0001437749-24-013957.txt : 20240430 0001437749-24-013957.hdr.sgml : 20240430 20240430160013 ACCESSION NUMBER: 0001437749-24-013957 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240430 DATE AS OF CHANGE: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Waterstone Financial, Inc. CENTRAL INDEX KEY: 0001569994 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36271 FILM NUMBER: 24896955 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 wsbf20240327_8k.htm FORM 8-K wsbf20240327_8k.htm
false 0001569994 0001569994 2024-04-30 2024-04-30
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): April 30, 2024
 
Waterstone Financial, Inc.
 
(Exact name of registrant as specified in its charter)
 
Maryland 001-36271 90-1026709
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(I.R.S. Employer Identification No.)
 
11200 W Plank Ct, Wauwatosa, Wisconsin 53226
(Address of principal executive offices)
414-761-1000
Registrant’s telephone number, including area code:
Not Applicable
Former name or former address, if changed since last report
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, $0.01 Par Value   WSBF   The NASDAQ Stock Market, LLC
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities and Exchange Act of 1934.
 
☐
Emerging growth company
 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
 
 
Item 2.02 Results of Operations and Financial Condition.
 
On April 30, 2024, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2024. 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 April 30, 2024.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
    Waterstone Financial, Inc.  
       
Date: April 30, 2024   /s/ Mark R. Gerke  
    Name:    Mark R. Gerke  
    Title:    Chief Financial Officer  
 
 
 
 
EXHIBIT INDEX
 
 
 
Exhibit No. Description
   
99.1 Press release of Waterstone Financial, Inc. issued April 30, 2024.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 EX-99.1 2 ex_646435.htm EXHIBIT 99.1 ex_646435.htm

Exhibit 99.1

 

Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2024.

 

WAUWATOSA, WI – 4/30/2024 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $3.0 million, or $0.16 per diluted share, for the quarter ended March 31, 2024 compared to net income of $2.2 million, or $0.10 per diluted share for the quarter ended March 31, 2023.  The current year reflects a $0.04 per share one-time charge related to a change in Wisconsin state tax law, as described below.

 

“We are pleased that the Mortgage Banking segment demonstrated improved performance, as volumes and margin have bounced off of the lows from the past two years.” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc.  "While our results of operations have improved form the prior year, the Mortgage Banking segment continues to face industry-wide headwinds in the form of low levels of housing inventory and affordability constraints driven by elevated mortgage rates.  The Community Banking segment continues to contend with margin compression, driven by higher funding costs, as interest rates remain at recent high levels.  In spite of the challenging environment, we continue to maintain strong asset quality and remained focused on returning capital to our shareholders through our dividend and share repurchases." 

 

Highlights of the Quarter Ended March 31, 2024

 

Waterstone Financial, Inc. (Consolidated)

 

● Consolidated net income of Waterstone Financial, Inc. totaled $3.0 million for the quarter ended March 31, 2024, compared to net income of $2.2 million for the quarter ended March 31, 2023.
● Consolidated return on average assets was 0.56% for the quarter ended March 31, 2024 compared to 0.43% for the quarter ended March 31, 2023.
● Consolidated return on average equity was 3.56% for the quarter ended March 31, 2024 and 2.35% for the quarter ended March 31, 2023.
● Dividends declared during the quarter ended March 31, 2024 totaled $0.15 per common share.
● During the quarter ended March 31, 2024 , we repurchased approximately 417,000 shares at a cost (including the federal excise tax) of $5.3 million, or $12.65 per share.  This share repurchase activity was accretive to book value per share in the amount of $0.09 during the quarter ended  March 31, 2024. 
● Nonperforming assets as a percentage of total assets was 0.23% at March 31, 2024, 0.23% at December 31, 2023, and 0.22% at March 31, 2023.  
●

