10-Q 1 wsbf20220930_10q.htm FORM 10-Q wsbf20220930_10q.htm
0001569994 Waterstone Financial, Inc. false --12-31 Q3 2022 0.01 0.01 50,000,000 50,000,000 0 0 0.01 0.01 100,000,000 100,000,000 22,318,471 22,318,471 24,795,124 24,795,124 1,779 262 6,667 783 1.10 0.60 0.20 0.20 0 0 0 0 0 2 0 0 0 0 0 1 0 0 0 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. 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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, 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, 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 22,190,271 at November 1, 2022.

 

 
 

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, 2022 (unaudited) and December 31, 2021

3

Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

9-39

   

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

40-60

Item 3. Quantitative and Qualitative Disclosures about Market Risk

61

Item 4. Controls and Procedures

62

   

PART II. OTHER INFORMATION

 
   

Item 1. Legal Proceedings

62

Item 1A. Risk Factors 62
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62
Item 3. Defaults Upon Senior Securities 62
Item 4. Mine Safety Disclosures 62
Item 5. Other Information 63
Item 6. Exhibits 63
Signatures 63

 

 

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

  

(Unaudited)

     
  

September 30, 2022

  

December 31, 2021

 
  

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

 

Assets

        

Cash

 $37,231  $343,016 

Federal funds sold

  16,007   13,981 

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

  19,703   19,725 

Cash and cash equivalents

  72,941   376,722 

Securities available for sale (at fair value)

  197,298   179,016 

Loans held for sale (at fair value)

  186,049   312,738 

Loans receivable

  1,354,465   1,205,785 

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

  17,452   15,778 

Loans receivable, net

  1,337,013   1,190,007 
         

Office properties and equipment, net

  21,491   22,273 

Federal Home Loan Bank stock (at cost)

  15,750   24,438 

Cash surrender value of life insurance

  66,099   65,368 

Real estate owned, net

  148   148 

Prepaid expenses and other assets

  78,262   45,148 

Total assets

 $1,975,051  $2,215,858 
         

Liabilities and Shareholders’ Equity

        

Liabilities:

        

Demand deposits

 $246,487  $214,409 

Money market and savings deposits

  346,960   392,314 

Time deposits

  593,681   626,663 

Total deposits

  1,187,128   1,233,386 
         

Borrowings

  319,951   477,127 

Advance payments by borrowers for taxes

  24,084   4,094 

Other liabilities

  67,714   68,478 

Total liabilities

  1,598,877   1,783,085 

Commitments and contingencies (Note 9)

          
         

Shareholders’ equity:

        

Preferred stock (par value $.01 per share) Authorized - 50,000,000 shares at September 30, 2022 and at December 31, 2021, no shares issued

  -   - 

Common stock (par value $.01 per share) Authorized - 100,000,000 shares at September 30, 2022 and at December 31, 2021, Issued and Outstanding - 22,318,471 at September 30, 2022 and 24,795,124 at December 31, 2021

  223   248 

Additional paid-in capital

  130,731   174,505 

Retained earnings

  277,514   273,398 

Unearned ESOP shares

  (13,353)  (14,243)

Accumulated other comprehensive loss, net of taxes

  (18,941)  (1,135)

Total shareholders’ equity

  376,174   432,773 

Total liabilities and shareholders’ equity

 $1,975,051  $2,215,858 

 

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,

 
   

2022

   

2021

   

2022

   

2021

 
   

(In Thousands, except per share amounts)

 
                                 

Interest income:

                               

Loans

  $ 16,235     $ 16,131     $ 44,281     $ 49,214  

Mortgage-related securities

    903       471       2,326       1,448  

Debt securities, federal funds sold and short-term investments

    987       904       2,964       2,637  

Total interest income

    18,125       17,506       49,571       53,299  

Interest expense:

                               

Deposits

    981       947       2,511       3,542  

Borrowings

    1,746       2,445       5,717       7,414  

Total interest expense

    2,727       3,392       8,228       10,956  

Net interest income

    15,398       14,114       41,343       42,343  

Provision (credit) for credit losses

    332       (700 )     304       (2,520 )

Net interest income after provision (credit) for credit losses

    15,066       14,814       41,039       44,863  

Noninterest income:

                               

Service charges on loans and deposits

    529       1,136       1,705       2,483  

Increase in cash surrender value of life insurance

    354       312       1,394       1,297  

Mortgage banking income

    26,064       46,547       83,749       150,587  

Other

    457       4,941       1,612       6,812  

Total noninterest income

    27,404       52,936       88,460       161,179  

Noninterest expenses:

                               

Compensation, payroll taxes, and other employee benefits

    26,174       34,229       77,502       102,278  

Occupancy, office furniture, and equipment

    2,296       2,488       6,540       7,346  

Advertising

    1,137       835       3,004       2,570  

Data processing

    1,084       986       3,430       2,871  

Communications

    302       331       900       988  

Professional fees

    393       550       1,203       804  

Real estate owned

    1       1       6       (11 )

