Canada markets open in 8 hours 1 minute
  • S&P/TSX

    20,633.27
    -128.73 (-0.62%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • DOW

    34,580.08
    -59.72 (-0.17%)
     
  • CAD/USD

    0.7796
    +0.0009 (+0.12%)
     
  • CRUDE OIL

    68.00
    +1.74 (+2.63%)
     
  • BTC-CAD

    62,480.99
    -1,407.46 (-2.20%)
     
  • CMC Crypto 200

    1,252.99
    -188.77 (-13.09%)
     
  • GOLD FUTURES

    1,784.60
    +0.70 (+0.04%)
     
  • RUSSELL 2000

    2,159.31
    -47.02 (-2.13%)
     
  • 10-Yr Bond

    1.3430
    0.0000 (0.00%)
     
  • NASDAQ futures

    15,749.50
    +31.75 (+0.20%)
     
  • VOLATILITY

    30.67
    +2.72 (+9.73%)
     
  • FTSE

    7,122.32
    -6.89 (-0.10%)
     
  • NIKKEI 225

    27,927.37
    -102.20 (-0.36%)
     
  • CAD/EUR

    0.6906
    +0.0028 (+0.41%)
     

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2021

  • Oops!
    Something went wrong.
    Please try again later.
·20 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

WAUWATOSA, Wis., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $19.0 million, or $0.79 per diluted share for the quarter ended September 30, 2021 compared to $26.3 million, or $1.08 per diluted share for the quarter ended September 30, 2020. Net income per diluted share was $2.43 for the nine months ended September 30, 2021 compared to net income per diluted share of $2.15 for the nine months ended September 30, 2020.

“We are pleased with the Company’s continued strong financial results during the third quarter,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “We have the right team members to navigate market challenges, as we meet the ever changing demands for our customers. Our results validate the strategies we have implemented over the past years to grow our brands and deliver for our shareholders.”

Highlights of the Quarter Ended September 30, 2021

Waterstone Financial, Inc. (Consolidated)

  • Consolidated net income of Waterstone Financial, Inc. totaled $19.0 million for the quarter ended September 30, 2021, compared to $26.3 million for the quarter ended September 30, 2020.

  • Consolidated return on average assets was 3.38% for the quarter ended September 30, 2021 compared to 4.78% for the quarter ended September 30, 2020.

  • Consolidated return on average equity was 17.25% for the quarter ended September 30, 2021 and 26.30% for the quarter ended September 30, 2020.

  • Dividends declared during the quarter ended September 30, 2021 totaled $0.20 per common share.

  • We repurchased approximately 178,000 shares at a cost of $3.5 million during the quarter ended September 30, 2021.

Community Banking Segment

  • Pre-tax income totaled $8.9 million for the quarter ended September 30, 2021, which represents a $1.1 million, or 14.4%, increase compared to $7.7 million for the quarter ended September 30, 2020.

  • Net interest income totaled $14.1 million for the quarter ended September 30, 2021, which represents a 4.7% increase compared to $13.5 million for the quarter ended September 30, 2020.

  • Average loans held for investment totaled $1.26 billion during the quarter ended September 30, 2021, which represents a decrease of $174.0 million, or 12.2%, compared to $1.43 billion for the quarter ended September 30, 2020. Average loans held for investment decreased $63.8 million compared to $1.32 billion for the quarter ended June 30, 2021 as residential real estate loans continue to prepay at an accelerated rate.

  • Net interest margin increased five basis points to 2.68% for the quarter ended September 30, 2021 compared to 2.63% for the quarter ended September 30, 2020, which was a result of lower average rates on deposits, as certificate of deposits repriced at lower rates. Net interest margin decreased 10 basis points compared to 2.78% for the quarter ended June 30, 2021, driven by a decrease in average loan balance and a higher average cash balance.

  • The segment had a negative provision for loan losses of $750,000 for the quarter ended September 30, 2021 compared to a $1.0 million provision for loan losses for the quarter ended September 30, 2020. Net recoveries totaled $100,000 for the quarter ended September 30, 2021, as one significant loan recovery payment was received during the quarter, compared to net recoveries of $85,000 for the quarter ended September 30, 2020.

  • Noninterest income decreased $1.4 million for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020, due primarily to a decrease in gains from death benefit received on two bank owned life insurance policies during the three months ended September 30, 2020.

  • Noninterest expense decreased $116,000 for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020. Other noninterest expense decreased $396,000 as certain loan-related expenses decreased. Compensation, payroll taxes and other employee benefits expense increased $360,000 primarily due to an increase in health insurance expense and Employee Stock Ownership Plan expense as the average stock price increased compared to the quarter ending September 30, 2020.

  • The efficiency ratio was 48.74% for the quarter ended September 30, 2021, compared to 47.23% for the quarter ended September 30, 2020.

  • Average deposits (excluding escrow accounts) totaled $1.25 billion during the quarter ended September 30, 2021, an increase of $74.9 million, or 6.3%, compared to $1.18 billion during the quarter ended September 30, 2020. Average deposits increased $24.3 million, or 7.9% annualized compared to the $1.23 billion for the quarter ended June 30, 2021.

  • Nonperforming assets as percentage of total assets was 0.18% at September 30, 2021, 0.20% at June 30, 2021, and 0.31% at September 30, 2020.

  • Past due loans as percentage of total loans was 0.92% at September 30, 2021, 0.53% at June 30, 2021, and 0.39% at September 30, 2020.

  • PPP loans totaled $4.1 million as of September 30, 2021. The average balance for the quarter ended September 30, 2021 was $10.6 million. For the quarter ended September 30, 2021, PPP loan interest income recognized was approximately $26,000 and the amortization of fee income was approximately $464,000. Net interest margin, excluding the impact of the PPP loans, was 2.63%. Net interest margin for the quarter ended September 30, 2021, including the impact of the PPP loans, was 2.68%.

  • The Company held approximately $3.5 million in loans, representing 0.3% of the total loan portfolio as of September 30, 2021, which had been modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $3.5 million in loans, $559,000 qualify as modifications under the Coronavirus Aid, Relief and Economic Security (“CARES Act”). The remaining $2.9 million is composed of three loan relationships that are classified as troubled debt restructurings.

Mortgage Banking Segment

  • Pre-tax income totaled $15.6 million for the quarter ended September 30, 2021, compared to $27.4 million for the quarter ended September 30, 2020.

  • Loan originations decreased $241.2 million, or 18.6%, to $1.06 billion during the quarter ended September 30, 2021, compared to $1.30 billion during the quarter ended September 30, 2020. Origination volume relative to purchase activity accounted for 73.8% of originations for the quarter ended September 30, 2021 compared to 64.1% of total originations for the quarter ended September 30, 2020.

  • Mortgage banking non-interest income decreased $21.9 million, or 29.9%, to $51.3 million for the quarter ended September 30, 2021, compared to $73.1 million for the quarter ended September 30, 2020. During the quarter ended September 30, 2021, the Company sold mortgage servicing rights related to $1.24 billion in loans serviced for third parties. The sale generated $12.4 million in net proceeds and a $4.0 million gain. There was no comparable sale during the quarter ended September 30, 2020. As of September 30, 2021, the Company maintained servicing rights related to $160.8 million in loans previously sold to third parties.

  • Gross margin on loans sold decreased to 4.54% for the quarter ended September 30, 2021, compared to 5.44% for the quarter ended September 30, 2020.

  • Total compensation, payroll taxes and other employee benefits decreased $5.6 million, or 16.1%, to $29.0 million during the quarter ended September 30, 2021 compared to $34.6 million during the quarter ended September 30, 2020. The decrease primarily related to decreased commission expense and branch manager compensation driven by decreased loan origination volume and branch profitability as gross margins decreased.

  • Professional fees decreased $4.0 million to $421,000 during the quarter ended September 30, 2021 compared to $4.5 million of expense during the quarter ended September 30, 2020. The decrease related to a decrease in litigation costs compared to the prior year, as the Herrington settlement was resolved during the quarter ended September 30, 2020.

  • Other noninterest expense decreased $174,000 to $2.3 million during the quarter ended September 30, 2021 compared to $2.4 million during the quarter ended September 30, 2020. The decrease related to a decrease in the servicing fees on mortgage servicing rights due to the sale during the quarter ended September 30, 2021.

