|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.
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 4, 2016 01:00 PM EDT Reads: 1,410
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 4, 2016 12:47 PM EDT Reads: 141
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 4, 2016 12:45 PM EDT Reads: 884
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 4, 2016 12:45 PM EDT Reads: 1,242
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 4, 2016 12:45 PM EDT Reads: 538
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 4, 2016 12:30 PM EDT Reads: 1,062
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 4, 2016 12:30 PM EDT Reads: 1,311
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 4, 2016 12:15 PM EDT Reads: 509
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 4, 2016 12:15 PM EDT Reads: 552
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 4, 2016 12:15 PM EDT Reads: 1,327
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 4, 2016 12:00 PM EDT Reads: 1,135
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 4, 2016 12:00 PM EDT Reads: 1,158
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 4, 2016 12:00 PM EDT Reads: 1,031
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 4, 2016 11:15 AM EDT Reads: 1,219
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 4, 2016 11:00 AM EDT Reads: 1,290