Wauwatosa-based Waterstone Financial Inc. reported third quarter net income of $8.4 million, 27 cents per share, compared with a net loss of $206,000 or 1 cent per share, in the same period a year ago.
Doug Gordon, president and chief executive officer of Waterstone, attributed the improvement in earnings to the teams of employees at Waterstone's wholly-owned subsidiary, WaterStone Bank and its subsidiary, Waterstone Mortgage Corp.
"The record number of mortgage originations by Waterstone Mortgage Corp. has increased net income, and the steadfast improvement in WaterStone Bank's loan portfolio has resulted in significantly lower and more normalized loss provisions,” Gordon said.
Over the past eight quarters, Waterstone loans past due have declined by 31.1 percent; nonperforming loans have declined by 26.5 percent; nonperforming assets have declined by 21.9 percent; substandard loans have declined by 25.5 percent and impaired loans have declined by 28.3 percent.
Waterstone has eight community bank branches in the metropolitan Milwaukee market and mortgage banking offices in eleven states around the country.