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8-K

Waterstone Financial, Inc. (WSBF)

8-K 2021-04-26 For: 2021-04-26
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Added on April 12, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 26, 2021

Waterstone Financial, Inc.

(Exact name of Registrant as specified in its charter)

Maryland<br><br> <br>(State or Other Jurisdiction<br><br> <br>of Incorporation) 001-36271<br><br> <br>(Commission File Number) 90-1026709<br><br> <br>(I.R.S. Employer Identification No.)

11200 West Plank Ct, Wauwatosa, Wisconsin 53226

(Address of principal executive offices)

(414) 761-1000

Registrant's telephone number, including area code

Not Applicable

(Former Name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br><br> <br>Symbol Name of each exchange on which registered
Common Stock, $0.01 Par Value WSBF The NASDAQ Stock Market LLC
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the<br> following provisions:
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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br><br> <br>(17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br><br> <br>(17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any<br> new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On April 26, 2021, Waterstone Financial, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2021.  A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached to this report and incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.          Description

99.1          Press release of Waterstone Financial, Inc. issuedApril 26, 2021

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Waterstone Financial, Inc.
Date:  April 26, 2021 /s/ Mark R. Gerke
Name: Mark R. Gerke
Title: Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.          Description

99.1          Press release of Waterstone Financial, Inc. issued April 26, 2021.

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Exhibit 99.1

WATERSTONE FINANCIAL, INC.

WATERSTONE BANK

11200 W. PLANK CT.

WAUWATOSA, WI 53226

Contact:

Mark R. Gerke

Chief Financial Officer

Exhibit 99.1

Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2021.

WAUWATOSA, WI – 04/26/2021 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $21.3 million, or $0.89 per diluted share for the quarter ended March 31, 2021 compared to $6.1 million, or $0.24 per diluted share for the quarter ended March 31, 2020.

“We've started the year strong with a record first quarter profit driven by continued strong mortgage origination volumes at the mortgage banking segment”, said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “Our team’s commitment to meeting the needs of our customers has continued to show through our results. I continue to be impressed with the efforts of all the employees from both the community banking and mortgage banking segments as we continue to deliver in a challenging environment.”

Highlights of the Quarter Ended March 31, 2021

Waterstone Financial, Inc. (Consolidated)

• Consolidated net income of Waterstone Financial, Inc. totaled $21.3 million for the quarter ended March 31, 2021, compared to $6.1 million for<br> the quarter ended March 31, 2020.
• Consolidated return on average assets was 3.99% for the quarter ended March 31, 2021 compared to 1.21% for the quarter ended March 31, 2020.
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• Consolidated return on average equity was 20.49% for the quarter ended March 31, 2021 and 6.24% for the quarter ended March 31, 2020.
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• Dividends declared during the quarter ended March 31, 2021 totaled $0.20 per common share.
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Community Banking Segment

