WSB

[jiesen]

coming back

briefly in the black again!

[carlton02]

WSB--ERNIE does it again-Picks the best

This is a good IBD article! Way to go Ernie
Still holding strong
thanks
The Washington Savings Bank, F.S.B. Reports Records for the Third Quarter and Nine Month Results and Announces Quarterly Cash Dividend






BOWIE, Md., May 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- The Washington Savings Bank, F.S.B. (WSB), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced record results for both its third quarter and nine month period ended April 30, 2004, and declared a quarterly cash dividend of six cents per share which will be paid on June 18, 2004, to stockholders of record as of June 4, 2004.

WSB reported record net earnings of $2,660,000, or $0.33 per diluted share, and a record $6,571,000, or $0.82 per diluted share, for the three and nine month periods ended April 30, 2004, respectively. The record net earnings for the current fiscal periods included no gains from the sale of mortgage-backed securities, compared to a pre-tax gain on the sale of mortgage-backed securities of approximately $299,000 (approximately $197,000, or $0.03 per diluted share on an after-tax basis) the same quarter last year, and $823,000 (approximately 543,000, or $0.07 per diluted share on an after- tax basis) for the nine months ended April 30, 2003. WSB's net earnings for the nine month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment with a carrying value of $506,000 and an appraised value of $2,145,000, which resulted in reducing the income tax expense by approximately $745,000. The positive net effect on the prior period's net earnings for this transaction was approximately $239,000, or $0.03 per basic share.

The record net earnings for the three and nine month period ended April 30, 2004, represent an increase of $773,000, or 40.9% and $1,033,000, or 18.6% compared to the same corresponding periods last fiscal year. The increase in net earnings for the nine month period are primarily attributable to a 54% increase in net interest income which partially offset the 30% decrease in non-interest income, compared to the nine month period last year. The increase in net interest income is the result of restructuring the balance sheet to include more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is the result of the current interest rate environment on mortgage loans, which resulted in a substantial decrease in the amount of gain on sales of loans sold in the secondary market due to a decrease in volume of mortgage loan originations.

WSB's April 30, 2004 total assets increased by 30% to $471,344,000 over last year's April 30th balance, and increased 9% for the nine month period since July 31, 2003.





FINANCIAL HIGHLIGHTS
(Unaudited)

Three Months Ended April 30,
2004 2003 % Change

Interest Income $ 8,154,000 $ 6,006,000 36 %
Interest Expense $ 2,954,000 $ 2,676,000 10 %
Net Interest Income $ 5,200,000 $ 3,330,000 56 %
Non-Interest Income $ 2,113,000 $ 2,343,000 (10)%
Non-Interest Expenses $ 2,822,000 $ 2,614,000 8 %
Provision for Loan Losses $ 180,000 $ 90,000 100 %
Net Earnings $ 2,660,000 $ 1,887,000 41 %
Basic Earnings Per Share $ 0.37 $ 0.27 37 %
Diluted Earnings Per Share $ 0.33 $ 0.25 32 %
Average Shares Outstanding 7,253,835 6,904,758 5 %
Average Diluted Shares Outstanding 8,075,981 7,693,280 5 %


Nine Months Ended April 30,
2004 2003 % Change

Interest Income $ 23,084,000 $ 17,832,000 29 %
Interest Expense $ 8,696,000 $ 8,466,000 3 %
Net Interest Income $ 14,388,000 $ 9,366,000 54 %
Non-Interest Income $ 4,746,000 $ 6,737,000 (30)%
Non-Interest Expenses $ 8,195,000 $ 8,050,000* 2 %
Provision for Loan Losses $ 360,000 $ 270,000 33 %
Net Earnings $ 6,571,000 $ 5,538,000 19 %
Basic Earnings Per Share $ 0.93 $ 0.80 16 %
Diluted Earnings Per Share $ 0.82 $ 0.73 12 %
Average Shares Outstanding 7,066,102 6,890,434 3 %
Average Diluted Shares Outstanding 8,009,467 7,639,020 5 %


As of April 30, and nine months then ended
2004 2003 % Change

Total Assets $471,344,000 $363,833,000 30 %
Deposits and Borrowings $420,645,000 $320,985,000 31 %
Total Stockholders' Equity $ 46,830,000 $ 37,674,000 24 %
Book Value Per Share $ 6.41 $ 5.46 17 %
Return on Average Assets 2.08 % 2.27 % (%
Return on Average Equity 20.55 % 21.27 % (3)%
Efficiency Ratio 42.83 49.99


* Includes $506,000 donation of real estate.


SOURCE The Washington Savings Bank, F.S.B.


