Watch Live

Tweet TWEET

WSB Holdings, Inc. Announces Second Quarter Results and Profitability for the Seventh Consecutive Quarter

WSB Holdings, Inc. Announces Second Quarter Results and Profitability for the
                         Seventh Consecutive Quarter

PR Newswire

BOWIE, Md., July 20, 2012

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.comor 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,   % Change
                                                       2011
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     6.23%          6.07%          3
loans held for investment
Allowance as a percentage of total
gross
loans held-for-investment               1.87%          2.90%          (36)
Total non-performing loans to total     3.17%          3.33%          (5)
assets
Total non-performing assets to total    4.56%          4.59%          (1)
assets
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



                                 To be Considered    Excess over Levels to be
As of June   Washington Savings  Well Capitalized    Considered Well
30, 2012:    Bank, F.S.B.        Under Prompt        Capitalized Under Prompt
                                 Corrective Action   Corrective Action
             Amount      Ratio   Amount      Ratio   Amount             Ratio
Tier 1
capital (to
risk         $44,182,081 21.70%  $12,217,518 6.00%   $31,964,563        15.70%

weighted
assets)
Total
capital (to
risk         46,739,795  22.95%  20,362,530  10.00%  26,377,265         12.95%

weighted
assets)
Core
capital
(leverage)   44,197,512  12.15%  18,185,701  5.00%   26,011,811         7.15%

(to tangible
assets)

SOURCE WSB Holdings, Inc.

Website: http://www.twsb.com
Contact: Phillip C. Bowman, CEO or Kevin P. Huffman, President, COO,
+1-301-352-3120
 
Press spacebar to pause and continue. Press esc to stop.