New Waterstone(US:WSBF)2024-04-30 20:00Financial Performance - Consolidated net income for the quarter ended March 31, 2024, was $3.0 million, or $0.16 per diluted share, compared to $2.2 million, or $0.10 per diluted share for the same period in 2023[1][4] - Net income for the quarter was $3,038 thousand, a significant recovery from a net loss of $40 thousand in the same quarter of the previous year[15] - Net income for the quarter was $2,640,000, down 35.4% from $4,074,000 in the same quarter last year[18] Loan and Asset Growth - Average loans held for investment increased by $133.0 million, or 8.7%, to $1.66 billion during the quarter ended March 31, 2024, compared to $1.53 billion for the same period in 2023[4] - Loan originations increased by $42.4 million, or 9.6%, to $485.1 million during the quarter ended March 31, 2024, compared to $442.7 million for the same period in 2023[6] - Total assets increased to $2,234,724 thousand as of March 31, 2024, compared to $2,213,389 thousand on December 31, 2023, reflecting a growth of 0.96%[13] - Total deposits increased to $1,199,894 thousand, up from $1,190,624 thousand, marking a growth of 0.2%[13] Income and Margin Analysis - Net interest income decreased by $2.4 million, or 17.2%, to $11.6 million for the quarter ended March 31, 2024, compared to $14.0 million for the same period in 2023[4] - The net interest margin decreased by 73 basis points to 2.15% for the quarter ended March 31, 2024, compared to 2.88% for the same period in 2023[4] - The net interest margin for the quarter was 2.15%, a decrease from 2.25% in the previous quarter[15] - Net interest income for the three months ended March 31, 2024, was $11,598,000, a decrease of 3.8% from $12,056,000 in the previous quarter[18] Noninterest Income - Mortgage banking non-interest income increased by $2.4 million, or 13.2%, to $20.3 million for the quarter ended March 31, 2024, compared to $18.0 million for the same period in 2023[6] - Total noninterest income rose to $21,248 thousand, up 25.5% from $16,876 thousand in the previous quarter[15] - Total noninterest income increased to $990,000 for the quarter, up from $894,000 in the previous quarter, representing an increase of 10.8%[18] - In the mortgage banking segment, total noninterest income rose to $20,328,000, up from $16,028,000 in the previous quarter, marking a 26.8% increase[20] Efficiency and Operational Metrics - The efficiency ratio for the Mortgage Banking segment was 65.17% for the quarter ended March 31, 2024, compared to 54.53% for the same period in 2023[6] - The efficiency ratio for the quarter was 65.17%, compared to 63.26% in the previous quarter, indicating a decline in operational efficiency[18] - The efficiency ratio for the mortgage banking segment was 98.33%, a significant improvement from 137.86% in the previous quarter[20] Shareholder Returns - Dividends declared during the quarter totaled $0.15 per common share[4] - The company declared dividends of $0.15 per common share, consistent with the previous quarter[15] - The company repurchased approximately 417,000 shares at a cost of $5.3 million, or $12.65 per share, during the quarter[4] Credit Quality - Nonperforming assets as a percentage of total assets remained stable at 0.23% as of March 31, 2024, compared to 0.22% at March 31, 2023[4] - The allowance for credit losses on loans remained stable at 1.11% of loans receivable[15] - The provision for credit losses in the mortgage banking segment was $(38,000), compared to a provision of $115,000 in the previous quarter, indicating a reduction in expected credit losses[20]