William J. Harnett, Chairman, CEO, or Kevin P. Huffman,
President, COO, both of The Washington Savings Bank, F.S.B., +1-301-352-3120

[billyjoe]

Ernie always stresses fundamentals and earnings. WSB has them both. Fundamentally first out of 168 stocks in the group. Earnings also are outstanding. I bought WSB late in the low 9's and it is in my conservative IRA fund. This stock in my opinion has a bright future with not much risk. The low price is a mystery. Can't find another stock with similar characteristics or I'd buy it.
billyjoe

[mrmarket]

Shares are starting to move!

Press Release Source: Washington Savings Bank, F.S.B.


The Washington Savings Bank, F.S.B. Rated 20th Best Performing Community Bank in Nation
Thursday July 15, 2:08 pm ET


BOWIE, Md., July 15 /PRNewswire-FirstCall/ -- The Washington Savings Bank, F.S.B. (Amex: WSB - News), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced it was rated as the nation's 20th best performing community bank by U.S. Banker magazine, based on its three-year average return on equity of 16.2%. For the nine months ended April 30, 2004, The Washington Savings Bank generated a 20.55% return on average equity and a 2.06% return on average assets.
ADVERTISEMENT


The ranking appeared in the magazine's July issue and its prestigious annual list of the 200 top publicly traded community banks and bank holding companies with less than $1 billion in assets at the end of 2003. The Washington Savings Bank is one of only two Maryland based institutions in the top 50.

"We are very please to have been recognized for our performance and to have been included on this very select list," said William Harnett, Chairman and Chief Executive Officer.

[billyjoe]

I'm down to two stocks in the portfolio and WSB is one of them. I can sleep at night without worry about a scandal or am I just naive?
billyjoe

[mrmarket]

I'm down to two stocks in the portfolio and WSB is one of them. I can sleep at night without worry about a scandal or am I just naive?
billyjoe

If the books are legit, this company is a steal.

[stocks54]

WSB - Quaterly result

"WSB reported record net earnings of $2,317,000, or $0.28 per diluted share, and a record $8,888,000, or $1.11 per diluted share, for the three and twelve month periods ended July 31, 2004, respectively. The record net earnings for the current fiscal periods included no gains from the sale of mortgage-backed securities, compared to a pre-tax gain on the sale of mortgage-backed securities of $56,000 (approximately $37,000, or less than $0.01 per diluted share after-tax), for the same quarter last year, and $880,000 (approximately $581,000, or $0.08 per diluted share after-tax) for the twelve months ended July 31, 2003. WSB's net earnings for the twelve month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment.

The record net earnings for the three and twelve month periods ended July 31, 2004, represent an increase of $318,000, or 16%, and $1,351,000, or 18%, respectively, over the same periods last year. The increases are primarily attributable to a 46% increase in net interest income for this quarter, and an increase of 51%, or $6.9 million, for the twelve months ended July 31, 2004, compared to the same periods last year, which partially offsets the 35% decrease in non-interest income, compared to the twelve month period last month. The increase in net interest income is the result of restructuring the balance sheet to include more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is primarily due to the decline in the amount of gains on loans sold in the secondary market. The recent increase in mortgage interest rates has had a negative effect on mortgage loan originations sold in the secondary market. WSB originated 1,856 loans for sale in the secondary market that totaled approximately $351 million, compared to 2,829 loans totaling approximately $563 million in the previous year.

WSB's July 31, 2004 total assets increased by 20% to $521,480,000 from $433,032,000 over last year's July 31st balance. This increase is primarily the result of an increase in the loan held-for-investment portfolio."

[jiesen]

wow

this is one stock I'm really going to have a tough time parting with when we hit the 15%. I love getting these dividends every quarter.

[billyjoe]

Volume up over 300% today on WSB, but no change in price. Does anyone remember what Peter Lynch mentioned in his book about evaluating banking stocks?
billyjoe

[jiesen]

I do not recall

please enlighten me!

[MEA_1956]

Yes do enlighten us, for the only thing that comes to mind is his statement on saving inloans companies. They don't get there monies tied up in big business loans, they are a hassel, when there are International. ===> MEA

Or was that WB Comment.

[billyjoe]

I can't enlighten anyone. I was asking a question, having read Lynch's book a few years ago and can only remember an almost foolproof method he used in picking banking stocks seriously undervalued. Or was it banks ripe for takeover attempts? Sorry about the memory loss. I worry about forgetting my password for online trading.
billyjoe

[New-born baby]

Peter Lynch

BillyJoe,

Could you at least tell us the title of Lynch's book so we can look up his foolproof method of picking banking stocks?

[billyjoe]

New-Born, I believe it was "One Up on Wall Street"
billyjoe

[MEA_1956]

Have weekends off this month, so if I have one of them sleepless nights I see if I can locate it.