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 June 30, 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 September 30, 2021 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.

WATERSTONE FINANCIAL INC.
WATERSTONE BANK
11200 W. PLANK CT.
WAUWATOSA, WI 53226

Contact: Mark R. Gerke
Chief Financial Officer
414-459-4012
markgerke@wsbonline.com


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

For The Three Months Ended September 30,

For The Nine Months Ended September 30,

2021

2020

2021

2020

(In Thousands, except per share amounts)

Interest income:

Loans

$

16,131

$

18,224

$

49,214

$

54,404

Mortgage-related securities

471

588

1,448

1,960

Debt securities, federal funds sold and short-term investments

904

732

2,637

2,493

Total interest income

17,506

19,544

53,299

58,857

Interest expense:

Deposits

947

3,495

3,542

11,760

Borrowings

2,445

2,640

7,414

7,913

Total interest expense

3,392

6,135

10,956

19,673

Net interest income

14,114

13,409

42,343

39,184

Provision (credit) for loan losses

(700

)

1,025

(2,520

)

6,310

Net interest income after provision for loan losses

14,814

12,384

44,863

32,874

Noninterest income:

Service charges on loans and deposits

1,136

672

2,483

3,384

Increase in cash surrender value of life insurance

312

714

1,297

1,587

Mortgage banking income

46,547

72,112

150,587

166,292

Other

4,941

2,265

6,812

2,868

Total noninterest income

52,936

75,763

161,179

174,131

Noninterest expenses:

Compensation, payroll taxes, and other employee benefits

34,229

39,405

102,278

100,695

Occupancy, office furniture, and equipment

2,488

2,469

7,346

7,744

Advertising

835

861

2,570

2,625

Data processing

986

922

2,871

3,023

Communications

331

339

988

994

Professional fees

550

4,738

804

7,647

Real estate owned

1

11

(11

)

55

Loan processing expense

1,135

1,336

3,670

3,620

Other

2,768

2,920

9,104

9,495

Total noninterest expenses

43,323

53,001

129,620

135,898

Income before income taxes

24,427

35,146

76,422

71,107

Income tax expense

5,427

8,853

18,184

17,797

Net income

$

19,000

$

26,293

$

58,238

$

53,310

Income per share:

Basic

$

0.80

$

1.08

$

2.45

$

2.16

Diluted

$

0.79

$

1.08

$

2.43

$

2.15

Weighted average shares outstanding:

Basic

23,785

24,297

23,790

24,720

Diluted

23,960

24,380

23,987

24,842


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

September 30,

December 31,

2021

2020

(Unaudited)

Assets

(In Thousands, except per share amounts)

Cash

$

327,288

$

56,190

Federal funds sold

12,097

18,847

Interest-earning deposits in other financial institutions and other short term investments

19,229

19,730

Cash and cash equivalents

358,614

94,767

Securities available for sale (at fair value)

174,830

159,619

Loans held for sale (at fair value)

325,958

402,003

Loans receivable

1,226,834

1,375,137

Less: Allowance for loan losses

16,790

18,823

Loans receivable, net

1,210,044

1,356,314

Office properties and equipment, net

22,676

23,722

Federal Home Loan Bank stock (at cost)

24,438

26,720

Cash surrender value of life insurance

65,050

63,573

Real estate owned, net

148

322

Prepaid expenses and other assets

52,353

57,547

Total assets

$

2,234,111

$

2,184,587

Liabilities and Shareholders' Equity

Liabilities:

Demand deposits

$

217,078

$

188,225

Money market and savings deposits

371,719

295,317

Time deposits

657,767

701,328

Total deposits

1,246,564

1,184,870

Borrowings

475,000

508,074

Advance payments by borrowers for taxes

25,298

3,522

Other liabilities

44,678

75,003

Total liabilities

1,791,540

1,771,469

Shareholders' equity:

Preferred stock

-

-

Common stock

250

251

Additional paid-in capital

179,312

180,684

Retained earnings

277,316

245,287

Unearned ESOP shares

(14,540

)

(15,430

)

