0001569994-21-000044.txt : 20210720 0001569994-21-000044.hdr.sgml : 20210720 20210720160136 ACCESSION NUMBER: 0001569994-21-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210720 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20210720 DATE AS OF CHANGE: 20210720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Waterstone Financial, Inc. CENTRAL INDEX KEY: 0001569994 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36271 FILM NUMBER: 211101068 BUSINESS ADDRESS: STREET 1: 11200 WEST PLANK COURT CITY: WAUWATOSA STATE: WI ZIP: 53226 BUSINESS PHONE: (414) 761-1000 MAIL ADDRESS: STREET 1: 11200 WEST PLANK COURT CITY: WAUWATOSA STATE: WI ZIP: 53226 8-K 1 wsb-20210720.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 20, 2021

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

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

11200 West Plank Ct, Wauwatosa, Wisconsin 53226
(Address of principal executive offices)

(414) 761-1000
Registrant's telephone number, including area code

Not Applicable
(Former Name or former address, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading
Symbol
 
Name of each exchange on which registered
Common Stock, $0.01 Par Value
 
WSBF
 
The NASDAQ Stock Market LLC



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
 
 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter).

☐
Emerging growth company
 
 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




 


 
 
Item 2.02 Results of Operations and Financial Condition.

On July 20, 2021, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 2021.  A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached to this report and incorporated by reference.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.          Description

99.1          Press release of Waterstone Financial, Inc. issued July 20, 2021

 











 
 
 


 




 
 


- 2 -


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





 
Waterstone Financial, Inc.
 
 
Date:  July 20, 2021
/s/ Mark R. Gerke
 
Name: Mark R. Gerke
 
Title: Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 3 -

EXHIBIT INDEX




Exhibit No.          Description

     99.1            Press release of Waterstone Financial, Inc. issued July 20, 2021.

























- 4 -
 EX-99.1 2 wsbf-20210720ex991.htm EX99
Exhibit 99.1
 
WATERSTONE FINANCIAL, INC.
WATERSTONE BANK
11200 W. PLANK CT.
WAUWATOSA, WI 53226
Contact:
Mark R. Gerke
Chief Financial Officer

Exhibit 99.1
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Six Months Ended June 30, 2021.
WAUWATOSA, WI – 07/20/2021 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $17.9 million, or $0.74 per diluted share for the quarter ended June 30, 2021 compared to $20.9 million, or $0.85 per diluted share for the quarter ended June 30, 2020. Net income per diluted share was $1.64 for the six months ended June 30, 2021 compared to net income per diluted share of $1.08 for the six months ended June 30, 2020.
“Our Company’s strong performance continued during the second quarter and we were excited to declare and pay a $0.50 special dividend during the quarter,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “Our business model has allowed us to maximize the opportunity presented by the current market, return capital to our shareholders and continue to enhance our book value.”

Highlights of the Quarter Ended June 30, 2021

Waterstone Financial, Inc. (Consolidated)

•
Consolidated net income of Waterstone Financial, Inc. totaled $17.9 million for the quarter ended June 30, 2021, compared to $20.9 million for the quarter ended June 30, 2020.
•
Consolidated return on average assets was 3.25% for the quarter ended June 30, 2021 compared to 3.87% for the quarter ended June 30, 2020.
•
Consolidated return on average equity was 16.49% for the quarter ended June 30, 2021 and 22.39% for the quarter ended June 30, 2020.
•
Dividends declared during the quarter ended June 30, 2021 totaled $0.70 per common share, which included a quarterly dividend of $0.20 per share and a special dividend of $0.50 per share.
•
We repurchased approximately 59,000 shares at a cost of $1.1 million during the quarter ended June 30, 2021.

Community Banking Segment


 •
Pre-tax income totaled $9.7 million for the quarter ended June 30, 2021, which represents a 106.4% increase compared to $4.7 million for the quarter ended June 30, 2020.

•
Net interest income totaled $14.5 million for the quarter ended June 30, 2021, which represents a 6.0% increase compared to $13.7 million for the quarter ended June 30, 2020.

•
Average loans held for investment totaled $1.32 billion during the quarter ended June 30, 2021, which represents a decrease of $101.6 million, or 7.2%, compared to $1.42 billion for the quarter ended June 30, 2020. Average loans held for investment decreased $27.7 million compared to $1.35 billion for the quarter ended March 31, 2021 as residential real estate loans continue to prepay at an accelerated rate.

