10-Q 1 wsbf20240930_10q.htm FORM 10-Q wsbf20240930_10q.htm
0001569994 Waterstone Financial, Inc. false --12-31 Q3 2024 232,076 227,716 0.01 0.01 50,000,000 50,000,000 0 0 0.01 0.01 100,000,000 100,000,000 19,456,939 19,456,939 20,314,786 20,314,786 1,394 1,101 855 485 0.55 0.45 0.15 0.15 0 0 0 0 0 0 0 0 0 3.5 583,000 0 0 http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssets http://fasb.org/us-gaap/2024#OtherLiabilities http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssets http://fasb.org/us-gaap/2024#OtherLiabilities 0 0 2 false false false false Includes $1.0 million and $171,000 at June 30, 2024 and December 31, 2023, respectively, which are on non-accrual status. Unused portions of construction loans are available to the borrower for up to one year. Commitments for loans are extended to customers for up to 90 days after which they expire. Excludes commitments to originate loans held for sale, which are discussed in the following footnote. The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. Unused portions of home equity loans are available to the borrower for up to 10 years. Includes $667,000 and $193,000 at June 30, 2024 and December 31, 2023, respectively, which are on non-accrual status. 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Table of Contents

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, 2024

 

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, a smaller reporting company or an emerging growth 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 19,373,139 at October 31, 2024.

 

 

 
 

WATERSTONE FINANCIAL, INC.

 

10-Q INDEX

 

 

Page No.

   

PART I. FINANCIAL INFORMATION

 
   

Item l. Financial Statements

 

Consolidated Statements of Financial Condition as of September 30, 2024 (unaudited) and December 31, 2023

3

Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (unaudited)

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

9-36

   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

37-56

Item 3. Quantitative and Qualitative Disclosures about Market Risk

57

Item 4. Controls and Procedures

58
   

PART II. OTHER INFORMATION

 
   

Item 1. Legal Proceedings

58

Item 1A. Risk Factors 58
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 59
Item 3. Defaults Upon Senior Securities 59
Item 4. Mine Safety Disclosures 59
Item 5. Other Information 60
Item 6. Exhibits 60
Signatures 60

 

 

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

  

(Unaudited)

     
  

September 30, 2024

  

December 31, 2023

 
  

(Dollars In Thousands, except share and per share data)

 

Assets

        

Cash

 $35,770  $30,667 

Federal funds sold

  5,359   5,493 

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

  278   261 

Cash and cash equivalents

  41,407   36,421 

Securities available for sale, at fair value (cost: 2024—$232,076; 2023—$227,716)

  213,164   204,907 

Loans held for sale, at fair value

  155,846   164,993 

Loans receivable

  1,695,403   1,664,215 

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

  18,198   18,549 

Loans receivable, net

  1,677,205   1,645,666 
         

Office properties and equipment, net

  19,450   19,995 

Federal Home Loan Bank stock, at cost

  21,681   20,880 

Cash surrender value of life insurance

  69,601   67,859 

Real estate owned, net

  145   254 

Prepaid expenses and other assets

  45,837   52,414 

Total assets

 $2,244,336  $2,213,389 
         

Liabilities and Shareholders’ Equity

        

Liabilities:

        

Demand deposits

 $180,449  $187,107 

Money market and savings deposits

  279,188   273,233 

Time deposits

  804,204   730,284 

Total deposits

  1,263,841   1,190,624 
         

Borrowings

  560,127   611,054 

Advance payments by borrowers for taxes

  27,847   6,607 

Other liabilities

  50,519   61,048 

Total liabilities

  1,902,334   1,869,333 

Commitments and contingencies (Note 8)

          
         

Shareholders’ equity:

        

Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at September 30, 2024 and at December 31, 2023, no shares issued

  -   - 

Common stock (par value $.01 per share) Authorized - 100,000,000 shares at September 30, 2024 and at December 31, 2023, Issued and Outstanding - 19,456,939 at September 30, 2024 and 20,314,786 at December 31, 2023

  194   203 

Additional paid-in capital

  92,789   103,908 

Retained earnings

  274,748   269,606 

Unearned ESOP shares

  (10,979)  (11,869)

Accumulated other comprehensive loss, net of taxes

  (14,750)  (17,792)

Total shareholders’ equity

  342,002   344,056 

Total liabilities and shareholders’ equity

 $2,244,336  $2,213,389 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

   

Three months ended September 30,

   

Nine months ended September 30,

 
   

2024

   

2023

   

2024

   

2023

 
   

(In Thousands, except per share amounts)

 
                                 

Interest income:

                               

Loans

  $ 26,590     $ 23,825     $ 76,675     $ 65,860  

Mortgage-related securities

    1,137       1,060       3,360       2,972  

Debt securities, federal funds sold and short-term investments

    1,464       1,492       4,081       3,682  

Total interest income

    29,191       26,377       84,116       72,514  

Interest expense:

