WSB reports net income of
WSB also announced a
The decrease in net income for the twelve month period ended
As previously reported the Bank continues to see the effects of the deteriorating economy with a continued increase in previously reported delinquent and nonperforming loans. "While this level of nonperforming assets impairs our ability to generate income similar to previous periods, the Bank is well in excess of regulatory standards of 'well capitalized' and we remain confident in our ability to manage through this difficult economic environment," said
About The Washington Savings Bank, F.S.B.
The Washington Savings Bank, F.S.B., now celebrating its 27th year, is a
Headquartered in the
For more information, visit http://www.twsb.com or call 301-352-3120.
FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended December 31, ------------------------------- 2008 2007 % Change ---- ---- -------- Interest Income $6,430,000 $6,848,000 (6)% Interest Expense $3,772,000 $3,913,000 (4)% Net Interest Income $2,658,000 $2,935,000 (9)% Non-Interest Income $840,000 $884,000 (5)% Non-Interest Expenses $3,225,000 $3,287,000 (2)% Provision for Loan Losses $130,000 $200,000 (35)% Net Income $327,000 $252,000 30% Basic Income Per Share $0.04 $0.03 33% Diluted Income Per Share $0.04 $0.03 33% Dividends Declared Per Share $0.04 $0.04 0% Average Shares Outstanding 7,563,523 7,591,689 (0)% Average Diluted Shares Outstanding 7,748,246 8,025,447 (3)% Twelve Months Ended December 31, -------------------------------- 2008 2007 % Change ---- ---- -------- Interest Income $27,064,000 $27,729,000 (2)% Interest Expense $15,538,000 $15,076,000 3% Net Interest Income $11,526,000 $12,653,000 (9)% Non-Interest Income $3,163,000 $2,996,000 6% Non-Interest Expenses $12,636,000 $12,488,000 1% Provision for Loan Losses $2,230,000 $200,000 1015% Net Income $236,000 $2,048,000 (88)% Basic Income Per Share $0.03 $0.27 (89)% Diluted Income Per Share $0.03 $0.25 (88)% Dividends Declared Per Share $0.18 $0.08 125% Average Shares Outstanding 7,585,155 7,571,720 0% Average Diluted Shares Outstanding 7,910,908 8,086,352 (2)% As of December 31, ------------------ 2008 2007 % Change ---- ---- -------- Total Assets $454,542,000 $453,376,000 0% Non-Accrual Loans $18,327,000 $11,554,000 59% Accruing Loans More than 4 Months Past Due $0 $0 0% Non-Performing Loans $18,327,000 $11,554,000 59% Non-Performing Assets $23,773,000 $12,587,000 89% Total Loans Held-For-Investment $241,941,000 $227,579,000 6% Deposits and Borrowings $398,255,000 $387,373,000 3% Total Stockholders' Equity $53,690,000 $63,911,000 (16)% Book Value Per Share $6.86 $7.79 (12)% Return on Average Assets 0.05% 0.47% (89)% Return on Average Equity 0.39% 3.26% (88)% Excess over Levels To be considered to be Considered As of Well Capitalized Well Capitalized December Washington Savings Under Prompt Under Prompt 31, 2008: Bank, F.S.B. Corrective Action Corrective Action Amount Ratio Amount Ratio Amount Ratio Tier 1 capital (to risk weighted assets) $52,250,265 17.91% $17,510,108 6.00% $34,740,157 11.91% Total capital (to risk weighted assets) 55,130,994 18.89% 29,183,514 10.00% 25,947,480 8.89% Core capital (leverage) (to tangible assets) 52,250,265 11.37% 22,969,041 5.00% 29,281,224 6.37%
Forward-Looking Statements: The statement in this release regarding the Company's ability to manage through the current economic environment is a forward-looking statement within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statement is based on current expectations and assessments of potential developments affecting market conditions, interest rates and other economic conditions, and are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statement made in this release. Potential risks and uncertainties include, but are not limited to, further deterioration in the housing market or in general economic conditions in our market areas, the impact of new governmental regulations, and unexpected changes in interest rates, deposit flows, loan demand and real estate values, as well as other risks and uncertainties, as described by the Bank in its Annual Report on Form 10-K for the year ended
SOURCE WSB Holdings, Inc.