•
Net interest margin increased 16 basis points to 2.78% for the quarter ended June 30, 2021 compared to 2.62% for the quarter ended June 30, 2020, which was a result of lower average rates on deposits, as certificate of deposits repriced at lower rates. Net interest margin decreased two basis points compared to 2.80% for the quarter ended March 31, 2021, driven by a decrease in PPP loan fees as the first round loan payoffs decreased.

•
The segment had a negative provision for loan losses of $750,000 for the quarter ended June 30, 2021 compared to a $4.3 million provision for loan losses for the quarter ended June 30, 2020. Net recoveries totaled $378,000 for the quarter ended June 30, 2021 as one significant loan recovery payment was made in the quarter, compared to net recoveries of $8,000 for the quarter ended June 30, 2020.
•
Noninterest income decreased $1.3 million for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020, due primarily to decreases on service charges on loans from fees earned on swaps.
•
Noninterest expense decreased $397,000 for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020. Compensation, payroll taxes and other employee benefits expense decreased $32,000 primarily due to a decrease in variable compensation offset by increases in health insurance and employee stock ownership plan expenses. Data processing expense decreased $212,000 due to the implementation of a new digital banking platform in 2020. Other noninterest expense decreased $71,000 as certain loan-related expenses decreased offset by a decrease of credits received for FDIC premiums in 2020 but not in 2021.
•
The efficiency ratio was 44.79% for the quarter ended June 30, 2021, compared to 45.86% for the quarter ended June 30, 2020.
•
Average deposits (excluding escrow accounts) totaled $1.23 billion during the quarter ended June 30, 2021, an increase of $103.4 million, or 9.2%, compared to $1.13 billion during the quarter ended June 30, 2020. Average deposits increased $24.8 million, or 8.2% annualized compared to the $1.21 billion for the quarter ended March 31, 2021.
•
Nonperforming assets as percentage of total assets was 0.20% at June 30, 2021, 0.20% at March 31, 2021, and 0.28% at June 30, 2020.
•
Past due loans as percentage of total loans was 0.53% at June 30, 2021, 0.52% at March 31, 2021, and 0.45% at June 30, 2020.
•
PPP loans totaled $16.9 million as of June 30, 2021. The average balance for the quarter ended June 30, 2021 was $19.5 million. For the quarter ended June 30, 2021, PPP loan interest income recognized was approximately $49,000 and the amortization of fee income was approximately $286,000. Net interest margin, excluding the impact of the PPP loans, was 2.74%. Net interest margin for the quarter ended June 30, 2021, including the impact of the PPP loans, was 2.78%.
•
The Company held approximately $3.5 million in loans, representing 0.3% of the total loan portfolio as of June 30, 2021, which had been modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $3.5 million in loans, $559,000 qualify as modifications under the Coronavirus Aid, Relief and Economic Security (“CARES Act”). The remaining $2.9 million is composed of three loan relationships that are classified as troubled debt restructurings.

Mortgage Banking Segment
•
•
Pre-tax income totaled $14.2 million for the quarter ended June 30, 2021, compared to $23.2 million for the quarter ended June 30, 2020.
Loan originations decreased $77.5 million, or 6.8%, to $1.07 billion during the quarter ended June 30, 2021, compared to $1.14 billion during the quarter ended June 30, 2020. Origination volume relative to purchase activity accounted for 75.4% of originations for the quarter ended June 30, 2021 compared to 55.5% of total originations for the quarter ended June 30, 2020.


•
Mortgage banking non-interest income decreased $13.7 million, or 21.3%, to $50.6 million for the quarter ended June 30, 2021, compared to $64.2 million for the quarter ended June 30, 2020.
•
Gross margin on loans sold decreased to 4.81% for the quarter ended June 30, 2021, compared to 5.45% for the quarter ended June 30, 2020.
•
Total compensation, payroll taxes and other employee benefits decreased $3.0 million, or 9.2%, to $29.2 million during the quarter ended June 30, 2021 compared to $32.1 million during the quarter ended June 30, 2020. The decrease primarily related to decreased commission expense and branch manager compensation driven by decreased loan origination volume and branch profitability as gross margins decreased.
•
Professional fees decreased $489,000 to $361,000 during the quarter ended June 30, 2021 compared to $850,000 of expense during the quarter ended June 30, 2020.  The decrease related to a decrease in litigation costs compared to the prior year, as the Herrington settlement was resolved in 2020.
•
Other noninterest expense decreased $561,000 to $2.7 million during the quarter ended June 30, 2021 compared to $3.2 million during the quarter ended June 30, 2020. The decrease related to a decrease in the provision for losses on loans sold to the secondary market that results from both early payoff and early default provisions with investors. The decreased provision is driven by both an decrease in the number and volume of loans sold, as well as actual default activity resulting from COVID-19 pandemic was lower than expected.

