Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2024
Waterstone Financial (WSBF) reported net income of $5.2 million ($0.28 per diluted share) for Q4 2024, compared to a net loss of $40,000 in Q4 2023. Full-year 2024 earnings were $1.01 per diluted share, up from $0.46 in 2023.
The Community Banking segment saw pre-tax income increase 26% to $6.7 million, with net interest income rising 6.9% to $12.9 million. Average loans held for investment reached $1.68 billion, up 1.3% year-over-year.
The Mortgage Banking segment reported a reduced pre-tax loss of $625,000 compared to a $6.0 million loss in Q4 2023. Loan originations increased 2.7% to $470.7 million, with purchase activity accounting for 82.1% of originations.
The company maintained shareholder returns through dividends of $0.15 per share and repurchased approximately 194,000 shares at $14.43 per share during Q4 2024.
Waterstone Financial (WSBF) ha riportato un utile netto di 5,2 milioni di dollari (0,28 dollari per azione diluita) per il quarto trimestre 2024, rispetto a una perdita netta di 40.000 dollari nel quarto trimestre 2023. Gli utili totali per l'intero anno 2024 sono stati di 1,01 dollari per azione diluita, in aumento rispetto a 0,46 dollari nel 2023.
Il segmento Bancario Comunitario ha registrato un aumento del reddito ante imposte del 26%, raggiungendo 6,7 milioni di dollari, con una crescita del reddito da interessi netti del 6,9% a 12,9 milioni di dollari. I prestiti medi detenuti per investimento hanno raggiunto 1,68 miliardi di dollari, in aumento dell'1,3% rispetto all'anno precedente.
Il segmento Mutui ha riportato una perdita ante imposte ridotta a 625.000 dollari rispetto a una perdita di 6,0 milioni di dollari nel quarto trimestre 2023. Le origini dei prestiti sono aumentate del 2,7% a 470,7 milioni di dollari, con le attività di acquisto che hanno rappresentato l'82,1% delle origini.
L'azienda ha mantenuto i ritorni per gli azionisti attraverso dividendi di 0,15 dollari per azione e ha riacquistato circa 194.000 azioni a 14,43 dollari per azione durante il quarto trimestre 2024.
Waterstone Financial (WSBF) reportó un ingreso neto de 5,2 millones de dólares (0,28 dólares por acción diluida) para el cuarto trimestre de 2024, en comparación con una pérdida neta de 40,000 dólares en el cuarto trimestre de 2023. Las ganancias para todo el año 2024 fueron de 1,01 dólares por acción diluida, un aumento desde los 0,46 dólares en 2023.
El segmento de Banca Comunitaria vio un aumento del 26% en los ingresos antes de impuestos, alcanzando los 6,7 millones de dólares, con un aumento del 6,9% en los ingresos netos por intereses, que llegaron a 12,9 millones de dólares. Los préstamos promedio mantenidos para inversión alcanzaron 1,68 mil millones de dólares, un aumento del 1,3% en comparación con el año anterior.
El segmento de Banca Hipotecaria reportó una pérdida ante impuestos reducida de 625,000 dólares en comparación con una pérdida de 6,0 millones de dólares en el cuarto trimestre de 2023. Las originaciones de préstamos aumentaron un 2,7% a 470,7 millones de dólares, con la actividad de compras representando el 82,1% de las originaciones.
La empresa mantuvo los retornos para los accionistas a través de dividendos de 0,15 dólares por acción y recomprachó aproximadamente 194,000 acciones a 14,43 dólares por acción durante el cuarto trimestre de 2024.
Waterstone Financial (WSBF)는 2024년 4분기에 520만 달러(희석주당 0.28달러)의 순이익을 보고했으며, 2023년 4분기와 비교하여 4만 달러의 순손실을 기록했습니다. 2024년 전체 연간 수익은 희석주당 1.01달러로, 2023년의 0.46달러에서 증가했습니다.
커뮤니티 뱅킹 부문은 세전 수익이 26% 증가하여 670만 달러에 달했으며, 순이자 수익은 6.9% 증가하여 1290만 달러에 달했습니다. 투자용으로 보유한 평균 대출은 16억 8000만 달러에 도달했으며, 이는 전년 대비 1.3% 증가한 수치입니다.