Accumulated other comprehensive income, net of taxes

233

2,326

Total shareholders' equity

442,571

413,118

Total liabilities and shareholders' equity

$

2,234,111

$

2,184,587

Share Information

Shares outstanding

25,038

25,088

Book value per share

$

17.68

$

16.47

Closing market price

$

20.49

$

18.82

Price to book ratio

115.89

%

114.27

%


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

At or For the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

(Dollars in Thousands, except per share amounts)

Condensed Results of Operations:

Net interest income

$

14,114

$

14,277

$

13,952

$

14,316

$

13,409

Provision (credit) for loan losses

(700

)

(750

)

(1,070

)

30

1,025

Total noninterest income

52,936

52,044

56,199

69,886

75,763

Total noninterest expense

43,323

43,297

43,000

47,163

53,001

Income before income taxes

24,427

23,774

28,221

37,009

35,146

Income tax expense

5,427

5,880

6,877

9,174

8,853

Net income

$

19,000

$

17,894

$

21,344

$

27,835

$

26,293

Income per share - basic

$

0.80

$

0.75

$

0.90

$

1.17

$

1.08

Income per share - diluted

$

0.79

$

0.74

$

0.89

$

1.17

$

1.08

Dividends declared per share

$

0.20

$

0.70

$

0.20

$

0.50

$

0.12

Performance Ratios (annualized):

Return on average assets - QTD

3.38

%

3.25

%

3.99

%

4.96

%

4.78

%

Return on average equity - QTD

17.25

%

16.49

%

20.49

%

27.11

%

26.30

%

Net interest margin - QTD

2.68

%

2.78

%

2.80

%

2.73

%

2.63

%

Return on average assets - YTD

3.54

%

3.62

%

3.99

%

3.77

%

3.35

%

Return on average equity - YTD

18.08

%

18.49

%

20.49

%

20.18

%

18.02

%

Net interest margin - YTD

2.75

%

2.79

%

2.80

%

2.67

%

2.64

%

Asset Quality Ratios:

Past due loans to total loans

0.92

%

0.53

%

0.52

%

0.57

%

0.39

%

Nonaccrual loans to total loans

0.32

%

0.34

%

0.31

%

0.40

%

0.42

%

Nonperforming assets to total assets

0.18

%

0.20

%

0.20

%

0.27

%

0.31

%

Allowance for loan losses to loans receivable

1.37

%

1.34

%

1.33

%

1.37

%

1.31

%


WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS

(Unaudited)

At or For the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

Average balances

(Dollars in Thousands)

Interest-earning assets

Loans receivable and held for sale

$

1,573,194

$

1,655,078

$

1,657,260

$

1,775,455

$

1,766,715

Mortgage related securities

108,743

100,056

90,457

91,199

96,529

Debt securities, federal funds sold and short term investments

409,559

308,105

273,929

217,356

166,160

Total interest-earning assets

2,091,496

2,063,239

2,021,646

2,084,010

2,029,404

Noninterest-earning assets

137,454

143,375

147,781

147,573

160,526

Total assets

$

2,228,950

$

2,206,614

$

2,169,427

$

2,231,583

$

2,189,930

Interest-bearing liabilities

Demand accounts

$

68,478

$

63,610

$

55,552

$

53,771

$

50,590

Money market, savings, and escrow accounts

391,599

350,270

314,418

304,467

282,349

Certificates of deposit

663,343

690,196

705,712

726,132

741,265

Total interest-bearing deposits

1,123,420

1,104,076

1,075,682

1,084,370

1,074,204

Borrowings

475,000

480,054

482,665

546,070

531,588

Total interest-bearing liabilities

1,598,420

1,584,130

1,558,347

1,630,440

1,605,792

Noninterest-bearing demand deposits

153,436

141,648

138,446

128,665

129,911

Noninterest-bearing liabilities

40,148

45,658

50,188

64,001

56,451

Total liabilities

1,792,004

1,771,436

1,746,981

1,823,106

1,792,154

Equity

436,946

435,178

422,446

408,477

397,776

Total liabilities and equity

$

2,228,950

$

2,206,614

$

2,169,427

$

2,231,583

$

2,189,930

Average Yield/Costs (annualized)