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 March 31, 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 June 30, 2021 include an allowance for loan losses that was prepared under the existing incurred loss methodology.

About Waterstone Financial, Inc.

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


Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.



WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF INCOME
  
(Unaudited)
           		  
   
For The Three Months Ended June 30,
    
For The Six Months Ended June 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
(In Thousands, except per share amounts)
  
Interest income:
                        
Loans
  
$
16,480
    
$
18,493
    
$
33,083
    
$
36,180
  
Mortgage-related securities
    
486
      
670
      
977
      
1,372
  
Debt securities, federal funds sold and short-term investments
    
858
      
698
      
1,733
      
1,761
  
Total interest income
    
17,824
      
19,861
      
35,793
      
39,313
  
Interest expense:
                                
Deposits
    
1,078
      
3,947
      
2,595
      
8,265
  
Borrowings
    
2,469
      
2,665
      
4,969
      
5,273
  
Total interest expense
    
3,547
      
6,612
      
7,564
      
13,538
  
Net interest income
    
14,277
      
13,249
      
28,229
      
25,775
  
Provision for loan losses
    
(750
)
    
4,500
      
(1,820
)
    
5,285
  
Net interest income after provision for loan losses
    
15,027
      
8,749
      
30,049
      
20,490
  
Noninterest income:
                                
Service charges on loans and deposits
    
657
      
2,231
      
1,347
      
2,712
  
Increase in cash surrender value of life insurance
    
684
      
520
      
985
      
873
  
Mortgage banking income
    
49,649
      
63,774
      
104,040
      
94,180
  
Other
    
1,054
      
379
      
1,871
      
603
  
Total noninterest income
    
52,044
      
66,904
      
108,243
      
98,368
  
Noninterest expenses:
                                
Compensation, payroll taxes, and other employee benefits
    
33,926
      
36,889
      
68,049
      
61,290
  
Occupancy, office furniture, and equipment
    
2,293
      
2,534
      
4,858
      
5,275
  
Advertising
    
911
      
864
      
1,735
      
1,764
  
Data processing
    
914
      
1,095
      
1,885
      
2,101
  
Communications
    
326
      
317
      
657
      
655
  
Professional fees
    
569
      
1,077
      
254
      
2,909
  
Real estate owned
    
-
      
33
      
(12
)
    
44
  
Loan processing expense
    
1,200
      
1,208
      
2,535
      
2,284
  
Other
    
3,158
      
3,672
      
6,336
      
6,575
  
Total noninterest expenses
    
43,297
      
47,689
      
86,297
      
82,897
  
Income before income taxes
    
23,774
      
27,964
      
51,995
      
35,961
  
Income tax expense
    
5,880
      
7,016
      
12,757
      
8,944
  
Net income
  
$
17,894
    
$
20,948
    
$
39,238
    
$
27,017
  
Income per share:
                                
Basic
  
$
0.75
    
$
0.86
    
$
1.65
    
$
1.08
  
Diluted
  
$
0.74
    
$
0.85
    
$
1.64
    
$
1.08
  
Weighted average shares outstanding:
                                
Basic
    
23,848
      
24,464
      
23,792
      
24,934
  
Diluted
    
24,029
      
24,513
      
23,996
      
25,071
  



WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
  
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
  
 
  
June 30,
    
December 31,
  
 
  
2021
    
2020
  
 
  
(Unaudited)
        
Assets
  
(In Thousands, except per share amounts)
  
Cash
  
$
197,981
    
$
56,190
  
Federal funds sold
    
11,531
      
18,847
  
Interest-earning deposits in other financial institutions and other short term investments
    
19,227
      
19,730
  
Cash and cash equivalents
    
228,739
      
94,767
  
Securities available for sale (at fair value)
    
172,224
      
159,619
  
Loans held for sale (at fair value)
    
352,627
      
402,003
  
Loans receivable
    
1,296,441
      
1,375,137
  
Less: Allowance for loan losses
    
17,410
      
18,823
  
Loans receivable, net
    
1,279,031
      
1,356,314
  
 
                
Office properties and equipment, net
    
23,186
      
23,722
  
Federal Home Loan Bank stock (at cost)
    
