WSBF - Waterstone Financial Inc. Announces Results of Operations for the Quarter Ended March 31 2019
WAUWATOSA, Wis., April 23, 2019 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $6.5 million, or $0.24 per diluted share for the quarter ended March 31, 2019 compared to $7.0 million, or $0.25 per diluted share for the quarter ended March 31, 2018.
“We achieved strong quarterly earnings driven by a record pre-tax earnings in the first quarter for the Community Banking segment,” said Douglas Gordon, CEO of Waterstone Financial, Inc. “Due to the consistent earnings and strong capital position, we were able to declare a $0.50 special dividend, in addition to our regular quarterly dividend and stock repurchases. We continue to maintain strong asset quality and remain disciplined with respect to expense management at the Community Banking segment. The Mortgage Banking segment’s performance rebounded compared to the linked quarter, driven by the elimination of underperforming offices and continued expense control measures.”
Highlights of the quarter ended March 31, 2019
Waterstone Financial, Inc. (Consolidated)
- Consolidated net income of Waterstone Financial, Inc. totaled $6.5 million for the quarter ended March 31, 2019, compared to $7.0 million for the quarter ended March 31, 2018.
- Consolidated return on average assets was 1.39% for the quarter ended March 31, 2019 compared to 1.57% for the quarter ended March 31, 2018.
- Consolidated return on average equity was 6.65% for the quarter ended March 31, 2019 and 6.90% for the quarter ended March 31, 2018.
- Dividends declared totaled $0.62 per share during the quarter ended March 31, 2019.
- The Company repurchased a total 462,400 shares on the open market during the quarter ended March 31, 2019 at an average price of $16.53 per share.
Community Banking Segment
- Pre-tax income of the segment totaled $7.5 million for the quarters ended March 31, 2019 and March 31, 2018.
- Net interest income of the segment totaled $13.1 million for the quarter ended March 31, 2019 compared to $13.3 million for the quarter ended March 31, 2018.
- Average loans held for investment totaled $1.38 billion during the quarter ended March 31, 2019, which represents an increase of $78.9 million, or 6.1% over the comparable quarter in the prior year. Average loans increased $10.4 million, or 3.1% annualized, compared to the quarter ended December 31, 2018.
- Our net interest margin decreased 27 basis points to 2.93% for the quarter ended March 31, 2019 compared to 3.20% for the quarter ended March 31, 2018, which was a result of the increase in cost of deposits as certificates of deposit repriced at higher rates over the past year. Net interest margin decreased six basis points compared to 2.99% for the quarter ended December 31, 2018.
- The segment had a negative provision for loan losses of $700,000 for the quarter ended March 31, 2019 compared to $900,000 for the quarter ended March 31, 2018. Asset quality continues to remain strong along with minimal net charge-offs.
- Noninterest income decreased $58,000 for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018 as fees earned on loans decreased.
- Noninterest expenses decreased $445,000 for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018 as compensation; communications; real estate owned; and other noninterest expenses decreased.
- The efficiency ratio for the community banking segment improved 230 basis points to 51.64% for the quarter ended March 31, 2019, compared to 53.94% for the quarter ended March 31, 2018.
- Average deposits totaled $1.04 billion during the quarter ended March 31, 2019, which represents an increase of $66.3 million, or 6.8%, over the comparable quarter in the prior year. Average deposits increased $19.0 million, or 7.5% annualized, compared to the quarter ended December 31, 2018.
- Nonperforming assets as percentage of total assets was 0.44% at March 31, 2019, 0.45% at December 31, 2018, and 0.54% at March 31, 2018.
- Past due loans as percentage of total loans was 0.46% at March 31, 2019, 0.50% at December 31, 2018, and 0.53% at March 31, 2018.
- Net charge-offs were $8,000 for the quarter ended March 31, 2019. Net charge-offs were $7,000 for the quarter ended March 31, 2018.
Mortgage Banking Segment
- The Mortgage Banking segment totaled a pre-tax income of $1.0 million for the quarter ended March 31, 2019, compared to $1.6 million of pre-tax income for the quarter ended March 31, 2018.
