WSBF Waterstone Financial Inc

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Date of Report (Date of Earliest Event Reported):

October 22, 2024

Maryland	001-36271	90-1026709
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.01 Par Value		WSBF		The NASDAQ Stock Market, LLC

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

☐	Emerging growth company

☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Exhibit No.	Description
99.1	Press release of Waterstone Financial, Inc. issued October 22, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

		Waterstone Financial, Inc.
Date: October 22, 2024		/s/ Mark R. Gerke
		Name:    Mark R. Gerke
		Title:    Chief Financial Officer

Exhibit No.	Description
99.1	Press release of Waterstone Financial, Inc. issued October 22, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit 99.1

 

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2024.

 

WAUWATOSA, WI – 10/22/2024 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $4.7 million, or $0.26 per diluted share, for the quarter ended September 30, 2024 compared to net income of $3.3 million, or $0.16 per diluted share for the quarter ended September 30, 2023.  Net income per diluted share was $0.72 for the nine months ended September 30, 2024 compared to net income per diluted share of $0.46 for the nine months ended September 30, 2023.

 

"The Community Banking segment achieved growth in its loan and core deposit (excluding brokered deposits) balances,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. We continue to maintain strong asset quality metrics and remain in a net recovery position, resulting in a negative provision during the quarter. While the decrease in our wholesale borrowing rate during the quarter captures a portion of the benefit from the 50 bps cut in the Federal Funds rate during September, the competitive retail funding environment remains a headwind. The Mortgage Banking segment experienced a decrease in fundings; however, it remained profitable due in large part to our continued focus on cost control. Waterstone Financial, Inc. remained active in share repurchases and once again declared a dividend, as we are committed to shareholder returns." 

 

Highlights of the Quarter Ended September 30, 2024

 

Waterstone Financial, Inc. (Consolidated)

 

●	Consolidated net income of Waterstone Financial, Inc. totaled $4.7 million for the quarter ended September 30, 2024, compared to net income of $3.3 million for the quarter ended September 30, 2023.
●	Consolidated return on average assets was 0.83% for the quarter ended September 30, 2024 compared to 0.58% for the quarter ended September 30, 2023.
●	Consolidated return on average equity was 5.55% for the quarter ended September 30, 2024 and 3.63% for the quarter ended September 30, 2023.
●	Dividends declared during the quarter ended September 30, 2024 totaled $0.15 per common share.
●	During the quarter ended September 30, 2024, we repurchased approximately 71,000 shares at a cost (including the federal excise tax) of $979,000, or $13.75 per share.
●	Nonperforming assets as a percentage of total assets was 0.25% at September 30, 2024, 0.25% at June 30, 2024, and 0.20% at September 30, 2023.
●	Past due loans as a percentage of total loans was 0.63% at September 30, 2024, 0.76% at June 30, 2024, and 0.53% at September 30, 2023.
●	Book value per share was $17.58 at September 30, 2024 and $16.94 at December 31, 2023.

 

Community Banking Segment

 

●	Pre-tax income totaled $5.6 million for the quarter ended September 30, 2024, which represents a $14,000, or 0.2%, decrease compared to $5.7 million for the quarter ended September 30, 2023.
●	Net interest income totaled $12.3 million for the quarter ended September 30, 2024, which represents a $181,000, or 1.5%, decrease compared to $12.4 million for the quarter ended September 30, 2023.
●	Average loans held for investment totaled $1.69 billion during the quarter ended September 30, 2024, which represents an increase of $60.9 million, or 3.7%, compared to $1.63 billion for the quarter ended September 30, 2023. The increase was primarily due to increases in the construction, commercial real estate, and over four family mortgages. Average loans held for investment increased $19.7 million compared to $1.67 billion for the quarter ended June 30, 2024. The increase was primarily due to increases in construction and over four family mortgages.
●	Net interest margin decreased 13 basis points to 2.13% for the quarter ended September 30, 2024 compared to 2.26% for the quarter ended September 30, 2023, which was a result of an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates. Net interest margin increased 12 basis points compared to 2.01% for the quarter ended June 30, 2024, primarily driven by an increase in weighted average yield on loans receivable and held for sale.
●	Past due loans at the community banking segment totaled $8.0 million at September 30, 2024, $9.3 million at June 30, 2024, and $6.7 million at September 30, 2023.

    

 

●	The segment had a negative provision for credit losses related to funded loans of $218,000 for the quarter ended September 30, 2024 compared to a provision for credit losses related to funded loans of $206,000 for the quarter ended September 30, 2023.  The current quarter decrease was primarily due to a decrease in historical loss rates, net recoveries for the period, and improvements in certain internal asset quality metrics offset by an adjustment in the qualitative factors primarily related to increases in economic risks related to commercial real estate loans during the quarter. The negative provision for credit losses related to unfunded loan commitments was $84,000 for the quarter ended September 30, 2024 compared to a provision for credit losses related to unfunded loan commitments of $239,000 for the quarter ended September 30, 2023. The negative provision for credit losses related to unfunded loan commitments for the quarter ended September 30, 2024 was due primarily to a decrease of loans that are currently waiting to be funded compared to the prior quarter end.
●	The efficiency ratio, a non-GAAP ratio, was 60.35% for the quarter ended September 30, 2024, compared to 54.43% for the quarter ended September 30, 2023.
●	Average deposits (excluding escrow accounts) totaled $1.25 billion during the quarter ended September 30, 2024, an increase of $47.9 million, or 4.0%, compared to $1.20 billion during the quarter ended September 30, 2023. Average deposits increased $27.6 million, or 9.1% annualized, compared to $1.22 billion for the quarter ended June 30, 2024.  The increases were primarily due to an increase in certificates of deposit balances.  The segment had $2.0 million in brokered certificate of deposits at September 30, 2024.

●	Pre-tax income totaled $144,000 for the quarter ended September 30, 2024, compared to $2.1 million of pre-tax loss for the quarter ended September 30, 2023.
●	Loan originations decreased $38.8 million, or 6.5%, to $558.7 million during the quarter ended September 30, 2024, compared to $597.6 million during the quarter ended September 30, 2023. Origination volume relative to purchase activity accounted for 88.9% of originations for the quarter ended September 30, 2024 compared to 95.4% of total originations for the quarter ended September 30, 2023.
●	Mortgage banking non-interest income decreased $66,000, or 0.3%, to $21.4 million for the quarter ended September 30, 2024, compared to $21.5 million for the quarter ended September 30, 2023.
●	Gross margin on loans sold totaled 3.83% for the quarter ended September 30, 2024, compared to 3.62% for the quarter ended September 30, 2023.
●	Total compensation, payroll taxes and other employee benefits decreased $1.3 million, or 7.3%, to $15.9 million during the quarter ended September 30, 2024 compared to $17.2 million during the quarter ended September 30, 2023. The decrease primarily related to decreased salary expense and incentives expense driven by reduced employee headcount and a decrease in new branches added over the past year.

 

 

About Waterstone Financial, Inc.

 

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

 

Forward-Looking Statements

 

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

 

Non-GAAP Financial Measures 

 

Management uses non-GAAP financial information in its analysis of the Company's performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhance comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company's financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results.  Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently. 