• Pre-tax income totaled $9.1 million for the quarter ended March 31, 2021, which represents a 73.4% increase compared to $5.3 million for the<br> quarter ended March 31, 2020.
• Net interest income totaled $14.2 million for the quarter ended March 31, 2021, which represents a 10.4% increase compared to $12.9 million for<br> the quarter ended March 31, 2020.
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• Average loans held for investment totaled $1.35 billion during the quarter ended March 31, 2021, which represents a decrease of $46.5 million,<br> or 3.3%, compared to $1.39 billion for the quarter ended March 31, 2020. Average loans held for investment decreased $55.8 million compared to $1.40 billion for the quarter ended December 31, 2020 as loans continue to prepay at an<br> accelerated rate.
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• Net interest margin increased 12 basis points to 2.80% for the quarter ended March 31, 2021 compared to 2.68% for the quarter ended March 31,<br> 2020, which was a result of lower average rates on deposits, as certificate of deposits repriced at lower rates. Net interest margin increased seven basis<br> points compared to 2.73% for the quarter ended December 31, 2020, driven by lower average rates on deposits, as certificate of deposits repriced at lower rates.
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• The segment had a negative provision for loan losses of $1.1 million for the quarter ended March 31, 2021 compared to a $750,000 provision<br> for loan losses for the quarter ended March 31, 2020. Net recoveries totaled $27,000 for the quarter ended March 31, 2021, compared to net recoveries of $54,000 for the quarter ended March 31, 2020.
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• Noninterest income increased $215,000 for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020, due primarily to<br> increases on service charges on loans as prepayments increased, partially offset by a decrease in income from cash surrender value of bank owned life<br> insurance policies.
• Noninterest expense decreased $460,000 for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020. Compensation, payroll<br> taxes and other employee benefits expense decreased $193,000 due to decreases in health insurance claims. Data processing expense decreased $94,000 due to the implementation of a new digital banking platform in 2020. Other noninterest<br> expense decreased $140,000 as certain loan-related expenses decreased offset by a decrease of credits received for FDIC premiums in 2020 but not in 2021.
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• The efficiency ratio was 48.17% for the quarter ended March 31, 2021, compared to 56.84% for the quarter ended March 31, 2020.
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• Average deposits (excluding escrow accounts) totaled $1.21 billion during the quarter ended March 31, 2021, an increase of $128.8 million, or<br> 12.0%, compared to $1.08 billion during the quarter ended March 31, 2020. Average deposits increased $12.8 million, or 4.3% annualized compared to the $1.19 billion for the quarter ended December 31, 2020.
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• Nonperforming assets as percentage of total assets was 0.20%<br><br><br><br> at March 31, 2021, 0.27% at December 31, 2020, and 0.36% at March 31, 2020.
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• Past due loans as percentage of total loans was 0.52% at<br> March 31, 2021, 0.57% at December 31, 2020, and 0.78% at March 31, 2020.
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• PPP loans totaled $19.4 million as of March 31, 2021.  The average balance for the quarter ended March 31, 2021 was $18.0 million. PPP loan<br> interest income recognized was approximately $44,000 and the amortization of fee income was approximately $354,000. Net interest margin, excluding the impact of the PPP loans, was 2.74%.  Net interest margin for the quarter ended March<br> 31, 2021, including the impact of the PPP loans, was 2.80%.
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• The Company held approximately $9.5 million in loans, representing 0.7% of the total loan portfolio as of March 31, 2021, which had been<br> modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $9.5 million in loans, $910,000 qualify as modifications under the Coronavirus Aid, Relief and Economic Security (“CARES Act”). The remaining $8.6 million is composed of three loan relationships that are classified as troubled debt restructurings.
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Mortgage Banking Segment

• Pre-tax income totaled $19.1 million for the quarter ended March 31, 2021, compared to $2.7 million for the quarter ended March 31, 2020.
• Loan originations increased $406.3 million, or 57.3%, to $1.12 billion during the quarter ended March 31, 2021, compared to $708.8 million<br> during the quarter ended March 31, 2020. Origination volume relative to purchase activity accounted for 56.1% of originations for the quarter ended<br> March 31, 2021 compared to 68.3% of total originations for the quarter ended March 31, 2020.
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• Mortgage banking income increased $24.2 million, or 78.7%, to $55.0 million for the quarter ended March 31, 2021, compared to $30.8 million<br> for the quarter ended March 31, 2020.
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• Gross margin on loans sold increased to 4.86% for the quarter ended March 31, 2021, compared to 4.08% for the quarter ended March 31, 2020.
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• Total compensation, payroll taxes and other employee benefits increased $9.9 million, or 50.9%, to $29.3 million during the quarter ended<br> March 31, 2021 compared to $19.4 million during the quarter ended March 31, 2020. The increase primarily related to increased commission expense, performance bonuses, and branch manager compensation driven by increased loan origination<br> volume and branch profitability.
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• Professional fees decreased $2.1 million to $524,000 of income during the quarter ended March 31, 2021 compared to $1.6 million of expense<br> during the quarter ended March 31, 2020.  The decrease related to receiving a legal settlement during the quarter ended March 31, 2021, along with a decrease in litigation costs compared to the prior year, as the Herrington settlement<br> was resolved.
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Recent Developments:

