Wauwatosa Holdings, Inc. Announces Results of Operations for the Fourth Quarter and Year Ended December 31, 2007.
WAUWATOSA, WI – 02/20/2008– Wauwatosa Holdings, Inc. (NASDAQ: WAUW) released 2007 fourth quarter and annual unaudited financial highlights, consolidated statements of operations and consolidated statements of financial condition.
1
WAUWATOSA HOLDINGS, INC. FINANCIAL HIGHLIGHTS
Three months ended
Years ended
December 31,
December 31,
2007
2006
2007
2006
(Unaudited)
(Unaudited)
(In thousands except ratios and per share data)
Operations Data:
Net interest income
$
8,578
$
9,623
$
34,841
$
38,449
Provision for loan losses
2,845
358
11,697
2,201
Noninterest income
1,665
1,275
6,842
5,156
Noninterest expense
7,708
6,944
28,682
28,652
Income (loss) before income taxes
(310
)
3,610
1,304
12,752
Income tax expense (benefit)
(617
)
1,326
(254
)
4,699
Net income
307
2,284
1,558
8,053
Selected Financial Ratios:
Yield on earning assets
6.06
%
6.12
%
6.10
%
6.03
%
Cost of funds
4.35
4.27
4.36
4.03
Interest rate spread
1.70
1.85
1.74
2.00
Return on average assets
0.07
0.54
0.09
0.50
Return on average equity
0.60
3.77
0.72
3.41
Average equity to average assets
11.94
14.35
13.07
14.79
Non-interest expense to average assets
1.77
1.65
1.72
1.80
Allowance for loan losses to total loans outstanding
0.92
0.52
0.92
0.52
Per Share:
Basic earnings per share
$
0.01
$
0.07
$
0.05
$
0.24
Diluted earnings per share
0.01
0.07
0.05
0.24
Book value per share
6.46
7.29
6.46
7.29
Weighted average shares outstanding
30,557,719
33,105,046
31,570,677
33,076,565
Shares outstanding at December 31
31,250,897
33,723,750
31,250,897
33,723,750
December 31,
Percent
2007
2006
Change
(Unaudited)
(Dollars in thousands)
Financial Condition:
Total assets
$
1,710,202
$
1,648,470
3.7
%
Loans receivable, net
1,389,209
1,365,712
1.7
Securities available for sale
172,137
117,330
46.7
Deposits
994,535
1,036,218
(4.0
)
Borrowings
475,484
334,003
42.4
Total equity
201,819
241,272
(16.4
)
Allowance for loan losses
12,839
7,195
78.4
Non-performing assets
88,893
29,408
202.3
2
WAUWATOSA HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
Years ended
December 31,
December 31,
2007
2006
2007
2006
(Unaudited)
(Unaudited)
(In thousands except per share data)
Interest income:
Loans
$
22,024
$
21,509
$
87,101
$
83,822
Mortgage-related securities
1,794
1,207
5,869
4,263
Debt securities, federal funds sold and
short-term investments
827
1,971
4,005
4,143
Total interest income
24,645
24,687
96,975
92,228
Interest expense:
Deposits
11,269
11,281
44,910
42,038
Borrowings
4,798
3,783
17,224
11,741
Total interest expense
16,067
15,064
62,134
53,779
Net interest income
8,578
9,623
34,841
38,449
Provision for loan losses
2,845
358
11,697
2,201
Net interest income after provision for loan losses
5,733
9,265
23,144
36,248
Noninterest income:
Service charges on loans and deposits
504
520
1,983
2,021
Increase in cash surrender value of life insurance
204
180
1,192
1,055
Loss on sale of securities
-
(35
)
-
(819
)
Mortgage banking income
775
357
2,912
2,109
Other
182
253
755
790
Total noninterest income
1,665
1,275
6,842
5,156
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits
3,709
3,715
15,487
16,209
Occupancy, office furniture, and equipment
1,211
1,168
4,990
4,304
Advertising
288
423
1,158
1,369
Data processing
475
229
1,622
1,730
Communications expense
175
232
729
700
Professional fees
319
450
1,230
1,243
Foreclosed properties
1,001
(28
)
1,200
116
Other
530
741
2,266
2,981
Total noninterest expenses
7,708
6,930
28,682
28,652
Income (loss) before income taxes
(310
)
3,610
1,304
12,752
Income tax expense (benefit)
(617
)
1,326
(254
)
4,699
Net income
$
307
$
2,284
$
1,558
$
8,053
Basic earnings per share
$
0.01
$
0.07
0.05
0.24
Diluted earnings per share
$
0.01
$
0.07
0.05
0.24
3
WAUWATOSA HOLDINGS, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
December 31,
2007
2006
(Dollars in thousands)
Assets
(Unaudited)
Cash
$
5,492
$
26,745
Federal funds sold
11,833
19,458
Short term investments
559
27,604
Cash and cash equivalents
17,884
73,807
Securities available-for-sale (at fair value)
172,137
117,330
Securities held-to-maturity (at cost)
7,646
-
Loans held for sale
23,108
5,387
Loans receivable
1,402,048
1,372,907
Allowance for loan losses
(12,839
)
(7,195
)
Loans receivable, net
1,389,209
1,365,712
Office properties and equipment, net
32,018
32,625
Federal Home Loan Bank stock, at cost
19,289
17,213
Cash surrender value of life insurance
25,649
24,152
Real estate owned
8,543
520
Prepaid expenses and other assets
14,719
11,724
Total assets
$
1,710,202
1,648,470
Liabilities and Shareholders’ Equity
Liabilities:
Demand deposits
$
53,210
$
58,407
Money market and savings deposits
114,387
94,472
Time deposits
826,938
883,339
Total deposits
994,535
1,036,218
Federal Home Loan Bank advances short-term
53,484
41,224
Federal Home Loan Bank advances long-term
422,000
292,779
Advance payments by borrowers for taxes
606
190
Other liabilities
37,758
36,787
Total liabilities
1,508,383
1,407,198
Shareholders’ equity:
Common Stock (par value — $.01;
340
337
200,000,000 shares authorized;
33,975,250 shares issued; 31,250,897and
33,723,750 shares outstanding 2007 and 2006)
Additional Paid-In Capital
106,306
104,182
Accumulated other comprehensive
loss (net of taxes)
44
(1,225
)
Retained earnings, substantially restricted
146,367
144,809
Unearned ESOP shares
(5,977
)
(6,831
)
Treasury shares (2,724,353 shares), at cost
(45,261
)
-
Total shareholders’ equity
201,819
241,272
Total liabilities and shareholders’ equity
$
1,710,202
1,648,470
��
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