WAUWATOSA, Wis., Oct. 19, 2021 (GLOBE NEWSWIRE) — 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)
Community Banking Segment
Mortgage Banking Segment
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.
WATERSTONE BANK
11200 W. PLANK CT.
WAUWATOSA, WI 53226
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, | |||||||||||||
| 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 (credit) 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 (credit) 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 expense | $ | (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 before income taxes | 15,591 | 14,156 | 19,080 | 28,329 | 27,400 | ||||||||||
| Income tax expense | 3,341 | 3,761 | 5,096 | 7,252 | 7,284 | ||||||||||
| Net income | $ | 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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