Waterstone earnings dip on lagging mortgages

Wauwatosa-based Waterstone Financial Inc. reported second quarter net income of $3.8 million, or 11 cents per share, down from $4.9 million, or 14 cents per share, in the second quarter of 2013.

The WaterStone Bank parent company reported $10.6 million in net interest income, up from $9.9 million a year ago, and $23.2 million in total noninterest income, down from $26.7 million in the second quarter of 2013. Total assets were $1.8 billion, up from $1.6 billion in the same period a year ago.

The mortgage banking segment reported net income of $1 million, down from $2.6 million in the second quarter of 2013, due to a decrease in number of loans originated and the lower margins earned on loan sales.

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The company’s real estate owned expense also increase from $12,000 to $705,000 year-over-year.

“Our community banking operations generated solid loan growth and increasing net income. However, our overall results continue to be impacted by the decline in originations and margins the mortgage industry is experiencing,” said Doug Gordon, president and chief executive officer. “We continue to execute an organic growth strategy to further leverage the capital raised in the first quarter of 2014.”

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