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

		For The Three Months Ended September 30,								For The Nine Months Ended September 30,
		2024				2023				2024				2023
		(In Thousands, except per share amounts)
Interest income:
Loans		$	26,590			$	23,825			$	76,675			$	65,860
Mortgage-related securities			1,137				1,060				3,360				2,972
Debt securities, federal funds sold and short-term investments			1,464				1,492				4,081				3,682
Total interest income			29,191				26,377				84,116				72,514
Interest expense:
Deposits			10,477				7,442				29,163				17,485
Borrowings			7,197				6,946				21,620				16,570
Total interest expense			17,674				14,388				50,783				34,055
Net interest income			11,517				11,989				33,333				38,459
Provision (credit) for credit losses			(377	)			445				(535	)			1,091
Net interest income after provision (credit) for loan losses			11,894				11,544				33,868				37,368
Noninterest income:
Service charges on loans and deposits			545				450				1,434				1,491
Increase in cash surrender value of life insurance			410				334				1,562				1,373
Mortgage banking income			21,294				21,172				66,200				59,856
Other			303				274				1,101				1,589
Total noninterest income			22,552				22,230				70,297				64,309
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits			21,017				21,588				62,655				64,035
Occupancy, office furniture, and equipment			1,857				1,993				5,994				6,302
Advertising			926				916				2,827				2,749
Data processing			1,297				1,229				3,745				3,441
Communications			232				243				698				719
Professional fees			569				745				2,070				1,779
Real estate owned			-				1				14				3
Loan processing expense			697				722				2,604				2,672
Other			1,965				2,584				5,762				8,350
Total noninterest expenses			28,560				30,021				86,369				90,050
Income before income taxes			5,886				3,753				17,796				11,627
Income tax expense			1,158				500				4,318				2,212
Net income		$	4,728			$	3,253			$	13,478			$	9,415
Income per share:
Basic		$	0.26			$	0.16			$	0.72			$	0.46
Diluted		$	0.26			$	0.16			$	0.72			$	0.46
Weighted average shares outstanding:
Basic			18,350				19,998				18,631				20,420
Diluted			18,445				20,022				18,677				20,473

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

		September 30,				December 31,
		2024				2023
		(Unaudited)
Assets		(In Thousands, except per share amounts)
Cash		$	35,770			$	30,667
Federal funds sold			5,359				5,493
Interest-earning deposits in other financial institutions and other short term investments			278				261
Cash and cash equivalents			41,407				36,421
Securities available for sale (at fair value)			213,164				204,907
Loans held for sale (at fair value)			155,846				164,993
Loans receivable			1,695,403				1,664,215
Less: Allowance for credit losses ("ACL") - loans			18,198				18,549
Loans receivable, net			1,677,205				1,645,666
Office properties and equipment, net			19,450				19,995
Federal Home Loan Bank stock (at cost)			21,681				20,880
Cash surrender value of life insurance			69,601				67,859
Real estate owned, net			145				254
Prepaid expenses and other assets			45,837				52,414
Total assets		$	2,244,336			$	2,213,389
Liabilities and Shareholders' Equity
Liabilities:
Demand deposits		$	180,449			$	187,107
Money market and savings deposits			279,188				273,233
Time deposits			804,204				730,284
Total deposits			1,263,841				1,190,624
Borrowings			560,127				611,054
Advance payments by borrowers for taxes			27,847				6,607
Other liabilities			50,519				61,048
Total liabilities			1,902,334				1,869,333
Shareholders' equity:
Preferred stock			-				-
Common stock			194				203
Additional paid-in capital			92,789				103,908
Retained earnings			274,748				269,606
Unearned ESOP shares			(10,979	)			(11,869	)
Accumulated other comprehensive loss, net of taxes			(14,750	)			(17,792	)
Total shareholders' equity			342,002				344,056
Total liabilities and shareholders' equity		$	2,244,336			$	2,213,389
Share Information
Shares outstanding			19,457				20,315
Book value per share		$	17.58			$	16.94

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

		At or For the Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
		(Dollars in Thousands, except per share amounts)
Condensed Results of Operations:
Net interest income		$	11,517			$	10,679			$	11,137			$	11,756			$	11,989
Provision (credit) for credit losses			(377	)			(225	)			67				(435	)			445
Total noninterest income			22,552				26,497				21,248				16,876				22,230
Total noninterest expense			28,560				30,259				27,550				29,662				30,021
Income (loss) before income taxes (benefit)			5,886				7,142				4,768				(595	)			3,753
Income tax expense (benefit)			1,158				1,430				1,730				(555	)			500
Net income (loss)		$	4,728			$	5,712			$	3,038			$	(40	)		$	3,253
Income (loss) per share – basic		$	0.26			$	0.31			$	0.16			$	(0.00	)		$	0.16
Income (loss) per share – diluted		$	0.26			$	0.31			$	0.16			$	(0.00	)		$	0.16
Dividends declared per common share		$	0.15			$	0.15			$	0.15			$	0.15			$	0.15
Performance Ratios (annualized):
Return on average assets - QTD			0.83	%			1.02	%			0.56	%			-0.01	%			0.58	%
Return on average equity - QTD			5.55	%			6.84	%			3.56	%			-0.05	%			3.63	%
Net interest margin - QTD			2.13	%			2.01	%			2.15	%			2.25	%			2.26	%
Return on average assets - YTD			0.81	%			0.79	%			0.56	%			0.44	%			0.59	%
Return on average equity - YTD			5.30	%			5.17	%			3.56	%			2.62	%			3.46	%
Net interest margin - YTD			2.09	%			2.08	%			2.15	%			2.46	%			2.53	%
Asset Quality Ratios:
Past due loans to total loans			0.63	%			0.76	%			0.64	%			0.68	%			0.53	%
Nonaccrual loans to total loans			0.32	%			0.33	%			0.29	%			0.29	%			0.25	%
Nonperforming assets to total assets			0.25	%			0.25	%			0.23	%			0.23	%			0.20	%
Allowance for credit losses - loans to loans receivable			1.07	%			1.10	%			1.11	%			1.11	%			1.12	%

 

 

WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES

SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS

(Unaudited)

 

		At or For the Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Average balances		(Dollars in Thousands)
Interest-earning assets
Loans receivable and held for sale		$	1,870,627			$	1,859,608			$	1,805,102			$	1,797,988			$	1,797,233
Mortgage related securities			170,221				171,895				172,077				172,863				174,202
Debt securities, federal funds sold and short term investments			115,270				107,992				110,431				106,504				132,935
Total interest-earning assets			2,156,118				2,139,495				2,087,610				2,077,355				2,104,370
Noninterest-earning assets			104,600				104,019				103,815				105,073				105,714
Total assets		$	2,260,718			$	2,243,514			$	2,191,425			$	2,182,428			$	2,210,084
Interest-bearing liabilities
Demand accounts		$	89,334			$	91,300			$	87,393			$	91,868			$	90,623
Money market, savings, and escrow accounts			304,116				293,483				281,171				302,121				306,806
Certificates of deposit			786,228				758,252				739,543				735,418				719,708
Total interest-bearing deposits			1,179,678				1,143,035				1,108,107				1,129,407				1,117,137
Borrowings			600,570				622,771				602,724				549,210				584,764
Total interest-bearing liabilities			1,780,248				1,765,806				1,710,831				1,678,617				1,701,901
Noninterest-bearing demand deposits			91,532				93,637				92,129				102,261				106,042
Noninterest-bearing liabilities			49,787				48,315				45,484				56,859				46,805
Total liabilities			1,921,567				1,907,758				1,848,444				1,837,737				1,854,748
Equity			339,151				335,756				342,981				344,691				355,336
Total liabilities and equity		$	2,260,718			$	2,243,514			$	2,191,425			$	2,182,428			$	2,210,084
Average Yield/Costs (annualized)
Loans receivable and held for sale			5.65	%			5.54	%			5.46	%			5.36	%			5.26	%
Mortgage related securities			2.66	%			2.63	%			2.57	%			2.48	%			2.41	%
Debt securities, federal funds sold and short term investments			5.05	%			4.82	%			4.82	%			4.94	%			4.45	%
Total interest-earning assets			5.39	%			5.27	%			5.18	%			5.10	%			4.97	%
Demand accounts			0.11	%			0.11	%			0.11	%			0.11	%			0.11	%
Money market and savings accounts			1.94	%			1.89	%			1.79	%			1.64	%			1.54	%
Certificates of deposit			4.54	%			4.41	%			4.19	%			3.76	%			3.43	%
Total interest-bearing deposits			3.53	%			3.42	%			3.26	%			2.90	%			2.64	%
Borrowings			4.77	%			4.92	%			4.54	%			4.83	%			4.71	%
Total interest-bearing liabilities			3.95	%			3.95	%			3.71	%			3.53	%			3.35	%