Past due loans as a percentage of total loans was 0.64% at March 31, 2024, 0.68% at December 31, 2023, and 0.64% at March 31, 2023. 
● Book value per share was $16.98 at March 31, 2024 and $16.94 at December 31, 2023. 
● In July 2023, Wisconsin’s Governor signed the Wisconsin state budget, retroactive to January 1, 2023, which included legislation that provides financial institutions with an exemption from state taxable income for interest, fees, and penalties earned on loans to existing Wisconsin-based business or agriculture purpose loans that are $5.0 million or less in balance on January 1, 2023, and to new loans that meet the criteria. On March 18, 2024, the State of Wisconsin Department of Revenue issued an emergency ruling with additional details of the law.  This publication enabled us to estimate the impact on our Wisconsin state income tax expense.  The impact moving forward should result in no Wisconsin state income taxes being expensed, resulting in a lower estimated effective tax rate. The elimination of Wisconsin state income tax expense resulted in the establishment of a valuation allowance for Wisconsin state income deferred tax assets, resulting in a one-time $1.1 million charge to state income tax expense in the first quarter.  Partially offsetting the impact of the charge related to the valuation allowance the Company realized a one-time benefit of approximately $368,000 during the quarter to recognize a reduction in current state income tax provision.  The net amount of these two items resulted in a a $0.04 reduction of earnings per share during the quarter ended March 31, 2024.

 

Community Banking Segment

 

●

Pre-tax income totaled $4.3 million for the quarter ended March 31, 2024, which represents a $2.2 million, or 33.5%, decrease compared to $6.4 million for the quarter ended March 31, 2023.
● Net interest income totaled $11.6 million for the quarter ended March 31, 2024, which represents a $2.4 million, or 17.2%, decrease compared to $14.0 million for the quarter ended March 31, 2023.
● Average loans held for investment totaled $1.66 billion during the quarter ended March 31, 2024, which represents an increase of $133.0 million, or 8.7%, compared to $1.53 billion for the quarter ended March 31, 2023. The increase was primarily due to increases in the single-family, construction, and commercial real estate mortgages. Average loans held for investment increased $4.1 million compared to $1.66 billion for the quarter ended December 31, 2023. The increase was primarily due to an increase in construction mortgages.
● Net interest margin decreased 73 basis points to 2.15% for the quarter ended March 31, 2024 compared to 2.88% for the quarter ended March 31, 2023, which was a result of an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates. Net interest margin decreased 10 basis points compared to 2.25% for the quarter ended December 31, 2023, driven by an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates.     
● Past due loans at the community banking segment totaled $8.1 million at March 31, 2024, $7.9 million at December 31, 2023, and $7.5 million at March 31, 2023.
 
 
 

 

●

The segment had a provision for credit losses related to funded loans of $35,000 for the quarter ended March 31, 2024 compared to a negative provision for credit losses related to funded loans of $96,000 for the quarter ended March 31, 2023.  The current quarter increase was primarily due to adjustments in the qualitative factors related to increases in treasury interest rates during the quarter offset by a decrease to historical loss rates. The provision for credit losses related to unfunded loan commitments was $70,000 for the quarter ended March 31, 2024 compared to a provision for credit losses related to unfunded loan commitments of $484,000 for the quarter ended March 31, 2023. The provision for credit losses related to unfunded loan commitments for the quarter ended March 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 65.17% for the quarter ended March 31, 2024, compared to 54.53% for the quarter ended March 31, 2023.
● Average deposits (excluding escrow accounts) totaled $1.19 billion during the quarter ended March 31, 2024, an increase of $16.5 million, or 1.4%, compared to $1.17 billion during the quarter ended March 31, 2023. Average deposits decreased $19.0 million, or 6.3% annualized, compared to $1.21 billion for the quarter ended December 31, 2023.  
 
Mortgage Banking Segment
 
●

Pre-tax income totaled $369,000 for the quarter ended March 31, 2024, compared to $3.7 million of pre-tax loss for the quarter ended March 31, 2023.
● Loan originations increased $42.4 million, or 9.6%, to $485.1 million during the quarter ended March 31, 2024, compared to $442.7 million during the quarter ended March 31, 2023. Origination volume relative to purchase activity accounted for 93.0% of originations for the quarter ended March 31, 2024 compared to 96.5% of total originations for the quarter ended March 31, 2023.
● Mortgage banking non-interest income increased $2.4 million, or 13.2%, to $20.3 million for the quarter ended March 31, 2024, compared to $18.0 million for the quarter ended March 31, 2023.
● Gross margin on loans sold totaled 4.10% for the quarter ended March 31, 2024, compared to 3.78% for the quarter ended March 31, 2023.  
● Total compensation, payroll taxes and other employee benefits decreased $343,000, or 2.3%, to $14.8 million during the quarter ended March 31, 2024 compared to $15.1 million during the quarter ended March 31, 2023. The decrease primarily related to decreased salary expense and health insurance expense driven by reduced employee headcount and lower claims to start the 2024 year.
● Total other noninterest expense decreased $1.8 million, or 74.4%, to $616,000 during the quarter ended March 31, 2024 compared to $2.4 million during the quarter ended March 31, 2023. The decrease primarily related to decreased provision for branch losses, branch overhead, provision for loan sale losses, and reversal of mortgage servicing rights impairment. 