Loans receivable and held for sale

4.07

%

3.99

%

4.06

%

4.08

%

4.10

%

Mortgage related securities

1.72

%

1.95

%

2.20

%

2.30

%

2.42

%

Debt securities, federal funds sold and short term investments

0.88

%

1.12

%

1.30

%

1.59

%

1.75

%

Total interest-earning assets

3.32

%

3.47

%

3.60

%

3.75

%

3.83

%

Demand accounts

0.08

%

0.08

%

0.07

%

0.07

%

0.09

%

Money market and savings accounts

0.24

%

0.23

%

0.32

%

0.53

%

0.67

%

Certificates of deposit

0.42

%

0.50

%

0.72

%

1.20

%

1.62

%

Total interest-bearing deposits

0.33

%

0.39

%

0.57

%

0.96

%

1.29

%

Borrowings

2.04

%

2.06

%

2.10

%

1.97

%

1.98

%

Total interest-bearing liabilities

0.84

%

0.90

%

1.05

%

1.30

%

1.52

%


COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

At or For the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

(Dollars in Thousands)

Condensed Results of Operations:

Net interest income

$

14,090

$

14,517

$

14,247

$

14,546

$

13,461

Provision for loan losses

(750

)

(750

)

(1,100

)

-

1,000

Total noninterest income

1,726

1,630

1,243

1,655

3,104

Noninterest expenses:

Compensation, payroll taxes, and other employee benefits

5,360

4,874

4,975

5,159

5,000

Occupancy, office furniture and equipment

909

887

1,025

934

874

Advertising

233

260

209

244

252

Data processing

531

466

511

511

490

Communications

122

86

119

110

113

Professional fees

130

198

194

5

266

Real estate owned

1

-

(12

)

(63

)

11

Loan processing expense

-

-

-

-

-

Other

422

461

440

577

818

Total noninterest expense

7,708

7,232

7,461

7,477

7,824

Income before income taxes

8,858

9,665

9,129

8,724

7,741

Income tax expense

2,092

2,128

1,786

1,926

1,565

Net income

$

6,766

$

7,537

$

7,343

$

6,798

$

6,176

Efficiency ratio - QTD

48.74

%

44.79

%

48.17

%

46.15

%

47.23

%

Efficiency ratio - YTD

47.21

%

46.44

%

48.17

%

48.71

%

49.59

%


MORTGAGE BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

At or For the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2021

2021

2021

2020

2020

(Dollars in Thousands)

Condensed Results of Operations:

Net interest expense

$

(2

)

$

(251

)

$

(350

)

$

(223

)

$

(58

)

Provision for loan losses

50

-

30

30

25

Total noninterest income

51,290

50,556

55,035

68,500

73,143

Noninterest expenses:

Compensation, payroll taxes, and other employee benefits

28,981

29,170

29,262

33,347

34,559

Occupancy, office furniture and equipment

1,579

1,406

1,540

1,545

1,595

Advertising

602

651

615

822

609

Data processing

450

443

454

402

426

Communications

209

240

212

225

226

Professional fees

421

361

(524

)

441

4,465

Real estate owned

-

-

-

-

-

Loan processing expense

1,135

1,200

1,335

1,026

1,336

Other

2,270

2,678

2,681

2,110

2,444

Total noninterest expense

35,647

36,149

35,575

39,918

45,660

Income before income taxes

15,591

14,156

19,080

28,329

27,400

Income tax expense

3,341

3,761

5,096

7,252

7,284

Net income

$

12,250

$

10,395

$

13,984

$

21,077

$

20,116

Efficiency ratio - QTD

69.50

%

71.86

%

65.05

%

58.46

%

62.48

%

Efficiency ratio - YTD

68.71

%

68.32

%

65.05

%

65.20

%

67.95

%

Loan originations

$

1,055,500

$

1,065,161

$

1,115,091

$

1,282,321

$

1,296,725

Purchase

73.8

%

75.4

%

56.1

%

59.2

%

64.1

%

Refinance

26.2

%

24.6

%

43.9

%

40.8

%

35.9

%

Gross margin on loans sold(1)

4.54

%

4.81

%

4.86

%

5.40

%

5.44

%

(1) - Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting