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) |
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 |
Large accelerated filer □ | Accelerated filerT | Non-accelerated filer □ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Page No. | |
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(Unaudited) | ||||||||
September 30, 2017 | December 31, 2016 | |||||||
Assets | (Dollars In Thousands, except share and per share data) | |||||||
Cash | $ | 39,308 | $ | 7,878 | ||||
Federal funds sold | 34,916 | 26,828 | ||||||
Interest-earning deposits in other financial institutions and other short term investments | 18,367 | 12,511 | ||||||
Cash and cash equivalents | 92,591 | 47,217 | ||||||
Securities available for sale (at fair value) | 200,840 | 226,795 | ||||||
Loans held for sale (at fair value) | 175,137 | 225,248 | ||||||
Loans receivable | 1,261,160 | 1,177,884 | ||||||
Less: Allowance for loan losses | 14,063 | 16,029 | ||||||
Loans receivable, net | 1,247,097 | 1,161,855 | ||||||
Office properties and equipment, net | 22,889 | 23,655 | ||||||
Federal Home Loan Bank stock (at cost) | 18,450 | 13,275 | ||||||
Cash surrender value of life insurance | 65,665 | 61,509 | ||||||
Real estate owned, net | 4,568 | 6,118 | ||||||
Prepaid expenses and other assets | 26,891 | 24,947 | ||||||
Total assets | $ | 1,854,128 | $ | 1,790,619 | ||||
Liabilities and Shareholders' Equity | ||||||||
Liabilities: | ||||||||
Demand deposits | $ | 123,133 | $ | 120,371 | ||||
Money market and savings deposits | 148,607 | 162,456 | ||||||
Time deposits | 685,033 | 666,584 | ||||||
Total deposits | 956,773 | 949,411 | ||||||
Borrowings | 435,503 | 387,155 | ||||||
Advance payments by borrowers for taxes | 25,107 | 4,716 | ||||||
Other liabilities | 24,815 | 38,647 | ||||||
Total liabilities | 1,442,198 | 1,379,929 | ||||||
Shareholders' equity: | ||||||||
Preferred stock (par value $.01 per share) | ||||||||
Authorized - 50,000,000 shares in 2017 and in 2016, no shares issued | - | - | ||||||
Common stock (par value $.01 per share) | ||||||||
Authorized - 100,000,000 shares in 2017 and in 2016 | ||||||||
Issued - 29,483,346 in 2017 and 29,430,123 in 2016 | ||||||||
Outstanding - 29,483,346 in 2017 and 29,430,123 in 2016 | 295 | 294 | ||||||
Additional paid-in capital | 325,753 | 322,934 | ||||||
Retained earnings | 183,578 | 184,565 | ||||||
Unearned ESOP shares | (19,288 | ) | (20,178 | ) | ||||
Accumulated other comprehensive income (loss), net of taxes | 328 | (378 | ) | |||||
Cost of shares repurchased (6,030,900 shares at September 30, 2017 and 5,908,150 shares at December 31, 2016) | (78,736 | ) | (76,547 | ) | ||||
Total shareholders' equity | 411,930 | 410,690 | ||||||
Total liabilities and shareholders' equity | $ | 1,854,128 | $ | 1,790,619 |
(Unaudited) | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
Assets | (Dollars In Thousands, except share and per share data) | |||||||
Cash | $ | 63,636 | $ | 52,814 | ||||
Federal funds sold | 11,992 | 12,704 | ||||||
Interest-earning deposits in other financial institutions and other short term investments | 1,291 | 8,782 | ||||||
Cash and cash equivalents | 76,919 | 74,300 | ||||||
Securities available for sale (at fair value) | 164,112 | 178,476 | ||||||
Loans held for sale (at fair value) | 383,389 | 220,123 | ||||||
Loans receivable | 1,433,803 | 1,388,031 | ||||||
Less: Allowance for loan losses | 17,734 | 12,387 | ||||||
Loans receivable, net | 1,416,069 | 1,375,644 | ||||||
Office properties and equipment, net | 24,183 | 25,028 | ||||||
Federal Home Loan Bank stock (at cost) | 26,720 | 21,150 | ||||||
Cash surrender value of life insurance | 70,718 | 69,665 | ||||||
Real estate owned, net | 702 | 748 | ||||||
Prepaid expenses and other assets | 54,761 | 31,213 | ||||||
Total assets | $ | 2,217,573 | $ | 1,996,347 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Liabilities: | ||||||||
Demand deposits | $ | 171,016 | $ | 130,063 | ||||
Money market and savings deposits | 247,233 | 197,942 | ||||||
Time deposits | 739,417 | 739,771 | ||||||
Total deposits | 1,157,666 | 1,067,776 | ||||||
Borrowings | 599,102 | 483,562 | ||||||
Advance payments by borrowers for taxes | 20,828 | 4,212 | ||||||
Other liabilities | 54,358 | 47,111 | ||||||
Total liabilities | 1,831,954 | 1,602,661 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock (par value $0.01 per share) | ||||||||
Authorized - 50,000,000 shares at June 30, 2020 and at December 31, 2019, 0 shares issued | - | - | ||||||
Common stock (par value $0.01 per share) | ||||||||
Authorized - 100,000,000 shares at June 30, 2020 and at December 31, 2019 | ||||||||
Issued - 25,843,314 at June 30, 2020 and 27,148,411 at December 31, 2019 | ||||||||
Outstanding - 25,843,314 at June 30, 2020 and 27,148,411 at December 31, 2019 | 258 | 271 | ||||||
Additional paid-in capital | 192,762 | 211,997 | ||||||
Retained earnings | 205,863 | 197,393 | ||||||
Unearned ESOP shares | (16,023 | ) | (16,617 | ) | ||||
Accumulated other comprehensive income, net of taxes | 2,759 | 642 | ||||||
Total shareholders’ equity | 385,619 | 393,686 | ||||||
Total liabilities and shareholders’ equity | $ | 2,217,573 | $ | 1,996,347 |
Three months ended September 30, | Nine months ended September 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
(In Thousands, except per share amounts) | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||
Loans | $ | 15,855 | $ | 14,754 | $ | 45,078 | $ | 42,611 | $ | 18,493 | $ | 18,026 | $ | 36,180 | $ | 35,130 | ||||||||||||||||
Mortgage-related securities | 647 | 743 | 2,021 | 2,371 | 670 | 764 | 1,372 | 1,523 | ||||||||||||||||||||||||
Debt securities, federal funds sold and short-term investments | 951 | 833 | 2,680 | 2,692 | 698 | 1,123 | 1,761 | 2,432 | ||||||||||||||||||||||||
Total interest income | 17,453 | 16,330 | 49,779 | 47,674 | 19,861 | 19,913 | 39,313 | 39,085 | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Deposits | 1,981 | 1,923 | 5,614 | 5,477 | 3,947 | 4,344 | 8,265 | 8,334 | ||||||||||||||||||||||||
Borrowings | 2,439 | 3,082 | 6,756 | 10,724 | 2,665 | 2,588 | 5,273 | 4,834 | ||||||||||||||||||||||||
Total interest expense | 4,420 | 5,005 | 12,370 | 16,201 | 6,612 | 6,932 | 13,538 | 13,168 | ||||||||||||||||||||||||
Net interest income | 13,033 | 11,325 | 37,409 | 31,473 | 13,249 | 12,981 | 25,775 | 25,917 | ||||||||||||||||||||||||
Provision for loan losses | 20 | 135 | (1,166 | ) | 340 | |||||||||||||||||||||||||||
Provision (credit) for loan losses | 4,500 | 30 | 5,285 | (650 | ) | |||||||||||||||||||||||||||
Net interest income after provision for loan losses | 13,013 | 11,190 | 38,575 | 31,133 | 8,749 | 12,951 | 20,490 | 26,567 | ||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||
Service charges on loans and deposits | 300 | 789 | 1,148 | 1,742 | 2,231 | 390 | 2,712 | 769 | ||||||||||||||||||||||||
Increase in cash surrender value of life insurance | 688 | 734 | 1,476 | 1,446 | 520 | 507 | 873 | 851 | ||||||||||||||||||||||||
Loss on sale of securities | - | - | (107 | ) | - | |||||||||||||||||||||||||||
Mortgage banking income | 31,863 | 35,552 | 92,774 | 91,146 | 63,774 | 34,105 | 94,180 | 57,464 | ||||||||||||||||||||||||
Other | 203 | 337 | 941 | 874 | 379 | 188 | 603 | 363 | ||||||||||||||||||||||||
Total noninterest income | 33,054 | 37,412 | 96,232 | 95,208 | 66,904 | 35,190 | 98,368 | 59,447 | ||||||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 26,153 | 27,573 | 73,732 | 70,968 | 36,889 | 27,074 | 61,290 | 47,713 | ||||||||||||||||||||||||
Occupancy, office furniture, and equipment | 2,533 | 2,319 | 7,587 | 7,074 | 2,534 | 2,680 | 5,275 | 5,456 | ||||||||||||||||||||||||
Advertising | 821 | 661 | 2,414 | 1,974 | 864 | 963 | 1,764 | 1,921 | ||||||||||||||||||||||||
Data processing | 623 | 616 | 1,854 | 1,897 | 1,095 | 869 | 2,101 | 1,638 | ||||||||||||||||||||||||
Communications | 394 | 374 | 1,170 | 1,088 | 317 | 353 | 655 | 681 | ||||||||||||||||||||||||
Professional fees | 629 | 474 | 1,953 | 1,486 | 1,077 | 789 | 2,909 | 1,484 | ||||||||||||||||||||||||
Real estate owned | (20 | ) | 37 | 258 | 344 | 33 | 19 | 44 | 51 | |||||||||||||||||||||||
FDIC insurance premiums | 129 | 140 | 366 | 500 | ||||||||||||||||||||||||||||
Loan processing expense | 1,208 | 879 | 2,284 | 1,684 | ||||||||||||||||||||||||||||
Other | 3,054 | 3,347 | 10,227 | 9,663 | 3,672 | 1,729 | 6,575 | 4,076 | ||||||||||||||||||||||||
Total noninterest expenses | 34,316 | 35,541 | 99,561 | 94,994 | 47,689 | 35,355 | 82,897 | 64,704 | ||||||||||||||||||||||||
Income before income taxes | 11,751 | 13,061 | 35,246 | 31,347 | 27,964 | 12,786 | 35,961 | 21,310 | ||||||||||||||||||||||||
Income tax expense | 4,362 | 5,556 | 12,397 | 12,214 | 7,016 | 3,143 | 8,944 | 5,125 | ||||||||||||||||||||||||
Net income | $ | 7,389 | $ | 7,505 | $ | 22,849 | $ | 19,133 | $ | 20,948 | $ | 9,643 | $ | 27,017 | $ | 16,185 | ||||||||||||||||
Income per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.28 | $ | 0.83 | $ | 0.71 | $ | 0.86 | $ | 0.37 | $ | 1.08 | $ | 0.61 | ||||||||||||||||
Diluted | $ | 0.26 | $ | 0.27 | $ | 0.82 | $ | 0.70 | $ | 0.85 | $ | 0.37 | $ | 1.08 | $ | 0.61 | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 27,532 | 27,043 | 27,449 | 26,976 | 24,464 | 26,242 | 24,934 | 26,370 | ||||||||||||||||||||||||
Diluted | 27,953 | 27,429 | 27,927 | 27,283 | 24,513 | 26,412 | 25,071 | 26,572 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(In Thousands) | ||||||||||||||||
Net income | $ | 7,389 | $ | 7,505 | $ | 22,849 | $ | 19,133 | ||||||||
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 ($59), $385, ($416), ($1,341), respectively | 91 | (596 | ) | 641 | 2,079 | |||||||||||
Reclassification adjustment for net loss included in net income during the period, net of tax benefit of $0, $0, ($42), $0, respectively | - | - | 65 | - | ||||||||||||
Total other comprehensive income (loss) | 91 | (596 | ) | 706 | 2,079 | |||||||||||
Comprehensive income | $ | 7,480 | $ | 6,909 | $ | 23,555 | $ | 21,212 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(In Thousands) | ||||||||||||||||
Net income | $ | 20,948 | $ | 9,643 | $ | 27,017 | $ | 16,185 | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Net unrealized holding gain on available for sale securities: | ||||||||||||||||
Net unrealized holding gain arising during the period, net of tax expense of $(476), ($562), $(795), ($1,127), respectively | 1,267 | 1,506 | 2,117 | 3,016 | ||||||||||||
Total other comprehensive income | 1,267 | 1,506 | 2,117 | 3,016 | ||||||||||||
Comprehensive income | $ | 22,215 | $ | 11,149 | $ | 29,134 | $ | 19,201 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Cost of Shares Repurchased | Total Shareholders' Equity | ||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
(Dollars In Thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 29,407 | $ | $294 | $ | 317,022 | $ | 168,089 | $ | (21,365 | ) | $ | 582 | $ | (72,692 | ) | $ | 391,930 | |||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | - | - | - | 19,133 | - | - | - | 19,133 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 2,079 | - | 2,079 | ||||||||||||||||||||||||
Total comprehensive income | 21,212 | |||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 278 | - | 890 | - | - | 1,168 | ||||||||||||||||||||||||
Cash dividend, $0.21 per share | - | - | - | (5,762 | ) | - | - | - | (5,762 | ) | ||||||||||||||||||||||
Stock compensation activity, net of tax | 263 | 3 | 3,434 | - | - | - | - | 3,437 | ||||||||||||||||||||||||
Stock compensation expense | - | - | 1,430 | - | - | - | - | 1,430 | ||||||||||||||||||||||||
Repurchase of common stock returned to authorized but unissued | (284 | ) | (3 | ) | - | - | - | - | (3,855 | ) | (3,858 | ) | ||||||||||||||||||||
Balances at September 30, 2016 | 29,386 | $ | $294 | $ | 322,164 | $ | 181,460 | $ | (20,475 | ) | $ | 2,661 | $ | (76,547 | ) | $ | 409,557 | |||||||||||||||
Balances at December 31, 2016 | 29,430 | $ | $294 | $ | 322,934 | $ | 184,565 | $ | (20,178 | ) | $ | (378 | ) | $ | (76,547 | ) | $ | 410,690 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||
Net income | - | - | - | 22,849 | - | - | - | 22,849 | ||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 706 | - | 706 | ||||||||||||||||||||||||
Total comprehensive income | 23,555 | |||||||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 572 | - | 890 | - | - | 1,462 | ||||||||||||||||||||||||
Cash dividend, $0.86 per share | - | - | - | (23,836 | ) | - | - | - | (23,836 | ) | ||||||||||||||||||||||
Stock based compensation activity | 176 | 2 | 820 | - | - | - | - | 822 | ||||||||||||||||||||||||
Stock compensation expense | - | - | 1,427 | - | - | - | - | 1,427 | ||||||||||||||||||||||||
Repurchase of common stock returned to authorized but unissued | (123 | ) | (1 | ) | - | - | - | - | (2,189 | ) | (2,190 | ) | ||||||||||||||||||||
Balances at September 30, 2017 | 29,483 | $ | $295 | $ | 325,753 | $ | 183,578 | $ | (19,288 | ) | $ | 328 | $ | (78,736 | ) | $ | 411,930 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||
For the six months ended June 30, 2020 | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||
Balances at January 1, 2020 | 27,148 | $ | 271 | $ | 211,997 | $ | 197,393 | $ | (16,617 | ) | $ | 642 | $ | 393,686 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | - | - | - | 27,017 | - | - | 27,017 | |||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 2,117 | 2,117 | |||||||||||||||||||||
Total comprehensive income | 29,134 | |||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 228 | - | 594 | - | 822 | |||||||||||||||||||||
Cash dividend declared, $0.74 per share | - | - | - | (18,547 | ) | - | - | (18,547 | ) | |||||||||||||||||||
Stock compensation activity, net of tax | 45 | 1 | 530 | - | - | - | 531 | |||||||||||||||||||||
Stock compensation expense | - | - | 389 | - | - | - | 389 | |||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | (1,350 | ) | (14 | ) | (20,382 | ) | - | - | - | (20,396 | ) | |||||||||||||||||
Balances at June 30, 2020 | 25,843 | $ | 258 | $ | 192,762 | $ | 205,863 | $ | (16,023 | ) | $ | 2,759 | $ | 385,619 | ||||||||||||||
For the six months ended June 30, 2019 | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||
Balances at January 1, 2019 | 28,463 | $ | 285 | $ | 232,406 | $ | 187,153 | $ | (17,804 | ) | $ | (2,361 | ) | $ | 399,679 | |||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | - | - | - | 16,185 | - | - | 16,185 | |||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 3,016 | 3,016 | |||||||||||||||||||||
Total comprehensive income | 19,201 | |||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 281 | - | 594 | - | 875 | |||||||||||||||||||||
Cash dividend declared, $0.74 per share | - | - | - | (19,518 | ) | - | - | (19,518 | ) | |||||||||||||||||||