 

 
 

 

About Waterstone Financial, Inc.

 

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

 

Forward-Looking Statements

 

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

 

Non-GAAP Financial Measures 

 

Management uses non-GAAP financial information in its analysis of the Company's performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhance comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company's financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.  Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently. 

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

For The Three Months Ended March 31,

  
   

2024

    

2023

  
   

(In Thousands, except per share amounts)

  

Interest income:

                

Loans

   $ 24,484     $ 19,885  

Mortgage-related securities

     1,098       943  

Debt securities, federal funds sold and short-term investments

     1,323       1,062  

Total interest income

     26,905       21,890  

Interest expense:

                

Deposits

     8,970       4,088  

Borrowings

     6,798       4,007  

Total interest expense

     15,768       8,095  

Net interest income

     11,137       13,795  

Provision (credit) for credit losses

     67       460  

Net interest income after provision (credit) for loan losses

     11,070       13,335  

Noninterest income:

                

Service charges on loans and deposits

     424       430  

Increase in cash surrender value of life insurance

     348       325  

Mortgage banking income

     20,068       16,770  

Other

     408       1,029  

Total noninterest income

     21,248       18,554  

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

     19,876       20,052  

Occupancy, office furniture, and equipment

     2,108       2,263  

Advertising

     914       889  

Data processing

     1,206       1,122  

Communications

     226       251  

Professional fees

     743       416  

Real estate owned

     13       1  

Loan processing expense

     1,046       1,018  

Other

     1,418       3,095  

Total noninterest expenses

     27,550       29,107  

Income before income taxes

     4,768       2,782  

Income tax expense

     1,730       627  

Net income

   $ 3,038     $ 2,155  

Income per share:

                

Basic

   $ 0.16     $ 0.10  

Diluted

   $ 0.16     $ 0.10  

Weighted average shares outstanding:

                

Basic

     19,021       20,890  

Diluted

     19,036       20,980  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

   

March 31,

    

December 31,

  
   

2024

    

2023

  
   

(Unaudited)

          

Assets

  

(In Thousands, except per share amounts)

  

Cash

   $ 41,325     $ 30,667  

Federal funds sold

     4,123       5,493  

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

     266       261  

Cash and cash equivalents

     45,714       36,421  

Securities available for sale (at fair value)

     204,701       204,907  

Loans held for sale (at fair value)

     175,084       164,993  

Loans receivable

     1,664,817       1,664,215  

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

     18,549       18,549  

Loans receivable, net

     1,646,268       1,645,666  
                 

Office properties and equipment, net

     19,936       19,995  

Federal Home Loan Bank stock (at cost)

     21,983       20,880  

Cash surrender value of life insurance

     68,207       67,859  

Real estate owned, net

     206       254  

Prepaid expenses and other assets

     52,625       52,414  

Total assets

   $ 2,234,724     $ 2,213,389  
                 

Liabilities and Shareholders' Equity

                

Liabilities:

                

Demand deposits

   $ 182,093     $ 187,107  

Money market and savings deposits

     270,513       273,233  

Time deposits

     747,288       730,284  

Total deposits

     1,199,894       1,190,624  
                 

Borrowings

     634,158       611,054  

Advance payments by borrowers for taxes

     14,051       6,607  

Other liabilities

     48,618       61,048  

Total liabilities

     1,896,721       1,869,333  
                 

Shareholders' equity:

                

Preferred stock

     -       -  

Common stock

     199       203  

Additional paid-in capital

     98,610       103,908  

Retained earnings

     269,827       269,606  

Unearned ESOP shares

     (11,572 )     (11,869 )

Accumulated other comprehensive loss, net of taxes

     (19,061 )     (17,792 )

Total shareholders' equity

     338,003       344,056  

Total liabilities and shareholders' equity

   $ 2,234,724     $ 2,213,389  
                 

Share Information

                

