New Waterstone(WSBF) - 2025 Q1 - Quarterly Results

Financial Performance - Waterstone Financial, Inc. reported net income of $3.0 million, or $0.17 per diluted share, for Q1 2025, compared to $3.0 million, or $0.16 per diluted share, for Q1 2024[1]. - Net income for the quarter was $3,036, a decrease of 41.87% compared to $5,210 in the previous quarter[15]. - Net income for the quarter was $4,638,000, down 12.3% from $5,288,000 in the prior quarter[18]. Income and Revenue - Net interest income increased by $805,000, or 6.9%, to $12.4 million for Q1 2025, compared to $11.6 million for Q1 2024[3]. - Net interest income was $12,576, a slight decrease from $12,835 in the previous quarter, reflecting a decrease of 2.02%[15]. - Total noninterest income was $17,097, down from $19,005, indicating a decline of 10.03%[15]. - Total noninterest income decreased to $1,348,000 from $1,595,000, reflecting a decline of 15.5%[18]. Banking Segment Performance - Pre-tax income for the Community Banking segment totaled $6.1 million for Q1 2025, representing a $1.8 million, or 41.7%, increase compared to $4.3 million for Q1 2024[3]. - The provision for credit losses in the banking segment was $(518,000), compared to $331,000 in the previous quarter, reflecting improved credit quality[18]. Mortgage Banking Segment Performance - Loan originations in the Mortgage Banking segment decreased by $97.4 million, or 20.1%, to $387.7 million during Q1 2025 compared to $485.1 million during Q1 2024[4]. - In the mortgage banking segment, loan originations totaled $387,729,000, a decrease of 17.6% from $470,650,000 in the prior quarter[20]. - Mortgage banking non-interest income decreased by $4.6 million, or 22.6%, to $15.7 million for Q1 2025 compared to $20.3 million for Q1 2024[4]. - The company reported a net loss of $1,625,000 in the mortgage banking segment, compared to a loss of $197,000 in the previous quarter[20]. - The efficiency ratio for the mortgage banking segment was 114.18%, compared to 103.39% in the previous quarter, indicating increased costs relative to income[20]. - The percentage of purchase loans in total loan originations was 87.5%, up from 82.1% in the previous quarter, indicating a shift towards purchase activity[20]. Asset and Liability Management - Average loans held for investment increased by $10.7 million, or 0.6%, to $1.67 billion during Q1 2025 compared to $1.66 billion for Q1 2024[3]. - Total assets decreased to $2,175,367, down from $2,209,608, representing a decline of approximately 1.54%[13]. - Total deposits increased to $1,381,200, up from $1,359,897, showing a growth of 1.57%[13]. - Loans receivable, net amounted to $1,645,614, a decrease from $1,662,329, representing a decline of 1.00%[13]. - Total liabilities decreased to $1,834,007 from $1,870,473, a decline of approximately 1.94%[13]. Efficiency and Ratios - The efficiency ratio improved to 59.66% for Q1 2025, down from 65.17% for Q1 2024[4]. - The efficiency ratio for the quarter was 59.66%, an increase from 51.54% in the previous quarter, indicating a decline in operational efficiency[18]. - Return on average assets for the quarter was 0.57%, down from 0.94% in the previous quarter[15]. - Return on average equity for the quarter was 3.61%, a decrease from 6.05% in the previous quarter[15]. Book Value - Book value per share increased to $17.70 at March 31, 2025, compared to $17.53 at December 31, 2024[3]. - Book value per share increased to $17.70 from $17.53, reflecting a growth of 0.97%[13].