Loan processing expense

    1,120       1,135       3,685       3,670  

Other

    3,187       2,768       9,408       9,104  

Total noninterest expenses

    35,694       43,323       105,678       129,620  

Income before income taxes

    6,776       24,427       23,821       76,422  

Income tax expense

    1,506       5,427       5,269       18,184  

Net income

  $ 5,270     $ 19,000     $ 18,552     $ 58,238  

Income per share:

                               

Basic

  $ 0.25     $ 0.80     $ 0.84     $ 2.45  

Diluted

  $ 0.25     $ 0.79     $ 0.83     $ 2.43  

Weighted average shares outstanding:

                               

Basic

    21,342       23,785       22,193       23,790  

Diluted

    21,454       23,960       22,323       23,987  

 

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,

 
  

2022

  

2021

  

2022

  

2021

 
  

(In Thousands)

 

Net income

 $5,270  $19,000  $18,552  $58,238 
                 

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 $1,779, $262, $6,667 and $783, respectively

  (4,753)  (696)  (17,806)  (2,093)

Total other comprehensive loss

  (4,753)  (696)  (17,806)  (2,093)

Comprehensive income

 $517  $18,304  $746  $56,145 

 

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, 2021

                            

Balances at December 31, 2020

  25,088  $251  $180,684  $245,287  $(15,430) $2,326  $413,118 
                             

Comprehensive income:

                            

Net income

  -   -   -   58,238   -   -   58,238 

Other comprehensive loss

  -   -   -   -   -   (2,093)  (2,093)

Total comprehensive income

                     56,145 
                             

ESOP shares committed to be released to plan participants

  -   -   682   -   890   -   1,572 

Cash dividend, $1.10 per share

  -   -   -   (26,209)  -   -   (26,209)

Proceeds from stock option exercises

  187   2   2,041   -   -   -   2,043 

Stock compensation expense

  -   -   564   -   -   -   564 

Purchase of common stock returned to authorized but unissued

  (237)  (3)  (4,659)  -   -   -   (4,662)

Balances at September 30, 2021

  25,038  $250  $179,312  $277,316  $(14,540) $233  $442,571 
                             
  

(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 

 

 

                      

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, 2021

                            

Balances at June 30, 2021

  25,213  $252  $182,346  $263,048  $(14,837) $929  $431,738 
                             

Comprehensive income:

                            

Net income

  -   -   -   19,000   -   -   19,000 

Other comprehensive loss

  -   -   -   -   -   (696)  (696)

Total comprehensive income

                     18,304 
                             

ESOP shares committed to be released to Plan participants

  -   -   227   -   297   -   524 

Cash dividend, $0.20 per share

  -   -   -   (4,732)  -   -   (4,732)

Stock compensation activity, net of tax

  3   -   49   -   -   -   49 

Stock compensation expense

  -   -   194   -   -   -   194 

Purchase of common stock returned to authorized but unissued

  (178)  (2)  (3,504)  -   -   -   (3,506)

Balances at September 30, 2021

  25,038  $250  $179,312  $277,316  $(14,540) $233  $442,571 
                             
  

(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 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Nine months ended September 30,

 
   

2022

   

2021

 
   

(In Thousands)

 
                 

Operating activities:

               

Net income

  $ 18,552     $ 58,238  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Provision (credit) for credit losses

    304       (2,520 )

Depreciation, amortization, accretion

    3,094       4,924  

Deferred taxes

    (361 )     345  

Stock based compensation

    468       564  

Origination of mortgage servicing rights

    (2,030 )     (5,301 )

Proceeds on sales of mortgage servicing rights

    -       12,448  

Gain on sale of loans held for sale

    (65,670 )     (153,612 )

Loans originated for sale

    (2,117,010 )     (3,212,967 )

Proceeds on sales of loans originated for sale

    2,309,369       3,442,624  

Gain on death benefit on bank owned life insurance

    (340 )     -  

(Increase) decrease in accrued interest receivable

    (907 )     715  

Increase in cash surrender value of life insurance

    (1,394 )     (1,297 )

(Increase) decrease in derivative assets

    (24,248 )     4,251  

Decrease in accrued interest on deposits and borrowings

    (118 )     (200 )

Decrease (increase) in prepaid tax expense

    1,090       (959 )

Legal settlement

    -       (4,250 )

Increase (decrease) in derivative liabilities

    25,699       (5,140 )

Net gain related to real estate owned

    -       (12 )

Gain on sale of mortgage servicing rights

    -       (4,032 )

Change in other assets and other liabilities, net

    (11,301 )     (10,147 )

Net cash provided by operating activities

    135,197       123,672  
                 

Investing activities:

               

Net (increase) decrease in loans receivable

    (148,136 )     148,790  

Purchases of: