0001569994-22-000007.txt : 20220127 0001569994-22-000007.hdr.sgml : 20220127 20220127160026 ACCESSION NUMBER: 0001569994-22-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220127 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20220127 DATE AS OF CHANGE: 20220127 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: 22563102 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-20220127.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):  January 27, 2022

 
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 January 27, 2022, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 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 January 27, 2022. 

 











 
 
 


 




 
 


- 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: January 27, 2022
/s/ Mark R. Gerke
 
Name: Mark R. Gerke
 
Title: Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 3 -

EXHIBIT INDEX




Exhibit No.          Description


























- 4 -
 EX-99.1 2 wsbf-20220127ex991.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 Year Ended December 31, 2021.
Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $12.6 million, or $0.53 per diluted share for the quarter ended December 31, 2021 compared to $27.8 million, or $1.17 per diluted share for the quarter ended December 31, 2020. Net income per diluted share was $2.96 for the year ended December 31, 2021 compared to net income per diluted share of $3.30 for the year ended December 31, 2020.
“We achieved another quarter of strong financial results due to the continued dedication and efforts of our employees,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “We continue to execute and build a stronger financial position. Given the performance over the past two years, we were excited to announce a new 3.5 million share repurchase program and declare a $0.50 special dividend during the quarter as we continue to deliver for our valued shareholders.”

Highlights of the Quarter Ended December 31, 2021

Waterstone Financial, Inc. (Consolidated)

•
Consolidated net income of Waterstone Financial, Inc. totaled $12.6 million for the quarter ended December 31, 2021, compared to $27.8 million for the quarter ended December 31, 2020.
•
Consolidated return on average assets was 2.22% for the quarter ended December 31, 2021 compared to 4.96% for the quarter ended December 31, 2020.
•
Consolidated return on average equity was 11.14% for the quarter ended December 31, 2021 and 27.11% for the quarter ended December 31, 2020.
•
Dividends declared during the quarter ended December 31, 2021 totaled $0.70 per common share.
•
We authorized a new share repurchase program, under which we will seek to repurchase up to 3.5 million shares, representing approximately 14.1% of outstanding shares.
•
We repurchased approximately 264,000 shares at a cost of $5.5 million during the quarter ended December 31, 2021.

Community Banking Segment

•
Pre-tax income totaled $8.4 million for the quarter ended December 31, 2021, which represents a $338,000 , or 3.9%, decrease compared to $8.7 million for the quarter ended December 31, 2020.
•
Net interest income totaled $13.2 million for the quarter ended December 31, 2021, which represents a $1.3 million, or 9.3%, decrease compared to $14.5 million for the quarter ended December 31, 2020.
•
Average loans held for investment totaled $1.21 billion during the quarter ended December 31, 2021, which represents a decrease of $191.8 million, or 13.7%, compared to $1.40 billion for the quarter ended December 31, 2020. Average loans held for investment decreased $44.4 million compared to $1.26 billion for the quarter ended September 30, 2021 as residential real estate loans continued to prepay at an accelerated rate.
•
Net interest margin decreased 26 basis points to 2.47% for the quarter ended December 31, 2021 compared to 2.73% for the quarter ended December 31, 2020, which was a result of lower rates and average balance on loans and a higher average interest earnings cash balance within the debt securities, federal funds sold and short term investments category. Net interest margin decreased 21 basis points compared to 2.68% for the quarter ended September 30, 2021, driven by a decrease in average loan balance and a higher average cash balance.
•
The segment had a negative provision for loan losses of $1.5M for the quarter ended December 31, 2021 compared to no provision for loan losses for the quarter ended December 31, 2020. Net recoveries totaled $458,000 for the quarter ended December 31, 2021, as one significant loan recovery payment was received during the quarter, compared to net charge-offs of $51,000 for the quarter ended December 31, 2020.
•
The efficiency ratio was 53.02% for the quarter ended December 31, 2021, compared to 46.15% for the quarter ended December 31, 2020.
•
Average deposits (excluding escrow accounts) totaled $1.25 billion during the quarter ended December 31, 2021, an increase of $65.5 million, or 5.6%, compared to $1.18 billion during the quarter ended December 31, 2020. Average deposits decreased $9.9 million, or 3.2% annualized compared to the $1.26 billion for the quarter ended September 30, 2021.
•
Nonperforming assets as percentage of total assets was 0.26% at December 31, 2021, 0.18% at September 30, 2021, and 0.27% at December 31, 2020.
•
Past due loans as percentage of total loans was 0.59% at December 31, 2021, 0.92% at September 30, 2021, and 0.57% at December 31, 2020.
•
PPP loans totaled $1.8 million as of December 31, 2021. The average balance for the quarter ended December 31, 2021 was $2.7 million. For the quarter ended December 31, 2021, PPP loan interest income recognized was approximately $7,000 and the amortization of fee income was approximately $101,000.
•
The Company held approximately $3.3 million in loans, representing 0.3% of the total loan portfolio as of December 31, 2021, which had been modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $3.3 million in loans, $405,000 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 $7.3 million for the quarter ended December 31, 2021, compared to $28.3 million for the quarter ended December 31, 2020.
•
Loan originations decreased $289.2 million, or 22.6%, to $993.1 million during the quarter ended December 31, 2021, compared to $1.28 billion during the quarter ended December 31, 2020. Origination volume relative to purchase activity accounted for 73.8% of originations for the quarter ended December 31, 2021 compared to 59.2% of total originations for the quarter ended December 31, 2020.
•
Mortgage banking non-interest income decreased $27.8 million, or 40.6%, to $40.7 million for the quarter ended December 31, 2021, compared to $68.5 million for the quarter ended December 31, 2020. During the quarter ended December 31, 2020, the Company sold mortgage servicing rights related to $975.9 million in loans receivable and with a book value of $6.4 million for $7.0 million resulting in a gain on sale of $600,000. There was no comparable sale during the quarter ended December 31, 2021. As of December 31, 2021, the Company maintained servicing rights related to $160.8 million in loans previously sold to third parties.
•
Gross margin on loans sold decreased to 4.18% for the quarter ended December 31, 2021, compared to 5.40% for the quarter ended December 31, 2020.
•
Total compensation, payroll taxes and other employee benefits decreased $5.5 million, or 16.4%, to $27.9 million during the quarter ended December 31, 2021 compared to $33.3 million during the quarter ended December 31, 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.
•
Other noninterest expense decreased $665,000 to $1.4 million during the quarter ended December 31, 2021 compared to $2.1 million during the quarter ended December 31, 2020. The decrease related to a decrease in the amortization expense on mortgage servicing rights due to the bulk sale of mortgage servicing rights during 2021 and a reduced provision for loan sale losses as origination volumes decreased.
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. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

   
For The Three Months Ended December 31,
    
For The Year Ended December 31,
  
   
2021
    
2020
    
2021
    
2020
  
   
(In Thousands, except per share amounts)
  
Interest income:
                        
Loans
  
$
15,152
    
$
18,229
    
$
64,366
    
$
72,633
  
Mortgage-related securities
    
506
      
528
      
1,954
      
2,488
  
Debt securities, federal funds sold and short-term investments
    
926
      
870
      
3,563
      
3,363
  
Total interest income
    
16,584
      
19,627
      
69,883
      
78,484
  
Interest expense:
                                
Deposits
    
878
      
2,605
      
4,420
      
14,365
  
Borrowings
    
2,534
      
2,706
      
9,948
      
10,619
  
Total interest expense
    
3,412
      
5,311
      
14,368
      
24,984
  
Net interest income
    
13,172
      
14,316
      
55,515
      
53,500
  
Provision for loan losses
    
(1,470
)
    
30
      
(3,990
)
    
6,340
  
Net interest income after provision for loan losses
    
14,642
      
14,286
      
59,505
      
47,160
  
Noninterest income:
                                
Service charges on loans and deposits
    
842
      
1,078
      
3,325
      
4,462
  
Increase in cash surrender value of life insurance
    
318
      
318
      
1,615
      
1,905
  
Mortgage banking income
    
40,448
      
66,953
      
191,035
      
233,245
  
Other
    
408
      
1,537
      
7,220
      
4,405
  
Total noninterest income
    
42,016
      
69,886
      
203,195
      
244,017
  
Noninterest expenses:
                                
Compensation, payroll taxes, and other employee benefits
    
32,837
      
38,351
      
135,115
      
139,046
  
Occupancy, office furniture, and equipment
    
2,266
      
2,479
      
9,612
      
10,223
  
Advertising
    
958
      
1,066
      
3,528
      
3,691
  
Data processing
    
1,079
      
918
      
3,950
      
3,941
  
Communications
    
321
      
335
      
1,309
      
1,329
  
Professional fees
    
471
      
471
      
1,275
      
8,118
  
Real estate owned
    
14
      
(63
)
    
3
      
(8
)
Loan processing expense
    
940
      
1,026
      
4,610
      
4,646
  
Other
    
2,088
      
2,580
      
11,192
      
12,075
  
Total noninterest expenses
    
40,974
      
47,163
      
170,594
      
183,061
  
Income before income taxes
    
15,684
      
37,009
      
92,106
      
108,116
  
Income tax expense
    
3,131
      
9,174
      
21,315
      
26,971
  
Net income
  
$
12,553
    
$
27,835
    
$
70,791
    
$
81,145
  
Income per share:
                                
Basic
  
$
0.53
    
$
1.17
    
$
2.98
    
$
3.32
  
Diluted
  
$
0.53
    
$
1.17
    
$
2.96
    
$
3.30
  
Weighted average shares outstanding:
                                
Basic
    
23,598
      
23,703
      
23,741
      
24,464
  
Diluted
    
23,802
      
23,877
      
23,931
      
24,607
  
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
   
December 31,
    
December 31,
  
   
2021
    
2020
  
   
(Unaudited)
        
Assets
  
(In Thousands, except per share amounts)
  
Cash
  
$
343,016
    
$
56,190
  
Federal funds sold
    
13,981
      
18,847
  
Interest-earning deposits in other financial institutions and other short term investments
    
19,725
      
19,730
  
Cash and cash equivalents
    
376,722
      
94,767
  
Securities available for sale (at fair value)
    
179,016
      
159,619
  
Loans held for sale (at fair value)
    
312,738
      
402,003
  
Loans receivable
    
1,205,785
      
1,375,137
  
Less: Allowance for loan losses
    
15,778
      
18,823
  
Loans receivable, net
    
1,190,007
      
1,356,314
  
                 
Office properties and equipment, net
    
22,273
      
23,722
  
Federal Home Loan Bank stock (at cost)
    
24,438
      
26,720
  
Cash surrender value of life insurance
    
65,368
      
63,573
  
Real estate owned, net
    
148
      
322
  
Prepaid expenses and other assets
    
45,148
      
57,547
  
Total assets
  
$
2,215,858
    
$
2,184,587
  
                 
Liabilities and Shareholders' Equity
                
Liabilities:
                
Demand deposits
  
$
214,409
    
$
188,225
  
Money market and savings deposits
    
392,314
      
295,317
  
Time deposits
    
626,663
      
701,328
  
Total deposits
    
1,233,386
      
1,184,870
  
                 
Borrowings
    
477,127
      
508,074
  
Advance payments by borrowers for taxes
    
4,094
      
3,522
  
Other liabilities
    
68,478
      
75,003
  
Total liabilities
    
1,783,085
      
1,771,469
  
                 
Shareholders' equity:
                
Preferred stock
    
-
      
-
  
Common stock
    
248
      
251
  
Additional paid-in capital
    
174,505
      
180,684
  
Retained earnings
    
273,398
      
245,287
  
Unearned ESOP shares
    
(14,243
)
    
(15,430
)
Accumulated other comprehensive income, net of taxes
    
(1,135
)
    
2,326
  
Total shareholders' equity
    
432,773
      
413,118
  
Total liabilities and shareholders' equity
  
$
2,215,858
    
$
2,184,587
  
                 
Share Information
                
Shares outstanding
    
24,795
      
25,088
  
Book value per share
  
$
17.45
    
$
16.47
  
Closing market price
  
$
21.86
    
$
18.82
  
Price to book ratio
    
125.27
%
    
114.27
%

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,
  
   
2021
    
2021
    
2021
    
2021
    
2020
  
    (Dollars in Thousands, except per share amounts)
Condensed Results of Operations:
                              
Net interest income
  
$
13,172
    
$
14,114
    
$
14,277
    
$
13,952
    
$
14,316
  
Provision for loan losses
    
(1,470
)
    
(700
)
    
(750
)
    
(1,070
)
    
30
  
Total noninterest income
    
42,016
      
52,936
      
52,044
      
56,199
      
69,886
  
Total noninterest expense
    
40,974
      
43,323
      
43,297
      
43,000
      
47,163
  
Income before income taxes
    
15,684
      
24,427
      
23,774
      
28,221
      
37,009
  
Income tax expense
    
3,131
      
5,427
      
5,880
      
6,877
      
9,174
  
Net income
  
$
12,553
    
$
19,000
    
$
17,894
    
$
21,344
    
$
27,835
  
Income per share – basic
  
$
0.53
    
$
0.80
    
$
0.75
    
$
0.90
    
$
1.17
  
Income per share – diluted
  
$
0.53
    
$
0.79
    
$
0.74
    
$
0.89
    
$
1.17
  
Dividends declared per share
  
$
0.70
    
$
0.20
    
$
0.70
    
$
0.20
    
$
0.50
  
                                         
Performance Ratios (annualized):
                                        
Return on average assets - QTD
    
2.22
%
    
3.38
%
    
3.25
%
    
3.99
%
    
4.96
%
Return on average equity - QTD
    
11.14
%
    
17.25
%
    
16.49
%
    
20.49
%
    
27.11
%
Net interest margin - QTD
    
2.47
%
    
2.68
%
    
2.78
%
    
2.80
%
    
2.73
%
                                         
Return on average assets - YTD
    
3.20
%
    
3.54
%
    
3.62
%
    
3.99
%
    
3.77
%
Return on average equity - YTD
    
16.38
%
    
18.08
%
    
18.49
%
    
20.49
%
    
20.18
%
Net interest margin - YTD
    
2.68
%
    
2.75
%
    
2.79
%
    
2.80
%
    
2.67
%
                                         
Asset Quality Ratios:
                                        
Past due loans to total loans
    
0.59
%
    
0.92
%
    
0.53
%
    
0.52
%
    
0.57
%
Nonaccrual loans to total loans
    
0.46
%
    
0.32
%
    
0.34
%
    
0.31
%
    
0.40
%
Nonperforming assets to total assets
    
0.26
%
    
0.18
%
    
0.20
%
    
0.20
%
    
0.27
%
Allowance for loan losses to loans receivable
    
1.31
%
    
1.37
%
    
1.34
%
    
1.33
%
    
1.37
%


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,
  
   
2021
    
2021
    
2021
    
2021
    
2020
  
Average balances
  
(Dollars in Thousands)
  
Interest-earning assets
                              
Loans receivable and held for sale
  
$
1,517,984
    
$
1,573,194
    
$
1,655,078
    
$
1,657,260
    
$
1,775,455
  
Mortgage related securities
    
119,709
      
108,743
      
100,056
      
90,457
      
91,199
  
Debt securities, federal funds sold and short term investments
    
475,574
      
409,559
      
308,105
      
273,929
      
217,356
  
    Total interest-earning assets
    
2,113,267
      
2,091,496
      
2,063,239
      
2,021,646
      
2,084,010
  
Noninterest-earning assets
    
131,703
      
137,454
      
143,375
      
147,781
      
147,573
  
    Total assets
  
$
2,244,970
    
$
2,228,950
    
$
2,206,614
    
$
2,169,427
    
$
2,231,583
  
                                         
Interest-bearing liabilities
                                        
Demand accounts
  
$
70,762
    
$
68,478
    
$
63,610
    
$
55,552
    
$
53,771
  
Money market, savings, and escrow accounts
    
398,210
      
391,599
      
350,270
      
314,418
      
304,467
  
Certificates of deposit
    
643,546
      
663,343
      
690,196
      
705,712
      
726,132
  
    Total interest-bearing deposits
    
1,112,518
      
1,123,420
      
1,104,076
      
1,075,682
      
1,084,370
  
Borrowings
    
481,971
      
475,000
      
480,054
      
482,665
      
546,070
  
    Total interest-bearing liabilities
    
1,594,489
      
1,598,420
      
1,584,130
      
1,558,347
      
1,630,440
  
Noninterest-bearing demand deposits
    
153,303
      
153,436
      
141,648
      
138,446
      
128,665
  
Noninterest-bearing liabilities
    
49,982
      
40,148
      
45,658
      
50,188
      
64,001
  
    Total liabilities
    
1,797,774
      
1,792,004
      
1,771,436
      
1,746,981
      
1,823,106
  
Equity
    
447,196
      
436,946
      
435,178
      
422,446
      
408,477
  
    Total liabilities and equity
  
$
2,244,970
    
$
2,228,950
    
$
2,206,614
    
$
2,169,427
    
$
2,231,583
  
                                         
Average Yield/Costs (annualized)
                                        
Loans receivable and held for sale
    
3.96
%
    
4.07
%
    
3.99
%
    
4.06
%
    
4.08
%
Mortgage related securities
    
1.68
%
    
1.72
%
    
1.95
%
    
2.20
%
    
2.30
%
Debt securities, federal funds sold and short term investments
    
0.77
%
    
0.88
%
    
1.12
%
    
1.30
%
    
1.59
%
    Total interest-earning assets
    
3.11
%
    
3.32
%
    
3.47
%
    
3.60
%
    
3.75
%
                                         
Demand accounts
    
0.08
%
    
0.08
%
    
0.08
%
    
0.07
%
    
0.07
%
Money market and savings accounts
    
0.22
%
    
0.24
%
    
0.23
%
    
0.32
%
    
0.53
%
Certificates of deposit
    
0.40
%
    
0.42
%
    
0.50
%
    
0.72
%
    
1.20
%
    Total interest-bearing deposits
    
0.31
%
    
0.33
%
    
0.39
%
    
0.57
%
    
0.96
%
Borrowings
    
2.09
%
    
2.04
%
    
2.06
%
    
2.10
%
    
1.97
%
    Total interest-bearing liabilities
    
0.85
%
    
0.84
%
    
0.90
%
    
1.05
%
    
1.30
%



COMMUNITY BANK SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
                  
   
December 31,
    
September 30,
    
June 30,
    
March 31,
    
December 31,
  
   
2021
    
2021
    
2021
    
2021
    
2020
  
   
(Dollars in Thousands)
Condensed Results of Operations:
                              
Net interest income
  
$
13,197
    
$
14,090
    
$
14,517
    
$
14,247
    
$
14,546
  
Provision for loan losses
    
(1,500
)
    
(750
)
    
(750
)
    
(1,100
)
    
-
  
Total noninterest income
    
1,459
      
1,726
      
1,630
      
1,243
      
1,655
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
5,085
      
5,360
      
4,874
      
4,975
      
5,159
  
Occupancy, office furniture and equipment
    
960
      
909
      
887
      
1,025
      
934
  
Advertising
    
278
      
233
      
260
      
209
      
244
  
Data processing
    
531
      
531
      
466
      
511
      
511
  
Communications
    
100
      
122
      
86
      
119
      
110
  
Professional fees
    
151
      
130
      
198
      
194
      
5
  
Real estate owned
    
14
      
1
      
-
      
(12
)
    
(63
)
Loan processing expense
    
-
      
-
      
-
      
-
      
-
  
Other
    
651
      
422
      
461
      
440
      
577
  
Total noninterest expense
    
7,770
      
7,708
      
7,232
      
7,461
      
7,477
  
Income before income taxes
    
8,386
      
8,858
      
9,665
      
9,129
      
8,724
  
Income tax expense
    
1,690
      
2,092
      
2,128
      
1,786
      
1,926
  
Net income
  
$
6,696
    
$
6,766
    
$
7,537
    
$
7,343
    
$
6,798
  
                                         
Efficiency ratio - QTD
    
53.02
%
    
48.74
%
    
44.79
%
    
48.17
%
    
46.15
%
Efficiency ratio - YTD
    
48.58
%
    
47.21
%
    
46.44
%
    
48.17
%
    
48.71
%

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,
  
   
2021
    
2021
    
2021
    
2021
    
2020
  
   
(Dollars in Thousands)
Condensed Results of Operations:
                              
Net interest income
  
$
(49
)
  
$
(2
)
  
$
(251
)
  
$
(350
)
  
$
(223
)
Provision for loan losses
    
30
      
50
      
-
      
30
      
30
  
Total noninterest income
    
40,692
      
51,290
      
50,556
      
55,035
      
68,500
  
Noninterest expenses:
                                        
Compensation, payroll taxes, and other employee benefits
    
27,866
      
28,981
      
29,170
      
29,262
      
33,347
  
Occupancy, office furniture and equipment
    
1,306
      
1,579
      
1,406
      
1,540
      
1,545
  
Advertising
    
680
      
602
      
651
      
615
      
822
  
Data processing
    
542
      
450
      
443
      
454
      
402
  
Communications
    
221
      
209
      
240
      
212
      
225
  
Professional fees
    
306
      
421
      
361
      
(524
)
    
441
  
Real estate owned
    
-
      
-
      
-
      
-
      
-
  
Loan processing expense
    
940
      
1,135
      
1,200
      
1,335
      
1,026
  
Other
    
1,445
      
2,270
      
2,678
      
2,681
      
2,110
  
Total noninterest expense
    
33,306
      
35,647
      
36,149
      
35,575
      
39,918
  
Income (loss) before income taxes
    
7,307
      
15,591
      
14,156
      
19,080
      
28,329
  
Income tax expense (benefit)
    
1,443
      
3,341
      
3,761
      
5,096
      
7,252
  
Net income (loss)
  
$
5,864
    
$
12,250
    
$
10,395
    
$
13,984
    
$
21,077
  
                                         
Efficiency ratio - QTD
    
81.95
%
    
69.50
%
    
71.86
%
    
65.05
%
    
58.46
%
Efficiency ratio - YTD
    
71.44
%
    
68.71
%
    
68.32
%
    
65.05
%
    
65.20
%
                                         
Loan originations
  
$
993,113
    
$
1,055,500
    
$
1,065,161
    
$
1,115,091
    
$
1,282,321
  
Purchase
    
73.8
%
    
73.8
%
    
75.4
%
    
56.1
%
    
59.2
%
Refinance
    
26.2
%
    
26.2
%
    
24.6
%
    
43.9
%
    
40.8
%
Gross margin on loans sold(1)
    
4.18
%
    
4.54
%
    
4.81
%
    
4.86
%
    
5.40
%
(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 Address, City or Town Wauwatosa
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City Area Code 414
Local Phone Number 761-1000
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