Company Quick10K Filing
Waterstone Financial
Price16.96 EPS1
Shares27 P/E17
MCap460 P/FCF-7
Net Debt450 EBIT56
TEV910 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-13
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-03-06
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-21
10-Q 2013-09-30 Filed 2013-12-20
8-K 2020-11-19
8-K 2020-11-03
8-K 2020-10-26
8-K 2020-09-22
8-K 2020-07-27
8-K 2020-07-21
8-K 2020-07-06
8-K 2020-06-29
8-K 2020-06-16
8-K 2020-05-19
8-K 2020-05-12
8-K 2020-05-11
8-K 2020-04-28
8-K 2020-04-27
8-K 2020-03-24
8-K 2020-02-25
8-K 2020-01-30
8-K 2020-01-14
8-K 2019-12-18
8-K 2019-10-23
8-K 2019-09-17
8-K 2019-09-17
8-K 2019-08-27
8-K 2019-07-24
8-K 2019-06-18
8-K 2019-06-14
8-K 2019-05-30
8-K 2019-05-21
8-K 2019-04-23
8-K 2019-03-29
8-K 2019-03-26
8-K 2019-03-25
8-K 2019-03-25
8-K 2019-03-11
8-K 2019-01-30
8-K 2018-12-20
8-K 2018-11-08
8-K 2018-10-23
8-K 2018-09-25
8-K 2018-09-18
8-K 2018-09-14
8-K 2018-07-31
8-K 2018-07-24
8-K 2018-07-02
8-K 2018-06-19
8-K 2018-06-19
8-K 2018-05-15
8-K 2018-04-24
8-K 2018-04-03
8-K 2018-03-20
8-K 2018-03-02
8-K 2018-02-20
8-K 2018-01-30

WSBF 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Securities Available for Sale
Note 3 - Loans Receivable
Note 4 - Real Estate Owned
Note 5 - Mortgage Servicing Rights
Note 6 - Deposits
Note 7 - Borrowings
Note 8 - Regulatory Capital
Note 9 - Income Taxes
Note 10 - Commitments, Off - Balance Sheet Arrangements, and Contingent Liabilities
Note 11 - Derivative Financial Instruments
Note 12 - Earnings per Share
Note 13 - Fair Value Measurements
Note 14 - Segment Reporting
Note 15 - Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311.htm
EX-31.2 exhibit312.htm
EX-32.1 exhibit321.htm
EX-32.2 exhibit322.htm

Waterstone Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

            Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2020

OR

      Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-36271

WATERSTONE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Maryland
90-1026709
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
   
11200 W. Plank Court Wauwatosa, Wisconsin
53226
(Address of principal executive offices)
(Zip Code)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                No      

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                  No      

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
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.             

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                  No      
The number of shares outstanding of the issuer’s common stock, $0.01 par value per share, was 25,161,736 at November 3, 2020.











WATERSTONE FINANCIAL, INC.

10-Q INDEX

 
Page No.
   
PART I. FINANCIAL INFORMATION
 
   
Item l. Financial Statements
 
   
   
PART II. OTHER INFORMATION
 
   
   

2





PART I — FINANCIAL INFORMATION

Item 1. Financial Statements


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 
(Unaudited)
       
   
September 30, 2020
   
December 31, 2019
 
Assets
 
(Dollars In Thousands, except share and per share data)
 
Cash
 
$
54,681
   
$
52,814
 
Federal funds sold
   
21,151
     
12,704
 
Interest-earning deposits in other financial institutions and other short term investments
   
10,730
     
8,782
 
Cash and cash equivalents
   
86,562
     
74,300
 
Securities available for sale (at fair value)
   
153,201
     
178,476
 
Loans held for sale (at fair value)
   
385,803
     
220,123
 
Loans receivable
   
1,434,132
     
1,388,031
 
Less: Allowance for loan losses
   
18,844
     
12,387
 
Loans receivable, net
   
1,415,288
     
1,375,644
 
                 
Office properties and equipment, net
   
23,961
     
25,028
 
Federal Home Loan Bank stock (at cost)
   
26,720
     
21,150
 
Cash surrender value of life insurance
   
63,255
     
69,665
 
Real estate owned, net
   
772
     
748
 
Prepaid expenses and other assets
   
65,260
     
31,213
 
Total assets
 
$
2,220,822
   
$
1,996,347
 
                 
Liabilities and Shareholders’ Equity
               
Liabilities:
               