Stock based compensation activity | 31 | - | 394 | - | - | - | 394 | |||||||||||||||||||||
Stock compensation expense | - | - | 598 | - | - | - | 598 | |||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | (868 | ) | (9 | ) | (14,417 | ) | - | - | - | (14,426 | ) | |||||||||||||||||
Balances at June 30, 2019 | 27,626 | $ | 276 | $ | 219,262 | $ | 183,820 | $ | (17,210 | ) | $ | 655 | $ | 386,803 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||
For the three months ended June 30, 2020 | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||
Balances at April 1, 2020 | 26,275 | $ | 263 | $ | 198,579 | $ | 187,812 | $ | (16,320 | ) | $ | 1,492 | $ | 371,826 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | - | - | - | 20,948 | - | - | 20,948 | |||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 1,267 | 1,267 | |||||||||||||||||||||
Total comprehensive income | 22,215 | |||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 76 | - | 297 | - | 373 | |||||||||||||||||||||
Cash dividend declared, $0.12 per share | - | - | - | (2,897 | ) | - | - | (2,897 | ) | |||||||||||||||||||
Stock compensation activity, net of tax | 6 | - | 78 | - | - | - | 78 | |||||||||||||||||||||
Stock compensation expense | - | - | 175 | - | - | - | 175 | |||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | (438 | ) | (5 | ) | (6,146 | ) | - | - | - | (6,151 | ) | |||||||||||||||||
Balances at June 30, 2020 | 25,843 | $ | 258 | $ | 192,762 | $ | 205,863 | $ | (16,023 | ) | $ | 2,759 | $ | 385,619 | ||||||||||||||
For the three months ended June 30, 2019 | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||
Balances at April 1, 2019 | 28,004 | $ | 280 | $ | 225,243 | $ | 177,303 | $ | (17,507 | ) | $ | (851 | ) | $ | 384,468 | |||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | - | - | - | 9,643 | - | - | 9,643 | |||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | 1,506 | 1,506 | |||||||||||||||||||||
Total comprehensive income | 11,149 | |||||||||||||||||||||||||||
ESOP shares committed to be released to Plan participants | - | - | 141 | - | 297 | - | 438 | |||||||||||||||||||||
Cash dividend declared, $0.12 per share | - | - | - | (3,126 | ) | - | - | (3,126 | ) | |||||||||||||||||||
Stock based compensation activity | 8 | - | 102 | - | - | - | 102 | |||||||||||||||||||||
Stock compensation expense | - | - | 229 | - | - | - | 229 | |||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | (386 | ) | (4 | ) | (6,453 | ) | - | - | - | (6,457 | ) | |||||||||||||||||
Balances at June 30, 2019 | 27,626 | $ | 276 | $ | 219,262 | $ | 183,820 | $ | (17,210 | ) | $ | 655 | $ | 386,803 |
Six months ended June 30, | ||||||||||||||||
Nine months ended September 30, | 2020 | 2019 | ||||||||||||||
2017 | 2016 | (In Thousands) | ||||||||||||||
(In Thousands) | ||||||||||||||||
Operating activities: | ||||||||||||||||
Net income | $ | 22,849 | $ | 19,133 | $ | 27,017 | $ | 16,185 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Provision for loan losses | (1,166 | ) | 340 | |||||||||||||
Adjustments to reconcile net income to used in provided by operating activities: | ||||||||||||||||
Provision (credit) for loan losses | 5,285 | (650 | ) | |||||||||||||
Provision for depreciation | 1,549 | 2,061 | 1,290 | 1,215 | ||||||||||||
Deferred taxes | (1,855 | ) | 1,768 | |||||||||||||
Stock based compensation | 1,427 | 1,430 | 389 | 598 | ||||||||||||
Net amortization of premium/discount on debt and mortgage related securities | 524 | 749 | 79 | 113 | ||||||||||||
Amortization of unearned ESOP shares | 1,462 | 1,168 | 822 | 875 | ||||||||||||
Amortization and impairment of mortgage servicing rights | 71 | 513 | 247 | 109 | ||||||||||||
Gain on sale of loans held for sale | (94,219 | ) | (93,481 | ) | (94,345 | ) | (58,304 | ) | ||||||||
Loans originated for sale | (1,881,351 | ) | (1,756,454 | ) | (1,795,178 | ) | (1,270,121 | ) | ||||||||
Proceeds on sales of loans originated for sale | 2,025,682 | 1,788,685 | 1,726,257 | 1,225,989 | ||||||||||||
Increase in accrued interest receivable | (294 | ) | (204 | ) | ||||||||||||
Decrease (increase) in accrued interest receivable | 283 | (259 | ) | |||||||||||||
Increase in cash surrender value of life insurance | (1,476 | ) | (1,446 | ) | (873 | ) | (851 | ) | ||||||||
Increase (decrease) in accrued interest on deposits and borrowings | 2 | (615 | ) | |||||||||||||
Increase in other liabilities | 336 | 5,893 | ||||||||||||||
Increase in accrued tax receivable | (2,088 | ) | (172 | ) | ||||||||||||
Loss on sale of securities | 107 | - | ||||||||||||||
(Decrease) increase in accrued interest on deposits and borrowings | (155 | ) | 136 | |||||||||||||
Decrease in prepaid tax expense | 3,731 | 76 | ||||||||||||||
Net gain related to real estate owned | (11 | ) | (123 | ) | (5 | ) | (20 | ) | ||||||||
Gain on sale of mortgage servicing rights | (308 | ) | - | |||||||||||||
Other | 440 | (3,784 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 73,536 | (36,307 | ) | |||||||||||||
Change in other assets and other liabilities | (7,198 | ) | (14,736 | ) | ||||||||||||
Net cash used in operating activities | (134,209 | ) | (97,877 | ) | ||||||||||||
Investing activities: | ||||||||||||||||
Net increase in loans receivable | (85,685 | ) | (41,096 | ) | ||||||||||||
Net change in FHLB stock | (5,175 | ) | 6,900 | |||||||||||||
Net (increase) decrease in loans receivable | (46,009 | ) | 7,697 | |||||||||||||
Purchases of: | ||||||||||||||||
FHLB stock | (5,570 | ) | (2,925 | ) | ||||||||||||
Mortgage related securities | (4,455 | ) | (6,759 | ) | ||||||||||||
Debt securities | (6,140 | ) | (4,140 | ) | (2,500 | ) | - | |||||||||
Mortgage related securities | (6,940 | ) | (5,236 | ) | ||||||||||||
Bank owned life insurance | (180 | ) | (180 | ) | ||||||||||||
Premises and equipment, net | (939 | ) | (925 | ) | (478 | ) | (1,722 | ) | ||||||||
Bank owned life insurance | (2,680 | ) | (10,180 | ) | ||||||||||||
Proceeds from: | ||||||||||||||||
Principal repayments on mortgage-related securities | 25,177 | 29,689 | 20,791 | 12,930 | ||||||||||||
Maturities of debt securities | 13,941 | 6,620 | 3,360 | 1,835 | ||||||||||||
Sale of debt securities | 448 | - | ||||||||||||||
Sales of real estate owned | 3,104 | 5,304 | 353 | 1,204 | ||||||||||||
Net cash used in investing activities | (64,889 | ) | (13,064 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (34,688 | ) | 12,080 | |||||||||||||
Financing activities: | ||||||||||||||||
Net increase in deposits | 7,362 | 62,288 | 89,890 | 16,501 | ||||||||||||
Net change in short term borrowings | (7,652 | ) | 56,780 | 115,540 | 18,635 | |||||||||||
Repayment of long term debt | (69,000 | ) | (220,000 | ) | - | (100,000 | ) | |||||||||
Proceeds from long term debt | 125,000 | 100,000 | - | 165,000 | ||||||||||||
Net change in advance payments by borrowers for taxes | 6,021 | 9,405 | ||||||||||||||
Cash paid for advance payments by borrowers for taxes | 4,710 | 3,511 | ||||||||||||||
Cash dividends on common stock | (23,636 | ) | (4,832 | ) | (18,759 | ) | (19,774 | ) | ||||||||
Purchase of common stock returned to authorized but unissued | (2,190 | ) | (3,858 | ) | (20,396 | ) | (14,426 | ) | ||||||||
Proceeds from stock option exercises | 822 | 3,437 | 531 | 394 | ||||||||||||
Net cash provided by financing activities | 36,727 | 3,220 | 171,516 | 69,841 | ||||||||||||
Increase (decrease) in cash and cash equivalents | 45,374 | (46,151 | ) | 2,619 | (15,956 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 47,217 | 100,471 | 74,300 | 86,101 | ||||||||||||
Cash and cash equivalents at end of period | $ | 92,591 | $ | 54,320 | $ | 76,919 | $ | 70,145 | ||||||||
Supplemental information: | ||||||||||||||||
Cash paid or credited during the period for: | ||||||||||||||||
Income tax payments | $ | 14,141 | $ | 11,009 | $ | 7,068 | $ | 3,904 | ||||||||
Interest payments | 12,368 | 16,816 | 13,693 | 13,032 | ||||||||||||
Noncash activities: | ||||||||||||||||
Loans receivable transferred to real estate owned | 1,609 | 3,442 | 299 | 743 | ||||||||||||
Dividends declared but not paid in other liabilities | 3,877 | 2,322 | 3,289 | 3,541 |
September 30, 2017 | June 30, 2020 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 61,692 | $ | 631 | $ | (105 | ) | $ | 62,218 | $ | 28,320 | $ | 1,392 | $ | - | $ | 29,712 | |||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 54,949 | 56 | (345 | ) | 54,660 | 66,610 | 2,377 | - | 68,987 | |||||||||||||||||||||||
Private-label issued | 3,776 | 28 | - | 3,804 | ||||||||||||||||||||||||||||
Mortgage-related securities | 116,641 | 687 | (450 | ) | 116,878 | 98,706 | 3,797 | - | 102,503 | |||||||||||||||||||||||
Government sponsored enterprise bonds | 2,500 | - | (1 | ) | 2,499 | |||||||||||||||||||||||||||
Municipal securities | 64,100 | 1,578 | (16 | ) | 65,662 | 48,421 | 2,229 | - | 50,650 | |||||||||||||||||||||||
Other debt securities | 15,005 | 61 | (492 | ) | 14,574 | 12,500 | - | (1,541 | ) | 10,959 | ||||||||||||||||||||||
Debt securities | 81,605 | 1,639 | (509 | ) | 82,735 | 60,921 | 2,229 | (1,541 | ) | 61,609 | ||||||||||||||||||||||
Certificates of deposit | 1,225 | 3 | (1 | ) | 1,227 | |||||||||||||||||||||||||||
$ | 199,471 | $ | 2,329 | $ | (960 | ) | $ | 200,840 | $ | 159,627 | $ | 6,026 | $ | (1,541 | ) | $ | 164,112 |
December 31, 2016 | December 31, 2019 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 72,858 | $ | 798 | $ | (243 | ) | $ | 73,413 | $ | 33,773 | $ | 422 | $ | (45 | ) | $ | 34,150 | ||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 62,297 | 70 | (365 | ) | 62,002 | 81,232 | 776 | (254 | ) | 81,754 | ||||||||||||||||||||||
Mortgage-related securities | 135,155 | 868 | (608 | ) | 135,415 | 115,005 | 1,198 | (299 | ) | 115,904 | ||||||||||||||||||||||
Government sponsored enterprise bonds | 2,500 | 4 | (1 | ) | 2,503 | |||||||||||||||||||||||||||
Municipal securities | 70,311 | 685 | (300 | ) | 70,696 | 51,898 | 1,795 | (1 | ) | 53,692 | ||||||||||||||||||||||
Other debt securities | 17,399 | 154 | (603 | ) | 16,950 | 10,000 | - | (1,120 | ) | 8,880 | ||||||||||||||||||||||
Debt securities | 90,210 | 843 | (904 | ) | 90,149 | 61,898 | 1,795 | (1,121 | ) | 62,572 | ||||||||||||||||||||||
Certificates of deposit | 1,225 | 7 | (1 | ) | 1,231 | |||||||||||||||||||||||||||
$ | 226,590 | $ | 1,718 | $ | (1,513 | ) | $ | 226,795 | $ | 176,903 | $ | 2,993 | $ | (1,420 | ) | $ | 178,476 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Debt and other securities | ||||||||||||||||
Due within one year | $ | 11,214 | $ | 11,207 | $ | 4,208 | $ | 4,244 | ||||||||
Due after one year through five years | 20,919 | 21,116 | 34,829 | 35,902 | ||||||||||||
Due after five years through ten years | 36,891 | 38,178 | 21,236 | 20,625 | ||||||||||||
Due after ten years | 13,806 | 13,461 | 648 | 838 | ||||||||||||
Mortgage-related securities | 116,641 | 116,878 | 98,706 | 102,503 | ||||||||||||
$ | 199,471 | $ | 200,840 | $ | 159,627 | $ | 164,112 |
September 30, 2017 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 8,547 | $ | (42 | ) | $ | 3,553 | $ | (63 | ) | $ | 12,100 | $ | (105 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 33,229 | (313 | ) | 2,188 | (32 | ) | 35,417 | (345 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 2,499 | (1 | ) | - | - | 2,499 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Private label issued | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 10,301 | (15 | ) | 101 | (1 | ) | 10,402 | (16 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Other debt securities | - | - | 9,508 | (492 | ) | 9,508 | (492 | ) | 2,467 | (33 | ) | 8,492 | (1,508 | ) | 10,959 | (1,541 | ) | |||||||||||||||||||||||||||||||
Certificates of deposit | 489 | (1 | ) | - | - | 489 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
$ | 55,065 | $ | (372 | ) | $ | 15,350 | $ | (588 | ) | $ | 70,415 | $ | (960 | ) | $ | 2,467 | $ | (33 | ) | $ | 8,492 | $ | (1,508 | ) | $ | 10,959 | $ | (1,541 | ) |
December 31, 2016 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 23,433 | $ | (222 | ) | $ | 1,068 | $ | (21 | ) | $ | 24,501 | $ | (243 | ) | $ | 2,929 | $ | (20 | ) | $ | 2,849 | $ | (25 | ) | $ | 5,778 | $ | (45 | ) | ||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 39,395 | (365 | ) | - | - | 39,395 | (365 | ) | 21,723 | (136 | ) | 7,180 | (118 | ) | 28,903 | (254 | ) | |||||||||||||||||||||||||||||||
Government sponsored enterprise bonds | 2,000 | (1 | ) | - | - | 2,000 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Municipal securities | 32,141 | (300 | ) | - | - | 32,141 | (300 | ) | 100 | (1 | ) | - | - | 100 | (1 | ) | ||||||||||||||||||||||||||||||||
Other debt securities | - | - | 9,397 | (603 | ) | 9,397 | (603 | ) | - | - | 8,880 | (1,120 | ) | 8,880 | (1,120 | ) | ||||||||||||||||||||||||||||||||
Certificates of deposit | 489 | (1 | ) | - | - | 489 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
$ | 97,458 | $ | (889 | ) | $ | 10,465 | $ | (624 | ) | $ | 107,923 | $ | (1,513 | ) | $ | 24,752 | $ | (157 | ) | $ | 18,909 | $ | (1,263 | ) | $ | 43,661 | $ | (1,420 | ) |
(In Thousands) | ||||
Credit-related impairments on securities as of December 31, 2015 | $ | 117 | ||
Credit-related impairments related to securities for which an other- than-temporary impairment was not previously recognized | - | |||
Decrease in credit-related impairments related to securities for which an other-than-temporary impairment was previously recognized | (23 | ) | ||
Credit-related impairments on securities as of December 31, 2016 | 94 | |||
Credit-related impairments related to securities for which an other- than-temporary impairment was not previously recognized | - | |||
Increase in credit-related impairments related to securities for which an other-than-temporary impairment was previously recognized | - | |||
Credit-related impairments on securities as of September 30, 2017 | $ | 94 |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Mortgage loans: | ||||||||||||||||
Residential real estate: | ||||||||||||||||
One- to four-family | $ | 427,195 | $ | 392,817 | $ | 467,346 | $ | 480,280 | ||||||||
Multi-family | 580,134 | 558,592 | 598,924 | 584,859 | ||||||||||||
Home equity | 21,606 | 21,778 | 16,409 | 18,071 | ||||||||||||
Construction and land | 16,451 | 18,179 | 48,850 | 37,033 | ||||||||||||
Commercial real estate | 181,328 | 159,401 | 244,775 | 236,703 | ||||||||||||
Consumer | 266 | 319 | 860 | 832 | ||||||||||||
Commercial loans | 34,180 | 26,798 | 56,639 | 30,253 | ||||||||||||
$ | 1,261,160 | $ | 1,177,884 | $ | 1,433,803 | $ | 1,388,031 |
As of September 30, 2017 | As of June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
