New Waterstone(WSBF) - 2024 Q4 - Annual Results

Financial Performance - Consolidated net income for the quarter ended December 31, 2024, was $5.2 million, compared to a net loss of $40,000 for the same quarter in 2023[1] - Net income for Q4 2024 was $5,210,000, compared to a loss of $40,000 in Q4 2023, indicating a significant turnaround[11] - The company reported a basic earnings per share of $0.28 for Q4 2024, compared to $(0.00) in Q4 2023[11] - Net income for December 2024 was $5,288 thousand, reflecting a 12.4% increase from $4,705 thousand in September 2024[18] Asset and Deposit Growth - Total assets as of December 31, 2024, were $2,209,608,000, slightly down from $2,213,389,000 in 2023[13] - Total deposits increased to $1,359,897,000 in 2024, up from $1,190,624,000 in 2023, representing a growth of 14.2%[13] - Average loans held for investment increased by $21.5 million, or 1.3%, to $1.68 billion compared to the same quarter in 2023[4] - Loan originations increased by $12.3 million, or 2.7%, to $470.7 million for the quarter ended December 31, 2024[6] Income and Expense Analysis - Net interest income rose by $830,000, or 6.9%, to $12.9 million for the quarter ended December 31, 2024[4] - Total interest income for Q4 2024 was $29,052,000, an increase of 8.5% from $26,694,000 in Q4 2023[11] - Noninterest income for Q4 2024 reached $19,005,000, up 12.6% from $16,876,000 in Q4 2023[11] - Total noninterest expenses decreased to $25,267,000 in Q4 2024 from $29,662,000 in Q4 2023, a reduction of 14.8%[11] Efficiency and Ratios - Return on average assets improved to 0.94% for the quarter ended December 31, 2024, from (0.01)% in the prior year[4] - The efficiency ratio improved to 51.54% for the quarter ended December 31, 2024, from 63.26% in the prior year[6] - The efficiency ratio for the quarter-to-date (non-GAAP) improved to 51.54% in December 2024 from 60.35% in September 2024[18] Shareholder Returns and Stock Activity - Dividends declared during the quarter totaled $0.15 per common share[4] - The company repurchased approximately 194,000 shares at a cost of $2.8 million, or $14.43 per share[4] Credit Quality - Nonperforming assets as a percentage of total assets was 0.28% at December 31, 2024, compared to 0.23% at December 31, 2023[4] - The allowance for credit losses on loans was 1.09% of loans receivable as of December 31, 2024, compared to 1.11% in 2023[15] - The provision for credit losses was $331 thousand in December 2024, compared to a credit of $(302) thousand in September 2024[18] Other Financial Metrics - Book value per share increased to $17.53 in 2024 from $16.94 in 2023, reflecting a growth of 3.5%[13] - Total interest-earning assets decreased to $2,112,753 thousand in December 2024 from $2,156,118 thousand in September 2024, a decline of 2.02%[16] - Net interest income after provision for credit losses for the twelve months ended December 31, 2024, was $46,336,000, compared to $49,559,000 in 2023, reflecting a decrease of 4.5%[11] - Total noninterest income rose to $1,595 thousand in December 2024, a 30% increase compared to $1,227 thousand in September 2024[18] - Noninterest expenses decreased to $7,463 thousand in December 2024, down from $8,133 thousand in September 2024, a reduction of 8.2%[18] - The gross margin on loans sold was 3.74% in December 2024, slightly down from 3.83% in September 2024[20] - The average yield on total interest-earning assets increased to 5.46% in December 2024 from 5.39% in September 2024[16]