Waterstone Financial doubles net income

Waterstone Financial Inc., the Wauwatosa-based parent company of WaterStone Bank, reported first quarter net income of $4.6 million, or 15 cents per share, up from $2.2 million, or 7 cents per share, in the same period a year ago.

“I am pleased to report net income at the bank for the fifth consecutive quarter,” said Doug Gordon, president and chief executive officer of the company. “These results demonstrate the strength of our core businesses, the positive effect of our efforts to diversify our earnings stream and the hard work of our dedicated employees.” 

The Waterstone mortgage banking segment reported net income of $2.6 million for the quarter ended March 31, 2013, compared with $1.2 million a year earlier. The increase in mortgage banking income was the result of an increase in the volume of loans originated and sold and in the margins earned on the transactions in 2013 compared to 2012.

Waterstone’s community banking segment net income for the quarter totaled $1.9 million, up from $704,000 a year ago.

Credit quality continued its steady pace of improvement in the first quarter.  Total nonperforming assets as a percentage of total assets declined to 5.94 percent.

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