1-59 Days Past Due (1) | 60-89 Days Past Due (2) | 90 Days or Greater | Total Past Due | Current (3) | Total Loans | 1-59 Days Past Due (1) | 60-89 Days Past Due (2) | 90 Days or Greater | Total Past Due | Current (3) | Total Loans | |||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,859 | $ | 192 | $ | 4,161 | $ | 6,212 | $ | 420,983 | $ | 427,195 | $ | 2,452 | $ | 12 | $ | 3,446 | $ | 5,910 | $ | 461,436 | $ | 467,346 | ||||||||||||||||||||||||
Multi-family | 332 | - | 407 | 739 | 579,395 | 580,134 | - | - | 356 | 356 | 598,568 | 598,924 | ||||||||||||||||||||||||||||||||||||
Home equity | 220 | - | 91 | 311 | 21,295 | 21,606 | 29 | 6 | 40 | 75 | 16,334 | 16,409 | ||||||||||||||||||||||||||||||||||||
Construction and land | - | - | 37 | 37 | 16,414 | 16,451 | - | - | - | - | 48,850 | 48,850 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,270 | 156 | 181 | 1,607 | 179,721 | 181,328 | - | - | 67 | 67 | 244,708 | 244,775 | ||||||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | 266 | 266 | - | - | - | - | 860 | 860 | ||||||||||||||||||||||||||||||||||||
Commercial loans | 23 | - | 26 | 49 | 34,131 | 34,180 | 39 | - | - | 39 | 56,600 | 56,639 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,704 | $ | 348 | $ | 4,903 | $ | 8,955 | $ | 1,252,205 | $ | 1,261,160 | $ | 2,520 | $ | 18 | $ | 3,909 | $ | 6,447 | $ | 1,427,356 | $ | 1,433,803 |
As of December 31, 2019 | ||||||||||||||||||||||||
1-59 Days Past Due (1) | 60-89 Days Past Due (2) | 90 Days or Greater | Total Past Due | Current (3) | Total Loans | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four-family | $ | 1,179 | $ | 638 | $ | 3,969 | $ | 5,786 | $ | 474,494 | $ | 480,280 | ||||||||||||
Multi-family | - | - | 360 | 360 | 584,499 | 584,859 | ||||||||||||||||||
Home equity | - | 10 | - | 10 | 18,061 | 18,071 | ||||||||||||||||||
Construction and land | - | - | - | - | 37,033 | 37,033 | ||||||||||||||||||
Commercial real estate | - | - | 303 | 303 | 236,400 | 236,703 | ||||||||||||||||||
Consumer | - | - | - | - | 832 | 832 | ||||||||||||||||||
Commercial loans | 6 | - | - | 6 | 30,247 | 30,253 | ||||||||||||||||||
Total | $ | 1,185 | $ | 648 | $ | 4,632 | $ | 6,465 | $ | 1,381,566 | $ | 1,388,031 |
As of December 31, 2016 | ||||||||||||||||||||||||
1-59 Days Past Due (1) | 60-89 Days Past Due (2) | 90 Days or Greater | Total Past Due | Current (3) | Total Loans | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One- to four-family | $ | 2,403 | $ | 7 | $ | 4,623 | $ | 7,033 | $ | 385,784 | $ | 392,817 | ||||||||||||
Multi-family | 376 | - | 401 | 777 | 557,815 | 558,592 | ||||||||||||||||||
Home equity | 82 | - | 35 | 117 | 21,661 | 21,778 | ||||||||||||||||||
Construction and land | - | - | - | - | 18,179 | 18,179 | ||||||||||||||||||
Commercial real estate | - | - | 203 | 203 | 159,198 | 159,401 | ||||||||||||||||||
Consumer | - | - | - | - | 319 | 319 | ||||||||||||||||||
Commercial loans | 42 | - | 27 | 69 | 26,729 | 26,798 | ||||||||||||||||||
Total | $ | 2,903 | $ | 7 | $ | 5,289 | $ | 8,199 | $ | 1,169,685 | $ | 1,177,884 |
One- to Four- Family | Multi-Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | One- to Four- Family | Multi-Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 7,164 | $ | 4,809 | $ | 364 | $ | 1,016 | $ | 1,951 | $ | 12 | $ | 713 | $ | 16,029 | $ | 4,907 | $ | 4,138 | $ | 201 | $ | 610 | $ | 2,145 | $ | 14 | $ | 372 | $ | 12,387 | ||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | (249 | ) | (396 | ) | 8 | (283 | ) | (170 | ) | (2 | ) | (74 | ) | (1,166 | ) | 754 | 1,728 | 12 | 542 | 1,972 | 25 | 252 | 5,285 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (1,092 | ) | (92 | ) | - | (14 | ) | (6 | ) | - | - | (1,204 | ) | (7 | ) | (5 | ) | (13 | ) | - | - | (1 | ) | (8 | ) | (34 | ) | |||||||||||||||||||||||||||||||||||||
Recoveries | 200 | 102 | 21 | 80 | 1 | - | - | 404 | 61 | 9 | 18 | 1 | 7 | - | - | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 6,023 | $ | 4,423 | $ | 393 | $ | 799 | $ | 1,776 | $ | 10 | $ | 639 | $ | 14,063 | $ | 5,715 | $ | 5,870 | $ | 218 | $ | 1,153 | $ | 4,124 | $ | 38 | $ | 616 | $ | 17,734 |
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 7,763 | $ | 5,000 | $ | 433 | $ | 904 | $ | 1,680 | $ | 9 | $ | 396 | $ | 16,185 | $ | 5,742 | $ | 4,153 | $ | 325 | $ | 400 | $ | 2,126 | $ | 20 | $ | 483 | $ | 13,249 | ||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 141 | 23 | (25 | ) | (123 | ) | 33 | 3 | 288 | 340 | (449 | ) | 154 | (54 | ) | 12 | (214 | ) | (3 | ) | (96 | ) | (650 | ) | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | (801 | ) | (488 | ) | (62 | ) | (3 | ) | - | - | - | (1,354 | ) | (25 | ) | (1 | ) | (8 | ) | - | - | (5 | ) | - | (39 | ) | ||||||||||||||||||||||||||||||||||||||
Recoveries | 246 | 134 | 24 | 58 | - | - | - | 462 | 35 | 9 | 12 | - | 1 | - | - | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 7,349 | $ | 4,669 | $ | 370 | $ | 836 | $ | 1,713 | $ | 12 | $ | 684 | $ | 15,633 | $ | 5,303 | $ | 4,315 | $ | 275 | $ | 412 | $ | 1,913 | $ | 12 | $ | 387 | $ | 12,617 |
One- to Four- Family | Multi-Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,714 | $ | 4,301 | $ | 239 | $ | 687 | $ | 2,803 | $ | 23 | $ | 459 | $ | 13,226 | ||||||||||||||||
Provision (credit) for loan losses | 988 | 1,568 | (20 | ) | 466 | 1,318 | 15 | 165 | 4,500 | |||||||||||||||||||||||
Charge-offs | (1 | ) | (5 | ) | (13 | ) | - | - | - | (8 | ) | (27 | ) | |||||||||||||||||||
Recoveries | 14 | 6 | 12 | - | 3 | - | - | 35 | ||||||||||||||||||||||||
Balance at end of period | $ | 5,715 | $ | 5,870 | $ | 218 | $ | 1,153 | $ | 4,124 | $ | 38 | $ | 616 | $ | 17,734 |
Three months ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,181 | $ | 4,331 | $ | 276 | $ | 353 | $ | 2,005 | $ | 7 | $ | 408 | $ | 12,561 | ||||||||||||||||
Provision (credit) for loan losses | 101 | (20 | ) | (7 | ) | 59 | (92 | ) | 10 | (21 | ) | 30 | ||||||||||||||||||||
Charge-offs | (1 | ) | (1 | ) | - | - | - | (5 | ) | - | (7 | ) | ||||||||||||||||||||
Recoveries | 22 | 5 | 6 | - | - | - | - | 33 | ||||||||||||||||||||||||
Balance at end of period | $ | 5,303 | $ | 4,315 | $ | 275 | $ | 412 | $ | 1,913 | $ | 12 | $ | 387 | $ | 12,617 |
One- to Four- Family | Multi- Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | One- to Four- Family | Multi- Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 198 | $ | - | $ | 77 | $ | - | $ | 38 | $ | - | $ | - | $ | 313 | $ | 27 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 27 | ||||||||||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 5,825 | 4,423 | 316 | 799 | 1,738 | 10 | 639 | 13,750 | 5,688 | 5,870 | 218 | 1,153 | 4,124 | 38 | 616 | 17,707 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 6,023 | $ | 4,423 | $ | 393 | $ | 799 | $ | 1,776 | $ | 10 | $ | 639 | $ | 14,063 | $ | 5,715 | $ | 5,870 | $ | 218 | $ | 1,153 | $ | 4,124 | $ | 38 | $ | 616 | $ | 17,734 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,456 | $ | 833 | $ | 302 | $ | 37 | $ | 472 | $ | - | $ | 26 | $ | 10,126 | $ | 7,478 | $ | 639 | $ | 77 | $ | - | $ | 343 | $ | - | $ | - | $ | 8,537 | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 418,739 | 579,301 | 21,304 | 16,414 | 180,856 | 266 | 34,154 | 1,251,034 | 459,868 | 598,285 | 16,332 | 48,850 | 244,432 | 860 | 56,639 | 1,425,266 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 427,195 | $ | 580,134 | $ | 21,606 | $ | 16,451 | $ | 181,328 | $ | 266 | $ | 34,180 | $ | 1,261,160 | $ | 467,346 | $ | 598,924 | $ | 16,409 | $ | 48,850 | $ | 244,775 | $ | 860 | $ | 56,639 | $ | 1,433,803 |
One- to Four-Family | Multi- Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | One- to Four-Family | Multi- Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance related to loans individually evaluated for impairment | $ | 499 | $ | - | $ | 79 | $ | - | $ | 83 | $ | - | $ | 1 | $ | 662 | $ | 32 | $ | - | $ | - | $ | - | $ | 7 | $ | - | $ | - | $ | 39 | ||||||||||||||||||||||||||||||||
Allowance related to loans collectively evaluated for impairment | 6,665 | 4,809 | 285 | 1,016 | 1,868 | 12 | 712 | 15,367 | 4,875 | 4,138 | 201 | 610 | 2,138 | 14 | 372 | 12,348 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 7,164 | $ | 4,809 | $ | 364 | $ | 1,016 | $ | 1,951 | $ | 12 | $ | 713 | $ | 16,029 | $ | 4,907 | $ | 4,138 | $ | 201 | $ | 610 | $ | 2,145 | $ | 14 | $ | 372 | $ | 12,387 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 10,920 | $ | 3,941 | $ | 442 | $ | - | $ | 718 | $ | - | $ | 41 | $ | 16,062 | $ | 8,725 | $ | 667 | $ | 84 | $ | - | $ | 581 | $ | - | $ | - | $ | 10,057 | ||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 381,897 | 554,651 | 21,336 | 18,179 | 158,683 | 319 | 26,757 | 1,161,822 | 471,555 | 584,192 | 17,987 | 37,033 | 236,122 | 832 | 30,253 | 1,377,974 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 392,817 | $ | 558,592 | $ | 21,778 | $ | 18,179 | $ | 159,401 | $ | 319 | $ | 26,798 | $ | 1,177,884 | $ | 480,280 | $ | 584,859 | $ | 18,071 | $ | 37,033 | $ | 236,703 | $ | 832 | $ | 30,253 | $ | 1,388,031 |
One to Four- Family | Multi-Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | One to Four- Family | Multi-Family | Home Equity | Construction and Land | Commercial Real Estate | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | 8,899 | $ | 833 | $ | 272 | $ | 37 | $ | 1,062 | $ | - | $ | 1,595 | $ | 12,698 | $ | 7,478 | $ | 639 | $ | 265 | $ | - | $ | 343 | $ | - | $ | 732 | $ | 9,457 | ||||||||||||||||||||||||||||||||
Watch | 7,348 | 498 | 199 | - | 456 | - | 761 | 9,262 | 8,685 | - | 6 | 3,494 | 5,090 | - | 1,380 | 18,655 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 410,948 | 578,803 | 21,135 | 16,414 | 179,810 | 266 | 31,824 | 1,239,200 | 451,183 | 598,285 | 16,138 | 45,356 | 239,342 | 860 | 54,527 | 1,405,691 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 427,195 | $ | 580,134 | $ | 21,606 | $ | 16,451 | $ | 181,328 | $ | 266 | $ | 34,180 | $ | 1,261,160 | $ | 467,346 | $ | 598,924 | $ | 16,409 | $ | 48,850 | $ | 244,775 | $ | 860 | $ | 56,639 | $ | 1,433,803 | |||||||||||||||||||||||||||||||||
At December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | 12,845 | $ | 1,427 | $ | 428 | $ | - | $ | 717 | $ | - | $ | 41 | $ | 15,458 | $ | 8,725 | $ | 668 | $ | 285 | $ | - | $ | 581 | $ | - | $ | 754 | $ | 11,013 | ||||||||||||||||||||||||||||||||
Watch | 10,509 | 3,975 | 149 | 436 | 1,389 | - | 3,671 | 20,129 | 5,975 | - | 3 | - | 1,412 | - | 847 | 8,237 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 369,463 | 553,190 | 21,201 | 17,743 | 157,295 | 319 | 23,086 | 1,142,297 | 465,580 | 584,191 | 17,783 | 37,033 | 234,710 | 832 | 28,652 | 1,368,781 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 392,817 | $ | 558,592 | $ | 21,778 | $ | 18,179 | $ | 159,401 | $ | 319 | $ | 26,798 | $ | 1,177,884 | $ | 480,280 | $ | 584,859 | $ | 18,071 | $ | 37,033 | $ | 236,703 | $ | 832 | $ | 30,253 | $ | 1,388,031 |
As of or for the Nine Months Ended September 30, 2017 | As of June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Reserve | Cumulative Charge-Offs | Average Recorded Investment | Interest Paid | Recorded Investment | Unpaid Principal | Reserve | Cumulative Charge-Offs | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Total Impaired with Reserve | ||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,568 | $ | 1,568 | $ | 198 | $ | - | $ | 1,595 | $ | 57 | $ | 212 | $ | 212 | $ | 27 | $ | - | ||||||||||||||||||||
Multi-family | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Home equity | 159 | 159 | 77 | - | 165 | 10 | - | - | - | - | ||||||||||||||||||||||||||||||
Construction and land | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 38 | 447 | 38 | 409 | 45 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
1,765 | 2,174 | 313 | 409 | 1,805 | 67 | 212 | 212 | 27 | - | |||||||||||||||||||||||||||||||
Total Impaired with no Reserve | ||||||||||||||||||||||||||||||||||||||||
One- to four-family | 6,888 | 8,385 | - | 1,497 | 7,409 | 251 | 7,266 | 8,283 | - | 1,017 | ||||||||||||||||||||||||||||||
Multi-family | 833 | 1,699 | - | 866 | 834 | 63 | 639 | 1,456 | - | 817 | ||||||||||||||||||||||||||||||
Home equity | 143 | 143 | - | - | 147 | 4 | 77 | 77 | - | - | ||||||||||||||||||||||||||||||
Construction and land | 37 | 51 | - | 14 | 45 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 434 | 434 | - | - | 436 | 11 | 343 | 343 | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial | 26 | 26 | - | - | 26 | - | - | - | - | - | ||||||||||||||||||||||||||||||
8,361 | 10,738 | - | 2,377 | 8,897 | 329 | 8,325 | 10,159 | - | 1,834 | |||||||||||||||||||||||||||||||
Total Impaired | ||||||||||||||||||||||||||||||||||||||||
One- to four-family | 8,456 | 9,953 | 198 | 1,497 | 9,004 | 308 | 7,478 | 8,495 | 27 | 1,017 | ||||||||||||||||||||||||||||||
Multi-family | 833 | 1,699 | - | 866 | 834 | 63 | 639 | 1,456 | - | 817 | ||||||||||||||||||||||||||||||
Home equity | 302 | 302 | 77 | - | 312 | 14 | 77 | 77 | - | - | ||||||||||||||||||||||||||||||
Construction and land | 37 | 51 | - | 14 | 45 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate | 472 | 881 | 38 | 409 | 481 | 11 | 343 | 343 | - | - | ||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial | 26 | 26 | - | - | 26 | - | - | - | - | - | ||||||||||||||||||||||||||||||
$ | 10,126 | $ | 12,912 | $ | 313 | $ | 2,786 | $ | 10,702 | $ | 396 | $ | 8,537 | $ | 10,371 | $ | 27 | $ | 1,834 |
As of December 31, 2019 | ||||||||||||||||
Recorded Investment | Unpaid Principal | Reserve | Cumulative Charge-Offs | |||||||||||||
(In Thousands) | ||||||||||||||||
Total Impaired with Reserve | ||||||||||||||||
One- to four-family | $ | 217 | $ | 217 | $ | 32 | $ | - | ||||||||
Multi-family | - | - | - | - | ||||||||||||
Home equity | - | - | - | - | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | 7 | 416 | 7 | 409 | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | - | - | ||||||||||||
224 | 633 | 39 | 409 | |||||||||||||
Total Impaired with no Reserve | ||||||||||||||||
One- to four-family | 8,508 | 9,531 | - | 1,023 | ||||||||||||
Multi-family | 667 | 1,491 | - | 824 | ||||||||||||
Home equity | 84 | 84 | - | - | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | 574 | 574 | - | - | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | - | - | ||||||||||||
9,833 | 11,680 | - | 1,847 | |||||||||||||
Total Impaired | ||||||||||||||||
One- to four-family | 8,725 | 9,748 | 32 | 1,023 | ||||||||||||
Multi-family | 667 | 1,491 | - | 824 | ||||||||||||
Home equity | 84 | 84 | - | - | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | 581 | 990 | 7 | 409 | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | - | - | ||||||||||||
$ | 10,057 | $ | 12,313 | $ | 39 | $ | 2,256 |
As of or for the Year Ended December 31, 2016 | ||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Reserve | Cumulative Charge-Offs | Average Recorded Investment | Interest Paid | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Total Impaired with Reserve | ||||||||||||||||||||||||