26,538
      
26,720
  
Cash surrender value of life insurance
    
64,738
      
63,573
  
Real estate owned, net
    
150
      
322
  
Prepaid expenses and other assets
    
54,720
      
57,547
  
Total assets
  
$
2,201,953
    
$
2,184,587
  
 
                
Liabilities and Shareholders' Equity
                
Liabilities:
                
Demand deposits
  
$
208,523
    
$
188,225
  
Money market and savings deposits
    
351,394
      
295,317
  
Time deposits
    
671,143
      
701,328
  
Total deposits
    
1,231,060
      
1,184,870
  
 
                
Borrowings
    
475,000
      
508,074
  
Advance payments by borrowers for taxes
    
17,657
      
3,522
  
Other liabilities
    
46,498
      
75,003
  
Total liabilities
    
1,770,215
      
1,771,469
  
 
                
Shareholders' equity:
                
Preferred stock
    
-
      
-
  
Common stock
    
252
      
251
  
Additional paid-in capital
    
182,346
      
180,684
  
Retained earnings
    
263,048
      
245,287
  
Unearned ESOP shares
    
(14,837
)
    
(15,430
)
Accumulated other comprehensive income, net of taxes
    
929
      
2,326
  
Total shareholders' equity
    
431,738
      
413,118
  
Total liabilities and shareholders' equity
  
$
2,201,953
    
$
2,184,587
  
 
                
Share Information
                
Shares outstanding
    
25,213
      
25,088
  
Book value per share
  
$
17.12
    
$
16.47
  
Closing market price
  
$
19.66
    
$
18.82
  
Price to book ratio
    
114.84
%
    
114.27
%



WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
  
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
  
(Unaudited)
  
 
                              
 
  
At or For the Three Months Ended
  
 
  
June 30,
    
March 31,
    
December 31,
    
September 30,
    
June 30,
  
 
  
2021
    
2021
    
2020
    
2020
    
2020
  
 
  
(Dollars in Thousands, except per share amounts)
  
Condensed Results of Operations:
                              
Net interest income
  
$
14,277
    
$
13,952
    
$
14,316
    
$
13,409
    
$
13,249
  
Provision (credit) for loan losses
    
(750
)
    
(1,070
)
    
30
      
1,025
      
4,500
  
Total noninterest income
    
52,044
      
56,199
      
69,886
      
75,763
      
66,904
  
Total noninterest expense
    
43,297
      
43,000
      
47,163
      
53,001
      
47,689
  
Income before income taxes
    
23,774
      
28,221
      
37,009
      
35,146
      
27,964
  
Income tax expense
    
5,880
      
6,877
      
9,174
      
8,853
      
7,016
  
Net income
  
$
17,894
    
$
21,344
    
$
27,835
    
$
26,293
    
$
20,948
  
Income per share – basic
  
$
0.75
    
$
0.90
    
$
1.17
    
$
1.08
    
$
0.86
  
Income per share – diluted
  
$
0.74
    
$
0.89
    
$
1.17
    
$
1.08
    
$
0.85
  
Dividends declared per share
  
$
0.70
    
$
0.20
    
$
0.50
    
$
0.12
    
$
0.12
  
 
                                        
Performance Ratios (annualized):
                                        
Return on average assets - QTD
    
3.25
%
    
3.99
%
    
4.96
%
    
4.78
%
    
3.87
%
Return on average equity - QTD
    
16.49
%
    
20.49
%
    
27.11
%
    
26.30
%
    
22.39
%
Net interest margin - QTD
    
2.78
%
    
2.80
%
    
2.73
%
    
2.63
%
    
2.62
%
 
                                        
Return on average assets - YTD
    
3.62
%
    
3.99
%
    
3.77
%
    
3.35
%
    
2.59
%
Return on average equity - YTD
    
18.49
%
    
20.49
%
    
20.18
%
    
18.02
%
    
14.03
%
Net interest margin - YTD
    
2.79
%
    
2.80
%
    
2.67
%
    
2.64
%
    
2.65
%
 
                                        
Asset Quality Ratios:
                                        
Past due loans to total loans
    
0.53
%
    
0.52
%
    
0.57
%
    
0.39
%
    
0.45
%
Nonaccrual loans to total loans
    
0.34
%
    
0.31
%
    
0.40
%
    
0.42
%
    
0.39
%
Nonperforming assets to total assets
    
0.20
%
    
0.20
%
    
0.27
%
    
0.31
%
    
0.28
%
Allowance for loan losses to loans receivable
    
1.34
%
    
1.33
%
    
1.37
%
    
1.31
%
    
1.24
%




WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
  
SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
  
(Unaudited)
  
 
                              
 
  
At or For the Three Months Ended
  
 
  
June 30,
    
March 31,
    
December 31,
    
September 30,
    
June 30,
  
 
  
2021
    
2021
    
2020
    
2020
    
2020
  
Average balances
  
(Dollars in Thousands)
  
Interest-earning assets
                              
Loans receivable and held for sale
  
$
1,655,078
    
$
1,657,260
    
$
1,775,455
    
$
1,766,715
    
$
1,759,970
  
Mortgage related securities
    
100,056
      
90,457
      
91,199
      
96,529
      
105,727
  
Debt securities, federal funds sold and short term investments
    
308,105
      
273,929
      
217,356
      
166,160
      
164,306
  
    Total interest-earning assets
    
2,063,239
      
2,021,646
      
2,084,010
      
2,029,404
      
2,030,003
  
Noninterest-earning assets
    
143,375
      
147,781
      
147,573
      
160,526
      
147,342
  
    Total assets
  
$
2,206,614
    
$
2,169,427
    
$
2,231,583
    
$
2,189,930
    
$
2,177,345
  
 
                                        
Interest-bearing liabilities
                                        
Demand accounts
  
$
63,610
    
$
55,552
    
$
53,771
    
$
50,590
    
$
45,289
  
Money market, savings, and escrow accounts
    
350,270
      
314,418
      
304,467
      
282,349
      
252,500
  
Certificates of deposit
    
690,196
      
705,712
      
726,132
      
741,265
      
730,573
  
    Total interest-bearing deposits
    
1,104,076
      
1,075,682
      
1,084,370
      
1,074,204
      
1,028,362
  
Borrowings
    
480,054
      
482,665
      
546,070
      
531,588
      
609,863
  
    Total interest-bearing liabilities
    
1,584,130
      
1,558,347
      
1,630,440
      
1,605,792
      
1,638,225
  
Noninterest-bearing demand deposits
    
141,648
      
138,446
      
128,665
      
129,911
      
115,605
  
Noninterest-bearing liabilities
    
45,658
      
50,188
      
64,001
      
56,451
      
47,140
  
    Total liabilities
    
1,771,436
      
1,746,981
      
1,823,106
      
1,792,154
      
1,800,970
  
Equity
    
435,178
      
422,446
      
408,477
      
397,776
      
376,375
  
    Total liabilities and equity
  
$
2,206,614
    
$
2,169,427
    
$
2,231,583
    
$
2,189,930
    
$
2,177,345
  
 
                                        
Average Yield/Costs (annualized)
                                        
Loans receivable and held for sale
    
3.99
%
    
4.06
%
    
4.08
%
    
4.10
%
    
4.23
%
Mortgage related securities
    
1.95
%
    
2.20
%
    
2.30
%
    
2.42
%
    
2.55
%
Debt securities, federal funds sold and short term investments
    
1.12
%
    
1.30
%
    
1.59
%
    
1.75
%
    
1.71
%
    Total interest-earning assets
    
3.47
%
    
3.60
%
    
3.75
%
    
3.83
%
    
3.93
%
 
                                        
Demand accounts
    
0.08
%
    
0.07
%
    
0.07
%
    
0.09
%
    
0.08
%
Money market and savings accounts
    
0.23
%
    
0.32
%
    
0.53
%
    
0.67
%
    
0.74
%
Certificates of deposit
    
0.50
%
    
0.72
%
    
1.20
%
    
1.62
%
    
1.91
%
    Total interest-bearing deposits
    
0.39
%
    
0.57
%
    
0.96
%
    
1.29
%
    
1.54
%
Borrowings
    
2.06
%
    
2.10
%
    
1.97
%
    
1.98
%
    
1.76
%
    Total interest-bearing liabilities
    
0.90
%
    
1.05
%
    
1.30
%
    
1.52
%
    
1.62
%




COMMUNITY BANKING SEGMENT
  
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
  
(Unaudited)
  
 
                              
 
  
At or For the Three Months Ended
  
 
  
June 30,
    
March 31,
    
December 31,
    
September 30,
    
June 30,
  
 
  
2021
    
2021
    
2020
    
2020
    
2020
  
 
  
(Dollars in Thousands)
  
Condensed Results of Operations:
                              
Net interest income
  
$
14,517
    
$
14,247
    
$
14,546
    
$
13,461
    
$
13,701
  
Provision for loan losses
    
(750
)
    
