|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.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Feb. 22, 2017 01:00 PM EST Reads: 1,030
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
Feb. 22, 2017 12:45 PM EST Reads: 1,251
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 22, 2017 12:30 PM EST Reads: 1,460
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Feb. 22, 2017 12:30 PM EST Reads: 929
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Feb. 22, 2017 12:30 PM EST Reads: 1,623
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 22, 2017 12:00 PM EST Reads: 2,137
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Feb. 22, 2017 12:00 PM EST Reads: 2,023
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 22, 2017 11:30 AM EST Reads: 1,112
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Feb. 22, 2017 11:30 AM EST Reads: 1,100
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 22, 2017 11:15 AM EST Reads: 749
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Feb. 22, 2017 11:15 AM EST Reads: 981
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 22, 2017 11:00 AM EST Reads: 3,253
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 10:45 AM EST Reads: 391
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 22, 2017 10:00 AM EST Reads: 1,516
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 22, 2017 09:45 AM EST Reads: 815