Shares outstanding

     19,910       20,315  

Book value per share

   $ 16.98     $ 16.94  

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  
   

(Dollars in Thousands, except per share amounts)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 11,137     $ 11,756     $ 11,989     $ 12,675     $ 13,795  

Provision (credit) for credit losses

     67       (435 )     445       186       460  

Total noninterest income

     21,248       16,876       22,230       23,525       18,554  

Total noninterest expense

     27,550       29,662       30,021       30,922       29,107  

Income (loss) before income taxes (benefit)

     4,768       (595 )     3,753       5,092       2,782  

Income tax expense (benefit)

     1,730       (555 )     500       1,085       627  

Net income (loss)

   $ 3,038     $ (40 )   $ 3,253     $ 4,007     $ 2,155  

Income (loss) per share – basic

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

Income (loss) per share – diluted

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

Dividends declared per common share

   $ 0.15     $ 0.15     $ 0.15     $ 0.20     $ 0.20  
                                         

Performance Ratios (annualized):

                                        

Return on average assets - QTD

     0.56 %     (0.01 )%     0.58 %     0.74 %     0.43 %

Return on average equity - QTD

     3.56 %     (0.05 )%     3.63 %     4.41 %     2.35 %

Net interest margin - QTD

     2.15 %     2.25 %     2.26 %     2.47 %     2.88 %
                                         

Return on average assets - YTD

     0.56 %     0.44 %     0.59 %     0.59 %     0.43 %

Return on average equity - YTD

     3.56 %     2.62 %     3.46 %     3.37 %     2.35 %

Net interest margin - YTD

     2.15 %     2.46 %     2.53 %     2.67 %     2.88 %
                                         

Asset Quality Ratios:

                                        

Past due loans to total loans

     0.64 %     0.68 %     0.53 %     0.50 %     0.64 %

Nonaccrual loans to total loans

     0.29 %     0.29 %     0.25 %     0.26 %     0.29 %

Nonperforming assets to total assets

     0.23 %     0.23 %     0.20 %     0.19 %     0.22 %

Allowance for credit losses - loans to loans receivable

     1.11 %     1.11 %     1.12 %     1.14 %     1.14 %

 

 
 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  

Average balances

  

(Dollars in Thousands)

  

Interest-earning assets

                                        

Loans receivable and held for sale

   $ 1,805,102     $ 1,797,988     $ 1,797,233     $ 1,759,001     $ 1,654,942  

Mortgage related securities

     172,077       172,863       174,202       171,938       170,218  

Debt securities, federal funds sold and short term investments

     110,431       106,504       132,935       123,195       115,962  

Total interest-earning assets

     2,087,610       2,077,355       2,104,370       2,054,134       1,941,122  

Noninterest-earning assets

     103,815       105,073       105,714       108,320       107,009  

Total assets

   $ 2,191,425     $ 2,182,428     $ 2,210,084     $ 2,162,454     $ 2,048,131  
                                         

Interest-bearing liabilities

                                        

Demand accounts

   $ 87,393     $ 91,868     $ 90,623     $ 69,147     $ 68,564  

Money market, savings, and escrow accounts

     281,171       302,121       306,806       305,576       322,220  

Certificates of deposit

     739,543       735,418       719,708       695,310       648,531  

Total interest-bearing deposits

     1,108,107       1,129,407       1,117,137       1,070,033       1,039,315  

Borrowings

     602,724       549,210       584,764       551,545       441,716  

Total interest-bearing liabilities

     1,710,831       1,678,617       1,701,901       1,621,578       1,481,031  

Noninterest-bearing demand deposits

     92,129       102,261       106,042       130,291       143,296  

Noninterest-bearing liabilities

     45,484       56,859       46,805       46,446       51,840  

Total liabilities

     1,848,444       1,837,737       1,854,748       1,798,315       1,676,167  

Equity

     342,981       344,691       355,336       364,139       371,964  

Total liabilities and equity

   $ 2,191,425     $ 2,182,428     $ 2,210,084     $ 2,162,454     $ 2,048,131  
                                         

Average Yield/Costs (annualized)

                                        

Loans receivable and held for sale

     5.46 %     5.36 %     5.26 %     5.05 %     4.87 %

Mortgage related securities

     2.57 %     2.48 %     2.41 %     2.26 %     2.25 %

Debt securities, federal funds sold and short term investments

     4.82 %     4.94 %     4.45 %     3.67 %     3.71 %

Total interest-earning assets

     5.18 %     5.10 %     4.97 %     4.73 %     4.57 %
                                         

Demand accounts

     0.11 %     0.11 %     0.11 %     0.09 %     0.08 %

Money market and savings accounts

     1.79 %     1.64 %     1.54 %     1.42 %     1.26 %

Certificates of deposit

     4.19 %     3.76 %     3.43 %     2.80 %     1.92 %

Total interest-bearing deposits

     3.26 %     2.90 %     2.64 %     2.23 %     1.60 %

Borrowings

     4.54 %     4.83 %     4.71 %     4.08 %     3.68 %

Total interest-bearing liabilities

     3.71 %     3.53 %     3.35 %     2.86 %     2.22 %

 

 
 

 

COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

   

At or For the Three Months Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest income

   $ 11,598     $ 12,056     $ 12,431     $ 13,238     $ 14,008  

Provision (credit) for credit losses

     105       (550 )     445       158       388  

Total noninterest income

     990       894       966       1,540       987  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     5,360       5,397       4,618       4,683       5,168  

Occupancy, office furniture and equipment

     1,000       916       852       873       1,031  

Advertising

     174       363       200       230       184  

Data processing

     693       626       672       602       601  

Communications

     65       75       70       72       78  

Professional fees

     208       186       176       146       218  

Real estate owned

     13       1       1       1       1  

Loan processing expense

     -       -       -       -       -  

Other

     691       628       703       1,641       896  

Total noninterest expense

     8,204       8,192       7,292       8,248       8,177  

Income before income taxes

     4,279       5,308       5,660       6,372       6,430  

Income tax expense

     1,639       1,234       1,121       1,182       1,600  

Net income

   $ 2,640     $ 4,074     $ 4,539     $ 5,190     $ 4,830  
                                         

Efficiency ratio - QTD (non-GAAP)

     65.17 %     63.26 %     54.43 %     55.81 %     54.53 %

Efficiency ratio - YTD (non-GAAP)

     65.17 %     56.86 %     54.94 %     55.17 %     54.53 %

 

 
 

 

MORTGAGE BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

    At or For the Three Months Ended  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  
   

(Dollars in Thousands)

  

Condensed Results of Operations:

                                        

Net interest loss

   $ (541 )   $ (367 )   $ (550 )   $ (622 )   $ (282 )

Provision for credit losses

     (38 )     115       -       28       72  

Total noninterest income

     20,328       16,028       21,452       23,041       17,951  

Noninterest expenses:

                                        

Compensation, payroll taxes, and other employee benefits

     14,756       14,881       17,186       17,929       15,099  

Occupancy, office furniture and equipment

     1,108       1,105       1,141       1,173       1,232  

Advertising

     740       667       716       714       705  

Data processing

     508       583       551       480       516  

Communications

     161       194       173       153       173  

Professional fees

     520       704       564       466       188  

Real estate owned

     -       -       -       -       -  

Loan processing expense

     1,046       756       722       932       1,018  

Other

     617       2,701       1,935       1,914       2,403  

Total noninterest expense

     19,456       21,591       22,988       23,761       21,334  

Income (loss) before income taxes (benefit)

     369       (6,045 )     (2,086 )     (1,370 )     (3,737 )

Income tax expense (benefit)

     71       (1,827 )     (657 )     (126 )     (1,002 )

Net income (loss)

   $ 298     $ (4,218 )   $ (1,429 )   $ (1,244 )   $ (2,735 )
                                         

Efficiency ratio - QTD (non-GAAP)

     98.33 %     137.86 %     109.98 %     105.99 %     120.74 %

Efficiency ratio - YTD (non-GAAP)

     98.33 %     116.99 %     111.63 %     112.49 %     120.74 %
                                         

Loan originations

   $ 485,109     $ 458,363     $ 597,562     $ 623,342     $ 442,710  

Purchase

     93.0 %     95.7 %     95.4 %     96.4 %     96.5 %

Refinance

     7.0 %     4.3 %     4.6 %     3.6 %     3.5 %

Gross margin on loans sold(1)

     4.10 %     3.51 %     3.62 %     3.73 %     3.78 %

 

(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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