|By PR Newswire||
|March 21, 2014 05:05 PM EDT||
WAUWATOSA, Wis., March 21, 2014 /PRNewswire/ -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported a 3% increase in pre-tax income for the year ended December 31, 2013 compared to 2012. Pre-tax and net income totaled $23.3 million and $14.7 million, respectively, for the year ended December 31, 2013 compared to $22.7 million and $34.9 million, respectively, for the year ended December 31, 2012. A valuation reserve against net deferred tax assets released in the fourth quarter of 2012 minimized income tax expense during the 2012 periods. Waterstone Financial, Inc. also reported pre-tax income of $2.6 million and net income of $1.9 million for the fourth quarter of 2013. This compares to pre-tax income of $5.7 million and net income of $18.1 million for the fourth quarter of 2012. Net income per diluted share was $0.06 for the fourth quarter of 2013 as compared to $0.53 per diluted share for the fourth quarter of 2012. Net income per diluted share was $0.43 and $1.02 for the years ended December 31, 2013 and 2012, respectively. Earnings per share amounts have been restated to reflect the completion of our second-step conversion at a conversion ratio of 1.0973.
Doug Gordon, President and Chief Executive Officer of the Company stated, "Financial performance for 2013 reflects continued asset quality improvement for the community banking segment partially offset by reduced profitability for the mortgage banking segment. In addition, Waterstone Financial, Inc. completed its second-step conversion in January of 2014 which resulted in our becoming a stock holding company with a gross capital raise of $253 million. Strong participation in the capital raise by WaterStone Bank depositors is gratifying and will enable us to execute growth strategies to further improve profitability and franchise value."
The company's community banking segment pre-tax income for the year ended December 31, 2013 totaled $13.8 million compared to $2.6 million for the year ended December 31, 2012. Community banking operations were positively impacted by an $8.5 million decline in real estate owned expense and a $3.8 million decline in the provision for loan losses for the year ended December 31, 2013 as compared to the year ended December 31, 2012. The company's mortgage banking segment reported pre-tax income of $9.1 million for the year ended December 31, 2013 compared to pre-tax income of $19.2 million for the year ended December 31, 2012. Mortgage loans originated for sale during 2013 totaled $1.75 billion, consistent with the $1.75 billion originated for sale during 2012. Margins earned on loans sold declined in 2013 such that total mortgage banking revenue decreased by 3.5% to $84.9 million in 2013 compared to $87.9 million in 2012. The decline in average sales margins reflects a decrease in pricing and fees on all products in all geographic markets and is reflective of general market conditions. The decline in pre-tax income was further impacted by a 9.3% increase in mortgage banking segment compensation expense to $55.5 million for 2013 compared to $50.7 million for 2012.
Total nonperforming assets as a percentage of total assets declined to 3.78% at December 31, 2013 from 6.66% at December 31, 2012. Total nonperforming assets declined 33.5% to $73.6 million at December 31, 2013 from $110.6 million at December 31, 2012. Total delinquent loans declined 40.9% to $44.0 million at December 31, 2013 from $74.5 million at December 31, 2012. The provisions for loan losses totaled $572,000 and $4.5 million for the three months and year ended December 31, 2013, respectively. The provisions for loan losses totaled $1.2 million and $8.3 million for the three months and year ended December 31, 2012, respectively.
Cash and deposits at December 31, 2013 included $388.7 million in proceeds from the subscription offering that were subsequently converted to common stock or returned to subscribers in January 2014 when the stock offering was completed. This had a significant impact on certain comparative balance sheet totals at December 31, 2013 and on fourth quarter and full year ratios that are based on those numbers. Additional financial detail is provided in the Form 10-K, Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the fiscal year ended December 31, 2013, filed on March 21, 2014.
About Waterstone Financial, Inc.
Waterstone Financial, Inc. (NASDAQ: WSBF) is a single-bank, thrift holding company headquartered in Wauwatosa, WI. With $1.9 billion in assets at December 31, 2013, Waterstone has nine community bank branches in the metropolitan Milwaukee market, a loan production office in Minneapolis and mortgage banking offices in 22 states around the country.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as "may," "expects," "anticipates," "estimates" or "believes." Such statements are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. These factors include (i) exposure to the deterioration in the commercial and residential real estate markets which could result in increased charge-offs and increases in the allowance for loan losses, (ii) various other factors, including changes in economic conditions affecting borrowers, new information regarding outstanding loans and identification of additional problem loans, which could require an increase in the allowance for loan losses, (iii) our ability to maintain required levels of capital and other current and future regulatory requirements, (iv) the impact of recent and future legislative initiatives on the financial markets, and (v) those risk factors referenced in Waterstone's Annual report on Form 10-K for the year ended December 31, 2013 and as may be described from time to time in Waterstone's subsequent SEC filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone's belief as of the date of this press release.
SOURCE Waterstone Financial, Inc.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 23, 2016 05:30 PM EDT Reads: 818
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Oct. 23, 2016 05:30 PM EDT Reads: 2,844
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 23, 2016 05:00 PM EDT Reads: 739
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 23, 2016 05:00 PM EDT Reads: 1,229
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 23, 2016 05:00 PM EDT Reads: 833
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Oct. 23, 2016 04:45 PM EDT Reads: 2,400
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 23, 2016 04:30 PM EDT Reads: 1,317
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 23, 2016 04:30 PM EDT Reads: 799
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 23, 2016 04:15 PM EDT Reads: 1,473
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 23, 2016 03:30 PM EDT Reads: 1,521
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 23, 2016 03:30 PM EDT Reads: 1,473
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Oct. 23, 2016 03:15 PM EDT Reads: 1,534
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Oct. 23, 2016 03:15 PM EDT Reads: 1,582
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 23, 2016 03:00 PM EDT Reads: 34,036
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 23, 2016 02:30 PM EDT Reads: 1,370