Demand deposits
 
$
169,218
   
$
130,063
 
Money market and savings deposits
   
271,283
     
197,942
 
Time deposits
   
744,150
     
739,771
 
Total deposits
   
1,184,651
     
1,067,776
 
                 
Borrowings
   
552,126
     
483,562
 
Advance payments by borrowers for taxes
   
25,987
     
4,212
 
Other liabilities
   
58,629
     
47,111
 
Total liabilities
   
1,821,393
     
1,602,661
 
                 
Shareholders’ equity:
               
Preferred stock (par value $0.01 per share)
               
Authorized -  50,000,000 shares at September 30, 2020 and at December 31, 2019, no shares issued
   
-
     
-
 
Common stock (par value $0.01 per share)
               
Authorized - 100,000,000 shares at September 30, 2020 and at December 31, 2019
               
Issued - 25,220,036 at September 30, 2020 and 27,148,411 at December 31, 2019
               
Outstanding - 25,220,036 at September 30, 2020 and 27,148,411 at December 31, 2019
   
252
     
271
 
Additional paid-in capital
   
182,960
     
211,997
 
Retained earnings
   
229,289
     
197,393
 
Unearned ESOP shares
   
(15,727
)
   
(16,617
)
Accumulated other comprehensive income, net of taxes
   
2,655
     
642
 
Total shareholders’ equity
   
399,429
     
393,686
 
Total liabilities and shareholders’ equity
 
$
2,220,822
   
$
1,996,347
 

See accompanying notes to unaudited consolidated financial statements.
3



WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 
Three months ended September 30,
   
Nine months ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
   
(In Thousands, except per share amounts)
 
                         
Interest income:
                       
Loans
 
$
18,224
   
$
18,558
   
$
54,404
   
$
53,688
 
Mortgage-related securities
   
588
     
737
     
1,960
     
2,260
 
Debt securities, federal funds sold and short-term investments
   
732
     
1,083
     
2,493
     
3,515
 
Total interest income
   
19,544
     
20,378
     
58,857
     
59,463
 
Interest expense:
                               
Deposits
   
3,495
     
4,479
     
11,760
     
12,813
 
Borrowings
   
2,640
     
2,745
     
7,913
     
7,579
 
Total interest expense
   
6,135
     
7,224
     
19,673
     
20,392
 
Net interest income
   
13,409
     
13,154
     
39,184
     
39,071
 
Provision (credit) for loan losses
   
1,025
     
(80
)
   
6,310
     
(730
)
Net interest income after provision for loan losses
   
12,384
     
13,234
     
32,874
     
39,801
 
Noninterest income:
                               
Service charges on loans and deposits
   
672
     
503
     
3,384
     
1,272
 
Increase in cash surrender value of life insurance
   
714
     
728
     
1,587
     
1,579
 
Mortgage banking income
   
72,112
     
36,062
     
166,292
     
93,526
 
Other
   
2,265
     
201
     
2,868
     
564
 
Total noninterest income
   
75,763
     
37,494
     
174,131
     
96,941
 
Noninterest expenses:
                               
Compensation, payroll taxes, and other employee benefits
   
39,405
     
27,514
     
100,695
     
75,227
 
Occupancy, office furniture, and equipment
   
2,469
     
2,629
     
7,744
     
8,085
 
Advertising
   
861
     
913
     
2,625
     
2,834
 
Data processing
   
922
     
1,003
     
3,023
     
2,641
 
Communications
   
339
     
358
     
994
     
1,039
 
Professional fees
   
4,738
     
954
     
7,647
     
2,438
 
Real estate owned
   
11
     
24
     
55
     
75
 
Loan processing expense
   
1,336
     
858
     
3,620
     
2,542
 
Other
   
2,920
     
1,979
     
9,495
     
6,055
 
Total noninterest expenses
   
53,001
     
36,232
     
135,898
     
100,936
 
Income before income taxes
   
35,146
     
14,496
     
71,107
     
35,806
 
Income tax expense
   
8,853
     
3,572
     
17,797
     
8,697
 
Net income
 
$
26,293
   
$
10,924
   
$
53,310
   
$
27,109
 
Income per share:
                               
Basic
 
$
1.08
   
$
0.42
   
$
2.16
   
$
1.04
 
Diluted
 
$
1.08
   
$
0.42
   
$
2.15
   
$
1.03
 
Weighted average shares outstanding:
                               
Basic
   
24,297
     
25,772
     
24,720
     
26,168
 
Diluted
   
24,380
     
25,962
     
24,842
     
26,372
 

See accompanying notes to unaudited consolidated financial statements.
4




WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
Three months ended September 30,
   
Nine months ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
   
(In Thousands)
 
Net income
 
$
26,293
   
$
10,924
   
$
53,310
   
$
27,109
 
                                 
Other comprehensive (loss) income, net of tax:
                               
Net unrealized holding (loss) gain on available for sale securities:
                               