One- to four-family | $ | 3,007 | $ | 3,007 | $ | 499 | $ | - | $ | 3,063 | $ | 88 | ||||||||||||
Multi-family | - | - | - | - | - | - | ||||||||||||||||||
Home equity | 188 | 188 | 79 | - | 198 | 15 | ||||||||||||||||||
Construction and land | - | - | - | - | - | - | ||||||||||||||||||
Commercial real estate | 280 | 689 | 83 | 409 | 295 | 15 | ||||||||||||||||||
Consumer | - | - | - | - | - | - | ||||||||||||||||||
Commercial | 1 | 1 | 1 | - | 2 | - | ||||||||||||||||||
3,476 | 3,885 | 662 | 409 | 3,558 | 118 | |||||||||||||||||||
Total Impaired with no Reserve | ||||||||||||||||||||||||
One- to four-family | 7,913 | 9,245 | - | 1,332 | 8,150 | 401 | ||||||||||||||||||
Multi-family | 3,941 | 4,952 | - | 1,011 | 4,005 | 230 | ||||||||||||||||||
Home equity | 254 | 254 | - | - | 258 | 9 | ||||||||||||||||||
Construction and land | - | - | - | - | - | - | ||||||||||||||||||
Commercial real estate | 438 | 438 | - | - | 442 | 13 | ||||||||||||||||||
Consumer | - | - | - | - | - | - | ||||||||||||||||||
Commercial | 40 | 40 | - | - | 46 | 2 | ||||||||||||||||||
12,586 | 14,929 | - | 2,343 | 12,901 | 655 | |||||||||||||||||||
Total Impaired | ||||||||||||||||||||||||
One- to four-family | 10,920 | 12,252 | 499 | 1,332 | 11,213 | 489 | ||||||||||||||||||
Multi-family | 3,941 | 4,952 | - | 1,011 | 4,005 | 230 | ||||||||||||||||||
Home equity | 442 | 442 | 79 | - | 456 | 24 | ||||||||||||||||||
Construction and land | - | - | - | - | - | - | ||||||||||||||||||
Commercial real estate | 718 | 1,127 | 83 | 409 | 737 | 28 | ||||||||||||||||||
Consumer | - | - | - | - | - | - | ||||||||||||||||||
Commercial | 41 | 41 | 1 | - | 48 | 2 | ||||||||||||||||||
$ | 16,062 | $ | 18,814 | �� | $ | 662 | $ | 2,752 | $ | 16,459 | $ | 773 |
Six months ended June 30, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Average Recorded Investment | Interest Paid | Average Recorded Investment | Interest Paid | |||||||||||||
(In Thousands) | ||||||||||||||||
Total Impaired with Reserve | ||||||||||||||||
One- to four-family | $ | 215 | $ | 8 | $ | 353 | $ | 11 | ||||||||
Multi-family | - | - | 348 | 16 | ||||||||||||
Home equity | - | - | 85 | 5 | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | - | - | 13 | - | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | - | - | ||||||||||||
215 | 8 | 799 | 32 | |||||||||||||
Total Impaired with no Reserve | ||||||||||||||||
One- to four-family | 7,361 | 189 | 6,727 | 213 | ||||||||||||
Multi-family | 650 | 34 | 935 | 41 | ||||||||||||
Home equity | 79 | 2 | 46 | 2 | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | 346 | 8 | 380 | 9 | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | 11 | 1 | ||||||||||||
8,436 | 233 | 8,099 | 266 | |||||||||||||
Total Impaired | ||||||||||||||||
One- to four-family | 7,576 | 197 | 7,080 | 224 | ||||||||||||
Multi-family | 650 | 34 | 1,283 | 57 | ||||||||||||
Home equity | 79 | 2 | 131 | 7 | ||||||||||||
Construction and land | - | - | - | - | ||||||||||||
Commercial real estate | 346 | 8 | 393 | 9 | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Commercial | - | - | 11 | 1 | ||||||||||||
$ | 8,651 | $ | 241 | $ | 8,898 | $ | 298 |
As of September 30, 2017 | As of June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,747 | 2 | $ | 1,204 | 7 | $ | 3,951 | 9 | $ | 2,737 | 2 | $ | 591 | 4 | $ | 3,328 | 6 | ||||||||||||||||||||||||||||||
Multi-family | - | - | 833 | 3 | 833 | 3 | - | - | 282 | 2 | 282 | 2 | ||||||||||||||||||||||||||||||||||||
Home Equity | 48 | 1 | - | - | 48 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 291 | 1 | 37 | 1 | 328 | 2 | 276 | 1 | - | - | 276 | 1 | ||||||||||||||||||||||||||||||||||||
$ | 3,086 | 4 | $ | 2,074 | 11 | $ | 5,160 | 15 | $ | 3,013 | 3 | $ | 873 | 6 | $ | 3,886 | 9 |
As of December 31, 2016 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing | Non-accruing | Total | Accruing | Non-accruing | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 3,296 | 3 | $ | 2,399 | 34 | $ | 5,695 | 37 | $ | 2,740 | 2 | $ | 685 | 5 | $ | 3,425 | 7 | ||||||||||||||||||||||||||||||
Multi-family | 2,514 | 1 | 1,427 | 5 | 3,941 | 6 | - | - | 308 | 2 | 308 | 2 | ||||||||||||||||||||||||||||||||||||
Home equity | 49 | 1 | 97 | 1 | 146 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 295 | 1 | 60 | 1 | 355 | 2 | 278 | 1 | 7 | 1 | 285 | 2 | ||||||||||||||||||||||||||||||||||||
$ | 6,154 | 6 | $ | 3,983 | 41 | $ | 10,137 | 47 | $ | 3,018 | 3 | $ | 1,000 | 8 | $ | 4,018 | 11 |
As of September 30, 2017 | As of June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Performing in accordance with modified terms | In Default | Total | Performing in accordance with modified terms | In Default | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest reduction and principal forbearance | $ | 4,060 | 9 | $ | - | - | $ | 4,060 | 9 | $ | 3,572 | 6 | $ | - | - | $ | 3,572 | 6 | ||||||||||||||||||||||||||||||
Principal forbearance | 48 | 1 | - | - | 48 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Interest reduction | 356 | 3 | 696 | 2 | 1,052 | 5 | 314 | 3 | - | - | 314 | 3 | ||||||||||||||||||||||||||||||||||||
$ | 4,464 | 13 | $ | 696 | 2 | $ | 5,160 | 15 | $ | 3,886 | 9 | $ | - | - | $ | 3,886 | 9 |
As of December 31, 2016 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Performing in accordance with modified terms | In Default | Total | Performing in accordance with modified terms | In Default | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest reduction and principal forbearance | $ | 8,221 | 22 | $ | 761 | 2 | $ | 8,982 | 24 | $ | 3,246 | 6 | $ | 448 | 2 | $ | 3,694 | 8 | ||||||||||||||||||||||||||||||
Principal forbearance | 49 | 1 | - | - | 49 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Interest reduction | 1,106 | 22 | - | - | 1,106 | 22 | 324 | 3 | - | - | 324 | 3 | ||||||||||||||||||||||||||||||||||||
$ | 9,376 | 45 | $ | 761 | 2 | $ | 10,137 | 47 | $ | 3,570 | 9 | $ | 448 | 2 | $ | 4,018 | 11 |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||
Non-accrual loans: | ||||||||||||||||
Residential | ||||||||||||||||
Residential real estate: | ||||||||||||||||
One- to four-family | $ | 5,709 | $ | 7,623 | $ | 4,753 | $ | 5,985 | ||||||||
Multi-family | 833 | 1,427 | 639 | 667 | ||||||||||||
Home equity | 223 | 344 | 77 | 70 | ||||||||||||
Construction and land | 37 | - | - | - | ||||||||||||
Commercial real estate | 181 | 422 | 67 | 303 | ||||||||||||
Commercial | 26 | 41 | - | - | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Total non-accrual loans | $ | 7,009 | $ | 9,857 | $ | 5,536 | $ | 7,025 | ||||||||
Total non-accrual loans to total loans receivable | 0.56 | % | 0.84 | % | 0.39 | % | 0.51 | % | ||||||||
Total non-accrual loans to total assets | 0.38 | % | 0.55 | % | 0.25 | % | 0.35 | % |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
One- to four-family | $ | 1,021 | $ | 2,141 | $ | - | $ | 46 | ||||||||
Multi-family | 169 | - | - | - | ||||||||||||
Construction and land | 4,822 | 5,082 | 1,256 | 1,256 | ||||||||||||
Commercial real estate | 300 | 300 | - | - | ||||||||||||
Total real estate owned | 6,312 | 7,523 | 1,256 | 1,302 | ||||||||||||
Valuation allowance at end of period | (1,744 | ) | (1,405 | ) | (554 | ) | (554 | ) | ||||||||
Total real estate owned, net | $ | 4,568 | $ | 6,118 | $ | 702 | $ | 748 |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Real estate owned at beginning of the period | $ | 6,118 | 9,190 | $ | 748 | $ | 2,152 | |||||||||
Transferred from loans receivable | 1,609 | 3,442 | 299 | 743 | ||||||||||||
Sales (net of gains / losses) | (2,654 | ) | (4,762 | ) | (345 | ) | (1,201 | ) | ||||||||
Write downs | (504 | ) | (416 | ) | - | - | ||||||||||
Other | (1 | ) | - | - | (10 | ) | ||||||||||
Real estate owned at the end of the period | $ | 4,568 | 7,454 | $ | 702 | $ | 1,684 |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Mortgage servicing rights at beginning of the period | $ | 2,260 | $ | 1,422 | $ | 282 | $ | 109 | ||||||||
Additions | 793 | 1,486 | 4,931 | 175 | ||||||||||||
Amortization | (71 | ) | (412 | ) | (226 | ) | (29 | ) | ||||||||
Sales | (2,264 | ) | - | - | - | |||||||||||
Mortgage servicing rights at end of the period | 718 | 2,496 | 4,987 | 255 | ||||||||||||
Valuation allowance at end of period | - | (100 | ) | |||||||||||||
Valuation allowance during the period | (21 | ) | (80 | ) | ||||||||||||
Mortgage servicing rights at end of the period, net | $ | 718 | $ | 2,396 | $ | 4,966 | $ | 175 |
Estimate for the period ending December 31: | (In Thousands) | (In Thousands) | ||||||
2017 | $ | 25 | ||||||
2018 | 106 | |||||||
2019 | 96 | |||||||
2020 | 86 | $ | 559 | |||||
2021 | 76 | 979 | ||||||
2022 | 775 | |||||||
2023 | 699 | |||||||
2024 | 593 | |||||||
Thereafter | 329 | 1,361 | ||||||
Total | $ | 718 | $ | 4,966 |
(In Thousands) | (In Thousands) | |||||||
Within one year | $ | 514,304 | $ | 727,895 | ||||
More than one to two years | 153,213 | 6,175 | ||||||
More than two to three years | 13,618 | 3,267 | ||||||
More than three to four years | 1,358 | 999 | ||||||
More than four through five years | 2,540 | 1,081 | ||||||
$ | 685,033 | $ | 739,417 |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Balance | Weighted Average Rate | Balance | Weighted Average Rate | Balance | Weighted Average Rate | Balance | Weighted Average Rate | ||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Short term: | |||||||||||||||||||||||||||||||||
Repurchase agreement | $ | 10,503 | 3.99 | % | $ | 8,155 | 3.52 | % | $ | 25,102 | 3.25 | % | $ | 13,562 | 4.66 | % | |||||||||||||||||
Federal Home Loan Bank, Chicago advances | 55,000 | 1.25 | % | 65,000 | 0.61 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank, Chicago | 104,000 | 0.20 | % | - | - | ||||||||||||||||||||||||||||
Long term: | |||||||||||||||||||||||||||||||||
Federal Home Loan Bank, Chicago advances maturing: | |||||||||||||||||||||||||||||||||
2017 | 65,000 | 3.19 | % | 65,000 | 3.19 | % | |||||||||||||||||||||||||||
2018 | 65,000 | 2.97 | % | 65,000 | 2.97 | % | |||||||||||||||||||||||||||
2021 | 100,000 | 0.78 | % | 100,000 | 0.78 | % | |||||||||||||||||||||||||||
2027 | 2027 | 125,000 | 1.23 | % | - | 0.00 | % | 50,000 | 1.73 | % | 50,000 | 1.73 | % | ||||||||||||||||||||
Repurchase agreements maturing | 2017 | 15,000 | 2.89 | % | 84,000 | 3.96 | % | ||||||||||||||||||||||||||
2028 | 255,000 | 2.37 | % | 255,000 | 2.37 | % | |||||||||||||||||||||||||||
2029 | 165,000 | 1.61 | % | 165,000 | 1.61 | % | |||||||||||||||||||||||||||
$ | 435,503 | 1.81 | % | $ | 387,155 | 2.27 | % | $ | 599,102 | 1.81 | % | $ | 483,562 | 2.11 | % |
September 30, 2017 | ||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | $ | 425,064 | 30.70 | % | $ | 110,755 | 8.00 | % | $ | 128,061 | 9.25 | % | $ | N/A | N/A | |||||||||||||||||
WaterStone Bank | 400,873 | 28.99 | % | 110,613 | 8.00 | % | 127,896 | 9.25 | % | 138,266 | 10.00 | % | ||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 411,001 | 29.69 | % | 83,066 | 6.00 | % | 100,372 | 7.25 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 386,810 | 27.98 | % | 82,960 | 6.00 | % | 100,243 | 7.25 | % | 110,613 | 8.00 | % | ||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 411,001 | 29.69 | % | 62,300 | 4.50 | % | 79,605 | 5.75 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 386,810 | 27.98 | % | 62,220 | 4.50 | % | 79,503 | 5.75 | % | 89,873 | 6.50 | % | ||||||||||||||||||||
Tier 1 Capital (to average assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 411,001 | 21.90 | % | 75,054 | 4.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
WaterStone Bank | 386,810 | 20.67 | % | 74,859 | 4.00 | % | N/A | N/A | 93,574 | 5.00 | % | |||||||||||||||||||||
State of Wisconsin (to total assets) | ||||||||||||||||||||||||||||||||
WaterStone Bank | 386,810 | 20.91 | % | 110,989 | 6.00 | % | N/A | N/A | N/A | N/A |
June 30, 2020 | ||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | $ | 402,690 | 23.64 | % | $ | 136,268 | 8.00 | % | $ | 178,851 | 10.50 | % | $ | N/A | N/A | |||||||||||||||||
WaterStone Bank | 386,104 | 22.68 | % | 136,165 | 8.00 | % | 178,717 | 10.50 | % | 170,207 | 10.00 | % | ||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 384,956 | 22.60 | % | 102,201 | 6.00 | % | 144,784 | 8.50 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 368,370 | 21.64 | % | 102,124 | 6.00 | % | 144,676 | 8.50 | % | 136,165 | 8.00 | % | ||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 384,956 | 22.60 | % | 76,651 | 4.50 | % | 119,234 | 7.00 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 368,370 | 21.64 | % | 76,593 | 4.50 | % | 119,145 | 7.00 | % | 110,634 | 6.50 | % | ||||||||||||||||||||
Tier 1 Capital (to average assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 384,956 | 17.80 | % | 86,495 | 4.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
WaterStone Bank | 368,370 | 17.04 | % | 86,495 | 4.00 | % | N/A | N/A | 108,119 | 5.00 | % | |||||||||||||||||||||
State of Wisconsin (to total assets) | ||||||||||||||||||||||||||||||||
WaterStone Bank | 368,370 | 16.62 | % | 133,021 | 6.00 | % | N/A | N/A | N/A | N/A |
December 31, 2016 | ||||||||||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | $ | 426,496 | 32.23 | % | $ | 105,870 | 8.00 | % | $ | 114,141 | 8.625 | % | $ | N/A | N/A | |||||||||||||||||
WaterStone Bank | 389,602 | 29.50 | % | 105,641 | 8.00 | % | 113,895 | 8.625 | % | 132,052 | 10.00 | % | ||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 410,467 | 31.02 | % | 79,402 | 6.00 | % | 87,673 | 6.625 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 373,573 | 28.29 | % | 79,231 | 6.00 | % | 87,484 | 6.625 | % | 105,641 | 8.00 | % | ||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 410,467 | 31.02 | % | 59,552 | 4.50 | % | 67,823 | 5.125 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 373,573 | 28.29 | % | 59,423 | 4.50 | % | 67,676 | 5.125 | % | 85,834 | 6.50 | % | ||||||||||||||||||||
Tier 1 Capital (to average assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 410,467 | 23.20 | % | 70,760 | 4.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
WaterStone Bank | 373,573 | 21.17 | % | 70,573 | 4.00 | % | N/A | N/A | 88,216 | 5.00 | % | |||||||||||||||||||||
State of Wisconsin (to total assets) | ||||||||||||||||||||||||||||||||
WaterStone Bank | 373,573 | 20.90 | % | 107,247 | 6.00 | % | N/A | N/A | N/A | N/A |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Minimum Capital Adequacy with Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | $ | 404,748 | 26.17 | % | $ | 123,731 | 8.00 | % | $ | 162,398 | 10.50 | % | $ | N/A | N/A | |||||||||||||||||
