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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.
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.
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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 March 31, 2022
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 23,605,220 at May 5, 2022.
WATERSTONE FINANCIAL, INC.
10-Q INDEX
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
| | (Unaudited) | | | | | |
| | March 31, 2022 | | | December 31, 2021 | |
| | (Dollars In Thousands, except share and per share data) | |
Assets | | | | | | | | |
Cash | | $ | 247,857 | | | $ | 343,016 | |
Federal funds sold | | | 10,954 | | | | 13,981 | |
Interest-earning deposits in other financial institutions and other short term investments | | | 19,719 | | | | 19,725 | |
Cash and cash equivalents | | | 278,530 | | | | 376,722 | |
Securities available for sale (at fair value) | | | 201,953 | | | | 179,016 | |
Loans held for sale (at fair value) | | | 154,440 | | | | 312,738 | |
Loans receivable | | | 1,207,416 | | | | 1,205,785 | |
Less: Allowance for credit losses ("ACL") - loans | | | 16,905 | | | | 15,778 | |
Loans receivable, net | | | 1,190,511 | | | | 1,190,007 | |
| | | | | | | | |
Office properties and equipment, net | | | 21,932 | | | | 22,273 | |
Federal Home Loan Bank stock (at cost) | | | 24,438 | | | | 24,438 | |
Cash surrender value of life insurance | | | 65,315 | | | | 65,368 | |
Real estate owned, net | | | 148 | | | | 148 | |
Prepaid expenses and other assets | | | 67,347 | | | | 45,148 | |
Total assets | | $ | 2,004,614 | | | $ | 2,215,858 | |
| | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | |
Liabilities: | | | | | | | | |
Demand deposits | | $ | 218,119 | | | $ | 214,409 | |
Money market and savings deposits | | | 400,710 | | | | 392,314 | |
Time deposits | | | 591,619 | | | | 626,663 | |
Total deposits | | | 1,210,448 | | | | 1,233,386 | |
| | | | | | | | |
Borrowings | | | 326,478 | | | | 477,127 | |
Advance payments by borrowers for taxes | | | 10,759 | | | | 4,094 | |
Other liabilities | | | 44,677 | | | | 68,478 | |
Total liabilities | | | 1,592,362 | | | | 1,783,085 | |
Commitments and contingencies (Note 9) | | | | | | | | |
| | | | | | | | |
Shareholders’ equity: | | | | | | | | |
Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at March 31, 2022 and at December 31, 2021, no shares issued | | | - | | | | - | |
Common stock (par value $.01 per share) Authorized - 100,000,000 shares at March 31, 2022 and at December 31, 2021, Issued - 24,146,920 at March 31, 2022 and 24,795,124 at December 31, 2021, Outstanding - 24,146,920 at March 31, 2022 and 24,795,124 at December 31, 2021 | | | 241 | | | | 248 | |
Additional paid-in capital | | | 161,354 | | | | 174,505 | |
Retained earnings | | | 272,740 | | | | 273,398 | |
Unearned ESOP shares | | | (13,946 | ) | | | (14,243 | ) |
Accumulated other comprehensive loss, net of taxes | | | (8,137 | ) | | | (1,135 | ) |
Total shareholders’ equity | | | 412,252 | | | | 432,773 | |
Total liabilities and shareholders’ equity | | $ | 2,004,614 | | | $ | 2,215,858 | |
See accompanying notes to unaudited consolidated financial statements.
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(In Thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
Loans |
|
$ |
13,500 |
|
|
$ |
16,603 |
|
Mortgage-related securities |
|
|
602 |
|
|
|
491 |
|
Debt securities, federal funds sold and short-term investments |
|
|
928 |
|
|
|
875 |
|
Total interest income |
|
|
15,030 |
|
|
|
17,969 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
779 |
|
|
|
1,517 |
|
Borrowings |
|
|
2,387 |
|
|
|
2,500 |
|
Total interest expense |
|
|
3,166 |
|
|
|
4,017 |
|
Net interest income |
|
|
11,864 |
|
|
|
13,952 |
|
Provision (credit) for credit losses |
|
|
(76 |
) |
|
|
(1,070 |
) |
Net interest income after provision for loan losses |
|
|
11,940 |
|
|
|
15,022 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
Service charges on loans and deposits |
|
|
510 |
|
|
|
690 |
|
Increase in cash surrender value of life insurance |
|
|
316 |
|
|
|
301 |
|
Mortgage banking income |
|
|
28,275 |
|
|
|
54,391 |
|
Other |
|
|
717 |
|
|
|
817 |
|
Total noninterest income |
|
|
29,818 |
|
|
|
56,199 |
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
Compensation, payroll taxes, and other employee benefits |
|
|
25,535 |
|
|
|
34,123 |
|
Occupancy, office furniture, and equipment |
|
|
2,188 |
|
|
|
2,565 |
|
Advertising |
|
|
905 |
|
|
|
824 |
|
Data processing |
|
|
1,202 |
|
|
|
971 |
|
Communications |
|
|
340 |
|
|
|
331 |
|
Professional fees |
|
|
461 |
|
|
|
(315 |
) |
Real estate owned |
|
|
5 |
|
|
|
(12 |
) |
Loan processing expense |
|
|
1,431 |
|
|
|
1,335 |
|
Other |
|
|
2,868 |
|
|
|
3,178 |
|
Total noninterest expenses |
|
|
34,935 |
|
|
|
43,000 |
|
Income before income taxes |
|
|
6,823 |
|
|
|
28,221 |
|
Income tax expense |
|
|
1,532 |
|
|
|
6,877 |
|
Net income |
|
$ |
5,291 |
|
|
$ |
21,344 |
|
Income per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.23 |
|
|
$ |
0.90 |
|
Diluted |
|
$ |
0.23 |
|
|
$ |
0.89 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
23,132 |
|
|
|
23,735 |
|
Diluted |
|
|
23,311 |
|
|
|
23,950 |
|
See accompanying notes to unaudited consolidated financial statements.
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | Three months ended March 31, | |
| | 2022 | | | 2021 | |
| | (In Thousands) | |
Net income | | $ | 5,291 | | | $ | 21,344 | |
| | | | | | | | |
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 $2,623 and $432, respectively | | | (7,002 | ) | | | (1,156 | ) |
Total other comprehensive loss | | | (7,002 | ) | | | (1,156 | ) |
Comprehensive (loss) income | | $ | (1,711 | ) | | $ | 20,188 | |
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 three months ended March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at December 31, 2020 | | | 25,088 | | | $ | 251 | | | $ | 180,684 | | | $ | 245,287 | | | $ | (15,430 | ) | | $ | 2,326 | | | $ | 413,118 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 21,344 | | | | - | | | | - | | | | 21,344 | |
Other comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,156 | ) | | | (1,156 | ) |
Total comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,188 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ESOP shares committed to be released to plan participants | | | - | | | | - | | | | 223 | | | | - | | | | 297 | | | | - | | | | 520 | |
Cash dividend, $0.20 per share | | | - | | | | - | | | | - | | | | (4,772 | ) | | | - | | | | - | | | | (4,772 | ) |
Proceeds from stock option exercises | | | 142 | | | | 1 | | | | 1,458 | | | | - | | | | - | | | | - | | | | 1,459 | |
Stock compensation expense | | | - | | | | - | | | | 175 | | | | - | | | | - | | | | - | | | | 175 | |
Purchase of common stock returned to authorized but unissued | | | - | | | | - | | | | (7 | ) | | | - | | | | - | | | | - | | | | (7 | ) |
Balances at March 31, 2021 | | | 25,230 | | | $ | 252 | | | $ | 182,533 | | | $ | 261,859 | | | $ | (15,133 | ) | | $ | 1,170 | | | $ | 430,681 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (In Thousands, except per share amounts) | |
For the three months ended March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balances at December 31, 2021 | | | 24,795 | | | $ | 248 | | | $ | 174,505 | | | $ | 273,398 | | | $ | (14,243 | ) | | $ | (1,135 | ) | | $ | 432,773 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 5,291 | | | | - | | | | - | | | | 5,291 | |
Other comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | - | | | | (7,002 | ) | | | (7,002 | ) |
Total comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,711 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adoption of new accounting pronouncement (see Note 1) | | | - | | | | - | | | | - | | | | (1,392 | ) | | | - | | | | - | | | | (1,392 | ) |
ESOP shares committed to be released to plan participants | | | - | | | | - | | | | 236 | | | | - | | | | 297 | | | | - | | | | 533 | |
Cash dividend, $0.20 per share | | | - | | | | - | | | | - | | | | (4,557 | ) | | | - | | | | - | | | | (4,557 | ) |
Proceeds from stock option exercises | | | 33 | | | | - | | | | 191 | | | | - | | | | - | | | | - | | | | 191 | |
Stock compensation expense | | | - | | | | - | | | | 170 | | | | - | | | | - | | | | - | | | | 170 | |
Purchase of common stock returned to authorized but unissued | | | (681 | ) | | | (7 | ) | | | (13,748 | ) | | | - | | | | - | | | | - | | | | (13,755 | ) |
Balances at March 31, 2022 | | | 24,147 | | | $ | 241 | | | $ | 161,354 | | | $ | 272,740 | | | $ | (13,946 | ) | | $ | (8,137 | ) | | $ | 412,252 | |
See accompanying notes to unaudited consolidated financial statements.
WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,291 |
|
|
$ |
21,344 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Provision (credit) for credit losses |
|
|
(76 |
) |
|
|
(1,070 |
) |
Depreciation, amortization, accretion |
|
|
1,081 |
|
|
|
1,749 |
|
Deferred taxes |
|
|
(310 |
) |
|
|
2,059 |
|
Stock based compensation |
|
|
170 |
|
|
|
175 |
|
Origination of mortgage servicing rights |
|
|
(1,001 |
) |
|
|
(3,516 |
) |
Gain on sale of loans held for sale |
|
|
(22,141 |
) |
|
|
(53,708 |
) |
Loans originated for sale |
|
|
(698,115 |
) |
|
|
(1,109,074 |
) |
Proceeds on sales of loans originated for sale |
|
|
878,554 |
|
|
|
1,223,492 |
|
Gain on death benefit on bank owned life insurance |
|
|
(340 |
) |
|
|
- |
|
(Increase) decrease in accrued interest receivable |
|
|
(160 |
) |
|
|
33 |
|
Increase in cash surrender value of life insurance |
|
|
(316 |
) |
|
|
(301 |
) |
Increase in derivative assets |
|
|
(4,681 |
) |
|
|
(544 |
) |
Decrease in accrued interest on deposits and borrowings |
|
|
(102 |
) |
|
|
(102 |
) |
Increase in prepaid tax expense |
|
|
(732 |
) |
|
|
(463 |
) |
Legal settlement |
|
|
- |
|
|
|
(4,250 |
) |
Increase (decrease) in derivative liabilities |
|
|
3,477 |
|
|
|
(5,140 |
) |
Net gain loss related to real estate owned |
|
|
- |
|
|
|
(11 |
) |
Change in other assets and other liabilities, net |
|
|
(17,995 |
) |
|
|
(11,282 |
) |
Net cash provided by operating activities |
|
|
142,604 |
|
|
|
59,391 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Net (increase) decrease in loans receivable |
|
|
(1,015 |
) |
|
|
39,742 |
|
Purchases of: |
|
|
|
|
|
|
|
|
Mortgage related securities |
|
|
(47,877 |
) |
|
|
(16,153 |
) |
Premises and equipment, net |
|
|
(121 |
) |
|
|
(268 |
) |
Proceeds from: |
|
|
|
|
|
|
|
|
Principal repayments on mortgage-related securities |
|
|
8,964 |
|
|
|
11,022 |
|
Maturities of debt securities |
|
|
6,380 |
|
|
|
885 |
|
Sales of real estate owned |
|
|
- |
|
|
|
183 |
|
Net cash (used in) provided by investing activities |
|
|
(33,669 |
) |
|
|
35,411 |
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Net (decrease) increase in deposits |
|
|
(22,938 |
) |
|
|
34,821 |
|
Net change in short-term borrowings |
|
|
4,351 |
|
|
|
(17,569 |
) |
Repayment of long-term debt |
|
|
(155,000 |
) |
|
|
- |
|
Net change in advance payments by borrowers for taxes |
|
|
(2,753 |
) |
|
|
(5,025 |
) |
Cash dividends on common stock |
|
|
(17,223 |
) |
|
|
(4,847 |
) |
Purchase of common stock returned to authorized but unissued |
|
|
(13,755 |
) |
|
|
(7 |
) |
Proceeds from stock option exercises |
|
|
191 |
|
|
|
1,459 |
|
Net cash (used in) provided by financing activities |
|
|
(207,127 |
) |
|
|
8,832 |
|
(Decrease) increase in cash and cash equivalents |
|
|
(98,192 |
) |
|
|
103,634 |
|
Cash and cash equivalents at beginning of period |
|
|
376,722 |
|
|
|
94,767 |
|
Cash and cash equivalents at end of period |
|
$ |
278,530 |
|
|
$ |
198,401 |
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
|
|
|
|
Cash paid or credited during the period for: |
|
|
|
|
|
|
|
|
Income tax payments |
|
$ |
2,135 |
|
|
$ |
5,281 |
|
Interest payments |
|
|
3,064 |
|
|
|
4,119 |
|
Noncash activities: |
|
|
|
|
|
|
|
|
Dividends declared but not paid in other liabilities |
|
|
4,860 |
|
|
|
5,157 |
|
See accompanying notes to unaudited consolidated financial statements.
Note 1 — Basis of Presentation
The unaudited interim consolidated financial statements include the accounts of Waterstone Financial, Inc. (the “Company”) and the Company’s subsidiaries.
WaterStone Bank SSB (the "Bank") is a community bank that has served the banking needs of its customers since 1921. WaterStone Bank also has an active mortgage banking subsidiary, Waterstone Mortgage Corporation.
WaterStone Bank conducts its community banking business from 14 banking offices located in Milwaukee, Washington and Waukesha Counties, Wisconsin. WaterStone Bank's principal lending activity is originating one- to four-family, multi-family residential real estate, and commercial real estate loans for retention in its portfolio. WaterStone Bank also offers home equity loans and lines of credit, construction and land loans, commercial business loans, and consumer loans. WaterStone Bank funds its loan production primarily with retail deposits and Federal Home Loan Bank advances. Our deposit offerings include: certificates of deposit, money market savings accounts, transaction deposit accounts, non-interest bearing demand accounts and individual retirement accounts. Our investment securities portfolio is comprised principally of mortgage-backed securities, government-sponsored enterprise bonds and municipal obligations.
WaterStone Bank's mortgage banking operations are conducted through its wholly-owned subsidiary, Waterstone Mortgage Corporation. Waterstone Mortgage Corporation originates single-family residential real estate loans for sale into the secondary market. Waterstone Mortgage Corporation utilizes lines of credit provided by WaterStone Bank as a primary source of funds, and also utilizes a line of credit with another financial institution as needed.
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, Rule 10-01 of Regulation S-X and the instructions to Form 10-Q. The financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, results of operations, changes in shareholders’ equity, and cash flows of the Company for the periods presented.
The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s December 31, 2021 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period.
The preparation of the unaudited consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the allowance for loan losses, income taxes, and fair value measurements. Actual results could differ from those estimates.
Subsequent Events
The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. There were no significant subsequent events for the three months ended March 31, 2022 through the issuance date of these unaudited consolidated financial statements that warranted adjustment to or disclosure in the unaudited consolidated financial statements.
Impact of Recent Accounting Pronouncements
ASC Topic 326 "Financial Instruments - Credit Losses." Authoritative accounting guidance under ASC Topic 326, "Financial Instruments - Credit Losses" amended the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information for credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The authoritative guidance also requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected (net of the allowance for credit losses). In addition, the credit losses relating to available-for-sale (AFS) debt securities should be recorded through an allowance for credit losses rather than a write-down.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It included an option for entities to delay the adoption of ASC Topic 326 until the earlier of the termination date of the national emergency declaration by the President or December 31, 2021. Due to the uncertainty on the economy and unemployment from COVID-19, the Company determined to delay its adoption of ASC Topic 326 and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to ASC Topic 326. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The legislation extended the delay of the adoption of ASC Topic 326 allowed under the CARES Act until the earlier of the first day of the fiscal year that begins after the date when the COVID-19 national emergency is terminated or January 1, 2022.
ASC Topic 326 "Financial Instruments - Credit Losses." Authoritative accounting guidance under ASC Topic 326, "Troubled Debt Restructurings and Vintage Disclosures" eliminates the accounting guidance for troubled debt restructurings (“TDRs”), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The accounting guidance also requires public business entities to expand the vintage disclosures to include gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.
Accounting Standards Adopted in 2022
The Company adopted ASC Topic 326 on January 1, 2022, and applied the standard’s provisions as a cumulative-effect adjustment to retained earnings, as of January 1, 2022 (i.e., modified retrospective approach). Upon adoption of the standard, the Company recorded a $430,000 increase to the allowance for credit losses and $1.4 million increase to the allowance for unfunded commitments which resulted in a $1.4 million after-tax decrease to retained earnings as of January 1, 2022. The tax effect resulted in a $439,000 increase to deferred tax assets.
The Company did not record an allowance for AFS securities on January 1, 2022 as the investment portfolio consists primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed minimal. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. See Note 2 - Securities Available for Sale and Note 3 - Loans Receivable for more information.
Note 2 — Securities Available for Sale
The amortized cost and fair values of the Company’s investment in securities available for sale follow:
| | March 31, 2022 | |
| | | | | | Gross | | | Gross | | | | | |
| | Amortized | | | unrealized | | | unrealized | | | | | |
| | cost | | | gains | | | losses | | | Fair value | |
| | (In Thousands) | |
Mortgage-backed securities | | $ | 17,545 | | | $ | 54 | | | $ | (688 | ) | | $ | 16,911 | |
Collateralized mortgage obligations: | | | | | | | | | | | | | | | | |
Government sponsored enterprise issued | | | 133,599 | | | | 10 | | | | (8,009 | ) | | | 125,600 | |
Private-label issued | | | 10,397 | | | | 12 | | | | (173 | ) | | | 10,236 | |
Mortgage-related securities | | | 161,541 | | | | 76 | | | | (8,870 | ) | | | 152,747 | |
| | | | | | | | | | | | | | | | |
Government sponsered enterprise bonds | | | 2,500 | | | | - | | | | (156 | ) | | | 2,344 | |
Municipal securities | | | 35,905 | | | | 469 | | | | (751 | ) | | | 35,623 | |
Other debt securities | | | 12,500 | | | | - | | | | (1,261 | ) | | | 11,239 | |
Debt securities | | | 50,905 | | | | 469 | | | | (2,168 | ) | | | 49,206 | |
Total | | $ | 212,446 | | | $ | 545 | | | $ | (11,038 | ) | | $ | 201,953 | |
| | December 31, 2021 | |
| | | | | | Gross | | | Gross | | | | | |
| | Amortized | | | unrealized | | | unrealized | | | | | |
| | cost | | | gains | | | losses | | | Fair value | |
| | (In Thousands) | |
Mortgage-backed securities | | $ | 19,133 | | | $ | 542 | | | $ | (187 | ) | | $ | 19,488 | |
Collateralized mortgage obligations | | | | | | | | | | | | | | | | |
Government sponsored enterprise issued | | | 100,543 | | | | 503 | | | | (1,744 | ) | | | 99,302 | |
Private-label issued | | | 2,913 | | | | 30 | | | | - | | | | 2,943 | |
Mortgage related securities | | | 122,589 | | | | 1,075 | | | | (1,931 | ) | | | 121,733 | |
| | | | | | | | | | | | | | | | |
Government sponsered enterprise bonds | | | 2,500 | | | | - | | | | (52 | ) | | | 2,448 | |
Municipal securities | | | 42,295 | | | | 1,206 | | | | (7 | ) | | | 43,494 | |
Other debt securities | | | 12,500 | | | | 41 | | | | (1,200 | ) | | | 11,341 | |
Debt securities | | | 57,295 | | | | 1,247 | | | | (1,259 | ) | | | 57,283 | |
Total | | $ | 179,884 | | | $ | 2,322 | | | $ | (3,190 | ) | | $ | 179,016 | |
The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At March 31, 2022, $352,000 of the Company’s mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2021, $430,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities.
The amortized cost and fair values of investment securities by contractual maturity at March 31, 2022 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| | Amortized | | | Fair | |
| | Cost | | | Value | |
| | (In Thousands) | |
Debt and other securities | | | | | | | | |
Due within one year | | $ | 11,188 | | | $ | 11,223 | |
Due after one year through five years | | | 21,412 | | | | 21,601 | |
Due after five years through ten years | | | 13,199 | | | | 12,024 | |
Due after ten years | | | 5,106 | | | | 4,358 | |
Mortgage-related securities | | | 161,541 | | | | 152,747 | |
Total | | $ | 212,446 | | | $ | 201,953 | |
Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
| | March 31, 2022 | |
| | Less than 12 months | | | 12 months or longer | | | Total | |
| | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | |
| | value | | | loss | | | value | | | loss | | | value | | | loss | |
| | (In Thousands) | |
Mortgage-backed securities | | $ | 10,416 | | | $ | (314 | ) | | $ | 3,479 | | | $ | (374 | ) | | $ | 13,895 | | | $ | (688 | ) |
Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | | | | | | |
Government sponsored enterprise issued | | | 103,876 | | | | (6,323 | ) | | | 13,953 | | | | (1,686 | ) | | | 117,829 | | | | (8,009 | ) |
Private-label issued | | | 7,650 | | | | (173 | ) | | | - | | | | - | | | | 7,650 | | | | (173 | ) |
Government sponsered enterprise bonds | | | 2,344 | | | | (156 | ) | | | - | | | | - | | | | 2,344 | | | | (156 | ) |
Municipal securities | | | 4,609 | | | | (751 | ) | | | - | | | | - | | | | 4,609 | | | | (751 | ) |
Other debt securities | | | 2,439 | | | | (61 | ) | | | 8,800 | | | | (1,200 | ) | | | 11,239 | | | | (1,261 | ) |
Total | | $ | 131,334 | | | $ | (7,778 | ) | | $ | 26,232 | | | $ | (3,260 | ) | | $ | 157,566 | | | $ | (11,038 | ) |
| | December 31, 2021 | |
| | Less than 12 months | | | 12 months or longer | | | Total | |
| | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | |
| | value | | | loss | | | value | | | loss | | | value | | | loss | |
| | (In Thousands) | |
Mortgage-backed securities | | $ | 4,042 | | | $ | (101 | ) | | $ | 1,956 | | | $ | (86 | ) | | $ | 5,998 | | | $ | (187 | ) |
Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | | | | | | |
Government sponsored enterprise issued | | | 66,254 | | | | (1,589 | ) | | | 4,371 | | | | (155 | ) | | | 70,625 | | | | (1,744 | ) |
Government sponsered enterprise bonds | | | 2,448 | | | | (52 | ) | | | - | | | | - | | | | 2,448 | | | | (52 | ) |
Municipal securities | | | 1,471 | | | | (7 | ) | | | - | | | | - | | | | 1,471 | | | | (7 | ) |
Other debt securities | | | - | | | | - | | | | 8,800 | | | | (1,200 | ) | | | 8,800 | | | | (1,200 | ) |
Total | | $ | 74,215 | | | $ | (1,749 | ) | | $ | 15,127 | | | $ | (1,441 | ) | | $ | 89,342 | | | $ | (3,190 | ) |
The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 131 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of March 31, 2022 and December 31, 2021, no allowance for credit losses on securities was recognized. The Company does not consider its securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.
During the three months ended March 31, 2022 and March 31, 2021, there were no sales of securities.
Note 3 - Loans Receivable
Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows:
| | March 31, 2022 | | | December 31, 2021 | |
| | (In Thousands) | |
Mortgage loans: | | | | | | | | |
Residential real estate: | | | | | | | | |
One- to four-family | | $ | 294,249 | | | $ | 300,523 | |
Multi-family | | | 545,047 | | | | 537,956 | |
Home equity | | | 10,649 | | | | 11,012 | |
Construction and land | | | 70,102 | | | | 82,588 | |
Commercial real estate | | | 266,481 | | | | 250,676 | |
Consumer | | | 710 | | | | 732 | |
Commercial loans | | | 20,178 | | | | 22,298 | |
Total | | $ | 1,207,416 | | | $ | 1,205,785 | |
The Company provides several types of loans to its customers, including residential, construction, commercial and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. While the Company's credit risks are geographically concentrated in the Milwaukee metropolitan area, there are no concentrations with individual or groups of related borrowers. While the real estate collateralizing these loans is primarily residential in nature, it ranges from owner-occupied single family homes to large apartment complexes.
Qualifying loans receivable totaling $845.9 million and $886.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged as collateral against $320.0 million and $475.0 million in outstanding Federal Home Loan Bank of Chicago ("FHLB") advances under a blanket security agreement at March 31, 2022 and December 31, 2021.
Certain of the Company's executive officers, directors, employees, and their related interests have loans with the Bank. Loans outstanding to such parties were approximately $2.3 million as of March 31, 2022 and $2.5 million as of December 31, 2021. None of these loans were past due or considered impaired as of March 31, 2022 or December 31, 2021, respectively.
An analysis of past due loans receivable as of March 31, 2022 and December 31, 2021 follows:
| | As of March 31, 2022 | |
| | 1-59 Days Past Due (1) | | | 60-89 Days Past Due (2) | | | 90 Days or Greater | | | Total Past Due | | | Current (3) | | | Total Loans | |
| | (In Thousands) | |
Mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family | | $ | 735 | | | $ | - | | | $ | 5,332 | | | $ | 6,067 | | | $ | 288,182 | | | $ | 294,249 | |
Multi-family | | | |