모기지 뱅킹 부문은 2023년 4분기에 600만 달러의 손실을 기록했던 것에 비해 세전 손실이 62만 5000달러로 감소했습니다. 대출 발생액은 2.7% 증가하여 4억 7070만 달러에 이르렀으며, 구매 활동이 전체 대출 발생의 82.1%를 차지했습니다.
회사는 2024년 4분기 동안 주당 0.15달러의 배당금을 통해 주주 수익을 유지했으며, 약 19만 4000주를 주당 14.43달러에 재구매했습니다.
Waterstone Financial (WSBF) a rapporté un bénéfice net de 5,2 millions de dollars (0,28 dollar par action diluée) pour le quatrième trimestre 2024, comparativement à une perte nette de 40 000 dollars au quatrième trimestre 2023. Le bénéfice par action diluée pour l'année entière 2024 était de 1,01 dollar, en hausse par rapport à 0,46 dollar en 2023.
Le secteur de la Banque Communautaire a vu son revenu avant impôts augmenter de 26 % pour atteindre 6,7 millions de dollars, avec un revenu d'intérêts nets en hausse de 6,9 % à 12,9 millions de dollars. Les prêts moyens détenus pour investissement ont atteint 1,68 milliard de dollars, en hausse de 1,3 % par rapport à l'année précédente.
Le secteur des Prêts Hypothécaires a enregistré une perte avant impôts réduite à 625 000 dollars par rapport à une perte de 6,0 millions de dollars au quatrième trimestre 2023. Les origines de prêts ont augmenté de 2,7 % pour atteindre 470,7 millions de dollars, l'activité d'achat représentant 82,1 % des origines.
L'entreprise a maintenu les retours pour les actionnaires par le biais de dividendes de 0,15 dollar par action et a racheté environ 194 000 actions à 14,43 dollars par action durant le quatrième trimestre 2024.
Waterstone Financial (WSBF) berichtete für das vierte Quartal 2024 einen Nettogewinn von 5,2 Millionen Dollar (0,28 Dollar je verwässerte Aktie) im Vergleich zu einem Nettverlust von 40.000 Dollar im vierten Quartal 2023. Der Gewinn pro verwässerter Aktie für das Gesamtjahr 2024 betrug 1,01 Dollar, ein Anstieg von 0,46 Dollar im Jahr 2023.
Der Bereich Gemeinschaftsbanking verzeichnete einen Anstieg des vorsteuerlichen Einkommens um 26 % auf 6,7 Millionen Dollar, während die Zinserträge um 6,9 % auf 12,9 Millionen Dollar stiegen. Die durchschnittlichen Investitionskredite beliefen sich auf 1,68 Milliarden Dollar, was einem Anstieg von 1,3 % im Vergleich zum Vorjahr entspricht.
Der Bereich Hypothekenbanking meldete einen reduzierten vorsteuerlichen Verlust von 625.000 Dollar im Vergleich zu einem Verlust von 6,0 Millionen Dollar im vierten Quartal 2023. Die Kreditvergaben stiegen um 2,7 % auf 470,7 Millionen Dollar, wobei der Kaufanteil 82,1 % der Kreditvergaben ausmachte.
Das Unternehmen stellte die Rückflüsse an die Aktionäre durch Dividenden von 0,15 Dollar pro Aktie sicher und kaufte im vierten Quartal 2024 rund 194.000 Aktien zu einem Preis von 14,43 Dollar pro Aktie zurück.
- Net income improved significantly to $5.2M in Q4 2024 from a loss in Q4 2023
- Community Banking pre-tax income increased 26% YoY to $6.7M
- Net interest margin improved 17 basis points YoY to 2.42%
- Mortgage Banking segment reduced losses significantly from $6.0M to $625K
- Core deposits grew 5.4% YoY to $1.27B
- Book value per share increased to $17.53 from $16.94 YoY
- Past due loans increased to 0.95% from 0.68% YoY
- Nonperforming assets ratio increased to 0.28% from 0.23% YoY
- Mortgage Banking segment remained unprofitable
Insights
The Q4 2024 results demonstrate a remarkable turnaround in Waterstone Financial's performance, with several key indicators pointing to improved operational efficiency and strategic execution. The 120% increase in annual EPS from $0.46 to $1.01 reflects successful adaptation to challenging market conditions.
The Community Banking segment's performance is particularly noteworthy. The 17 basis point improvement in net interest margin to 2.42% and enhanced efficiency ratio of 51.54% (versus 63.26% in Q4 2023) indicate successful margin management despite interest rate pressures. The 5.4% growth in core deposits to $1.27B shows strong organic growth, though the presence of $94.3M in brokered CDs suggests some reliance on wholesale funding.
In the Mortgage Banking segment, the dramatic reduction in pre-tax loss from $6.0M to $625K reflects effective cost management, with employee-related expenses down 7.4%. The improved gross margin on loans sold (3.74% vs 3.51%) and shift in origination mix (82.1% purchase vs 95.7%) indicates strategic adaptation to market conditions.
Asset quality metrics warrant attention, with past due loans increasing to 0.95% from 0.68% YoY. While still manageable, this uptick, combined with increased provisions for construction loans, suggests potential pressure points in the loan portfolio.
The company's capital management strategy remains shareholder-friendly, with continued dividends and strategic share repurchases at an average price of
WAUWATOSA, Wis., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of
“We are pleased with the company's performance compared to the prior year and looking to build off of the positives from 2024,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. “We achieved loan growth, achieved core deposit growth (excluding brokered certificates of deposit), and continued to maintain strong asset quality metrics. The interest rate environment created challenges for both the Community Banking and Mortgage Banking segments even with the 100 bps cut in the Federal Funds rate during the second half of the year. The Mortgage Banking segment remained profitable due in large part to our continued focus on cost control as funding volumes are still facing headwinds from the higher fixed-rate mortgage rates. Waterstone Financial, Inc. remained active in share repurchases and continued to pay out dividends, as we are committed to shareholder returns.”
Highlights of the Quarter Ended December 31, 2024
Waterstone Financial, Inc. (Consolidated)
- Consolidated net income of Waterstone Financial, Inc. totaled
$5.2 million for the quarter ended December 31, 2024, compared to a net loss of$40,000 for the quarter ended December 31, 2023. - Consolidated return on average assets was
0.94% for the quarter ended December 31, 2024, compared to (0.01)% for the quarter ended December 31, 2023. - Consolidated return on average equity was
6.05% for the quarter ended December 31, 2024, and (0.05)% for the quarter ended December 31, 2023. - Dividends declared during the quarter ended December 31, 2024, totaled
$0.15 per common share. - During the quarter ended December 31, 2024, we repurchased approximately 194,000 shares at a cost (including the federal excise tax) of
$2.8 million , or$14.43 per share. - Nonperforming assets as a percentage of total assets was
0.28% at December 31, 2024,0.25% at September 30, 2024, and0.23% at December 31, 2023. - Past due loans as a percentage of total loans was
0.95% at December 31, 2024,0.63% at September 30, 2024, and0.68% at December 31, 2023. - Book value per share was
$17.53 at December 31, 2024, and$16.94 at December 31, 2023.
