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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.
Includes $- and $11,000 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
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 |
|
|
- |
|