- Loan originations decreased approximately $14.6 million to $501.4 million during the quarter ended March 31, 2019, compared to $516.0 million during the quarter ended March 31, 2018. Origination volume relative to purchase activity accounted for 89.9% of originations for the quarter ended March 31, 2019 compared to 85.0% of total originations for the quarter ended March 31, 2018.
- Mortgage banking income decreased $1.2 million, or 4.7%, to $23.6 million for the quarter ended March 31, 2019, compared to $24.7 million for the quarter ended March 31, 2018.
- Gross margin on loans sold decreased 1.3% to 4.57% for the quarter ended March 31, 2019, compared to 4.63% for the quarter ended March 31, 2018.
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, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield, Oak Creek, Oconomowoc/Lake Country, Pewaukee, Waukesha/Brookfield, and West Allis, Wisconsin and a commercial lending office in Minneapolis, Minnesota. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 47 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.
Forward-Looking Statements
This press release contains 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.” Such statements are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. These factors include (i) exposure to the deterioration in the commercial and residential real estate markets which could result in increased charge-offs and increases in the allowance for loan losses, (ii) various other factors, including changes in economic conditions affecting borrowers, new information regarding outstanding loans and identification of additional problem loans, which could require an increase in the allowance for loan losses, (iii) Waterstone’s ability to maintain required levels of capital and other current and future regulatory requirements, (iv) the impact of recent and future legislative initiatives on the financial markets, and (v) those 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 March 31, |
| 2019 |
| 2018 |
| Interest income: |
| (In Thousands, except per share amounts) |
| Loans |
| $ |
| 17,104 |
| 15,458 |
| Mortgage-related securities |
| 759 |
| 638 |
| Debt securities, federal funds sold and short-term investments |
| 1,309 |
| 867 |
| Total interest income |
| 19,172 |
| 16,963 |
| Interest expense: |
| Deposits |
| 3,990 |
| 2,314 |
| Borrowings |
| 2,246 |
| 1,508 |
| Total interest expense |
| 6,236 |
| 3,822 |
| Net interest income |
| 12,936 |
| 13,141 |
| Provision for loan losses |
| (680 |
| ) |
| (880 |
| ) |
| Net interest income after provision for loan losses |
| 13,616 |
| 14,021 |
| Noninterest income: |
| Service charges on loans and deposits |
| 379 |
| 399 |
| Increase in cash surrender value of life insurance |
| 344 |
| 328 |
| Mortgage banking income |
| 23,359 |
| 24,187 |
| Other |
| 175 |
| 269 |
| Total noninterest income |
| 24,257 |
| 25,183 |
| Noninterest expenses: |
| Compensation, payroll taxes, and other employee benefits |
| 20,639 |
| 20,983 |
| Occupancy, office furniture, and equipment |
| 2,776 |
| 2,639 |
| Advertising |
| 958 |
| 860 |
| Data processing |
| 769 |
| 625 |
| Communications |
| 328 |
| 382 |
| Professional fees |
| 695 |
| 700 |
| Real estate owned |
| 32 |
| 317 |
| Loan processing expense |
| 805 |
| 988 |
| Other |
| 2,347 |
| 2,653 |
| Total noninterest expenses |
| 29,349 |
| 30,147 |
| Income before income taxes |
| 8,524 |
| 9,057 |
| Income tax expense |
| 1,982 |
| 2,104 |
| Net income |
| $ |
| 6,542 |
| 6,953 |
| Income per share: |
| Basic |
| $ |
| 0.25 |
| 0.25 |
| Diluted |
| $ |
| 0.24 |
| 0.25 |
| Weighted average shares outstanding: |
| Basic |
| 26,499 |
| 27,509 |
| Diluted |
| 26,720 |
| 27,802 |
| WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
| March 31, |
| December 31, |
| 2019 |
| 2018 |
| (Unaudited) |
| Assets |
| (In Thousands, except per share amounts) |
| Cash |
| $ |
| 77,381 |
| $ |
| 48,234 |
| Federal funds sold |
| 17,905 |
| 25,100 |
| Interest-earning deposits in other financial institutions and other short term investments |
| 9,547 |
| 12,767 |
| Cash and cash equivalents |
| 104,833 |
| 86,101 |
| Securities available for sale (at fair value) |
| 184,224 |
| 185,720 |
| Loans held for sale (at fair value) |
| 123,011 |
| 141,616 |
| Loans receivable |
| 1,379,866 |
| 1,379,148 |
| Less: Allowance for loan losses |
| 12,561 |
| 13,249 |
| Loans receivable, net |
| 1,367,305 |
| 1,365,899 |
| Office properties and equipment, net |
| 24,215 |
| 24,524 |
| Federal Home Loan Bank stock (at cost) |
| 19,350 |
| 19,350 |
| Cash surrender value of life insurance |
| 67,894 |
| 67,550 |
| Real estate owned, net |
| 1,649 |
| 2,152 |
| Prepaid expenses and other assets |
| 36,184 |
| 22,469 |
| Total assets |
| $ |
| 1,928,665 |
| $ |
| 1,915,381 |
| Liabilities and Shareholders' Equity |
| Liabilities: |
| Demand deposits |
| $ |
| 128,470 |
| $ |
| 139,111 |
| Money market and savings deposits |
| 175,380 |
| 163,511 |
| Time deposits |
| 733,491 |
| 735,873 |
| Total deposits |
| 1,037,341 |
| 1,038,495 |
| Borrowings |
| 448,451 |
| 435,046 |
| Advance payments by borrowers for taxes |
| 11,409 |
| 4,371 |
| Other liabilities |
| 46,996 |
| 37,790 |
| Total liabilities |
| 1,544,197 |
| 1,515,702 |
| Shareholders' equity: |
| Common stock |
| 280 |
| 285 |
| Additional paid-in capital |
| 331,128 |
| 330,327 |
| Retained earnings |
| 177,303 |
| 187,153 |
| Unearned ESOP shares |
| (17,507 |
| ) |
| (17,804 |
| ) |
| Accumulated other comprehensive loss, net of taxes |
| (851 |
| ) |
| (2,361 |
| ) |
| Cost of shares repurchased |
| (105,885 |
| ) |
| (97,921 |
| ) |
| Total shareholders' equity |
| 384,468 |
| 399,679 |
| Total liabilities and shareholders' equity |
| $ |
| 1,928,665 |
| $ |
| 1,915,381 |
| Share Information |
| Shares outstanding |
| 28,004 |
| 28,463 |
| Book value per share |
| $ |
| 13.73 |
| $ |
| 14.04 |
| Closing market price |
