Waterstone Financial Inc., the Wauwatosa-based holding company for WaterStone Bank, reported third quarter net income of $3.2 million, or 10 cents per share, compared with $8.4 million, or 54 cents per share, in the same period a year ago.
A valuation reserve against net deferred tax assets released in the fourth quarter of 2012 minimized income tax expense during the 2012 periods.
“WaterStone Bank’s earnings continue to improve due to improving asset quality while Waterstone Mortgage has experienced declining volumes and margins, as is widespread throughout the mortgage banking industry,” said Doug Gordon, president and chief executive officer of the Waterstone Financial. “Our capital levels continue to increase, which will support further growth.”
