BOWIE, Md., April 23, 2012 /PRNewswire/ -- WSB Holdings,
Inc. (Nasdaq: "WSB"), the parent company of Washington Savings
Bank, F.S.B., (the "Bank") today announced results of operations
for the quarter ending March 31,
2012. WSB reports net earnings of $278,000 or $0.03
per basic and diluted share for the three months ended March 31, 2012, compared to net earnings of
$236,000 or $0.03 per basic and diluted share for the
comparable period of the prior year.
We are pleased to report positive earnings for the sixth
consecutive quarter. This has been accomplished by lowering
non-interest expenses. As compared to the same period last year,
non-interest expense decreased 7% primarily as a result of reduced
salaries and benefits due to the reduction in the number of loan
originators needed to meet the current loan demand. As we continue
to experience low loan demand levels, our interest income decreased
10% due to a decrease in our total loans held-for-investment
portfolio offset by a 20% decrease in our interest expense for the
three months ending March 31,
2012. The decrease in interest expense during the period
ended March 31, 2012 is the result of
continued efforts to reduce our higher cost liabilities.
These efforts have allowed the Bank to maintain profitable in
recent quarters despite the increasing pressure on Bank margins
caused by the Federal Reserve policies and the significant slowdown
in loan demand resulting from the stresses in the economy.
The Bank remains well in excess of the regulatory levels for
being "well capitalized" and continues to look for profitable
opportunities in this market to grow the
Bank.
About The Washington Savings Bank, F.S.B.
The Washington Savings Bank, F.S.B. is a $376 million full service community bank serving
the business and consumer needs of the Washington, Baltimore, Annapolis, and Southern Maryland communities.
Headquartered in the Baltimore-Washington corridor, WSB serves the
banking needs of growing businesses with commercial lending
facilities, commercial real estate financing, residential
mortgages, and residential construction financing for both
developers and individual home owners. The Bank offers a full
range of deposit services and products for both consumers and
businesses, through internet banking and its branches located in
Anne Arundel, Prince George's, and Charles counties. Our services include
remote deposit capture services for our commercial customers, which
allows us a commercially viable means to serve the depository needs
of businesses beyond our branch network.
For more information, visit http://www.twsb.com or call
301-352-3120.
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FINANCIAL HIGHLIGHTS
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(Unaudited)
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Three
Months Ended March 31,
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2012
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2011
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%
Change
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Interest
income
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$
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4,190,000
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$
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4,662,000
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(10)
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%
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Interest
expense
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1,306,000
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1,635,000
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(20)
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Net
interest income
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2,883,000
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3,027,000
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(5)
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Non-interest income
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983,000
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947,000
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4
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Non-interest expenses
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3,446,000
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3,689,000
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(7)
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Provision
for Loan Losses
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0
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0
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0
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Net
Earnings
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278,000
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236,000
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18
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Basic
Earnings Per Share
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0.03
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0.03
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0
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Diluted
Earnings Per Share
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0.03
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0.03
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0
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Dividends
Declared Per Share
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0.00
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0.00
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0
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Average
Shares Outstanding
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7,995,232
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7,966,732
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0
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Average
Diluted Shares Outstanding
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7,995,232
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7,967,387
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0
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Return on
average assets
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0.29
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%
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0.24
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%
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21
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Return on
average equity
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2.05
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%
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1.79
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%
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15
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As
of
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March 31,
2012
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December
31, 2011
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%
Change
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Total
Assets
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$
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376,517,000
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$
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384,961,000
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(2)
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%
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Total
loans held-for-investment
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199,271,000
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211,478,000
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(6)
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Total non
performing loans to total loans held for investment
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6.52%
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6.07%
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7
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Allowance
as a percentage of total gross
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loans
held-for-investment
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1.91%
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2.90%
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(34)
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Total
non-performing loans to total assets
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3.45%
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3.33%
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4
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Total
non-performing assets to total assets
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4.98%
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4.59%
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8
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Deposits
and borrowings
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320,263,000
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329,051,000
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(3)
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Total
stockholders' equity
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54,244,000
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54,273,000
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(0)
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Book value
per share
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$
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6.78
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$
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6.79
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(0)
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As of
March 31, 2012:
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Washington
Savings Bank, F.S.B.
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To be
Considered Well
Capitalized Under Prompt
Corrective Action
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Excess
over Levels to be Considered
Well Capitalized Under Prompt
Corrective Action
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Amount
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Ratio
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Amount
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Ratio
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Amount
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Ratio
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Tier 1
capital (to risk weighted assets)
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$43,997,963
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20.62%
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$12,800,732
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6.00%
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$31,197,231
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14.62%
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Total
capital (to risk weighted assets)
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46,678,643
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21.88%
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21,334,553
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10.00%
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25,344,090
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11.88%
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Core capital
(leverage) (to tangible assets)
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44,001,583
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11.97%
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18,387,347
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5.00%
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25,614,236
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6.97%
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SOURCE WSB Holdings, Inc.