WaterStone Bank | 353,357 | 22.85 | % | 123,716 | 8.00 | % | 162,378 | 10.50 | % | 154,646 | 10.00 | % | ||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 392,361 | 25.37 | % | 92,799 | 6.00 | % | 131,465 | 8.50 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 340,970 | 22.05 | % | 92,787 | 6.00 | % | 131,449 | 8.50 | % | 123,716 | 8.00 | % | ||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 392,361 | 25.37 | % | 69,599 | 4.50 | % | 108,265 | 7.00 | % | N/A | N/A | |||||||||||||||||||||
WaterStone Bank | 340,970 | 22.05 | % | 69,590 | 4.50 | % | 108,252 | 7.00 | % | 100,520 | 6.50 | % | ||||||||||||||||||||
Tier 1 Capital (to average assets) | ||||||||||||||||||||||||||||||||
Consolidated Waterstone Financial, Inc. | 392,361 | 19.69 | % | 79,691 | 4.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
WaterStone Bank | 340,970 | 17.11 | % | 79,691 | 4.00 | % | N/A | N/A | 99,614 | 5.00 | % | |||||||||||||||||||||
State of Wisconsin (to total assets) | ||||||||||||||||||||||||||||||||
WaterStone Bank | 340,970 | 17.11 | % | 119,590 | 6.00 | % | N/A | N/A | N/A | N/A |
Gross Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Gross Amounts Not Offset | Net Amount | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Short-term | $ | 10,503 | $ | - | $ | 10,503 | $ | 10,503 | $ | - | ||||||||||
Long-term | 15,000 | - | 15,000 | 15,000 | - | |||||||||||||||
$ | 25,503 | $ | - | $ | 25,503 | $ | 25,503 | $ | - | |||||||||||
December 31, 2016 | ||||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Short-term | $ | 8,155 | $ | - | $ | 8,155 | $ | 8,155 | $ | - | ||||||||||
Long-term | 84,000 | - | 84,000 | 84,000 | - | |||||||||||||||
$ | 92,155 | $ | - | $ | 92,155 | $ | 92,155 | $ | - |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Financial instruments whose contract amounts represent potential credit risk: | ||||||||||||||||
Commitments to extend credit under amortizing loans (1) | $ | 52,948 | $ | 30,903 | $ | 16,775 | $ | 13,389 | ||||||||
Commitments to extend credit under home equity lines of credit (2) | 14,724 | 14,367 | 13,570 | 13,776 | ||||||||||||
Unused portion of construction loans (3) | 18,306 | 21,137 | 76,156 | 90,439 | ||||||||||||
Unused portion of business lines of credit | 17,204 | 15,095 | 22,803 | 14,623 | ||||||||||||
Standby letters of credit | 259 | 333 | 874 | 885 |
Three months ended September 30, | Nine months ended September 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
(In Thousands, except per share amounts) | (In Thousands, except per share amounts) | |||||||||||||||||||||||||||||||
Net income | $ | 7,389 | $ | 7,505 | $ | 22,849 | $ | 19,133 | $ | 20,948 | $ | 9,643 | $ | 27,017 | $ | 16,185 | ||||||||||||||||
Net income available to unvested restricted shares | - | 5 | - | 12 | ||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 7,389 | $ | 7,500 | $ | 22,849 | $ | 19,121 | ||||||||||||||||||||||||
Weighted average shares outstanding | 27,532 | 27,043 | 27,449 | 26,976 | 24,464 | 26,242 | 24,934 | 26,370 | ||||||||||||||||||||||||
Effect of dilutive potential common shares | 421 | 386 | 478 | 307 | 49 | 170 | 137 | 202 | ||||||||||||||||||||||||
Diluted weighted average shares outstanding | 27,953 | 27,429 | 27,927 | 27,283 | 24,513 | 26,412 | 25,071 | 26,572 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.28 | $ | 0.83 | $ | 0.71 | $ | 0.86 | $ | 0.37 | $ | 1.08 | $ | 0.61 | ||||||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.27 | $ | 0.82 | $ | 0.70 | $ | 0.85 | $ | 0.37 | $ | 1.08 | $ | 0.61 |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
September 30, 2017 | Level 1 | Level 2 | Level 3 | June 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 62,218 | $ | - | $ | 62,218 | $ | - | $ | 29,712 | $ | - | $ | 29,712 | $ | - | ||||||||||||||||
Collateralized mortgage obligations | ||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 54,660 | - | 54,660 | - | 68,987 | - | 68,987 | - | ||||||||||||||||||||||||
Government sponsored enterprise bonds | 2,499 | - | 2,499 | - | ||||||||||||||||||||||||||||
Private-label issued | 3,804 | - | 3,804 | - | ||||||||||||||||||||||||||||
Municipal securities | 65,662 | - | 65,662 | - | 50,650 | - | 50,650 | - | ||||||||||||||||||||||||
Other debt securities | 14,574 | - | 14,574 | - | 10,959 | - | 10,959 | - | ||||||||||||||||||||||||
Certificates of deposit | 1,227 | - | 1,227 | - | ||||||||||||||||||||||||||||
Loans held for sale | 175,137 | - | 175,137 | - | 383,389 | - | 383,389 | - | ||||||||||||||||||||||||
Mortgage banking derivative assets | 2,572 | - | - | 2,572 | 10,741 | - | - | 10,741 | ||||||||||||||||||||||||
Interest rate swap assets | 6,289 | - | 6,289 | - | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | 2,112 | - | - | 2,112 | ||||||||||||||||||||||||||||
Interest rate swap liabilities | 6,289 | - | 6,289 | - |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
December 31, 2016 | Level 1 | Level 2 | Level 3 | December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 73,413 | $ | - | $ | 73,413 | $ | - | $ | 34,150 | $ | - | $ | 34,150 | $ | - | ||||||||||||||||
Collateralized mortgage obligations | ||||||||||||||||||||||||||||||||
Government sponsored enterprise issued | 62,002 | - | 62,002 | - | 81,754 | - | 81,754 | - | ||||||||||||||||||||||||
Government sponsored enterprise bonds | 2,503 | - | 2,503 | - | ||||||||||||||||||||||||||||
Municipal securities | 70,696 | - | 70,696 | - | 53,692 | - | 53,692 | - | ||||||||||||||||||||||||
Other debt securities | 16,950 | 2,541 | 14,409 | - | 8,880 | - | 8,880 | - | ||||||||||||||||||||||||
Certificates of deposit | 1,231 | - | 1,231 | - | ||||||||||||||||||||||||||||
Loans held for sale | 225,248 | - | 225,248 | - | 220,123 | - | 220,123 | - | ||||||||||||||||||||||||
Mortgage banking derivative assets | 3,403 | - | - | 3,403 | 1,835 | - | - | 1,835 | ||||||||||||||||||||||||
Interest rate swap assets | 680 | - | 680 | - | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | 69 | - | - | 69 | - | - | - | - | ||||||||||||||||||||||||
Interest rate swap liabilities | 680 | - | 680 | - |
Mortgage banking derivatives, net | ||||
(In Thousands) | ||||
Balance at December 31, 2015 | $ | 2,188 | ||
Mortgage derivative gain, net | 1,146 | |||
Balance at December 31, 2016 | $ | 3,334 | ||
Mortgage derivative loss, net | (762 | ) | ||
Balance at September 30, 2017 | $ | 2,572 |
Six months ended June 30, | ||||||||
2020 | 2019 | |||||||
(In Thousands) | ||||||||
Mortgage derivative, net balance at the beginning of the period | $ | 1,835 | $ | 898 | ||||
Mortgage derivative gain, net | 6,794 | 1,384 | ||||||
Mortgage derivative, net balance at the end of the period | $ | 8,629 | $ | 2,282 |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
September 30, 2017 | Level 1 | Level 2 | Level 3 | June 30, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 1,452 | $ | - | $ | - | $ | 1,452 | $ | 185 | $ | - | $ | - | $ | 185 | ||||||||||||||||
Real estate owned | 4,568 | - | - | 4,568 | 702 | - | - | 702 | ||||||||||||||||||||||||
Impaired mortgage servicing rights | 224 | - | - | 224 |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
December 31, 2016 | Level 1 | Level 2 | Level 3 | December 31, 2019 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Impaired loans, net (1) | $ | 2,814 | $ | - | $ | - | $ | 2,814 | $ | 185 | $ | - | $ | - | $ | 185 | ||||||||||||||||
Real estate owned | 6,118 | - | - | 6,118 | 748 | - | - | 748 | ||||||||||||||||||||||||
Impaired mortgage servicing rights | 206 | - | - | 206 |
Significant Unobservable Input Value | Significant Unobservable Input Value | |||||||||||||||||||||||||||||||
Fair Value at September 30, 2017 | Valuation Technique | Significant Unobservable Inputs | Minimum Value | Maximum Value | Fair Value at June 30, 2020 | Valuation Technique | Significant Unobservable Inputs | Minimum Value | Maximum Value | Weighted Average | ||||||||||||||||||||||
Mortgage banking derivatives | $ | 2,572 | Pricing models | Pull through rate | 65.3 | % | 99.8 | % | $ | 8,629 | Pricing models | Pull through rate | 28.0 | % | 95.0 | % | 84.0 | % | ||||||||||||||
Impaired loans | 1,452 | Market approach | Discount rates applied to appraisals | 15.0 | % | 35.0 | % | 185 | Market approach | Discount rates applied to appraisals | 15.0 | % | 15.0 | % | 15.0 | % | ||||||||||||||||
Real estate owned | 4,568 | Market approach | Discount rates applied to appraisals | 15.0 | % | 85.7 | % | 702 | Market approach | Discount rates applied to appraisals | 35.0 | % | 59.0 | % | 46.0 | % | ||||||||||||||||
Mortgage servicing rights | 224 | Pricing models | Prepayment rate | 7.0 | % | 36.0 | % | 11.3 | % | |||||||||||||||||||||||
Discount rate | 11.0 | % | 13.5 | % | 12.1 | % | ||||||||||||||||||||||||||
Cost to service | $ | 81.49 | $ | 426.61 | $ | 87.95 |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | Fair Value | Carrying amount | Fair Value | Carrying amount | Fair Value | Carrying amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 92,591 | $ | 92,591 | $ | 74,491 | $ | 18,100 | $ | - | $ | 47,217 | $ | 47,217 | $ | 34,967 | $ | 12,250 | $ | - | $ | 76,919 | $ | 76,919 | $ | 76,919 | $ | - | $ | - | $ | 74,300 | $ | 74,300 | $ | 65,800 | $ | 8,500 | $ | - | ||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | 200,840 | 200,840 | - | 200,840 | - | 226,795 | 226,795 | 2,541 | 224,254 | - | 164,112 | 164,112 | - | 164,112 | - | 178,476 | 178,476 | - | 178,476 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 175,137 | 175,137 | - | 175,137 | - | 225,248 | 225,248 | - | 225,248 | - | 383,389 | 383,389 | - | 383,389 | - | 220,123 | 220,123 | - | 220,123 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 1,261,160 | 1,284,340 | - | - | 1,284,340 | 1,177,884 | 1,212,967 | - | - | 1,212,967 | 1,433,803 | 1,509,054 | - | - | 1,509,054 | 1,388,031 | 1,426,224 | - | - | 1,426,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | 18,450 | 18,450 | - | 18,450 | - | 13,275 | 13,275 | - | 13,275 | - | 26,720 | 26,720 | - | 26,720 | - | 21,150 | 21,150 | - | 21,150 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 4,575 | 4,575 | 4,575 | - | - | 4,281 | 4,281 | 4,281 | - | - | 5,061 | 5,061 | 5,061 | - | - | 5,344 | 5,344 | 5,344 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 718 | 867 | - | - | 867 | 2,260 | 3,232 | - | - | 3,232 | 4,966 | 6,388 | - | - | 6,388 | 282 | 282 | - | - | 282 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | 2,572 | 2,572 | - | - | 2,572 | 3,403 | 3,403 | - | - | 3,403 | 10,741 | 10,741 | - | - | 10,741 | 1,835 | 1,835 | - | - | 1,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap asset | 6,289 | 6,289 | - | 6,289 | - | 680 | 680 | - | 680 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 956,773 | 956,710 | 271,740 | 684,970 | - | 949,411 | 949,825 | 282,827 | 666,998 | - | 1,157,666 | 1,157,834 | 418,249 | 739,585 | - | 1,067,776 | 1,070,083 | 328,005 | 742,078 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advance payments by borrowers for taxes | 25,107 | 25,107 | 25,107 | - | - | 4,716 | 4,716 | 4,716 | - | - | 20,828 | 20,828 | 20,828 | - | - | 4,212 | 4,212 | 4,212 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 435,503 | 435,398 | - | 435,398 | - | 387,155 | 390,932 | - | 390,932 | - | 599,102 | 619,497 | - | 619,497 | - | 483,562 | 483,846 | - | 483,846 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | 918 | 918 | 918 | - | - | 916 | 916 | 916 | - | - | 1,404 | 1,404 | 1,404 | - | - | 1,559 | 1,559 | 1,559 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | - | - | - | - | - | 69 | 69 | - | - | 69 | 2,112 | 2,112 | - | - | 2,112 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap liability | 6,289 | 6,289 | - | 6,289 | - | 680 | 680 | - | 680 | - |
As of or for the three months ended September 30, 2017 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income (loss) | $ | 13,120 | $ | (102 | ) | $ | 15 | $ | 13,033 | |||||||
Provision for loan losses | - | 20 | - | 20 | ||||||||||||
Net interest income (loss) after provision for loan losses | 13,120 | (122 | ) | 15 | 13,013 | |||||||||||
Noninterest income | 1,161 | 32,318 | (425 | ) | 33,054 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 4,483 | 21,792 | (122 | ) | 26,153 | |||||||||||
Occupancy, office furniture and equipment | 733 | 1,800 | - | 2,533 | ||||||||||||
FDIC insurance premiums | 129 | - | - | 129 | ||||||||||||
Real estate owned | (20 | ) | - | - | (20 | ) | ||||||||||
Other | 1,499 | 4,290 | (268 | ) | 5,521 | |||||||||||
Total noninterest expenses | 6,824 | 27,882 | (390 | ) | 34,316 | |||||||||||
Income (loss) before income taxes | 7,457 | 4,314 | (20 | ) | 11,751 | |||||||||||
Income tax expense (benefit) | 2,597 | 1,767 | (2 | ) | 4,362 | |||||||||||
Net income (loss) | $ | 4,860 | $ | 2,547 | $ | (18 | ) | $ | 7,389 | |||||||
Total assets | $ | 1,859,494 | $ | 203,826 | $ | (209,192 | ) | $ | 1,854,128 |
As of or for the three months ended September 30, 2016 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income | $ | 11,244 | $ | 10 | $ | 71 | $ | 11,325 | ||||||||
Provision for loan losses | 100 | 35 | - | 135 | ||||||||||||
Net interest income (loss) after provision for loan losses | 11,144 | (25 | ) | 71 | 11,190 | |||||||||||
Noninterest income | 1,658 | 36,124 | (370 | ) | 37,412 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 4,392 | 23,295 | (114 | ) | 27,573 | |||||||||||
Occupancy, office furniture and equipment | 740 | 1,579 | - | 2,319 | ||||||||||||
FDIC insurance premiums | 140 | - | - | 140 | ||||||||||||
Real estate owned | 37 | - | - | 37 | ||||||||||||
Other | 1,252 | 4,453 | (233 | ) | 5,472 | |||||||||||
Total noninterest expenses | 6,561 | 29,327 | (347 | ) | 35,541 | |||||||||||
Income before income taxes | 6,241 | 6,772 | 48 | 13,061 | ||||||||||||
Income tax expense | 2,107 | 2,767 | 682 | 5,556 | ||||||||||||
Net income (loss) | $ | 4,134 | $ | 4,005 | $ | (634 | ) | $ | 7,505 | |||||||
Total assets | $ | 1,777,014 | $ | 259,636 | $ | (241,615 | ) | $ | 1,795,035 |
As of or for the nine months ended September 30, 2017 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income | $ | 37,233 | $ | 23 | $ | 153 | $ | 37,409 | ||||||||
Provision for loan losses | (1,300 | ) | 134 | - | (1,166 | ) | ||||||||||
Net interest income (loss) after provision for loan losses | 38,533 | (111 | ) | 153 | 38,575 | |||||||||||
Noninterest income | 2,968 | 94,446 | (1,182 | ) | 96,232 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 12,964 | 61,134 | (366 | ) | 73,732 | |||||||||||
Occupancy, office furniture and equipment | 2,356 | 5,231 | - | 7,587 | ||||||||||||
FDIC insurance premiums | 366 | - | - | 366 | ||||||||||||
Real estate owned | 258 | - | - | 258 | ||||||||||||
Other | 4,382 | 13,934 | (698 | ) | 17,618 | |||||||||||
Total noninterest expenses | 20,326 | 80,299 | (1,064 | ) | 99,561 | |||||||||||
Income before income taxes | 21,175 | 14,036 | 35 | 35,246 | ||||||||||||
Income tax expense | 6,658 | 5,716 | 23 | 12,397 | ||||||||||||