Community Banking Segment
- Pre-tax income totaled
$6.7 million for the quarter ended December 31, 2024, which represents a$1.4 million , or26.0% , increase compared to$5.3 million for the quarter ended December 31, 2023. - Net interest income totaled
$12.9 million for the quarter ended December 31, 2024, which represents a$830,000 , or6.9% , increase compared to$12.1 million for the quarter ended December 31, 2023. - Average loans held for investment totaled
$1.68 billion during the quarter ended December 31, 2024, which represents an increase of$21.5 million , or1.3% , compared to$1.66 billion for the quarter ended December 31, 2023. The increase was primarily due to increases in the construction, commercial real estate, and multi-family mortgages. Average loans held for investment decreased$6.3 million compared to$1.69 billion for the quarter ended September 30, 2024. The decrease was primarily due to decreases in construction and one- to four-family mortgages. - Net interest margin increased 17 basis points to
2.42% for the quarter ended December 31, 2024 compared to2.25% for the quarter ended December 31, 2023, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale offset by 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 increased 29 basis points compared to2.13% for the quarter ended September 30, 2024, primarily driven by an increase in weighted average yield on loans receivable and held for sale and a decrease in weighted average cost of borrowings. - Past due loans at the community banking segment totaled
$12.8 million at December 31, 2024,$8.0 million at September 30, 2024, and$7.9 million at December 31, 2023. - The segment had a provision for credit losses related to funded loans of
$61,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to funded loans of$17,000 for the quarter ended December 31, 2023. The current quarter increase was primarily due to an increase in the qualitative factors primarily related to increases in economic risks related to commercial real estate loans during the quarter offset by a decrease in historical loss rates. The provision for credit losses related to unfunded loan commitments was$270,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to unfunded loan commitments of$533,000 for the quarter ended December 31, 2023. The provision for credit losses related to unfunded loan commitments for the quarter ended December 31, 2024, was due primarily to an increase of construction loans that are currently waiting to be funded compared to the prior quarter end. - The efficiency ratio, a non-GAAP ratio, was
51.54% for the quarter ended December 31, 2024, compared to63.26% for the quarter ended December 31, 2023. - Average core deposits (excluding brokered and escrow accounts) totaled
$1.27 billion during the quarter ended December 31, 2024, an increase of$65.8 million , or5.4% , compared to$1.21 billion during the quarter ended December 31, 2023. Average deposits increased$28.8 million , or9.2% annualized, compared to$1.25 billion for the quarter ended September 30, 2024. The increases were primarily due to an increase in certificates of deposit balances. The segment had$94.3 million in brokered certificate of deposits at December 31, 2024.
Mortgage Banking Segment
- Pre-tax loss totaled
$625,000 for the quarter ended December 31, 2024, compared to a$6.0 million of pre-tax loss for the quarter ended December 31, 2023. - Loan originations increased
$12.3 million , or2.7% , to$470.7 million during the quarter ended December 31, 2024, compared to$458.4 million during the quarter ended December 31, 2023. Origination volume relative to purchase activity accounted for82.1% of originations for the quarter ended December 31, 2024, compared to95.7% of total originations for the quarter ended December 31, 2023. - Mortgage banking non-interest income increased