Net unrealized holding (loss) gain arising during the period, net of tax benefit (expense) of $41, $2, $(754), $(1,125), respectively
   
(104
)
   
(6
)
   
2,013
     
3,010
 
Total other comprehensive (loss) income
   
(104
)
   
(6
)
   
2,013
     
3,010
 
Comprehensive income
 
$
26,189
   
$
10,918
   
$
55,323
   
$
30,119
 

See accompanying notes to unaudited consolidated financial statements.
5






WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)


 
Common Stock
   
Additional
Paid-In
Capital
   
Retained
Earnings
   
Unearned
ESOP
Shares
   
Accumulated
Other
Comprehensive Income (Loss)
   
Total
Shareholders'
Equity
 
   
Shares
   
Amount
                               
For the nine months ended Septeber 30, 2020
 
(In Thousands, except per share amounts)
 
Balances at January 1, 2020
   
27,148
   
$
271
   
$
211,997
   
$
197,393
   
$
(16,617
)
 
$
642
   
$
393,686
 
                                                         
Comprehensive income:
                                                       
Net income
   
-
     
-
     
-
     
53,310
     
-
     
-
     
53,310
 
Other comprehensive income
   
-
     
-
     
-
     
-
     
-
     
2,013
     
2,013
 
Total comprehensive income
                                                   
55,323
 
                                                         
ESOP shares committed to be released to Plan participants
   
-
     
-
     
327
     
-
     
890
     
-
     
1,217
 
Cash dividend declared, $0.86 per share
   
-
     
-
     
-
     
(21,414
)
   
-
     
-
     
(21,414
)
Stock compensation activity, net of tax
   
222
     
3
     
2,783
     
-
     
-
     
-
     
2,786
 
Stock compensation expense
   
-
     
-
     
553
     
-
     
-
     
-
     
553
 
Purchase of common stock returned to authorized but unissued
   
(2,150
)
   
(22
)
   
(32,700
)
   
-
     
-
     
-
     
(32,722
)
Balances at September 30, 2020
   
25,220
   
$
252
   
$
182,960
   
$
229,289
   
$
(15,727
)
 
$
2,655
   
$
399,429
 
                                                         
For the nine months ended September 30, 2019
 
(In Thousands, except per share amounts)
 
Balances at January 1, 2019
   
28,463
   
$
285
   
$
232,406
   
$
187,153
   
$
(17,804
)
 
$
(2,361
)
 
$
399,679
 
                                                         
Comprehensive income:
                                                       
Net income
   
-
     
-
     
-
     
27,109
     
-
     
-
     
27,109
 
Other comprehensive income
   
-
     
-
     
-
     
-
     
-
     
3,010
     
3,010
 
Total comprehensive income
                                                   
30,119
 
                                                         
ESOP shares committed to be released to Plan participants
   
-
     
-
     
429
     
-
     
890
     
-
     
1,319
 
Cash dividend declared, $0.86 per share
   
-
     
-
     
-
     
(22,582
)
   
-
     
-
     
(22,582
)
Stock based compensation activity
   
47
     
-
     
603
     
-
     
-
     
-
     
603
 
Stock compensation expense
   
-
     
-
     
832
     
-
     
-
     
-
     
832
 
Purchase of common stock returned to authorized but unissued
   
(1,363
)
   
(14
)
   
(22,713
)
   
-
     
-
     
-
     
(22,727
)
Balances at September 30, 2019
   
27,147
   
$
271
   
$
211,557
   
$
191,680
   
$
(16,914
)
 
$
649
   
$
387,243
 
6



 
Common Stock
   
Additional
Paid-In
Capital
   
Retained
Earnings
   
Unearned
ESOP
Shares
   
Accumulated
Other
Comprehensive Income (Loss)
   
Total
Shareholders'
Equity
 
   
Shares
   
Amount
                               
For the three months ended Septeber 30, 2020
 
(In Thousands, except per share amounts)
 
Balances at July 1, 2020
   
25,843
   
$
258
   
$
192,762
   
$
205,863
   
$
(16,023
)
 
$
2,759
   
$
385,619
 
                                                         
Comprehensive income:
                                                       
Net income
   
-
     
-
     
-
     
26,293
     
-
     
-
     
26,293
 
Other comprehensive loss
   
-
     
-
     
-
     
-
     
-
     
(104
)
   
(104
)
Total comprehensive income
                                                   
26,189
 
                                                         
ESOP shares committed to be released to Plan participants
   
-
     
-
     
99
     
-
     
296
     
-
     
395
 
Cash dividend declared, $0.12 per share
   
-
     
-
     
-
     
(2,867
)
   
-
     
-