Net income | $ | 14,517 | $ | 8,320 | $ | 12 | $ | 22,849 |
As of or for the nine months ended September 30, 2016 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income | $ | 30,977 | $ | 287 | $ | 209 | $ | 31,473 | ||||||||
Provision for loan losses | 200 | 140 | - | 340 | ||||||||||||
Net interest income after provision for loan losses | 30,777 | 147 | 209 | 31,133 | ||||||||||||
Noninterest income | 3,583 | 92,457 | (832 | ) | 95,208 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 12,784 | 58,526 | (342 | ) | 70,968 | |||||||||||
Occupancy, office furniture and equipment | 2,388 | 4,686 | - | 7,074 | ||||||||||||
FDIC insurance premiums | 500 | - | - | 500 | ||||||||||||
Real estate owned | 344 | - | - | 344 | ||||||||||||
Other | 3,705 | 12,790 | (387 | ) | 16,108 | |||||||||||
Total noninterest expenses | 19,721 | 76,002 | (729 | ) | 94,994 | |||||||||||
Income before income taxes | 14,639 | 16,602 | 106 | 31,347 | ||||||||||||
Income tax expense | 4,711 | 6,797 | 706 | 12,214 | ||||||||||||
Net income (loss) | $ | 9,928 | $ | 9,805 | $ | (600 | ) | $ | 19,133 |
As of or for the three months ended June 30, 2020 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income (loss) | $ | 13,701 | $ | (511 | ) | $ | 59 | $ | 13,249 | |||||||
Provision for loan losses | 4,325 | 175 | - | 4,500 | ||||||||||||
Net interest income (loss) after provision for loan losses | 9,376 | (686 | ) | 59 | 8,749 | |||||||||||
Noninterest income | 2,936 | 64,218 | (250 | ) | 66,904 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 4,906 | 32,139 | (156 | ) | 36,889 | |||||||||||
Occupancy, office furniture and equipment | 866 | 1,668 | - | 2,534 | ||||||||||||
Advertising | 297 | 567 | - | 864 | ||||||||||||
Data processing | 678 | 413 | 4 | 1,095 | ||||||||||||
Communications | 91 | 226 | - | 317 | ||||||||||||
Professional fees | 226 | 850 | 1 | 1,077 | ||||||||||||
Real estate owned | 33 | - | - | 33 | ||||||||||||
Loan processing expense | - | 1,208 | - | 1,208 | ||||||||||||
Other | 532 | 3,239 | (99 | ) | 3,672 | |||||||||||
Total noninterest expenses | 7,629 | 40,310 | (250 | ) | 47,689 | |||||||||||
Income before income taxes | 4,683 | 23,222 | 59 | 27,964 | ||||||||||||
Income tax expense | 574 | 6,440 | 2 | 7,016 | ||||||||||||
Net income | $ | 4,109 | $ | 16,782 | $ | 57 | $ | 20,948 | ||||||||
Total assets | $ | 2,141,415 | $ | 439,444 | $ | (363,286 | ) | $ | 2,217,573 |
As of or for the three months ended June 30, 2019 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income (loss) | $ | 13,530 | $ | (529 | ) | $ | (20 | ) | $ | 12,981 | ||||||
Provision for loan losses | - | 30 | - | 30 | ||||||||||||
Net interest income (loss) after provision for loan losses | 13,530 | (559 | ) | (20 | ) | 12,951 | ||||||||||
Noninterest income | 1,079 | 34,364 | (253 | ) | 35,190 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 4,671 | 22,579 | (176 | ) | 27,074 | |||||||||||
Occupancy, office furniture and equipment | 944 | 1,736 | - | 2,680 | ||||||||||||
Advertising | 220 | 743 | - | 963 | ||||||||||||
Data processing | 493 | 372 | 4 | 869 | ||||||||||||
Communications | 93 | 260 | - | 353 | ||||||||||||
Professional fees | 160 | 620 | 9 | 789 | ||||||||||||
Real estate owned | 19 | - | - | 19 | ||||||||||||
Loan processing expense | - | 879 | - | 879 | ||||||||||||
Other | 635 | 1,186 | (92 | ) | 1,729 | |||||||||||
Total noninterest expenses | 7,235 | 28,375 | (255 | ) | 35,355 | |||||||||||
Income (loss) before income taxes | 7,374 | 5,430 | (18 | ) | 12,786 | |||||||||||
Income tax expense | 1,594 | 1,545 | 4 | 3,143 | ||||||||||||
Net income (loss) | $ | 5,780 | $ | 3,885 | $ | (22 | ) | $ | 9,643 | |||||||
Total assets | $ | 1,958,339 | $ | 290,977 | $ | (234,178 | ) | $ | 2,015,138 |
As of or for the six months ended June 30, 2020 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income (loss) | $ | 26,609 | $ | (890 | ) | $ | 56 | $ | 25,775 | |||||||
Provision for loan losses | 5,075 | 210 | - | 5,285 | ||||||||||||
Net interest income (loss) after provision for loan losses | 21,534 | (1,100 | ) | 56 | 20,490 | |||||||||||
Noninterest income | 3,964 | 95,016 | (612 | ) | 98,368 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 10,074 | 51,526 | (310 | ) | 61,290 | |||||||||||
Occupancy, office furniture and equipment | 1,880 | 3,395 | - | 5,275 | ||||||||||||
Advertising | 545 | 1,219 | - | 1,764 | ||||||||||||
Data processing | 1,283 | 808 | 10 | 2,101 | ||||||||||||
Communications | 188 | 467 | - | 655 | ||||||||||||
Professional fees | 424 | 2,470 | 15 | 2,909 | ||||||||||||
Real estate owned | 44 | - | - | 44 | ||||||||||||
Loan processing expense | - | 2,284 | - | 2,284 | ||||||||||||
Other | 1,112 | 5,791 | (328 | ) | 6,575 | |||||||||||
Total noninterest expenses | 15,550 | 67,960 | (613 | ) | 82,897 | |||||||||||
Income before income taxes | 9,948 | 25,956 | 57 | 35,961 | ||||||||||||
Income tax expense | 1,728 | 7,208 | 8 | 8,944 | ||||||||||||
Net income | $ | 8,220 | $ | 18,748 | $ | 49 | $ | 27,017 |
As of or for the six months ended June 30, 2019 | ||||||||||||||||
Community Banking | Mortgage Banking | Holding Company and Other | Consolidated | |||||||||||||
(In Thousands) | ||||||||||||||||
Net interest income (loss) | $ | 26,662 | $ | (737 | ) | $ | (8 | ) | $ | 25,917 | ||||||
Provision (credit) for loan losses | (700 | ) | 50 | - | (650 | ) | ||||||||||
Net interest income (loss) after provision for loan losses | 27,362 | (787 | ) | (8 | ) | 26,567 | ||||||||||
Noninterest income | 1,960 | 57,935 | (448 | ) | 59,447 | |||||||||||
Noninterest expenses: | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | 9,427 | 38,639 | (353 | ) | 47,713 | |||||||||||
Occupancy, office furniture and equipment | 1,916 | 3,540 | - | 5,456 | ||||||||||||
Advertising | 401 | 1,520 | - | 1,921 | ||||||||||||
Data processing | 950 | 680 | 8 | 1,638 | ||||||||||||
Communications | 175 | 506 | - | 681 | ||||||||||||
Professional fees | 428 | 1,046 | 10 | 1,484 | ||||||||||||
Real estate owned | 51 | - | - | 51 | ||||||||||||
Loan processing expense | - | 1,684 | - | 1,684 | ||||||||||||
Other | 1,124 | 3,098 | (146 | ) | 4,076 | |||||||||||
Total noninterest expenses | 14,472 | 50,713 | (481 | ) | 64,704 | |||||||||||
Income before income taxes | 14,850 | 6,435 | 25 | 21,310 | ||||||||||||
Income tax expense | 3,281 | 1,831 | 13 | 5,125 | ||||||||||||
Net income | $ | 11,569 | $ | 4,604 | $ | 12 | $ | 16,185 |
Three months ended June 30, 2020 | Three months ended June 30, 2019 | Six months ended June 30, 2020 | Six months ended June 30, 2019 | |||||||||||||
(In Thousands) | ||||||||||||||||
Operating lease cost | $ | 770 | $ | 804 | $ | 1,594 | $ | 1,562 | ||||||||
Variable cost | 131 | 156 | 240 | 416 | ||||||||||||
Short-term lease cost | 121 | 294 | 314 | 527 | ||||||||||||
Total | $ | 1,022 | $ | 1,254 | $ | 2,148 | $ | 2,505 |
Six months ended June 30, 2020 | ||||
(Dollars in Thousands) | ||||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | 1,807 | ||
Initial recognition of right of use asset | 437 | |||
Initial recognition of lease liabilities | 437 | |||
Weighted average remaining lease term - operating leases, in years | 3.1 | |||
Weighted average discount rate - operating leases | 5.9 | % |
Maturity analysis | Operating leases | |||
(In Thousands) | ||||
One year or less | $ | 3,042 | ||
More than one year through two years | 2,134 | |||
More than two years through three years | 1,589 | |||
More than three years through four years | 962 | |||
More than four years through five years | 157 | |||
More than five years | 940 | |||
Total lease payments | 8,824 | |||
Present value discount | (1,157 | ) | ||
Lease liability | $ | 7,667 |
● | Statements of our goals, intentions and expectations; | |
● | Statements regarding our business plans, prospects, growth and operating strategies; | |
● | Statements regarding the quality of our loan and investment portfolio; and | |
● | Estimates of our risks and future costs and benefits. |
● | general economic conditions, either nationally or in our market area, including employment prospects, that are | |
● | the effect of any pandemic; including COVID-19; | |
● | competition among depository and other financial institutions; | |
● | inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or the origination levels in our lending business, or increase the level of defaults, losses or prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets; | |
● | adverse changes in the securities or secondary mortgage markets; | |
● | changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; | |
● | changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; | |
● | our ability to manage market risk, credit risk and operational risk in the current economic conditions; | |
● | our ability to enter new markets successfully and capitalize on growth opportunities; | |
● | our ability to successfully integrate acquired entities; | |
● | decreased demand for our products and services; | |
● | changes in tax policies or assessment policies; | |
● | the inability of third-party providers to perform their obligations to us; | |
● | changes in consumer demand, spending, borrowing and savings habits; | |
● | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; | |
● | our ability to retain key employees; | |
● | cyber attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems; | |
● | technological changes that may be more difficult or expensive than expected; | |
● | the ability of third-party providers to perform their obligations to us; | |
● | the effects of any federal government shutdown; | |
● | the ability of the U.S. Government to manage federal debt limits; | |
● | significant increases in our loan losses; and | |
● | changes in the financial condition, results of operations or future prospects of issuers of securities that we own. |
Three months ended September 30, | Three months ended June 30, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(Dollars in Thousands, except per share amounts) | (Dollars in Thousands, except per share amounts) | |||||||||||||||
Net income | $ | 7,389 | 7,505 | $ | 20,948 | 9,643 | ||||||||||
Earnings per share - basic | 0.27 | 0.28 | 0.86 | 0.37 | ||||||||||||
Earnings per share - diluted | 0.26 | 0.27 | 0.85 | 0.37 | ||||||||||||
Annualized return on average assets | 1.56 | % | 1.66 | % | 3.87 | % | 1.95 | % | ||||||||
Annualized return on average equity | 7.12 | % | 7.36 | % | 22.39 | % | 9.96 | % | ||||||||
Three months ended September 30, | Three months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable and held for sale (1) | $ | 1,419,477 | $ | 15,855 | 4.43 | % | $ | 1,333,666 | $ | 14,754 | 4.40 | % | $ | $1,759,970 | $ | $18,493 | 4.23 | % | $ | $1,552,199 | $ | $18,026 | 4.66 | % | ||||||||||||||||||||||||
Mortgage related securities (2) | 119,902 | 647 | 2.14 | % | 150,790 | 743 | 1.96 | % | 105,727 | 670 | 2.55 | % | 114,537 | 764 | 2.68 | % | ||||||||||||||||||||||||||||||||
Debt securities, federal funds sold and short-term investments (2)(3) | 215,597 | 1,118 | 2.06 | % | 186,201 | 1,034 | 2.21 | % | 164,306 | 768 | 1.88 | % | 180,111 | 1,198 | 2.67 | % | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,754,976 | 17,620 | 3.98 | % | 1,670,657 | 16,531 | 3.94 | % | 2,030,003 | 19,931 | 3.95 | % | 1,846,847 | 19,988 | 4.34 | % | ||||||||||||||||||||||||||||||||
Noninterest-earning assets | 121,982 | 123,318 | 147,342 | 136,263 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,876,958 | $ | 1,793,975 | $ | $2,177,345 | $ | $1,983,110 | ||||||||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand accounts | $ | 35,211 | 7 | 0.08 | % | $ | 35,066 | 5 | 0.06 | % | $ | $45,289 | 9 | 0.08 | % | $ | $35,744 | 8 | 0.09 | % | ||||||||||||||||||||||||||||
Money market and savings accounts | 175,666 | 104 | 0.23 | % | 176,582 | 97 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||
Money market, savings, and escrow accounts | 252,500 | 464 | 0.74 | % | 193,542 | 318 | 0.66 | % | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 676,881 | 1,870 | 1.10 | % | 685,969 | 1,821 | 1.06 | % | 730,573 | 3,474 | 1.91 | % | 736,798 | 4,018 | 2.19 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 887,758 | 1,981 | 0.89 | % | 897,617 | 1,923 | 0.85 | % | 1,028,362 | 3,947 | 1.54 | % | 966,084 | 4,344 | 1.80 | % | ||||||||||||||||||||||||||||||||
Borrowings | 461,549 | 2,439 | 2.10 | % | 374,730 | 3,082 | 3.27 | % | 609,863 | 2,665 | 1.76 | % | 504,940 | 2,588 | 2.06 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,349,307 | 4,420 | 1.30 | % | 1,272,347 | 5,005 | 1.56 | % | 1,638,225 | 6,612 | 1.62 | % | 1,471,024 | 6,932 | 1.89 | % | ||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 91,710 | 80,407 | 115,605 | 91,545 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 24,265 | 35,331 | 47,140 | 32,143 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 115,975 | 115,738 | 162,745 | 123,688 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,465,282 | 1,388,085 | 1,800,970 | 1,594,712 | ||||||||||||||||||||||||||||||||||||||||||||
Equity | 411,676 | 405,890 | 376,375 | 388,398 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,876,958 | $ | 1,793,975 | $ | $2,177,345 | $ | $1,983,110 | ||||||||||||||||||||||||||||||||||||||||
Net interest income / Net interest rate spread (4) | 13,200 | 2.68 | % | 11,526 | 2.38 | % | 13,319 | 2.33 | % | 13,056 | 2.45 | % | ||||||||||||||||||||||||||||||||||||
Less: taxable equivalent adjustment | 167 | 0.03 | % | 201 | 0.05 | % | 70 | 0.02 | % | 75 | 0.02 | % | ||||||||||||||||||||||||||||||||||||
Net interest income / Net interest rate spread, as reported | $ | 13,033 | 2.65 | % | $ | 11,325 | 2.33 | % | $ | $13,249 | 2.31 | % | $ | $12,981 | 2.43 | % | ||||||||||||||||||||||||||||||||
Net interest-earning assets (5) | $ | 405,669 | $ | 398,310 | $ | $391,778 | $ | $375,823 | ||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | 2.95 | % | 2.70 | % | 2.62 | % | 2.82 | % | ||||||||||||||||||||||||||||||||||||||||
Tax equivalent effect | 0.03 | % | 0.04 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin on a fully tax equivalent basis (6) | 2.98 | % | 2.74 | % | 2.64 | % | 2.84 | % | ||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 130.06 | % | 131.31 | % | 123.91 | % | 125.55 | % |
Three months ended September 30, | Three months ended June 30, | |||||||||||||||||||||||
2017 versus 2016 | 2020 versus 2019 | |||||||||||||||||||||||
Increase (Decrease) due to | Increase (Decrease) due to | |||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans receivable and held for sale (1)(2) | $ | 1,011 | $ | 90 | $ | 1,101 | $ | 1,519 | $ | (1,052 | ) | $ | 467 | |||||||||||
Mortgage related securities (3) | (160 | ) | 64 | (96 | ) | (58 | ) | (36 | ) | (94 | ) | |||||||||||||