| $ |
| 16.46 |
| $ |
| 16.76 |
| Price to book ratio |
| 119.88 |
| % |
| 119.37 |
| % |
| 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, |
| 2019 |
| 2018 |
| 2018 |
| 2018 |
| 2018 |
| (Dollars in Thousands, except per share amounts) |
| Condensed Results of Operations: |
| Net interest income |
| $ |
| 12,936 |
| 13,466 |
| 13,850 |
| 13,720 |
| 13,141 |
| Provision for loan losses |
| (680 |
| ) |
| - |
| 40 |
| (220 |
| ) |
| (880 |
| ) |
| Total noninterest income |
| 24,257 |
| 25,636 |
| 34,062 |
| 33,318 |
| 25,183 |
| Total noninterest expense |
| 29,349 |
| 31,846 |
| 36,426 |
| 34,737 |
| 30,147 |
| Income before income taxes |
| 8,524 |
| 7,256 |
| 11,446 |
| 12,521 |
| 9,057 |
| Income tax expense |
| 1,982 |
| 1,578 |
| 2,743 |
| 3,101 |
| 2,104 |
| Net income |
| $ |
| 6,542 |
| 5,678 |
| 8,703 |
| 9,420 |
| 6,953 |
| Income per share – basic |
| $ |
| 0.25 |
| 0.21 |
| 0.32 |
| 0.34 |
| 0.25 |
| Income per share – diluted |
| $ |
| 0.24 |
| 0.21 |
| 0.31 |
| 0.34 |
| 0.25 |
| Dividends declared per share |
| $ |
| 0.62 |
| 0.12 |
| 0.12 |
| 0.12 |
| 0.62 |
| Performance Ratios: |
| Return on average assets - QTD |
| 1.39 |
| % |
| 1.18 |
| % |
| 1.80 |
| % |
| 2.02 |
| % |
| 1.57 |
| % |
| Return on average equity - QTD |
| 6.65 |
| % |
| 5.58 |
| % |
| 8.48 |
| % |
| 9.40 |
| % |
| 6.90 |
| % |
| Net interest margin - QTD |
| 2.93 |
| % |
| 2.99 |
| % |
| 3.07 |
| % |
| 3.14 |
| % |
| 3.18 |
| % |
| Return on average assets - YTD |
| 1.39 |
| % |
| 1.64 |
| % |
| 1.80 |
| % |
| 1.80 |
| % |
| 1.57 |
| % |
| Return on average equity - YTD |
| 6.65 |
| % |
| 7.60 |
| % |
| 8.25 |
| % |
| 8.13 |
| % |
| 6.90 |
| % |
| Net interest margin - YTD |
| 2.93 |
| % |
| 3.09 |
| % |
| 3.13 |
| % |
| 3.16 |
| % |
| 3.18 |
| % |
| Asset Quality Ratios: |
| Past due loans to total loans |
| 0.46 |
| % |
| 0.50 |
| % |
| 0.67 |
| % |
| 0.54 |
| % |
| 0.53 |
| % |
| Nonaccrual loans to total loans |
| 0.49 |
| % |
| 0.48 |
| % |
| 0.48 |
| % |
| 0.46 |
| % |
| 0.50 |
| % |
| Nonperforming assets to total assets |
| 0.44 |
| % |
| 0.45 |
| % |
| 0.45 |
| % |
| 0.45 |
| % |
| 0.54 |
| % |
| 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, |
| 2019 |
| 2018 |
| 2018 |
| 2018 |
| 2018 |
| Average balances |
| (Dollars in Thousands) |
| Interest-earning assets |
| Loans receivable and held for sale |
| $ |
| 1,477,991 |
| 1,496,125 |
| 1,507,632 |
| 1,451,507 |
| 1,398,043 |
| Mortgage related securities |
| 115,674 |
| 111,004 |
| 106,047 |
| 109,879 |
| 113,688 |
| Debt securities, federal funds sold and short term investments |
| 194,669 |
| 179,232 |
| 176,733 |
| 192,422 |
| 165,863 |
| Total interest-earning assets |
| 1,788,334 |
| 1,786,361 |
| 1,790,412 |
| 1,753,808 |
| 1,677,594 |
| Noninterest-earning assets |
| 125,396 |
| 119,715 |
| 122,575 |
| 119,291 |
| 113,317 |
| Total assets |
| $ |
| 1,913,730 |
| 1,906,076 |
| 1,912,987 |
| 1,873,099 |
| 1,790,911 |
| Interest-bearing liabilities |
| Demand accounts |
| $ |
| 36,268 |
| 36,941 |
| 37,936 |
| 37,291 |
| 37,384 |
| Money market and savings accounts |
| 176,237 |
| 184,873 |
| 185,864 |
| 166,587 |
| 153,226 |
| Certificates of deposit |
| 735,471 |
| 722,774 |
| 707,970 |
| 707,758 |
| 697,644 |
| Total interest-bearing deposits |
| 947,976 |
| 944,588 |
| 931,770 |
| 911,636 |
| 888,254 |
| Borrowings |
| 438,905 |
| 439,601 |
| 444,570 |
| 445,064 |
| 379,115 |
| Total interest-bearing liabilities |
| 1,386,881 |
| 1,384,189 |
| 1,376,340 |
| 1,356,700 |
| 1,267,369 |
| Noninterest-bearing demand deposits |
| 97,951 |
| 97,677 |
| 100,804 |
| 96,108 |
| 91,806 |
| Noninterest-bearing liabilities |
| 30,027 |
| 20,219 |
| 28,632 |
| 18,266 |
| 22,828 |
| Total liabilities |
| 1,514,859 |
| 1,502,085 |
| 1,505,776 |
| 1,471,074 |
| 1,382,003 |
| Equity |
| 398,871 |
| 403,991 |
| 407,211 |
| 402,025 |
| 408,908 |
| Total liabilities and equity |
| $ |
| 1,913,730 |
| 1,906,076 |
| 1,912,987 |
| 1,873,099 |
| 1,790,911 |
| Average Yield/Costs |
| Loans receivable and held for sale |
| 4.69 |
| % |
| 4.63 |
| % |
| 4.56 |
| % |
| 4.61 |
| % |
| 4.48 |
| % |
| Mortgage related securities |
| 2.66 |
| % |
| 2.58 |
| % |
| 2.41 |
| % |
| 2.35 |
| % |
| 2.28 |
| % |
| Debt securities, federal funds sold and short term investments |
| 2.73 |
| % |
| 2.52 |
| % |
| 2.39 |
| % |
| 2.12 |
| % |
| 2.12 |
| % |
| Total interest-earning assets |
| 4.35 |
| % |
| 4.29 |
| % |
| 4.22 |
| % |
| 4.20 |
| % |
| 4.10 |
| % |
| Demand accounts |
| 0.09 |
| % |
| 0.09 |
| % |
| 0.10 |
| % |
| 0.09 |
| % |
| 0.08 |
| % |
| Money market and savings accounts |
| 0.63 |
| % |
| 0.47 |
| % |
| 0.35 |
| % |
| 0.30 |
| % |
| 0.24 |
| % |
| Certificates of deposit |
| 2.04 |
| % |
| 1.82 |
| % |
| 1.62 |
| % |
| 1.46 |
| % |
| 1.29 |
| % |
| Total interest-bearing deposits |
| 1.71 |
| % |
| 1.49 |
| % |
| 1.30 |
| % |
| 1.19 |
| % |
| 1.06 |
| % |
| Borrowings |
| 2.08 |
| % |
| 2.10 |
| % |
| 1.90 |
| % |
| 1.74 |
| % |
| 1.61 |
| % |
| Total interest-bearing liabilities |
| 1.82 |
| % |
| 1.68 |
| % |
| 1.50 |
| % |
| 1.37 |
| % |
| 1.22 |
| % |
| 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, |
| 2019 |
| 2018 |
| 2018 |
| 2018 |
| 2018 |
| (Dollars in Thousands) |
| Condensed Results of Operations: |
| Net interest income |
| $ |
| 13,132 |
| 13,774 |
| 14,121 |
| 13,747 |
| 13,304 |
| Provision for loan losses |
| (700 |
| ) |
| - |
| - |
| (250 |
| ) |
| (900 |
| ) |
| Total noninterest income |
| 881 |
| 911 |
| 1,312 |
| 1,137 |
| 939 |
| Noninterest expenses: |
| Compensation, payroll taxes, and other employee benefits |
| 4,756 |
| 4,761 |
| 4,435 |
| 4,301 |
| 4,888 |
| Occupancy, office furniture and equipment |
| 972 |
| 842 |
| 826 |
| 813 |
| 826 |
| Advertising |
| 181 |
| 185 |
| 183 |
| 241 |
| 140 |
| Data processing |
| 457 |
| 422 |
| 414 |
| 400 |
| 435 |
| Communications |
| 82 |
| 92 |
| 112 |
| 121 |
| 100 |
| Professional fees |
| 268 |
| 339 |
| 257 |
| 180 |
| 191 |
| Real estate owned |
| 32 |
| (62 |
| ) |
| (128 |
| ) |
| (126 |
| ) |
| 317 |
| Loan processing expense |
| - |
| - |
| - |
| - |
| - |
| Other |
| 489 |
| 571 |
| 701 |
| 658 |
| 785 |
| Total noninterest expense |
| 7,237 |
| 7,150 |
| 6,800 |
| 6,588 |
| 7,682 |
| Income before income taxes |
| 7,476 |
| 7,535 |
| 8,633 |
| 8,546 |
| 7,461 |
| Income tax expense |
| 1,687 |
| 1,632 |
| 2,003 |
| 1,970 |
| 1,668 |
| Net income |
| $ |
| 5,789 |
| 5,903 |
| 6,630 |
| 6,576 |
| 5,793 |
| Efficiency ratio - QTD |
| 51.64 |
| % |
| 48.69 |
| % |
| 44.06 |
| % |
| 44.27 |
| % |
| 53.94 |
| % |
| Efficiency ratio - YTD |
| 51.64 |
| % |
| 47.63 |
| % |
| 47.28 |
| % |
| 49.00 |
| % |
| 53.94 |
| % |
| 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, |
| 2019 |
| 2018 |
| 2018 |
| 2018 |
| 2018 |
| (Dollars in Thousands) |
| Condensed Results of Operations: |
| Net interest income |
| $ |
| (208 |
| ) |
| (332 |
| ) |
| (286 |
| ) |
| (40 |
| ) |
| (192 |
| ) |
| Provision for loan losses |
| 20 |
| - |
| 40 |
| 30 |
| 20 |
| Total noninterest income |
| 23,571 |
| 24,986 |
| 33,165 |
| 32,547 |
| 24,731 |
| Noninterest expenses: |
| Compensation, payroll taxes, and other employee benefits |
| 16,060 |
| 18,499 |
| 23,164 |
| 22,078 |
| 16,241 |
| Occupancy, office furniture and equipment |
| 1,804 |
| 2,018 |
| 1,925 |
| 1,792 |
| 1,813 |
| Advertising |
| 777 |
| 854 |
| 1,041 |
| 759 |
| 720 |
| Data processing |
| 308 |
| 309 |
| 386 |
| 224 |
| 186 |
| Communications |
| 246 |
| 290 |
| 300 |
| 314 |
| 282 |
| Professional fees |
| 426 |
| 52 |
| 319 |
| 458 |
| 514 |
| Real estate owned |
| - |
| - |
| - |
| - |
| - |
| Loan processing expense |
| 805 |
| 643 |
| 837 |
| 904 |
| 988 |
| Other |
| 1,912 |
| 2,297 |
| 2,064 |
| 1,964 |
| 2,197 |
| Total noninterest expense |
| 22,338 |
| 24,962 |
| 30,036 |
| 28,493 |
| 22,941 |
| Income before income taxes |
| 1,005 |
| (308 |
| ) |
| 2,803 |
| 3,984 |
| 1,578 |
| Income tax expense |
| 286 |
| (62 |
| ) |
| 737 |
| 1,133 |
| 435 |
| Net income |
| $ |
| 719 |
| (246 |
| ) |
| 2,066 |
| 2,851 |
| 1,143 |
| Efficiency ratio - QTD |
| 95.61 |
| % |
| 101.25 |
| % |
| 91.35 |
| % |
| 87.65 |
| % |
| 93.49 |
| % |
| Efficiency ratio - YTD |
| 95.61 |
| % |
| 92.89 |
| % |
| 90.60 |
| % |
| 90.16 |
| % |
| 93.49 |
| % |
| Loan originations |
| 501,432 |
| 600,156 |
| 761,206 |
| 721,184 |
| 516,020 |
| Purchase |
| 89.9 |
| % |
| 91.1 |
| % |
| 92.1 |
| % |
| 92.6 |
| % |
| 85.1 |
| % |
| Refiance |
| 10.1 |
| % |
| 8.9 |
| % |
| 7.9 |
| % |
| 7.4 |
| % |
| 14.9 |
| % |
| Gross margin on loans sold(1) |
| 4.57 |
| % |
| 4.42 |
| % |
| 4.49 |
| % |
| 4.45 |
| % |
| 4.63 |
| % |
| (1) - Gross margin on loans sold is the ratio of mortgage banking income (excluding the change in interest rate lock fair value) divided by total loan originations |
Contact: Mark R. Gerke
Chief Financial Officer
414.459.4012
markgerke@wsbonline.com