$1.4 million , or8.9% , to$17.5 million for the quarter ended December 31, 2024, compared to$16.0 million for the quarter ended December 31, 2023. - Gross margin on loans sold totaled
3.74% for the quarter ended December 31, 2024, compared to3.51% for the quarter ended December 31, 2023. - Total compensation, payroll taxes and other employee benefits decreased
$1.1 million , or7.4% , to$13.8 million during the quarter ended December 31, 2024, compared to$14.9 million during the quarter ended December 31, 2023. The decrease primarily related to decreased salary expense, health insurance expense, and sign-on incentives driven by reduced employee headcount and fewer new branches added over the past year.
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 December 31, | For The Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In Thousands, except per share amounts) | ||||||||||||||||
| Interest income: | ||||||||||||||||
| Loans | $ | 26,391 | $ | 24,288 | $ | 103,066 | $ | 90,148 | ||||||||
| Mortgage-related securities | 1,136 | 1,081 | 4,496 | 4,053 | ||||||||||||
| Debt securities, federal funds sold and short-term investments | 1,525 | 1,325 | 5,606 | 5,007 | ||||||||||||
| Total interest income | 29,052 | 26,694 | 113,168 | 99,208 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 11,410 | 8,253 | 40,573 | 25,738 | ||||||||||||
| Borrowings | 4,807 | 6,685 | 26,427 | 23,255 | ||||||||||||
| Total interest expense | 16,217 | 14,938 | 67,000 | 48,993 | ||||||||||||
| Net interest income | 12,835 | 11,756 | 46,168 | 50,215 | ||||||||||||
| Provision (credit) for credit losses | 367 | (435 | ) | (168 | ) | 656 | ||||||||||
| Net interest income after provision (credit) for loan losses | 12,468 | 12,191 | 46,336 | 49,559 | ||||||||||||
| Noninterest income: | ||||||||||||||||
| Service charges on loans and deposits | 626 | 328 | 2,060 | 1,819 | ||||||||||||
| Increase in cash surrender value of life insurance | 407 | 337 | 1,969 | 1,710 | ||||||||||||
| Mortgage banking income | 17,365 | 15,830 | 83,565 | 75,686 | ||||||||||||
| Other | 607 | 381 | 1,708 | 1,970 | ||||||||||||
| Total noninterest income | 19,005 | 16,876 | 89,302 | 81,185 | ||||||||||||
| Noninterest expenses: | ||||||||||||||||
| Compensation, payroll taxes, and other employee benefits | 18,423 | 20,061 | 81,078 | 84,096 | ||||||||||||
| Occupancy, office furniture, and equipment | 1,579 | 2,021 | 7,573 | 8,323 | ||||||||||||
| Advertising | 727 | 1,030 | 3,554 | 3,779 | ||||||||||||
| Data processing | 1,233 | 1,212 | 4,978 | 4,653 | ||||||||||||
| Communications | 224 | 269 | 922 | 988 | ||||||||||||
| Professional fees | 1,114 | 907 | 3,184 | 2,686 | ||||||||||||
| Real estate owned | 12 | 1 | 26 | 4 | ||||||||||||
| Loan processing expense | 486 | 756 | 3,090 | 3,428 | ||||||||||||
| Other | 1,469 | 3,405 | 7,231 | 11,755 | ||||||||||||
| Total noninterest expenses | 25,267 | 29,662 | 111,636 | 119,712 | ||||||||||||
| Income (loss) before income taxes (benefit) | 6,206 | (595 | ) | 24,002 | 11,032 | |||||||||||
| Income tax expense (benefit) | 996 | (555 | ) | 5,314 | 1,657 | |||||||||||
| Net income (loss) | $ | 5,210 | $ | (40 | ) | $ | 18,688 | $ | 9,375 | |||||||
| Income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.28 | $ | (0.00 | ) | $ | 1.01 | $ | 0.47 | |||||||
| Diluted | $ | 0.28 | $ | (0.00 | ) | $ | 1.01 | $ | 0.46 | |||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 18,335 | 19,380 | 18,556 | 20,158 | ||||||||||||
| Diluted | 18,396 | 19,398 | 18,589 | 20,196 | ||||||||||||
| WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | (In Thousands, except per share amounts) | |||||||
| Cash | $ | 35,182 | $ | 30,667 | ||||
| Federal funds sold | 4,302 | 5,493 | ||||||
| Interest-earning deposits in other financial institutions and other short term investments | 277 | 261 | ||||||
| Cash and cash equivalents | 39,761 | 36,421 | ||||||
| Securities available for sale (at fair value) | 208,549 | 204,907 | ||||||
| Loans held for sale (at fair value) | 135,909 | 164,993 | ||||||
| Loans receivable | 1,680,576 | 1,664,215 | ||||||
| Less: Allowance for credit losses ("ACL") - loans | 18,247 | 18,549 | ||||||
| Loans receivable, net | 1,662,329 | 1,645,666 | ||||||
| Office properties and equipment, net | 19,389 | 19,995 | ||||||
| Federal Home Loan Bank stock (at cost) | 20,295 | 20,880 | ||||||
| Cash surrender value of life insurance | 74,612 | 67,859 | ||||||
| Real estate owned, net | 505 | 254 | ||||||
| Prepaid expenses and other assets | 48,259 | 52,414 | ||||||
| Total assets | $ | 2,209,608 | $ | 2,213,389 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Liabilities: | ||||||||
| Demand deposits | $ | 171,115 | $ | 187,107 | ||||
| Money market and savings deposits | 283,243 | 273,233 | ||||||
| Time deposits | 905,539 | 730,284 | ||||||
| Total deposits | 1,359,897 | 1,190,624 | ||||||
| Borrowings | 446,519 | 611,054 | ||||||
| Advance payments by borrowers for taxes | 5,630 | 6,607 | ||||||
| Other liabilities | 58,427 | 61,048 | ||||||
| Total liabilities | 1,870,473 | 1,869,333 | ||||||
| Shareholders' equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 193 | 203 | ||||||
| Additional paid-in capital | 91,214 | 103,908 | ||||||
| Retained earnings | 277,196 | 269,606 | ||||||
| Unearned ESOP shares | (10,682 | ) | (11,869 | ) | ||||
| Accumulated other comprehensive loss, net of taxes | (18,786 | ) | (17,792 | ) | ||||
| Total shareholders' equity | 339,135 | 344,056 | ||||||
| Total liabilities and shareholders' equity | $ | 2,209,608 | $ | 2,213,389 | ||||
| Share Information | ||||||||
| Shares outstanding | 19,343 | 20,315 | ||||||
| Book value per share | $ | 17.53 | $ | 16.94 | ||||
| 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, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| (Dollars in Thousands, except per share amounts) | ||||||||||||||||||||
| Condensed Results of Operations: | ||||||||||||||||||||
| Net interest income | $ | 12,835 | $ | 11,517 | $ | 10,679 | $ | 11,137 | $ | 11,756 | ||||||||||
| Provision (credit) for credit losses | 367 | (377 | ) | (225 | ) | 67 | (435 | ) | ||||||||||||
| Total noninterest income | 19,005 | 22,552 | 26,497 | 21,248 | 16,876 | |||||||||||||||
| Total noninterest expense | 25,267 | 28,560 | 30,259 | 27,550 | 29,662 | |||||||||||||||
| Income (loss) before income taxes (benefit) | 6,206 | 5,886 | 7,142 | 4,768 | (595 | ) | ||||||||||||||
| Income tax expense (benefit) | 996 | 1,158 | 1,430 | 1,730 | (555 | ) | ||||||||||||||
| Net income (loss) | $ | 5,210 | $ | 4,728 | $ | 5,712 | $ | 3,038 | $ | (40 | ) | |||||||||
| Income (loss) per share – basic | $ | 0.28 | $ | 0.26 | $ | 0.31 | $ | 0.16 | $ | (0.00 | ) | |||||||||
| Income (loss) per share – diluted | $ | 0.28 | $ | 0.26 | $ | 0.31 | $ | 0.16 | $ | (0.00 | ) | |||||||||
| Dividends declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 | ||||||||||
| Performance Ratios (annualized): | ||||||||||||||||||||
| Return on average assets - QTD | 0.94 | % | 0.83 | % | 1.02 | % | 0.56 | % | -0.01 | % | ||||||||||
| Return on average equity - QTD | 6.05 | % | 5.55 | % | 6.84 | % | 3.56 | % | -0.05 | % | ||||||||||
| Net interest margin - QTD | 2.42 | % | 2.13 | % | 2.01 | % | 2.15 | % | 2.25 | % | ||||||||||
| Return on average assets - YTD | 0.84 | % | 0.81 | % | 0.79 | % | 0.56 | % | 0.44 | % | ||||||||||
| Return on average equity - YTD | 5.48 | % | 5.30 | % | 5.17 | % | 3.56 | % | 2.62 | % | ||||||||||
| Net interest margin - YTD | 2.17 | % | 2.09 | % | 2.08 | % | 2.15 | % | 2.46 | % | ||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Past due loans to total loans | 0.95 | % | 0.63 | % | 0.76 | % | 0.64 | % | 0.68 | % | ||||||||||
| Nonaccrual loans to total loans | 0.34 | % | 0.32 | % | 0.33 | % | 0.29 | % | 0.29 | % | ||||||||||
| Nonperforming assets to total assets | 0.28 | % | 0.25 | % | 0.25 | % | 0.23 | % | 0.23 | % | ||||||||||
| Allowance for credit losses - loans to loans receivable | 1.09 | % | 1.07 | % | 1.10 | % | 1.10 | % | 1.11 | % | ||||||||||
| 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, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Average balances | (Dollars in Thousands) | |||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||
| Loans receivable and held for sale | $ | 1,819,574 | $ | 1,870,627 | $ | 1,859,608 | $ | 1,805,102 | $ | 1,797,988 | ||||||||||
| Mortgage related securities | 168,521 | 170,221 | 171,895 | 172,077 | 172,863 | |||||||||||||||
| Debt securities, federal funds sold and short term investments | 124,658 | 115,270 | 107,992 | 110,431 | 106,504 | |||||||||||||||
| Total interest-earning assets | 2,112,753 | 2,156,118 | 2,139,495 | 2,087,610 | 2,077,355 | |||||||||||||||
| Noninterest-earning assets | 100,627 | 104,600 | 104,019 | 103,815 | 105,073 | |||||||||||||||
| Total assets | $ | 2,213,380 | $ | 2,260,718 | $ | 2,243,514 | $ | 2,191,425 | $ | 2,182,428 | ||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||
| Demand accounts | $ | 92,247 | $ | 89,334 | $ | 91,300 | $ | 87,393 | $ | 91,868 | ||||||||||
| Money market, savings, and escrow accounts | 306,478 | 304,116 | 293,483 | 281,171 | 302,121 | |||||||||||||||
| Certificates of deposit - retail | 810,340 | 786,228 | 758,252 | 739,543 | 735,418 | |||||||||||||||
| Certificates of deposit - brokered | 59,254 | - | - | - | - | |||||||||||||||
| Total interest-bearing deposits | 1,268,319 | 1,179,678 | 1,143,035 | 1,108,107 | 1,129,407 | |||||||||||||||
| Borrowings | 464,964 | 600,570 | 622,771 | 602,724 | 549,210 | |||||||||||||||
| Total interest-bearing liabilities | 1,733,283 | 1,780,248 | 1,765,806 | 1,710,831 | 1,678,617 | |||||||||||||||
| Noninterest-bearing demand deposits | 87,889 | 91,532 | 93,637 | 92,129 | 102,261 | |||||||||||||||
| Noninterest-bearing liabilities | 49,645 | 49,787 | 48,315 | 45,484 | 56,859 | |||||||||||||||
| Total liabilities | 1,870,817 | 1,921,567 | 1,907,758 | 1,848,444 | 1,837,737 | |||||||||||||||
| Equity | 342,563 | 339,151 | 335,756 | 342,981 | 344,691 | |||||||||||||||
| Total liabilities and equity | $ | 2,213,380 | $ | 2,260,718 | $ | 2,243,514 | $ | 2,191,425 | $ | 2,182,428 | ||||||||||
| Average Yield/Costs (annualized) | ||||||||||||||||||||
| Loans receivable and held for sale | 5.75 | % | 5.65 | % | 5.54 | % | 5.46 | % | 5.36 | % | ||||||||||
| Mortgage related securities | 2.67 | % | 2.66 | % | 2.63 | % | 2.57 | % | 2.48 | % | ||||||||||
| Debt securities, federal funds sold and short term investments | 4.85 | % | 5.05 | % | 4.82 | % | 4.82 | % | 4.94 | % | ||||||||||
| Total interest-earning assets | 5.46 | % | 5.39 | % | 5.27 | % | 5.18 | % | 5.10 | % | ||||||||||
| Demand accounts | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||||||
| Money market and savings accounts | 2.00 | % | 1.94 | % | 1.89 | % | 1.79 | % | 1.64 | % | ||||||||||
| Certificates of deposit - retail | 4.53 | % | 4.54 | % | 4.41 | % | 4.19 | % | 3.76 | % | ||||||||||
| Certificates of deposit - brokered | 4.18 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
| Total interest-bearing deposits | 3.58 | % | 3.53 | % | 3.42 | % | 3.26 | % | 2.90 | % | ||||||||||
| Borrowings | 4.11 | % | 4.77 | % | 4.92 | % | 4.54 | % | 4.83 | % | ||||||||||
| Total interest-bearing liabilities | 3.72 | % | 3.95 | % | 3.95 | % | 3.71 | % | 3.53 | % | ||||||||||
| 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, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Condensed Results of Operations: | ||||||||||||||||||||
