10-Q 1 wsbf20230930_10q.htm FORM 10-Q wsbf20230930_10q.htm
0001569994 Waterstone Financial, Inc. false --12-31 Q3 2023 225,857 222,665 0.01 0.01 50,000,000 50,000,000 0 0 0.01 0.01 100,000,000 100,000,000 20,859,649 20,859,649 22,174,225 22,174,225 1,101 1,779 485 6,667 0.60 0.55 0.20 0.15 0 0 0 0 0 0 0 0 0 2 0 0 0 0 1 0 2.0 0 0 0 2 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. Includes $ - and $347,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. The Company adopted ASU 2016-13 as of January 1, 2022. The prior year amounts presented are calculated under the prior accounting standard. Includes $600,000 and $43,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. Includes $666,000 and $816,000 at March 31, 2022 and December 31, 2021, respectively, which are on non-accrual status. Unused portions of home equity loans are available to the borrower for up to 10 years. The Company adopted ASU 2016-13 as of January 1, 2022. 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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, 2023

 

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 20,576,571 at October 31, 2023.

 

 
 

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, 2023 (unaudited) and December 31, 2022

3

Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

9-38

   

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

39-58

Item 3. Quantitative and Qualitative Disclosures about Market Risk

59

Item 4. Controls and Procedures

60

   

PART II. OTHER INFORMATION

 
   

Item 1. Legal Proceedings

60

Item 1A. Risk Factors 60
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 61
Item 3. Defaults Upon Senior Securities 61
Item 4. Mine Safety Disclosures 61
Item 5. Other Information 62
Item 6. Exhibits 62
Signatures 62

 

 

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

  

(Unaudited)

     
  

September 30, 2023

  

December 31, 2022

 
  

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

 

Assets

        

Cash

 $55,796  $33,700 

Federal funds sold

  6,237   10,683 

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

  260   2,259 

Cash and cash equivalents

  62,293   46,642 

Securities available for sale, at fair value (cost: 2023—$225,857; 2022—$222,665)

  194,499   196,588 

Loans held for sale, at fair value

  157,421   131,188 

Loans receivable

  1,651,093   1,510,178 

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

  18,553   17,757 

Loans receivable, net

  1,632,540   1,492,421 
         

Office properties and equipment, net

  20,040   21,105 

Federal Home Loan Bank stock, at cost

  23,414   17,357 

Cash surrender value of life insurance

  67,522   66,443 

Real estate owned, net

  372   145 

Prepaid expenses and other assets

  63,257   59,783 

Total assets

 $2,221,358  $2,031,672 
         

Liabilities and Shareholders’ Equity

        

Liabilities:

        

Demand deposits

 $189,954  $230,596 

Money market and savings deposits

  281,958   326,145 

Time deposits

  733,250   642,271 

Total deposits

  1,205,162   1,199,012 
         

Borrowings

  587,917   386,784 

Advance payments by borrowers for taxes

  28,238   5,334 

Other liabilities

  53,715   70,056 

Total liabilities

  1,875,032   1,661,186 

Commitments and contingencies (Note 9)

          
         

Shareholders’ equity:

        

Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at September 30, 2023 and at December 31, 2022, no shares issued

  -   - 

Common stock (par value $.01 per share) Authorized - 100,000,000 shares at September 30, 2023 and at December 31, 2022, Issued and Outstanding - 20,859,649 at September 30, 2023 and 22,174,225 at December 31, 2022

  209   222 

Additional paid-in capital

  110,020   128,550 

Retained earnings

  272,535   274,246 

Unearned ESOP shares

  (12,166)  (13,056)

Accumulated other comprehensive loss, net of taxes

  (24,272)  (19,476)

Total shareholders’ equity

  346,326   370,486 

Total liabilities and shareholders’ equity

 $2,221,358  $2,031,672 

 

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,

 
   

2023

   

2022

   

2023

   

2022

 
   

(In Thousands, except per share amounts)

 
                                 

Interest income:

                               

Loans

  $ 23,825     $ 16,235     $ 65,860     $ 44,281  

Mortgage-related securities

    1,060       903       2,972       2,326  

Debt securities, federal funds sold and short-term investments

    1,492       987       3,682       2,964  

Total interest income

    26,377       18,125       72,514       49,571  

Interest expense:

                               

Deposits

    7,442       981       17,485       2,511  

Borrowings

    6,946       1,746       16,570       5,717  

Total interest expense

    14,388       2,727       34,055       8,228  

Net interest income

    11,989       15,398       38,459       41,343  

Provision for credit losses

    445       332       1,091       304  

Net interest income after provision for credit losses

    11,544       15,066       37,368       41,039  

Noninterest income:

                               

Service charges on loans and deposits

    450       529       1,491       1,705  

Increase in cash surrender value of life insurance

    334       354       1,373       1,394  

Mortgage banking income

    21,172       26,064       59,856       83,749  

Other

    274       457       1,589       1,612  

Total noninterest income

    22,230       27,404       64,309       88,460  

Noninterest expenses:

                               

Compensation, payroll taxes, and other employee benefits

    21,588       26,174       64,035       77,502  

Occupancy, office furniture, and equipment

    1,993       2,296       6,302       6,540  

Advertising

    916       1,137       2,749       3,004  

Data processing

    1,229       1,084       3,441       3,430  

Communications

    243       302       719       900  

Professional fees

    745       393       1,779       1,203  

Real estate owned

    1       1       3       6  

Loan processing expense

    722       1,120       2,672       3,685  

Other

    2,584       3,187       8,350       9,408  

Total noninterest expenses

    30,021       35,694       90,050       105,678  

Income before income taxes

    3,753       6,776       11,627       23,821  

Income tax expense

    500       1,506       2,212       5,269  

Net income

  $ 3,253     $ 5,270     $ 9,415     $ 18,552  

Income per share:

