 3.76 | % | 3.43 | % | |||||||||
| Total interest-bearing deposits | 3.53 | % | 3.42 | % | 3.26 | % | 2.90 | % | 2.64 | % | |||||||||
| Borrowings | 4.77 | % | 4.92 | % | 4.54 | % | 4.83 | % | 4.71 | % | |||||||||
| Total interest-bearing liabilities | 3.95 | % | 3.95 | % | 3.71 | % | 3.53 | % | 3.35 | % | |||||||||
| 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, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| Condensed Results of Operations: | |||||||||||||||||||
| Net interest income | $ | 12,250 | $ | 11,234 | $ | 11,598 | $ | 12,056 | $ | 12,431 | |||||||||
| Provision (credit) for credit losses | (302 | ) | (279 | ) | 105 | (550 | ) | 445 | |||||||||||
| Total noninterest income | 1,227 | 1,491 | 990 | 894 | 966 | ||||||||||||||
| Noninterest expenses: | |||||||||||||||||||
| Compensation, payroll taxes, and other employee benefits | 5,326 | 5,116 | 5,360 | 5,397 | 4,618 | ||||||||||||||
| Occupancy, office furniture and equipment | 904 | 983 | 1,000 | 916 | 852 | ||||||||||||||
| Advertising | 311 | 229 | 174 | 363 | 200 | ||||||||||||||
| Data processing | 720 | 687 | 693 | 626 | 672 | ||||||||||||||
| Communications | 80 | 72 | 65 | 75 | 70 | ||||||||||||||
| Professional fees | 190 | 177 | 208 | 186 | 176 | ||||||||||||||
| Real estate owned | - | 1 | 13 | 1 | 1 | ||||||||||||||
| Loan processing expense | - | - | - | - | - | ||||||||||||||
| Other | 602 | 672 | 691 | 628 | 703 | ||||||||||||||
| Total noninterest expense | 8,133 | 7,937 | 8,204 | 8,192 | 7,292 | ||||||||||||||
| Income before income taxes | 5,646 | 5,067 | 4,279 | 5,308 | 5,660 | ||||||||||||||
| Income tax expense | 941 | 718 | 1,639 | 1,234 | 1,121 | ||||||||||||||
| Net income | $ | 4,705 | $ | 4,349 | $ | 2,640 | $ | 4,074 | $ | 4,539 | |||||||||
| Efficiency ratio - QTD (non-GAAP) | 60.35 | % | 62.37 | % | 65.17 | % | 63.26 | % | 54.43 | % | |||||||||
| Efficiency ratio - YTD (non-GAAP) | 62.58 | % | 63.77 | % | 65.17 | % | 56.86 | % | 54.94 | % | |||||||||
| 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, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| Condensed Results of Operations: | |||||||||||||||||||
| Net interest loss | $ | (760 | ) | $ | (552 | ) | $ | (541 | ) | $ | (367 | ) | $ | (550 | ) | ||||
| Provision (credit) for credit losses | (75 | ) | 54 | (38 | ) | 115 | - | ||||||||||||
| Total noninterest income | 21,386 | 25,081 | 20,328 | 16,028 | 21,452 | ||||||||||||||
| Noninterest expenses: | |||||||||||||||||||
| Compensation, payroll taxes, and other employee benefits | 15,930 | 16,886 | 14,756 | 14,881 | 17,186 | ||||||||||||||
| Occupancy, office furniture and equipment | 953 | 1,046 | 1,108 | 1,105 | 1,141 | ||||||||||||||
| Advertising | 615 | 758 | 740 | 667 | 716 | ||||||||||||||
| Data processing | 570 | 549 | 508 | 583 | 551 | ||||||||||||||
| Communications | 152 | 168 | 161 | 194 | 173 | ||||||||||||||
| Professional fees | 379 | 569 | 520 | 704 | 564 | ||||||||||||||
| Real estate owned | - | - | - | - | - | ||||||||||||||
| Loan processing expense | 697 | 861 | 1,046 | 756 | 722 | ||||||||||||||
| Other | 1,261 | 1,641 | 617 | 2,701 | 1,935 | ||||||||||||||
| Total noninterest expense | 20,557 | 22,478 | 19,456 | 21,591 | 22,988 | ||||||||||||||
| Income (loss) before income taxes (benefit) | 144 | 1,997 | 369 | (6,045 | ) | (2,086 | ) | ||||||||||||
| Income tax expense (benefit) | 194 | 684 | 71 | (1,827 | ) | (657 | ) | ||||||||||||
| Net (loss) income | $ | (50 | ) | $ | 1,313 | $ | 298 | $ | (4,218 | ) | $ | (1,429 | ) | ||||||
| Efficiency ratio - QTD (non-GAAP) | 99.67 | % | 91.64 | % | 98.33 | % | 137.86 | % | 109.98 | % | |||||||||
| Efficiency ratio - YTD (non-GAAP) | 96.23 | % | 94.62 | % | 98.33 | % | 116.99 | % | 111.63 | % | |||||||||
| Loan originations | $ | 558,729 | $ | 634,109 | $ | 485,109 | $ | 458,363 | $ | 597,562 | |||||||||
| Purchase | 88.9 | % | 92.7 | % | 93.0 | % | 95.7 | % | 95.4 | % | |||||||||
| Refinance | 11.1 | % | 7.3 | % | 7.0 | % | 4.3 | % | 4.6 | % | |||||||||
| Gross margin on loans sold(1) | 3.83 | % | 3.93 | % | 4.10 | % | 3.51 | % | 3.62 | % | |||||||||
(1) Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations.
FAQ
What was Waterstone Financial's (WSBF) net income for Q3 2024?
How did Waterstone Financial's (WSBF) Q3 2024 results compare to Q3 2023?
What was the dividend declared by Waterstone Financial (WSBF) for Q3 2024?
How many shares did Waterstone Financial (WSBF) repurchase in Q3 2024?
What was Waterstone Financial's (WSBF) book value per share as of September 30, 2024?