| Net interest income | $ | 12,886 | $ | 12,250 | $ | 11,234 | $ | 11,598 | $ | 12,056 | ||||||||||
| Provision (credit) for credit losses | 331 | (302 | ) | (279 | ) | 105 | (550 | ) | ||||||||||||
| Total noninterest income | 1,595 | 1,227 | 1,491 | 990 | 894 | |||||||||||||||
| Noninterest expenses: | ||||||||||||||||||||
| Compensation, payroll taxes, and other employee benefits | 4,883 | 5,326 | 5,116 | 5,360 | 5,397 | |||||||||||||||
| Occupancy, office furniture and equipment | 825 | 904 | 983 | 1,000 | 916 | |||||||||||||||
| Advertising | 204 | 311 | 229 | 174 | 363 | |||||||||||||||
| Data processing | 691 | 720 | 687 | 693 | 626 | |||||||||||||||
| Communications | 89 | 80 | 72 | 65 | 75 | |||||||||||||||
| Professional fees | 196 | 190 | 177 | 208 | 186 | |||||||||||||||
| Real estate owned | 12 | - | 1 | 13 | 1 | |||||||||||||||
| Loan processing expense | - | - | - | - | - | |||||||||||||||
| Other | 563 | 602 | 672 | 691 | 628 | |||||||||||||||
| Total noninterest expense | 7,463 | 8,133 | 7,937 | 8,204 | 8,192 | |||||||||||||||
| Income before income taxes | 6,687 | 5,646 | 5,067 | 4,279 | 5,308 | |||||||||||||||
| Income tax expense | 1,399 | 941 | 718 | 1,639 | 1,234 | |||||||||||||||
| Net income | $ | 5,288 | $ | 4,705 | $ | 4,349 | $ | 2,640 | $ | 4,074 | ||||||||||
| Efficiency ratio - QTD (non-GAAP) | 51.54 | % | 60.35 | % | 62.37 | % | 65.17 | % | 63.26 | % | ||||||||||
| Efficiency ratio - YTD (non-GAAP) | 59.58 | % | 62.58 | % | 63.77 | % | 65.17 | % | 56.86 | % | ||||||||||
| 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, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Condensed Results of Operations: | ||||||||||||||||||||
| Net interest loss | $ | (92 | ) | $ | (760 | ) | $ | (552 | ) | $ | (541 | ) | $ | (367 | ) | |||||
| Provision (credit) for credit losses | 36 | (75 | ) | 54 | (38 | ) | 115 | |||||||||||||
| Total noninterest income | 17,455 | 21,386 | 25,081 | 20,328 | 16,028 | |||||||||||||||
| Noninterest expenses: | ||||||||||||||||||||
| Compensation, payroll taxes, and other employee benefits | 13,781 | 15,930 | 16,886 | 14,756 | 14,881 | |||||||||||||||
| Occupancy, office furniture and equipment | 754 | 953 | 1,046 | 1,108 | 1,105 | |||||||||||||||
| Advertising | 523 | 615 | 758 | 740 | 667 | |||||||||||||||
| Data processing | 542 | 570 | 549 | 508 | 583 | |||||||||||||||
| Communications | 135 | 152 | 168 | 161 | 194 | |||||||||||||||
| Professional fees | 917 | 379 | 569 | 520 | 704 | |||||||||||||||
| Real estate owned | - | - | - | - | - | |||||||||||||||
| Loan processing expense | 486 | 697 | 861 | 1,046 | 756 | |||||||||||||||
| Other | 814 | 1,261 | 1,641 | 617 | 2,701 | |||||||||||||||
| Total noninterest expense | 17,952 | 20,557 | 22,478 | 19,456 | 21,591 | |||||||||||||||
| (Loss) income before income taxes (benefit) expense | (625 | ) | 144 | 1,997 | 369 | (6,045 | ) | |||||||||||||
| Income tax (benefit) expense | (428 | ) | 194 | 684 | 71 | (1,827 | ) | |||||||||||||
| Net (loss) income | $ | (197 | ) | $ | (50 | ) | $ | 1,313 | $ | 298 | $ | (4,218 | ) | |||||||
| Efficiency ratio - QTD (non-GAAP) | 103.39 | % | 99.67 | % | 91.64 | % | 98.33 | % | 137.86 | % | ||||||||||
| Efficiency ratio - YTD (non-GAAP) | 97.74 | % | 96.23 | % | 94.62 | % | 98.33 | % | 116.99 | % | ||||||||||
| Loan originations | $ | 470,650 | $ | 558,729 | $ | 634,109 | $ | 485,109 | $ | 458,363 | ||||||||||
| Purchase | 82.1 | % | 88.9 | % | 92.7 | % | 93.0 | % | 95.7 | % | ||||||||||
| Refinance | 17.9 | % | 11.1 | % | 7.3 | % | 7.0 | % | 4.3 | % | ||||||||||
| Gross margin on loans sold(1) | 3.74 | % | 3.83 | % | 3.93 | % | 4.10 | % | 3.51 | % | ||||||||||
(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 Q4 2024?
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