BOWIE, Md., July 20, 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 both its second quarter and the six month period
ending June 30, 2012. WSB
reports net earnings of $174,000 or
$0.02 per basic and diluted share for
the three months ended June 30, 2012,
compared to net earnings of $321,000
or $0.04 per basic and diluted share
for the comparable period of the prior year. WSB reports net
earnings for the six month period ending June 30, 2012 of $452,000, or $0.06
per basic and diluted share, compared to net earnings of
$556,000, or $0.07 per basic and diluted share, for the six
month period ending June 30,
2011.
We are pleased to report positive earnings for the seventh
consecutive quarter. This has been accomplished by lowering
non-interest expenses during the past two years and being able to
maintain such lower level of non-interest expenses. Non-interest
expense decreased 2% for the three month period ending June 30, 2012, as compared to the same period
last year, primarily as a result of decreases in FDIC insurance
premiums and professional services. Non-interest expense also
decreased 4% for the six months ending June
30, 2012, as compared to the same period last year. This
decrease was primarily a result of reduced salaries and benefits
due to the reduction in the number of loan originators needed to
meet the current loan demand and a reduction in professional
service expense. As we continue to experience low loan demand
levels there has been a decrease in our total loans
held-for-investments portfolio which has contributed to our
interest income decreasing by 13% and 12%, respectively, for the
three and six months ending June 30,
2012. This decrease was partially offset by decreases in our
interest expense of 21% and 20%, respectively, for the three and
six months ending June 30,
2012. This decrease in interest expense during the three and
six month periods ended June 30, 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 $374 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.
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
(Unaudited)
|
|
|
|
Three
Months Ended June 30,
|
|
|
|
|
|
2012
|
|
2011
|
|
%
Change
|
Interest
Income
|
$
|
4,002,000
|
$
|
4,616,000
|
|
(13)
|
%
|
Interest
Expense
|
$
|
1,213,000
|
$
|
1,532,000
|
|
(21)
|
%
|
Net
Interest Income
|
$
|
2,789,000
|
$
|
3,084,000
|
|
(10)
|
%
|
Non-Interest Income
|
$
|
872,000
|
$
|
963,000
|
|
(9)
|
%
|
Non-Interest Expenses
|
$
|
3,413,000
|
$
|
3,489,000
|
|
(2)
|
%
|
Provision
for Loan Losses
|
$
|
0
|
$
|
100,000
|
|
100
|
%
|
Net
Earnings/(Loss)
|
$
|
174,000
|
$
|
321,000
|
|
(46)
|
%
|
Basic
Earnings/(Loss) Per Share
|
$
|
0.02
|
$
|
0.04
|
|
(50)
|
%
|
Diluted
Earnings/(Loss) Per Share
|
$
|
0.02
|
$
|
0.04
|
|
(50)
|
%
|
Dividends
Declared Per Share
|
$
|
0.00
|
$
|
0.00
|
|
0
|
%
|
Average
Shares Outstanding
|
|
7,995,232
|
|
7,993,683
|
|
0
|
%
|
Average
Diluted Shares Outstanding
|
|
7,995,232
|
|
7,994,742
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30,
|
|
|
|
|
|
2012
|
|
2011
|
|
%
Change
|
Interest
income
|
$
|
8,191,000
|
$
|
9,278,000
|
|
(12)
|
%
|
Interest
expense
|
|
2,519,000
|
|
3,167,000
|
|
(20)
|
|
Net
interest income
|
|
5,672,000
|
|
6,111,000
|
|
(7)
|
|
Non-interest income
|
|
1,854,000
|
|
1,910,000
|
|
(3)
|
|
Non-interest expenses
|
|
6,859,000
|
|
7,178,000
|
|
(4)
|
|
Provision
for Loan Losses
|
|
0
|
|
100,000
|
|
100
|
|
Net
Earnings
|
|
452,000
|
|
556,000
|
|
(19)
|
|
Basic
Earnings Per Share
|
|
0.06
|
|
0.07
|
|
(14)
|
|
Diluted
Earnings Per Share
|
|
0.06
|
|
0.07
|
|
(14)
|
|
Dividends
Declared Per Share
|
|
0.00
|
|
0.00
|
|
0
|
|
Average
Shares Outstanding
|
|
7,995,232
|
|
7,980,207
|
|
0
|
|
Average
Diluted Shares Outstanding
|
|
7,995,232
|
|
7,981,065
|
|
0
|
|
Return on
average assets
|
|
0.24
|
%
|
0.28
|
%
|
(14)
|
|
Return on
average equity
|
|
1.65
|
%
|
2.11
|
%
|
(22)
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
June
30, 2012
|
|
December 31, 2011
|
|
%
Change
|
Total
Assets
|
$
|
373,647,000
|
$
|
384,961,000
|
|
(3)
|
%
|
Total
loans held-for-investment
|
|
189,818,000
|
|
211,478,000
|
|
(10)
|
|
Total non
performing loans to total loans held for investment
|
|
6.23%
|
|
6.07%
|
|
3
|
|
Allowance
as a percentage of total gross
|
|
|
|
|
|
|
|
loans
held-for-investment
|
|
1.87%
|
|
2.90%
|
|
(36)
|
|
Total
non-performing loans to total assets
|
|
3.17%
|
|
3.33%
|
|
(5)
|
|
Total
non-performing assets to total assets
|
|
4.56%
|
|
4.59%
|
|
(1)
|
|
Deposits
and borrowings
|
|
315,938,000
|
|
329,051,000
|
|
(4)
|
|
Total
stockholders' equity
|
|
55,139,000
|
|
54,273,000
|
|
2
|
|
Book value
per share
|
$
|
6.90
|
$
|
6.79
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June
30, 2012:
|
Washington
Savings Bank, F.S.B.
|
|
To be
Considered Well Capitalized Under Prompt Corrective
Action
|
|
Excess
over Levels to be Considered Well Capitalized Under Prompt
Corrective Action
|
|
Amount
|
Ratio
|
|
Amount
|
Ratio
|
|
Amount
|
Ratio
|
Tier 1
capital (to risk
weighted
assets)
|
$44,182,081
|
21.70%
|
|
$12,217,518
|
6.00%
|
|
$31,964,563
|
15.70%
|
Total
capital (to risk
weighted
assets)
|
46,739,795
|
22.95%
|
|
20,362,530
|
10.00%
|
|
26,377,265
|
12.95%
|
Core capital
(leverage)
(to
tangible assets)
|
44,197,512
|
12.15%
|
|
18,185,701
|
5.00%
|
|
26,011,811
|
7.15%
|
SOURCE WSB Holdings, Inc.