COVID-19 Pandemic and the CARES Act

The CARES Act, signed into law at the end of March 2020, allowed for a temporary delay in the adoption of accounting guidance under Accounting Standards Codification Topic 326, “Financial Instruments – Credit Losses (“CECL”) until the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency.  During the quarter ended March 31, 2020, pursuant to the CARES Act and guidance from the Securities and Exchange Commission (“SEC”) and Financial Accounting Standards Board (“FASB”), we elected to delay adoption of CECL.  On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law.  Among other provisions, this Act extended the temporary delay on the adoption of CECL until January 1, 2022.  We have elected to continue to delay adoption of CECL.  As a result, our financial statements for the quarter and year ended December 31, 2020 include an allowance for loan losses that was prepared under the existing incurred loss methodology.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

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WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For The Three Months Ended March 31,
2021 2020
(In Thousands, except per share amounts)
Interest income:
Loans $ 16,603 $ 17,687
Mortgage-related securities 491 702
Debt securities, federal funds sold and short-term investments 875 1,063
Total interest income 17,969 19,452
Interest expense:
Deposits 1,517 4,318
Borrowings 2,500 2,608
Total interest expense 4,017 6,926
Net interest income 13,952 12,526
Provision for loan losses (1,070 ) 785
Net interest income after provision for loan losses 15,022 11,741
Noninterest income:
Service charges on loans and deposits 690 481
Increase in cash surrender value of life insurance 301 353
Mortgage banking income 54,391 30,406
Other 817 224
Total noninterest income 56,199 31,464
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits 34,123 24,401
Occupancy, office furniture, and equipment 2,565 2,741
Advertising 824 900
Data processing 971 1,006
Communications 331 338
Professional fees (315 ) 1,832
Real estate owned (12 ) 11
Loan processing expense 1,335 1,076
Other 3,178 2,903
Total noninterest expenses 43,000 35,208
Income before income taxes 28,221 7,997
Income tax expense 6,877 1,928
Net income $ 21,344 $ 6,069
Income per share:
Basic $ 0.90 $ 0.24
Diluted $ 0.89 $ 0.24
Weighted average shares outstanding:
Basic 23,735 25,405
Diluted 23,950 25,612
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WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, December 31,
2021 2020
(Unaudited)
Assets (In Thousands, except per share amounts)
Cash $ 160,144 $ 56,190
Federal funds sold 19,029 18,847
Interest-earning deposits in other financial institutions and other short term investments 19,228 19,730
Cash and cash equivalents 198,401 94,767
Securities available for sale (at fair value) 162,263 159,619
Loans held for sale (at fair value) 341,293 402,003
Loans receivable 1,335,423 1,375,137
Less: Allowance for loan losses 17,780 18,823
Loans receivable, net 1,317,643 1,356,314
Office properties and equipment, net 23,402 23,722
Federal Home Loan Bank stock (at cost) 26,720 26,720
Cash surrender value of life insurance 63,874 63,573
Real estate owned, net 150 322
Prepaid expenses and other assets 64,265 57,547
Total assets $ 2,198,011 $ 2,184,587
Liabilities and Shareholders' Equity
Liabilities:
Demand deposits $ 194,978 $ 188,225
Money market and savings deposits 318,959 295,317
Time deposits 705,754 701,328
Total deposits 1,219,691 1,184,870
Borrowings 490,505 508,074
Advance payments by borrowers for taxes 12,048 3,522