(1,100
)
    
-
      
1,000
      
4,325
  
Total noninterest income
    
1,630
      
1,243
      
1,655
      
3,104
      
2,936
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
4,874
      
4,975
      
5,159
      
5,000
      
4,906
  
Occupancy, office furniture and equipment
    
887
      
1,025
      
934
      
874
      
866
  
Advertising
    
260
      
209
      
244
      
252
      
297
  
Data processing
    
466
      
511
      
511
      
490
      
678
  
Communications
    
86
      
119
      
110
      
113
      
91
  
Professional fees
    
198
      
194
      
5
      
266
      
226
  
Real estate owned
    
-
      
(12
)
    
(63
)
    
11
      
33
  
Loan processing expense
    
-
      
-
      
-
      
-
      
-
  
Other
    
461
      
440
      
577
      
818
      
532
  
Total noninterest expense
    
7,232
      
7,461
      
7,477
      
7,824
      
7,629
  
Income before income taxes
    
9,665
      
9,129
      
8,724
      
7,741
      
4,683
  
Income tax expense
    
2,128
      
1,786
      
1,926
      
1,565
      
574
  
Net income
  
$
7,537
    
$
7,343
    
$
6,798
    
$
6,176
    
$
4,109
  
 
                                        
Efficiency ratio - QTD
    
44.79
%
    
48.17
%
    
46.15
%
    
47.23
%
    
45.86
%
Efficiency ratio - YTD
    
46.44
%
    
48.17
%
    
48.71
%
    
49.59
%
    
50.86
%


MORTGAGE BANKING SEGMENT
  
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
  
(Unaudited)
  
 
                              
 
  
At or For the Three Months Ended
  
 
  
June 30,
    
March 31,
    
December 31,
    
September 30,
    
June 30,
  
 
  
2021
    
2021
    
2020
    
2020
    
2020
  
 
  
(Dollars in Thousands)
  
Condensed Results of Operations:
                              
Net interest income
  
$
(251
)
  
$
(350
)
  
$
(223
)
  
$
(58
)
  
$
(511
)
Provision for loan losses
    
-
      
30
      
30
      
25
      
175
  
Total noninterest income
    
50,556
      
55,035
      
68,500
      
73,143
      
64,218
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
29,170
      
29,262
      
33,347
      
34,559
      
32,139
  
Occupancy, office furniture and equipment
    
1,406
      
1,540
      
1,545
      
1,595
      
1,668
  
Advertising
    
651
      
615
      
822
      
609
      
567
  
Data processing
    
443
      
454
      
402
      
426
      
413
  
Communications
    
240
      
212
      
225
      
226
      
226
  
Professional fees
    
361
      
(524
)
    
441
      
4,465
      
850
  
Real estate owned
    
-
      
-
      
-
      
-
      
-
  
Loan processing expense
    
1,200
      
1,335
      
1,026
      
1,336
      
1,208
  
Other
    
2,678
      
2,681
      
2,110
      
2,444
      
3,239
  
Total noninterest expense
    
36,149
      
35,575
      
39,918
      
45,660
      
40,310
  
Income before income taxes
    
14,156
      
19,080
      
28,329
      
27,400
      
23,222
  
Income tax expense
    
3,761
      
5,096
      
7,252
      
7,284
      
6,440
  
Net income
  
$
10,395
    
$
13,984
    
$
21,077
    
$
20,116
    
$
16,782
  
 
                                        
Efficiency ratio - QTD
    
71.86
%
    
65.05
%
    
58.46
%
    
62.48
%
    
63.27
%
Efficiency ratio - YTD
    
68.32
%
    
65.05
%
    
65.20
%
    
67.95
%
    
72.70
%
 
                                        
Loan originations
  
$
1,065,161
    
$
1,115,091
    
$
1,282,321
    
$
1,296,725
    
$
1,142,683
  
Purchase
    
75.4
%
    
56.1
%
    
59.2
%
    
64.1
%
    
55.5
%
Refinance
    
24.6
%
    
43.9
%
    
40.8
%
    
35.9
%
    
44.5
%
Gross margin on loans sold(1)
    
4.81
%
    
4.86
%
    
5.40
%
    
5.44
%
    
5.45
%
(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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Entity Incorporation, State or Country Code MD
Entity File Number 001-36271
Entity Tax Identification Number 90-1026709
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Entity Address, City or Town Wauwatosa
Entity Address, State or Province WI
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City Area Code 414
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Trading Symbol WSBF
Security Exchange Name NASDAQ
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