 

 

COMMUNITY BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

		At or For the Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
		(Dollars in Thousands)
Condensed Results of Operations:
Net interest income		$	12,250			$	11,234			$	11,598			$	12,056			$	12,431
Provision (credit) for credit losses			(302	)			(279	)			105				(550	)			445
Total noninterest income			1,227				1,491				990				894				966
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits			5,326				5,116				5,360				5,397				4,618
Occupancy, office furniture and equipment			904				983				1,000				916				852
Advertising			311				229				174				363				200
Data processing			720				687				693				626				672
Communications			80				72				65				75				70
Professional fees			190				177				208				186				176
Real estate owned			-				1				13				1				1
Loan processing expense			-				-				-				-				-
Other			602				672				691				628				703
Total noninterest expense			8,133				7,937				8,204				8,192				7,292
Income before income taxes			5,646				5,067				4,279				5,308				5,660
Income tax expense			941				718				1,639				1,234				1,121
Net income		$	4,705			$	4,349			$	2,640			$	4,074			$	4,539
Efficiency ratio - QTD (non-GAAP)			60.35	%			62.37	%			65.17	%			63.26	%			54.43	%
Efficiency ratio - YTD (non-GAAP)			62.58	%			63.77	%			65.17	%			56.86	%			54.94	%

 

 

MORTGAGE BANKING SEGMENT

SUMMARY OF KEY QUARTERLY FINANCIAL DATA

(Unaudited)

 

		At or For the Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
		(Dollars in Thousands)
Condensed Results of Operations:
Net interest loss		$	(760	)		$	(552	)		$	(541	)		$	(367	)		$	(550	)
Provision (credit) for credit losses			(75	)			54				(38	)			115				-
Total noninterest income			21,386				25,081				20,328				16,028				21,452
Noninterest expenses:
Compensation, payroll taxes, and other employee benefits			15,930				16,886				14,756				14,881				17,186
Occupancy, office furniture and equipment			953				1,046				1,108				1,105				1,141
Advertising			615				758				740				667				716
Data processing			570				549				508				583				551
Communications			152				168				161				194				173
Professional fees			379				569				520				704				564
Real estate owned			-				-				-				-				-
Loan processing expense			697				861				1,046				756				722
Other			1,261				1,641				617				2,701				1,935
Total noninterest expense			20,557				22,478				19,456				21,591				22,988
Income (loss) before income taxes (benefit)			144				1,997				369				(6,045	)			(2,086	)
Income tax expense (benefit)			194				684				71				(1,827	)			(657	)
Net (loss) income		$	(50	)		$	1,313			$	298			$	(4,218	)		$	(1,429	)
Efficiency ratio - QTD (non-GAAP)			99.67	%			91.64	%			98.33	%			137.86	%			109.98	%
Efficiency ratio - YTD (non-GAAP)			96.23	%			94.62	%			98.33	%			116.99	%			111.63	%
Loan originations		$	558,729			$	634,109			$	485,109			$	458,363			$	597,562
Purchase			88.9	%			92.7	%			93.0	%			95.7	%			95.4	%
Refinance			11.1	%			7.3	%			7.0	%			4.3	%			4.6	%
Gross margin on loans sold(1)			3.83	%			3.93	%			4.10	%			3.51	%			3.62	%

 

⁽¹⁾ Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations

 

v3.24.3

Document And Entity Information	Oct. 22, 2024
Document Information [Line Items]
Entity, Registrant Name	Waterstone Financial, Inc.
Document, Type	8-K
Document, Period End Date	Oct. 22, 2024
Entity, Incorporation, State or Country Code	MD
Entity, File Number	001-36271
Entity, Tax Identification Number	90-1026709
Entity, Address, Address Line One	11200 W Plank Ct
Entity, Address, City or Town	Wauwatosa
Entity, Address, State or Province	WI
Entity, Address, Postal Zip Code	53226
City Area Code	414
Local Phone Number	761-1000
Title of 12(b) Security	Common Stock
Trading Symbol	WSBF
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001569994

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