Other liabilities 45,086 75,003
Total liabilities 1,767,330 1,771,469
Shareholders' equity:
Preferred stock - -
Common stock 252 251
Additional paid-in capital 182,533 180,684
Retained earnings 261,859 245,287
Unearned ESOP shares (15,133 ) (15,430 )
Accumulated other comprehensive income, net of taxes 1,170 2,326
Total shareholders' equity 430,681 413,118
Total liabilities and shareholders' equity $ 2,198,011 $ 2,184,587
Share Information
Shares outstanding 25,230 25,088
Book value per share $ 17.07 $ 16.47
Closing market price $ 20.42 $ 18.82
Price to book ratio 119.63 % 114.27 %
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WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
At or For the Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2021 2020 2020 2020 2020
(Dollars in Thousands, except per share amounts)
Condensed Results of Operations:
Net interest income $ 13,952 $ 14,316 $ 13,409 $ 13,249 $ 12,526
Provision for loan losses (1,070 ) 30 1,025 4,500 785
Total noninterest income 56,199 69,886 75,763 66,904 31,464
Total noninterest expense 43,000 47,163 53,001 47,689 35,208
Income before income taxes 28,221 37,009 35,146 27,964 7,997
Income tax expense 6,877 9,174 8,853 7,016 1,928
Net income $ 21,344 $ 27,835 $ 26,293 $ 20,948 $ 6,069
Income per share – basic $ 0.90 $ 1.17 $ 1.08 $ 0.86 $ 0.24
Income per share – diluted $ 0.89 $ 1.17 $ 1.08 $ 0.85 $ 0.24
Dividends declared per share $ 0.20 $ 0.50 $ 0.12 $ 0.12 $ 0.62
Performance Ratios (annualized):
Return on average assets - QTD 3.99 % 4.96 % 4.78 % 3.87 % 1.21 %
Return on average equity - QTD 20.49 % 27.11 % 26.30 % 22.39 % 6.24 %
Net interest margin - QTD 2.80 % 2.73 % 2.63 % 2.62 % 2.68 %
Return on average assets - YTD 3.99 % 3.77 % 3.35 % 2.59 % 1.21 %
Return on average equity - YTD 20.49 % 20.18 % 18.02 % 14.03 % 6.24 %
Net interest margin - YTD 2.80 % 2.67 % 2.64 % 2.65 % 2.68 %
Asset Quality Ratios:
Past due loans to total loans 0.52 % 0.57 % 0.39 % 0.45 % 0.78 %
Nonaccrual loans to total loans 0.31 % 0.40 % 0.42 % 0.39 % 0.48 %
Nonperforming assets to total assets 0.20 % 0.27 % 0.31 % 0.28 % 0.36 %
Allowance for loan losses to loans receivable 1.33 % 1.37 % 1.31 % 1.24 % 0.94 %
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WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
(Unaudited)
At or For the Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2021 2020 2020 2020 2020
Average balances (Dollars in Thousands)
Interest-earning assets
Loans receivable and held for sale $ 1,657,260 $ 1,775,455 $ 1,766,715 $ 1,759,970 $ 1,562,097
Mortgage related securities 90,457 91,199 96,529 105,727 112,089
Debt securities, federal funds sold and short term investments 273,929 217,356 166,160 164,306 206,485
Total interest-earning assets 2,021,646 2,084,010 2,029,404 2,030,003 1,880,671
Noninterest-earning assets 147,781 147,573 160,526 147,342 132,283
Total assets $ 2,169,427 $ 2,231,583 $ 2,189,930 $ 2,177,345 $ 2,012,954
Interest-bearing liabilities
Demand accounts $ 55,552 $ 53,771 $ 50,590 $ 45,289 $ 39,886
Money market, savings, and escrow accounts 314,418 304,467 282,349 252,500 218,942
Certificates of deposit 705,712 726,132 741,265 730,573 734,147
Total interest-bearing deposits 1,075,682 1,084,370 1,074,204 1,028,362 992,975
Borrowings 482,665 546,070 531,588 609,863 495,595
Total interest-bearing liabilities 1,558,347 1,630,440 1,605,792 1,638,225 1,488,570
Noninterest-bearing demand deposits 138,446 128,665 129,911 115,605 92,627
Noninterest-bearing liabilities 50,188 64,001 56,451 47,140 40,609
Total liabilities 1,746,981 1,823,106 1,792,154 1,800,970 1,621,806