                               

Deposits

    10,477       7,442       29,163       17,485  

Borrowings

    7,197       6,946       21,620       16,570  

Total interest expense

    17,674       14,388       50,783       34,055  

Net interest income

    11,517       11,989       33,333       38,459  

Provision (credit) for credit losses

    (377 )     445       (535 )     1,091  

Net interest income after provision (credit) for credit losses

    11,894       11,544       33,868       37,368  

Noninterest income:

                               

Service charges on loans and deposits

    545       450       1,434       1,491  

Increase in cash surrender value of life insurance

    410       334       1,562       1,373  

Mortgage banking income

    21,294       21,172       66,200       59,856  

Other

    303       274       1,101       1,589  

Total noninterest income

    22,552       22,230       70,297       64,309  

Noninterest expenses:

                               

Compensation, payroll taxes, and other employee benefits

    21,017       21,588       62,655       64,035  

Occupancy, office furniture, and equipment

    1,857       1,993       5,994       6,302  

Advertising

    926       916       2,827       2,749  

Data processing

    1,297       1,229       3,745       3,441  

Communications

    232       243       698       719  

Professional fees

    569       745       2,070       1,779  

Real estate owned

    -       1       14       3  

Loan processing expense

    697       722       2,604       2,672  

Other

    1,965       2,584       5,762       8,350  

Total noninterest expenses

    28,560       30,021       86,369       90,050  

Income before income taxes

    5,886       3,753       17,796       11,627  

Income tax expense

    1,158       500       4,318       2,212  

Net income

  $ 4,728     $ 3,253     $ 13,478     $ 9,415  

Income per share:

                               

Basic

  $ 0.26     $ 0.16     $ 0.72     $ 0.46  

Diluted

  $ 0.26     $ 0.16     $ 0.72     $ 0.46  

Weighted average shares outstanding:

                               

Basic

    18,350       19,998       18,631       20,420  

Diluted

    18,445       20,022       18,677       20,473  

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

  

Three months ended September 30,

  

Nine months ended September 30,

 
  

2024

  

2023

  

2024

  

2023

 
  

(In Thousands)

 

Net income

 $4,728  $3,253  $13,478  $9,415 
                 

Other comprehensive income (loss), net of tax:

                

Net unrealized holding gain (loss) on available for sale securities:

                

Net unrealized holding gain (loss) arising during the period, net of tax (expense) benefit of ($1,394), $1,101, ($855), and $485, respectively

  4,965   (3,444)  3,042   (4,796)

Total other comprehensive income (loss)

  4,965   (3,444)  3,042   (4,796)

Comprehensive income

 $9,693  $(191) $16,520  $4,619 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

(Unaudited)

 

                      

Accumulated

     
          

Additional

      

Unearned

  

Other

  

Total

 
  

Common Stock

  

Paid-In

  

Retained

  

ESOP

  

Comprehensive

  

Shareholders'

 
  

Shares

  

Amount

  

Capital

  

Earnings

  

Shares

  

Income (Loss)

  

Equity

 
  

(In Thousands, except per share amounts)

 

For the nine months ended September 30, 2023

                            

Balances at December 31, 2022

  22,174  $222  $128,550  $274,246  $(13,056) $(19,476) $370,486 
                             

Comprehensive income:

                            

Net income

  -   -   -   9,415   -   -   9,415 

Other comprehensive loss

  -   -   -   -   -   (4,796)  (4,796)

Total comprehensive income

                          4,619 
                             

ESOP shares committed to be released to plan participants

  -   -   259   -   890   -   1,149 

Cash dividend, $0.55 per share

  -   -   -   (11,126)  -   -   (11,126)

Stock compensation activity, net of tax

  86   1   818   -   -   -   819 

Stock compensation expense

  -   -   222   -   -   -   222 

Purchase of common stock returned to authorized but unissued

  (1,400)  (14)  (19,829)  -   -   -   (19,843)

Balances at September 30, 2023

  20,860  $209  $110,020  $272,535  $(12,166) $(24,272) $346,326 
                             
  

(In Thousands, except per share amounts)

 

For the nine months ended September 30, 2024

                            

Balances at December 31, 2023

  20,315  $203  $103,908  $269,606  $(11,869) $(17,792) $344,056 
                             

Comprehensive income:

                            

Net income

  -   -   -   13,478   -   -   13,478 

Other comprehensive income

  -   -   -   -   -   3,042   3,042 

Total comprehensive income

                          16,520 
                             

ESOP shares committed to be released to plan participants

  -   -   141   -   890   -   1,031 

Cash dividend, $0.45 per share

  -   -   -   (8,336)  -   -   (8,336)

Stock compensation activity, net of tax

  117   1   634   -   -   -   635 

Stock compensation expense

  -   -   211   -   -   -   211 

Purchase of common stock returned to authorized but unissued

  (975)  (10)  (12,105)  -   -   -   (12,115)

Balances at September 30, 2024

  19,457  $194  $92,789  $274,748  $(10,979) $(14,750) $342,002 

   

  

                      

Accumulated

     
          

Additional

      

Unearned

  

Other

  

Total

 
  

Common Stock

  

Paid-In

  

Retained

  

ESOP

  

Comprehensive

  

Shareholders'

 
  

Shares

  

Amount

  

Capital

  

Earnings

  

Shares

  

Income (Loss)

  

Equity

 
  

(In Thousands, except per share amounts)

 

For the three months ended September 30, 2023

                            

Balances at June 30, 2023

  21,376  $214  $116,611  $272,229  $(12,463) $(20,828) $355,763 

Comprehensive loss:

                            

Net income

  -   -   -   3,253   -   -   3,253 

Other comprehensive loss

  -   -   -   -   -   (3,444)  (3,444)

Total comprehensive loss

                          (191)
                           - 

ESOP shares committed to be released to Plan participants

  -   -   50   -   297   -   347 

Cash dividend, $0.15 per share

  -   -   -   (2,947)  -   -   (2,947)

Stock compensation activity, net of tax

  -   -   -   -   -   -   - 

Stock compensation expense

  -   -   34   -   -   -   34 

Purchase of common stock returned to authorized but unissued

  (516)  (5)  (6,675)  -   -   -   (6,680)

Balances at September 30, 2023

  20,860  $209  $110,020  $272,535  $(12,166) $(24,272) $346,326 
                             
  

(In Thousands, except per share amounts)

 

For the three months ended September 30, 2024

                            

Balances at June 30, 2024

  19,479   195   92,964   272,778   (11,276)  (19,715)  334,946 

Comprehensive income:

                            

Net income

  -   -   -   4,728   -   -   4,728 

Other comprehensive income

  -   -   -   -   -   4,965   4,965 

Total comprehensive income

                          9,693 
                             

ESOP shares committed to be released to Plan participants

  -   -   84   -   297   -   381 

Cash dividend, $0.15 per share

  -   -   -   (2,758)  -   -   (2,758)

Stock compensation activity, net of tax

  50   -   634   -   -   -   634 

Stock compensation expense

  -   -   105   -   -   -   105 

Purchase of common stock returned to authorized but unissued

  (72)  (1)  (998)  -   -   -   (999)

Balances at September 30, 2024

  19,457  $194  $92,789  $274,748  $(10,979) $(14,750) $342,002 

  

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Nine months ended September 30,

 
   

2024

   

2023

 
   

(In Thousands)

 
                 

Operating activities:

               

Net income

  $ 13,478     $ 9,415  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

               

Provision (credit) for credit losses

    (535 )     1,091  

Depreciation, amortization, accretion

    1,881       2,268  

Deferred taxes

    325       (583 )

Stock based compensation

    211       222  

Origination of mortgage servicing rights

    (640 )     (1,515 )

Gain on sale of loans held for sale

    (66,824 )     (55,221 )

Loans originated for sale

    (1,662,426 )     (1,575,962 )

Proceeds on sales of loans originated for sale

    1,738,397       1,604,950  

Increase in accrued interest receivable

    (343 )     (1,296 )

Increase in cash surrender value of life insurance

    (1,562 )     (1,373 )

(Decrease) increase in derivative assets

    1,974       (3,025 )

Increase in accrued interest on deposits and borrowings

    4,709       1,725  

Decrease in prepaid tax expense

    303       891  

Decrease in derivative liabilities

    (2,916 )     (844 )

Gain on sale of mortgage servicing rights

    (152 )     (583 )

Increase in other assets

    (1,430 )     (2,274 )

Increase (decrease) in other liabilities

    183       (4,464 )

Net cash provided by (used in) operating activities

    24,633       (26,578 )
                 

Investing activities:

               

Net increase in loans receivable

    (31,100 )     (140,949 )

Purchases of:

               

Debt securities

    (12,201 )     (1,888 )

Mortgage related securities

    (10,774 )     (18,918 )

Bank owned life insurance

    (180 )     (180 )

FHLB stock

    (2,340 )     (9,441 )

Premises and equipment

    (745 )     (283 )

Proceeds from:

               

Principal repayments on mortgage-related securities

    16,695       15,872  

Maturities of debt securities

    5,728       3,614  

Sales of FHLB Stock

    1,539       3,384  

Proceeds on sales of mortgage servicing rights

    2,110       3,530  

Death benefit on bank owned life insurance

    -