                               

Basic

  $ 0.16     $ 0.25     $ 0.46     $ 0.84  

Diluted

  $ 0.16     $ 0.25     $ 0.46     $ 0.83  

Weighted average shares outstanding:

                               

Basic

    19,998       21,342       20,420       22,193  

Diluted

    20,022       21,454       20,473       22,323  

 

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,

 
  

2023

  

2022

  

2023

  

2022

 
  

(In Thousands)

 

Net income

 $3,253  $5,270  $9,415  $18,552 
                 

Other comprehensive loss, net of tax:

                

Net unrealized holding loss on available for sale securities:

                

Net unrealized holding loss arising during the period, net of tax benefit of $1,101, $1,779, $485, and $6,667 respectively

  (3,444)  (4,753)  (4,796)  (17,806)

Total other comprehensive loss

  (3,444)  (4,753)  (4,796)  (17,806)

Comprehensive (loss) income

 $(191) $517  $4,619  $746 

 

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, 2022

                            

Balances at December 31, 2021

  24,795  $248  $174,505  $273,398  $(14,243) $(1,135) $432,773 
                             

Comprehensive income:

                            

Net income

  -   -   -   18,552   -   -   18,552 

Other comprehensive loss

  -   -   -   -   -   (17,806)  (17,806)

Total comprehensive income

                          746 
                             

Adoption of new accounting pronouncement (see Note 1)

  -   -   -   (1,392)  -   -   (1,392)

ESOP shares committed to be released to plan participants

  -   -   557   -   890   -   1,447 

Cash dividend, $0.60 per share

  -   -   -   (13,044)  -   -   (13,044)

Proceeds from stock option exercises

  47   -   372   -   -   -   372 

Stock compensation expense

  -   -   468   -   -   -   468 

Purchase of common stock returned to authorized but unissued

  (2,524)  (25)  (45,171)  -   -   -   (45,196)

Balances at September 30, 2022

  22,318  $223  $130,731  $277,514  $(13,353) $(18,941) $376,174 
                             
  

(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 

 

 

 

                      

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, 2022

                            

Balances at June 30, 2022

  22,734  $227  $137,547  $276,444  $(13,650) $(14,188) $386,380 

Comprehensive income:

                            

Net income

  -   -   -   5,270   -   -   5,270 

Other comprehensive loss

  -   -   -   -   -   (4,753)  (4,753)

Total comprehensive income

                          517 
                           - 

ESOP shares committed to be released to Plan participants

  -   -   166   -   297   -   463 

Cash dividend, $0.20 per share

  -   -   -   (4,200)  -   -   (4,200)

Stock compensation activity, net of tax

  9   -   126   -   -   -   126 

Stock compensation expense

  -   -   138   -   -   -   138 

Purchase of common stock returned to authorized but unissued

  (425)  (4)  (7,246)  -   -   -   (7,250)

Balances at September 30, 2022

  22,318  $223  $130,731  $277,514  $(13,353) $(18,941) $376,174 
                             
  

(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 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Nine months ended September 30,

 
   

2023

   

2022

 
   

(In Thousands)

 
                 

Operating activities:

               

Net income

  $ 9,415       18,552  

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

               

Provision for credit losses

    1,091       304  

Depreciation, amortization, accretion

    2,268       3,094  

Deferred taxes

    (583 )     (361 )

Stock based compensation

    222       468  

Origination of mortgage servicing rights

    (1,515 )     (2,030 )

Gain on sale of mortgage servicing rights

    (583 )     -  

Gain on sale of loans held for sale

    (55,221 )     (65,670 )

Loans originated for sale

    (1,575,962 )     (2,117,010 )

Proceeds on sales of loans originated for sale

    1,604,950       2,309,369  

Gain on death benefit on bank owned life insurance

    -       (340 )

Decrease in accrued interest receivable

    (1,296 )     (907 )

Increase in cash surrender value of life insurance

    (1,373 )     (1,394 )

Increase in derivative assets

    (3,025 )     (24,248 )

Increase (decrease) in accrued interest on deposits and borrowings

    1,725       (118 )

Increase in accrued tax expense

    891       1,090  

(Decrease) increase in derivative liabilities

    (844 )     25,699  

Change in other assets and other liabilities, net

    (6,738 )     (11,301 )

Net cash (used in) provided by operating activities

    (26,578 )     135,197  
                 

Investing activities:

               

Net increase in loans receivable

    (140,949 )     (148,136 )

Purchases of:

               

Debt securities

    (1,888 )     (2,080 )

Mortgage related securities

    (18,918 )     (77,388 )

Bank owned life insurance

    (180 )     (180 )

FHLB stock

    (9,441 )     -  

Premises and equipment

    (283 )     (641 )

Proceeds from:

               

Principal repayments on mortgage-related securities

    15,872       27,925  

Maturities of debt securities

    3,614       14,860  

Sales of FHLB Stock

    3,384       8,688  

Proceeds on sales of mortgage servicing rights

    3,530       -  

Death benefit on bank owned life insurance

    474       1,183  

Net cash used in investing activities

    (144,785 )     (175,769 )
                 

Financing activities:

               

Net decrease in deposits

    6,150       (46,258 )

Net change in short-term borrowings

    242,133       62,824  

Repayment of long-term debt

    (215,000 )     (