Equity 422,446 408,477 397,776 376,375 391,148
Total liabilities and equity $ 2,169,427 $ 2,231,583 $ 2,189,930 $ 2,177,345 $ 2,012,954
Average Yield/Costs (annualized)
Loans receivable and held for sale 4.06 % 4.08 % 4.10 % 4.23 % 4.55 %
Mortgage related securities 2.20 % 2.30 % 2.42 % 2.55 % 2.52 %
Debt securities, federal funds sold and short term investments 1.30 % 1.59 % 1.75 % 1.71 % 2.07 %
Total interest-earning assets 3.60 % 3.75 % 3.83 % 3.93 % 4.16 %
Demand accounts 0.07 % 0.07 % 0.09 % 0.08 % 0.08 %
Money market and savings accounts 0.32 % 0.53 % 0.67 % 0.74 % 0.78 %
Certificates of deposit 0.72 % 1.20 % 1.62 % 1.91 % 2.13 %
Total interest-bearing deposits 0.57 % 0.96 % 1.29 % 1.54 % 1.75 %
Borrowings 2.10 % 1.97 % 1.98 % 1.76 % 2.12 %
Total interest-bearing liabilities 1.05 % 1.30 % 1.52 % 1.62 % 1.87 %
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COMMUNITY BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
At or For the Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2021 2020 2020 2020 2020
(Dollars in Thousands)
Condensed Results of Operations:
Net interest income $ 14,247 $ 14,546 $ 13,461 $ 13,701 $ 12,908
Provision for loan losses (1,100 ) - 1,000 4,325 750
Total noninterest income 1,243 1,655 3,104 2,936 1,028
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits 4,975 5,159 5,000 4,906 5,168
Occupancy, office furniture and equipment 1,025 934 874 866 1,014
Advertising 209 244 252 297 248
Data processing 511 511 490 678 605
Communications 119 110 113 91 97
Professional fees 194 5 266 226 198
Real estate owned (12 ) (63 ) 11 33 11
Loan processing expense - - - - -
Other 440 577 818 532 580
Total noninterest expense 7,461 7,477 7,824 7,629 7,921
Income before income taxes 9,129 8,724 7,741 4,683 5,265
Income tax expense 1,786 1,926 1,565 574 1,154
Net income $ 7,343 $ 6,798 $ 6,176 $ 4,109 $ 4,111
Efficiency ratio - QTD 48.17 % 46.15 % 47.23 % 45.86 % 56.84 %
Efficiency ratio - YTD 48.17 % 48.71 % 49.59 % 50.86 % 56.84 %
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MORTGAGE BANKING SEGMENT
SUMMARY OF KEY QUARTERLY FINANCIAL DATA
(Unaudited)
At or For the Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2021 2020 2020 2020 2020
(Dollars in Thousands)
Condensed Results of Operations:
Net interest income $ (350 ) $ (223 ) $ (58 ) $ (511 ) $ (379 )
Provision for loan losses 30 30 25 175 35
Total noninterest income 55,035 68,500 73,143 64,218 30,798
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits 29,262 33,347 34,559 32,139 19,387
Occupancy, office furniture and equipment 1,540 1,545 1,595 1,668 1,727
Advertising 615 822 609 567 652
Data processing 454 402 426 413 395
Communications 212 225 226 226 241
Professional fees (524 ) 441 4,465 850 1,620
Real estate owned - - - - -
Loan processing expense 1,335 1,026 1,336 1,208 1,076
Other 2,681 2,110 2,444 3,239 2,552
Total noninterest expense 35,575 39,918 45,660 40,310 27,650
Income before income taxes 19,080 28,329 27,400 23,222 2,734
Income tax expense 5,096 7,252 7,284 6,440 768
Net income $ 13,984 $ 21,077 $ 20,116 $ 16,782 $ 1,966
Efficiency ratio - QTD 65.05 % 58.46 % 62.48 % 63.27 % 90.90 %
Efficiency ratio - YTD 65.05 % 65.20 % 67.95 % 72.70 % 90.90 %
Loan originations $ 1,115,091 $ 1,282,321 $ 1,296,725 $ 1,142,683 $ 708,840
Purchase 56.1 % 59.2 % 64.1 % 55.5 % 68.3 %
Refinance 43.9 % 40.8 % 35.9 % 44.5 % 31.7 %
Gross margin on loans sold^(1)^ 4.86 % 5.40 % 5.44 % 5.45 % 4.08 %
(1) - Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total<br> loan originations
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