Other earning assets (3)(4) | 156 | (72 | ) | 84 | ||||||||||||||||||||
Debt securities, federal funds sold and short-term investments (3)(4) | (118 | ) | (312 | ) | (430 | ) | ||||||||||||||||||
Total interest-earning assets | 1,007 | 82 | 1,089 | 1,343 | (1,400 | ) | (57 | ) | ||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Demand accounts | - | 2 | 2 | 2 | (1 | ) | 1 | |||||||||||||||||
Money market and savings accounts | (2 | ) | 9 | 7 | ||||||||||||||||||||
Money market, savings, and escrow accounts | 104 | 42 | 146 | |||||||||||||||||||||
Time deposits | (26 | ) | 75 | 49 | (34 | ) | (510 | ) | (544 | ) | ||||||||||||||
Total interest-earning deposits | (28 | ) | 86 | 58 | 72 | (469 | ) | (397 | ) | |||||||||||||||
Borrowings | 1,183 | (1,826 | ) | (643 | ) | 255 | (178 | ) | 77 | |||||||||||||||
Total interest-bearing liabilities | 1,155 | (1,740 | ) | (585 | ) | 327 | (647 | ) | (320 | ) | ||||||||||||||
Net change in net interest income | $ | (148 | ) | $ | 1,822 | $ | 1,674 | $ | 1,016 | $ | (753 | ) | $ | 263 |
● | Interest income on loans increased | |
● | Interest income from mortgage-related securities decreased | |
● | Interest income from other | |
● | Interest expense on time deposits | |
● | Interest expense on money market, savings, and | |
● | Interest expense on borrowings |
Three months ended September 30, | Three months ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Service charges on loans and deposits | $ | 300 | $ | 789 | $ | (489 | ) | (62.0 | )% | $ | 2,231 | $ | 390 | $ | 1,841 | 472.1 | % | |||||||||||||||
Increase in cash surrender value of life insurance | 688 | 734 | (46 | ) | (6.3 | )% | 520 | 507 | 13 | 2.6 | % | |||||||||||||||||||||
Loss on sale of securities | - | - | - | N/ | M | |||||||||||||||||||||||||||
Mortgage banking income | 31,863 | 35,552 | (3,689 | ) | (10.4 | )% | 63,774 | 34,105 | 29,669 | 87.0 | % | |||||||||||||||||||||
Other | 203 | 337 | (134 | ) | (39.8 | )% | 379 | 188 | 191 | 101.6 | % | |||||||||||||||||||||
Total noninterest income | $ | 33,054 | $ | 37,412 | $ | (4,358 | ) | (11.6 | )% | $ | 66,904 | $ | 35,190 | $ | 31,714 | 90.1 | % | |||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||||||||
● | The | |
● | Service charges on loans and deposits | |
● | The | |
● | The | |
retained increased due to market conditions. |
Three months ended June 30, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | $ | 36,889 | $ | 27,074 | $ | 9,815 | 36.3 | % | ||||||||
Occupancy, office furniture and equipment | 2,534 | 2,680 | (146 | ) | (5.4 | )% | ||||||||||
Advertising | 864 | 963 | (99 | ) | (10.3 | )% | ||||||||||
Data processing | 1,095 | 869 | 226 | 26.0 | % | |||||||||||
Communications | 317 | 353 | (36 | ) | (10.2 | )% | ||||||||||
Professional fees | 1,077 | 789 | 288 | 36.5 | % | |||||||||||
Real estate owned | 33 | 19 | 14 | 73.7 | % | |||||||||||
Loan processing expense | 1,208 | 879 | 329 | 37.4 | % | |||||||||||
Other | 3,672 | 1,729 | 1,943 | 112.4 | % | |||||||||||
Total noninterest expenses | $ | 47,689 | $ | 35,355 | $ | 12,334 | 34.9 | % |
Three months ended September 30, | ||||||||||||||||
2017 | 2016 | $ Change | % Change | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | $ | 26,153 | $ | 27,573 | $ | (1,420 | ) | (5.1 | )% | |||||||
Occupancy, office furniture and equipment | 2,533 | 2,319 | 214 | 9.2 | % | |||||||||||
Advertising | 821 | 661 | 160 | 24.2 | % | |||||||||||
Data processing | 623 | 616 | 7 | 1.1 | % | |||||||||||
Communications | 394 | 374 | 20 | 5.3 | % | |||||||||||
Professional fees | 629 | 474 | 155 | 32.7 | % | |||||||||||
Real estate owned | (20 | ) | 37 | (57 | ) | (154.1 | )% | |||||||||
FDIC insurance premiums | 129 | 140 | (11 | ) | (7.9 | )% | ||||||||||
Other | 3,054 | 3,347 | (293 | ) | (8.8 | )% | ||||||||||
Total noninterest expenses | $ | 34,316 | $ | 35,541 | $ | (1,225 | ) | (3.4 | )% | |||||||
● | Compensation, payroll taxes and other employee | |
● | Compensation, payroll taxes and other employee | |
● | Occupancy, office furniture and equipment expense | |
● | Occupancy, office furniture and equipment expense at the | |
● | Advertising expense decreased $99,000, or 10.3%, to $864,000 during the three months ended June 30, 2020. This was primarily due to | |
● | ||
● | Professional fees increased $288,000, or 36.5%, to $1.1 million during the three months ended | |
● | Loan processing expense | |
● | Other noninterest expense |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(Dollars in Thousands, except per share amounts) | (Dollars in Thousands, except per share amounts) | |||||||||||||||
Net income | $ | 22,849 | $ | 19,133 | $ | 27,017 | $ | $16,185 | ||||||||
Earnings per share - basic | 0.83 | 0.71 | 1.08 | 0.61 | ||||||||||||
Earnings per share - diluted | 0.82 | 0.70 | 1.08 | 0.61 | ||||||||||||
Annualized return on average assets | 1.70 | % | 1.45 | % | 2.59 | % | 1.67 | % | ||||||||
Annualized return on average equity | 7.42 | % | 6.38 | % | 14.03 | % | 8.28 | % | ||||||||
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable and held for sale (1) | $ | 1,357,884 | $ | 45,078 | 4.44 | % | $ | 1,274,369 | $ | 42,611 | 4.47 | % | $ | $1,661,033 | $ | $36,180 | 4.38 | % | $ | $1,515,300 | $ | $35,130 | 4.68 | % | ||||||||||||||||||||||||
Mortgage related securities (2) | 126,856 | 2,021 | 2.13 | % | 158,854 | 2,371 | 1.99 | % | 108,908 | 1,372 | 2.53 | % | 115,102 | 1,523 | 2.67 | % | ||||||||||||||||||||||||||||||||
Debt securities, federal funds sold and short-term investments (2)(3) | 198,947 | 3,210 | 2.16 | % | 208,241 | 3,309 | 2.12 | % | 185,395 | 1,902 | 2.06 | % | 187,350 | 2,583 | 2.78 | % | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,683,687 | 50,309 | 3.99 | % | 1,641,464 | 48,291 | 3.93 | % | 1,955,336 | 39,454 | 4.06 | % | 1,817,752 | 39,236 | 4.35 | % | ||||||||||||||||||||||||||||||||
Noninterest-earning assets | 117,316 | 116,863 | 139,820 | 130,852 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | �� | $ | 1,801,003 | $ | 1,758,327 | $ | $2,095,156 | $ | $1,948,604 | |||||||||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand accounts | $ | 36,419 | 20 | 0.07 | % | $ | 33,679 | 14 | 0.06 | % | $ | $42,587 | 17 | 0.08 | % | $ | $36,005 | 16 | 0.09 | % | ||||||||||||||||||||||||||||
Money market and savings accounts | 171,659 | 315 | 0.25 | % | 163,550 | 294 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||
Money market, savings, and escrow accounts | 235,721 | 891 | 0.76 | % | 184,937 | 593 | 0.65 | % | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 667,168 | 5,279 | 1.06 | % | 673,343 | 5,169 | 1.03 | % | 732,360 | 7,357 | 2.02 | % | 736,138 | 7,725 | 2.12 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 875,246 | 5,614 | 0.86 | % | 870,572 | 5,477 | 0.84 | % | 1,010,668 | 8,265 | 1.64 | % | 957,080 | 8,334 | 1.76 | % | ||||||||||||||||||||||||||||||||
Borrowings | 401,931 | 6,756 | 2.25 | % | 387,867 | 10,724 | 3.69 | % | 552,729 | 5,273 | 1.92 | % | 472,105 | 4,834 | 2.06 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,277,177 | 12,370 | 1.29 | % | 1,258,439 | 16,201 | 1.72 | % | 1,563,397 | 13,538 | 1.74 | % | 1,429,185 | 13,168 | 1.86 | % | ||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 88,454 | 73,828 | 104,116 | 94,730 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 23,408 | 25,537 | 40,264 | 30,331 | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 111,862 | 99,365 | 144,380 | 125,061 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,389,039 | 1,357,804 | 1,707,777 | 1,554,246 | ||||||||||||||||||||||||||||||||||||||||||||
Equity | 411,964 | 400,523 | 387,379 | 394,358 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,801,003 | $ | 1,758,327 | $ | $2,095,156 | $ | $1,948,604 | ||||||||||||||||||||||||||||||||||||||||
Net interest income / Net interest rate spread (4) | 37,939 | 2.70 | % | 32,090 | 2.21 | % | 25,916 | 2.32 | % | 26,068 | 2.49 | % | ||||||||||||||||||||||||||||||||||||
Less: taxable equivalent adjustment | 530 | 0.04 | % | 617 | 0.05 | % | 141 | 0.02 | % | 151 | 0.01 | % | ||||||||||||||||||||||||||||||||||||
Net interest income / Net interest rate spread, as reported | $ | 37,409 | 2.66 | % | $ | 31,473 | 2.16 | % | $ | $25,775 | 2.30 | % | $ | $25,917 | 2.48 | % | ||||||||||||||||||||||||||||||||
Net interest-earning assets (5) | $ | 406,510 | $ | 383,025 | $ | $391,939 | $ | $388,567 | ||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | 2.97 | % | 2.56 | % | 2.65 | % | 2.88 | % | ||||||||||||||||||||||||||||||||||||||||
Tax equivalent effect | 0.04 | % | 0.05 | % | 0.02 | % | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin on a fully tax equivalent basis (6) | 3.01 | % | 2.61 | % | 2.67 | % | 2.89 | % | ||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 131.83 | % | 130.44 | % | 125.07 | % | 127.19 | % |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||||
2017 versus 2016 | 2020 versus 2019 | |||||||||||||||||||||||
Increase (Decrease) due to | Increase (Decrease) due to | |||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans receivable and held for sale (1)(2) | $ | 2,758 | $ | (291 | ) | $ | 2,467 | $ | 3,050 | $ | (2,000 | ) | $ | 1,050 | ||||||||||
Mortgage related securities (3) | (507 | ) | 157 | (350 | ) | (78 | ) | (73 | ) | (151 | ) | |||||||||||||
Other earning assets (3) (4) | (157 | ) | 58 | (99 | ) | |||||||||||||||||||
Debt securities, federal funds sold and short-term investments (3) (4) | (26 | ) | (655 | ) | (681 | ) | ||||||||||||||||||
Total interest-earning assets | 2,094 | (76 | ) | 2,018 | 2,946 | (2,728 | ) | 218 | ||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Demand accounts | - | 6 | 6 | 3 | (2 | ) | 1 | |||||||||||||||||
Money market and savings accounts | 12 | 9 | 21 | |||||||||||||||||||||
Money market, savings, and escrow accounts | 182 | 116 | 298 | |||||||||||||||||||||
Time deposits | (51 | ) | 161 | 110 | (37 | ) | (331 | ) | (368 | ) | ||||||||||||||
Total interest-earning deposits | (39 | ) | 176 | 137 | 148 | (217 | ) | (69 | ) | |||||||||||||||
Borrowings | 406 | (4,374 | ) | (3,968 | ) | 750 | (311 | ) | 439 | |||||||||||||||
Total interest-bearing liabilities | 367 | (4,198 | ) | (3,831 | ) | 898 | (528 | ) | 370 | |||||||||||||||
Net change in net interest income | $ | 1,727 | $ | 4,122 | $ | 5,849 | $ | 2,048 | $ | (2,200 | ) | $ | (152 | ) |
(1) | Interest income includes net deferred loan fee amortization income of $599,000 and $322,000 for the six months ended June 30, 2020 and 2019, respectively. |
● | Interest income on loans increased | |
● | Interest income from mortgage related securities decreased | |
● | Interest income from other | |
● | Interest expense on time deposits | |
● | Interest expense on money market, savings, and | |
● | Interest expense on borrowings |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Service charges on loans and deposits | $ | 1,148 | $ | 1,742 | $ | (594 | ) | (34.1 | )% | $ | 2,712 | $ | 769 | $ | 1,943 | 252.7 | % | |||||||||||||||
Increase in cash surrender value of life insurance | 1,476 | 1,446 | 30 | 2.1 | % | 873 | 851 | 22 | 2.6 | % | ||||||||||||||||||||||
Loss on sale of securities | (107 | ) | - | (107 | ) | N/ | M | |||||||||||||||||||||||||
Mortgage banking income | 92,774 | 91,146 | 1,628 | 1.8 | % | 94,180 | 57,464 | 36,716 | 63.9 | % | ||||||||||||||||||||||
Other | 941 | 874 | 67 | 7.7 | % | 603 | 363 | 240 | 66.1 | % | ||||||||||||||||||||||
Total noninterest income | $ | 96,232 | $ | 95,208 | $ | 1,024 | 1.1 | % | $ | 98,368 | $ | 59,447 | $ | 38,921 | 65.5 | % | ||||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||||||||
● | The | |
● | ||
● | The increase in cash surrender value of life insurance was due primarily | |
● | The | |
Six months ended June 30, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | $ | 61,290 | $ | 47,713 | $ | 13,577 | 28.5 | % | ||||||||
Occupancy, office furniture and equipment | 5,275 | 5,456 | (181 | ) | (3.3 | )% | ||||||||||
Advertising | 1,764 | 1,921 | (157 | ) | (8.2 | )% | ||||||||||
Data processing | 2,101 | 1,638 | 463 | 28.3 | % | |||||||||||
Communications | 655 | 681 | (26 | ) | (3.8 | )% | ||||||||||
Professional fees | 2,909 | 1,484 | 1,425 | 96.0 | % | |||||||||||
Real estate owned | 44 | 51 | (7 | ) | (13.7 | )% | ||||||||||
Loan processing expense | 2,284 | 1,684 | 600 | 35.6 | % | |||||||||||
Other | 6,575 | 4,076 | 2,499 | 61.3 | % | |||||||||||
Total noninterest expenses | $ | 82,897 | $ | 64,704 | $ | 18,193 | 28.1 | % |
Nine months ended September 30, | ||||||||||||||||
2017 | 2016 | $ Change | % Change | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Compensation, payroll taxes, and other employee benefits | $ | 73,732 | $ | 70,968 | $ | 2,764 | 3.9 | % | ||||||||
Occupancy, office furniture and equipment | 7,587 | 7,074 | 513 | 7.3 | % | |||||||||||
Advertising | 2,414 | 1,974 | 440 | 22.3 | % | |||||||||||
Data processing | 1,854 | 1,897 | (43 | ) | (2.3 | )% | ||||||||||
Communications | 1,170 | 1,088 | 82 | 7.5 | % | |||||||||||
Professional fees | 1,953 | 1,486 | 467 | 31.4 | % | |||||||||||
Real estate owned | 258 | 344 | (86 | ) | (25.0 | )% | ||||||||||
FDIC insurance premiums | 366 | 500 | (134 | ) | (26.8 | )% | ||||||||||
Other | 10,227 | 9,663 | 564 | 5.8 | % | |||||||||||
Total noninterest expenses | $ | 99,561 | $ | 94,994 | $ | 4,567 | 4.8 | % | ||||||||
● | Compensation, payroll taxes and other employee benefit expense at our mortgage banking segment increased | |
● | Compensation, payroll taxes and other employee | |
● | Occupancy, office furniture and equipment expense | |
● | Occupancy, office furniture and equipment expense at the community banking segment | |
● | Advertising expense | |
● | Data processing expense increased $463,000, or 28.3%, to $2.1 million during the six months ended June 30, 2020. This was primarily due to the new ditigal banking platform rollout at the community banking segment and new contracts at the mortgage banking segment as technology investments continue to increase. | |
● | Professional fees expense increased $1.4 million, or 96.0%, to $2.9 million primarily as a result of an increase in legal fees at the mortgage banking segment | |
● | ||
● | Other noninterest expense increased |
As of or for the | As of or for the | For the | For the | |||||||||||||||||||||
Nine months ended September 30, | Year Ended | Six months ended June 30, | Year Ended | |||||||||||||||||||||
2017 | 2016 | December 31, 2016 | 2020 | 2019 | December 31, 2019 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||
Total gross loans receivable and held for sale at beginning of period | $ | 1,403,132 | $ | 1,281,450 | $ | 1,281,450 | ||||||||||||||||||
Real estate loans originated for investment: | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||
