New Waterstone(WSBF) - 2024 Q2 - Quarterly Results

Financial Performance - Consolidated net income for the quarter ended June 30, 2024, was $5.7 million, an increase of 42.5% from $4.0 million for the same quarter in 2023[2] - Net income for the quarter ended June 30, 2024, was $5.712 million, up from $4.007 million in the same quarter of 2023, representing a growth of 42.5%[17] - Net income for June 30, 2024, was $4,349,000, up from $2,640,000 for March 31, 2024, indicating a significant increase of 64.7%[20] - Net income for June 30, 2024, was $1,313 thousand, a significant increase from $298 thousand for March 31, 2024[28] Asset and Deposit Growth - Average deposits increased by $35.7 million, or 3.0%, to $1.22 billion for the quarter ended June 30, 2024, compared to $1.18 billion for the same quarter in 2023[3] - Total assets reached $2.289 billion as of June 30, 2024, compared to $2.213 billion as of June 30, 2023, marking an increase of 3.4%[18] Loan Performance - Loan originations rose by $10.8 million, or 1.7%, to $634.1 million during the quarter ended June 30, 2024, compared to $623.3 million for the same quarter in 2023[4] - Average loans held for investment increased by $81.6 million, or 5.1%, to $1.67 billion for the quarter ended June 30, 2024, compared to $1.59 billion for the same quarter in 2023[13] - Past due loans in the Community Banking Segment rose to $9.3 million at June 30, 2024, compared to $5.7 million at June 30, 2023[13] - Loan originations reached $634,109 thousand for June 30, 2024, up from $485,109 thousand for March 31, 2024, indicating a growth of 30.6%[28] Income and Expense Analysis - Net interest income fell by $2.0 million, or 15.1%, to $11.2 million for the quarter ended June 30, 2024, down from $13.2 million in the same quarter of 2023[13] - Total interest income increased to $28.020 million for the quarter ended June 30, 2024, from $24.247 million in the same quarter of 2023, representing a growth of 11.5%[17] - Net interest income after provision for credit losses was $10.904 million for the quarter ended June 30, 2024, compared to $12.489 million for the same quarter in 2023, a decrease of 12.7%[17] - Total noninterest income increased to $26.497 million for the quarter ended June 30, 2024, from $23.525 million in the same quarter of 2023, reflecting a growth of 8.4%[17] - Total noninterest expenses were $7,937,000 for June 30, 2024, a decrease from $8,204,000 for March 31, 2024, showing a reduction of 3.3%[20] - Total noninterest income increased to $25,081 thousand for June 30, 2024, from $20,328 thousand for March 31, 2024, representing a growth of 23.3%[28] - Total noninterest expenses increased to $22,478 thousand for June 30, 2024, from $19,456 thousand for March 31, 2024, reflecting a rise of 10.4%[28] Efficiency and Ratios - Return on average assets improved to 1.02% for the quarter ended June 30, 2024, compared to 0.74% for the same quarter in 2023[2] - The efficiency ratio was 62.37% for the quarter ended June 30, 2024, compared to 55.81% for the same quarter in 2023[3] - The efficiency ratio for the quarter-to-date (QTD) was 62.37%, an improvement from 65.17% for the previous quarter[20] - Return on average equity (QTD) was 6.84% for June 30, 2024, up from 3.56% for March 31, 2024[26] - The net interest margin (QTD) was 2.01% for June 30, 2024, slightly down from 2.15% for March 31, 2024[26] Shareholder Returns - The company maintained a robust share repurchase program, repurchasing approximately 481,000 shares at a cost of $5.8 million, or $11.99 per share, which was accretive to book value per share by $0.13[2] - Book value per share increased to $17.20 at June 30, 2024, from $16.94 at December 31, 2023[2]