One- to four-family | 87,473 | 57,080 | 78,045 | $ | 56,970 | $ | 32,170 | $ | 95,461 | |||||||||||||||
Multi-family | 90,422 | 93,724 | 118,072 | 102,432 | 33,005 | 110,136 | ||||||||||||||||||
Home equity | 655 | 3,305 | 5,037 | 3,232 | 2,820 | 5,804 | ||||||||||||||||||
Construction and land | 4,539 | 5,648 | 5,878 | 21,995 | 5,391 | 59,814 | ||||||||||||||||||
Commercial real estate | 38,904 | 21,822 | 35,443 | 25,638 | 10,451 | 49,710 | ||||||||||||||||||
Total real estate loans originated for investment | 221,993 | 181,579 | 242,475 | 210,267 | 83,837 | 320,925 | ||||||||||||||||||
Consumer loans originated for investment | - | - | - | 275 | - | 55 | ||||||||||||||||||
Commercial business loans originated for investment | 12,846 | 6,920 | 11,692 | 41,482 | 4,412 | 7,517 | ||||||||||||||||||
Total loans originated for investment | 234,839 | 188,499 | 254,167 | $ | 252,024 | $ | 88,249 | $ | 328,497 | |||||||||||||||
Principal repayments | (148,750 | ) | (146,941 | ) | (185,020 | ) | ||||||||||||||||||
Transfers to real estate owned | (1,609 | ) | (3,442 | ) | (4,590 | ) | ||||||||||||||||||
Loan principal charged-off | (1,204 | ) | (1,354 | ) | (1,607 | ) | ||||||||||||||||||
Net activity in loans held for investment | 83,276 | 36,762 | 62,950 | |||||||||||||||||||||
Loans originated for sale | 1,881,351 | 1,756,454 | 2,378,926 | |||||||||||||||||||||
Loans sold | (1,931,462 | ) | (1,695,205 | ) | (2,320,194 | ) | ||||||||||||||||||
Net activity in loans held for sale | (50,111 | ) | 61,249 | 58,732 | ||||||||||||||||||||
Total gross loans receivable and held for sale at end of period | $ | 1,436,297 | $ | 1,379,461 | $ | 1,403,132 |
At September 30, | At December 31, | At June 30, | At December 31, | |||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||
Non-accrual loans: | ||||||||||||||||
Residential | ||||||||||||||||
One- to four-family | $ | 5,709 | $ | 7,623 | $ | 4,753 | $ | 5,985 | ||||||||
Multi-family | 833 | 1,427 | 639 | 667 | ||||||||||||
Home equity | 223 | 344 | 77 | 70 | ||||||||||||
Construction and land | 37 | - | - | - | ||||||||||||
Commercial real estate | 181 | 422 | 67 | 303 | ||||||||||||
Commercial | 26 | 41 | - | - | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
Total non-accrual loans | 7,009 | 9,857 | 5,536 | 7,025 | ||||||||||||
Real estate owned | ||||||||||||||||
One- to four-family | 1,021 | 2,141 | - | 46 | ||||||||||||
Multi-family | 169 | - | - | - | ||||||||||||
Construction and land | 4,822 | 5,082 | 1,256 | 1,256 | ||||||||||||
Commercial real estate | 300 | 300 | - | - | ||||||||||||
Total real estate owned | 6,312 | 7,523 | 1,256 | 1,302 | ||||||||||||
Valuation allowance at end of period | (1,744 | ) | (1,405 | ) | (554 | ) | (554 | ) | ||||||||
Total real estate owned, net | 4,568 | 6,118 | 702 | 748 | ||||||||||||
Total nonperforming assets | $ | 11,577 | $ | 15,975 | $ | 6,238 | $ | 7,773 | ||||||||
Total non-accrual loans to total loans, net | 0.56 | % | 0.84 | % | ||||||||||||
Total non-accrual loans to total loans | 0.39 | % | 0.51 | % | ||||||||||||
Total non-accrual loans to total assets | 0.38 | % | 0.55 | % | 0.25 | % | 0.35 | % | ||||||||
Total nonperforming assets to total assets | 0.62 | % | 0.89 | % | 0.28 | % | 0.39 | % |
As of or for the Nine Months Ended | At or for the Six Months | |||||||||||||||
September 30, | Ended June 30, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Balance at beginning of period | $ | 9,857 | 17,604 | $ | 7,025 | $ | 6,555 | |||||||||
Additions | 2,553 | 1,990 | 1,422 | 764 | ||||||||||||
Transfers to real estate owned | (1,609 | ) | (3,442 | ) | (299 | ) | (743 | ) | ||||||||
Charge-offs | (649 | ) | (662 | ) | (3 | ) | (8 | ) | ||||||||
Returned to accrual status | (2,168 | ) | (3,661 | ) | (1,033 | ) | (127 | ) | ||||||||
Principal paydowns and other | (975 | ) | (1,162 | ) | (1,576 | ) | (756 | ) | ||||||||
Balance at end of period | $ | 7,009 | 10,667 | $ | 5,536 | $ | 5,685 |
As of September 30, 2017 | As of June 30, 2020 | |||||||||||||||||||||||
Accruing | Non-accruing | Total | Accruing | Non-accruing | Total | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||
One- to four-family | $ | 2,747 | $ | 1,204 | 3,951 | $ | 2,737 | $ | 591 | $ | 3,328 | |||||||||||||
Multi-family | - | 833 | 833 | - | 282 | 282 | ||||||||||||||||||
Home equity | 48 | - | 48 | |||||||||||||||||||||
Commercial real estate | 291 | 37 | 328 | 276 | - | 276 | ||||||||||||||||||
$ | 3,086 | $ | 2,074 | 5,160 | $ | 3,013 | $ | 873 | $ | 3,886 | ||||||||||||||
As of December 31, 2016 | As of December 31, 2019 | |||||||||||||||||||||||
Accruing | Non-accruing | Total | Accruing | Non-accruing | Total | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
One- to four-family | $ | 3,296 | $ | 2,399 | 5,695 | $ | 2,740 | $ | 685 | $ | 3,425 | |||||||||||||
Multi-family | 2,514 | 1,427 | 3,941 | - | 308 | 308 | ||||||||||||||||||
Home equity | 49 | 97 | 146 | |||||||||||||||||||||
Commercial real estate | 295 | 60 | 355 | 278 | 7 | 285 | ||||||||||||||||||
$ | 6,154 | $ | 3,983 | 10,137 | $ | 3,018 | $ | 1,000 | $ | 4,018 |
June 30, 2020 | ||||
Loan modifications: | ||||
Residential real estate: | ||||
One- to four-family | $ | 40,603 | ||
Multi-family | 5,169 | |||
Home equity | 331 | |||
Construction and land | - | |||
Commercial real estate | 72,500 | |||
Commercial | 3,193 | |||
Consumer | - | |||
Total loan modifications | $ | 121,796 | ||
Total loan modifications to total loans receivable | 8.49 | % |
At September 30, | At December 31, | At June 30, | At December 31, | |||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||
Loans past due less than 90 days | $ | 4,052 | $ | 2,910 | $ | 2,538 | $ | 1,833 | ||||||||
Loans past due 90 days or more | 4,903 | 5,289 | 3,909 | 4,632 | ||||||||||||
Total loans past due | $ | 8,955 | $ | 8,199 | $ | 6,447 | $ | 6,465 | ||||||||
Total loans past due to total loans receivable | 0.71 | % | 0.70 | % | 0.45 | % | 0.47 | % |
● | Applying an updated adjustment factor (as described previously) to an existing appraisal; | |
● | Confirming that the physical condition of the real estate has not significantly changed since the last valuation date; | |
● | Comparing the estimated current value of the collateral to that of updated sales values experienced on similar collateral; | |
● | Comparing the estimated current value of the collateral to that of updated values seen on current appraisals of similar collateral; and | |
● | Comparing the estimated current value to that of updated listed sales prices on our real estate owned and that of similar properties (not owned by the Company). |
As of or for the Nine Months Ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
(Dollars in Thousands) | ||||||||
Balance at beginning of period | $ | 16,029 | $ | 16,185 | ||||
Provision for loan losses | (1,166 | ) | 340 | |||||
Charge-offs: | ||||||||
Mortgage | ||||||||
One- to four-family | 1,092 | 801 | ||||||
Multi-family | 92 | 488 | ||||||
Home equity | - | 62 | ||||||
Commercial real estate | 6 | - | ||||||
Construction and land | 14 | 3 | ||||||
Consumer | - | - | ||||||
Commercial | - | - | ||||||
Total charge-offs | 1,204 | 1,354 | ||||||
Recoveries: | ||||||||
Mortgage | ||||||||
One- to four-family | 200 | 246 | ||||||
Multi-family | 102 | 134 | ||||||
Home equity | 21 | 24 | ||||||
Commercial real estate | 1 | - | ||||||
Construction and land | 80 | 58 | ||||||
Consumer | - | - | ||||||
Commercial | - | - | ||||||
Total recoveries | 404 | 462 | ||||||
Net charge-offs | 800 | 892 | ||||||
Allowance at end of period | $ | 14,063 | $ | 15,633 | ||||
Ratios: | ||||||||
Allowance for loan losses to non-accrual loans at end of period | 200.64 | % | 146.55 | % | ||||
Allowance for loan losses to loans receivable at end of period | 1.12 | % | 1.36 | % | ||||
Net charge-offs to average loans outstanding (annualized) | 0.09 | % | 0.11 | % | ||||
Current period provision for loan losses to net charge-offs | (145.75 | )% | 38.12 | % | ||||
Net charge-offs (annualized) to beginning of the period allowance | 6.67 | % | 7.36 | % |
At or for the Six Months | ||||||||
Ended June 30, | ||||||||
2020 | 2019 | |||||||
(Dollars in Thousands) | ||||||||
Balance at beginning of period | $ | 12,387 | $ | 13,249 | ||||
Provision (credit) for loan losses | 5,285 | (650 | ) | |||||
Charge-offs: | ||||||||
Mortgage | ||||||||
One- to four-family | 7 | 25 | ||||||
Multi-family | 5 | 1 | ||||||
Home equity | 13 | 8 | ||||||
Commercial real estate | - | - | ||||||
Construction and land | - | - | ||||||
Consumer | 1 | 5 | ||||||
Commercial | 8 | - | ||||||
Total charge-offs | 34 | 39 | ||||||
Recoveries: | ||||||||
Mortgage | ||||||||
One- to four-family | 61 | 35 | ||||||
Multi-family | 9 | 9 | ||||||
Home equity | 18 | 12 | ||||||
Commercial real estate | 7 | 1 | ||||||
Construction and land | 1 | - | ||||||
Consumer | - | - | ||||||
Commercial | - | - | ||||||
Total recoveries | 96 | 57 | ||||||
Net recoveries | (62 | ) | (18 | ) | ||||
Allowance at end of period | $ | 17,734 | $ | 12,617 | ||||
Ratios: | ||||||||
Allowance for loan losses to non-accrual loans at end of period | 320.34 | % | 221.93 | % | ||||
Allowance for loan losses to loans receivable at end of period | 1.24 | % | 0.92 | % | ||||
Net recoveries to average loans outstanding (annualized) | (0.01 | )% | 0.00 | % | ||||
(Provision) credit for loan losses to net recoveries | (8,524.19 | )% | 3,611.11 | % | ||||
Net recoveries to beginning of the period allowance (annualized) | (1.01 | )% | (0.27 | )% |
More than | More than | More than | More than | |||||||||||||||||||||||||||||||||||||
One Year | Three Years | Over | One Year | Three Years | Over | |||||||||||||||||||||||||||||||||||
One Year | Through | Through | Five | One Year | Through | Through | Five | |||||||||||||||||||||||||||||||||
Total | or Less | Three Years | Five Years | Years | Total | or Less | Three Years | Five Years | Years | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 123,133 | $ | 123,133 | $ | - | $ | - | $ | - | $ | 171,016 | $ | $171,016 | $ | $- | $ | $- | $ | $- | ||||||||||||||||||||
Money market and savings deposits | 148,607 | 148,607 | - | - | - | 247,233 | 247,233 | - | - | - | ||||||||||||||||||||||||||||||
Time deposit | 685,033 | 514,304 | 166,831 | 3,898 | - | 739,417 | 727,895 | 9,442 | 2,080 | - | ||||||||||||||||||||||||||||||
Bank lines of credit (4) | 10,503 | 10,503 | - | - | - | |||||||||||||||||||||||||||||||||||
Repurchase agreements (3) | 25,102 | 25,102 | - | - | - | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1) | 410,000 | 185,000 | - | 100,000 | 125,000 | 574,000 | 104,000 | - | - | 470,000 | ||||||||||||||||||||||||||||||
Repurchase agreements (2)(4) | 15,000 | 15,000 | - | - | - | |||||||||||||||||||||||||||||||||||
Operating leases (3) | 8,364 | 2,824 | 3,061 | 1,312 | 1,167 | |||||||||||||||||||||||||||||||||||
Operating leases (2) | 9,620 | 3,129 | 3,786 | 1,765 | 940 | |||||||||||||||||||||||||||||||||||
$ | 1,400,640 | $ | 999,371 | $ | 169,892 | $ | 105,210 | $ | 126,167 | $ | 1,766,388 | $ | $1,278,375 | $ | $13,228 | $ | $3,845 | $ | $470,940 |
More than | More than | More than | More than | |||||||||||||||||||||||||||||||||||||
One Year | Three Years | Over | One Year | Three Years | Over | |||||||||||||||||||||||||||||||||||
One Year | Through | Through | Five | One Year | Through | Through | Five | |||||||||||||||||||||||||||||||||
Total | or Less | Three Years | Five Years | Years | Total | or Less | Three Years | Five Years | Years | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real estate loan commitments (1) | $ | 52,948 | $ | 52,948 | $ | - | $ | - | $ | - | $ | 16,775 | $ | 16,775 | $ | - | $ | - | $ | - | ||||||||||||||||||||
Unused portion of home equity lines of credit (2) | 14,724 | 14,724 | - | - | - | 13,570 | 13,570 | - | - | - | ||||||||||||||||||||||||||||||
Unused portion of construction loans (3) | 18,306 | 18,306 | - | - | - | 76,156 | 76,156 | - | - | - | ||||||||||||||||||||||||||||||
Unused portion of business lines of credit | 17,204 | 17,204 | - | - | - | 22,803 | 22,803 | - | - | - | ||||||||||||||||||||||||||||||
Standby letters of credit | 259 | 259 | - | - | - | 874 | 874 | - | - | - | ||||||||||||||||||||||||||||||
Total Other Commitments | $ | 103,441 | $ | 103,441 | $ | - | $ | - | $ | - | $ | 130,178 | $ | 130,178 | $ | - | $ | - | $ | - |
Immediate Change in Rates | Immediate Change in Rates | |||||||||||||||||||||||||||||||
+300 | +200 | +100 | -100 | +300 | +200 | +100 | -100 | |||||||||||||||||||||||||
(Dollar Amounts in Thousands) | (Dollar Amounts in Thousands) | |||||||||||||||||||||||||||||||
As of March 31, 2017 | ||||||||||||||||||||||||||||||||
As of June 30, 2020 | ||||||||||||||||||||||||||||||||
Dollar Change | $ | 2,522 | 1,746 | 886 | (1,283 | ) | $ | $1,970 | 2,139 | 1,092 | (2,156 | ) | ||||||||||||||||||||
Percentage Change | 4.73 | % | 3.28 | 1.66 | (2.41 | ) | 3.43 | % | 3.73 | 1.90 | (3.76 | ) |
Period | Total Number of Shares Purchased(b) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under the Plan(a) | ||||||||||||
July 1, 2017 - July 31, 2017 | - | $ | - | - | 989,500 | |||||||||||
August 1, 2017 - August 31, 2017 | 45,300 | 17.51 | 45,300 | 944,200 | ||||||||||||
September 1, 2017 - September 30, 2017 | 27,768 | 17.53 | 27,400 | 916,800 | ||||||||||||
Total | 73,068 | $ | 17.52 | 72,700 | 916,800 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under the Plan(a) | ||||||||||||
April 1, 2020 - April 30, 2020 | 201,556 | $ | $13.94 | 201,556 | 234,926 | |||||||||||
May 1, 2020 - May 31, 2020 | 234,926 | 14.14 | 234,926 | - | ||||||||||||
June 1, 2020 - June 30, 2020 | 1,178 | 14.68 | - | - | ||||||||||||
Total | 437,660 | $ | $14.05 | 436,482 | - |
(a) | On |
Exhibit No. | Description | Filed Herewith | |||
Sarbanes-Oxley Act Section 302 Certification signed by the Chief Executive Officer of Waterstone Financial, Inc. | X | ||||
Sarbanes-Oxley Act Section 302 Certification signed by the Chief Financial Officer of Waterstone Financial, Inc. | X | ||||
Certification pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Chief Executive Officer of Waterstone Financial, Inc. | X | ||||
Certification pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Chief Financial Officer of Waterstone Financial, Inc. | X | ||||
101 | The following financial statements from Waterstone Financial, Inc. Quarterly Report on Form 10-Q for the quarter ended | X | |||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X |
WATERSTONE FINANCIAL, INC. (Registrant) | ||||
Date: August 6, 2020 | ||||
/s/ Douglas S. Gordon | ||||
Douglas S. Gordon | ||||
Chief Executive Officer Principal Executive Officer | ||||
Date: August 6, 2020 | ||||
/s/ Mark R. Gerke | ||||
Mark R. Gerke | ||||
Chief Financial Officer Principal Financial Officer |