Waterstone Financial profit up 14%

Mortgage banking drives growth

WaterStone Bank
WaterStone Bank's Wauwatosa headquarters.

Wauwatosa-based Waterstone Financial Inc. today reported it increased second quarter profits by 14.4 percent year-over-year.

WaterStone Bank
WaterStone Bank’s Wauwatosa headquarters.

Second quarter net income at the WaterStone Bank operator was $8.9 million, or 32 cents per share, up from $7.8 million, or 29 cents per share, in the second quarter of 2016.

Net interest income was $12.5 million, up from $10.2 million in the year-ago quarter, while noninterest income was $37.2 million, up from $36.3 million in the second quarter of 2016. Mortgage banking income and loan interest contributed to the increases.

Waterstone Financial reported $1.9 billion in total assets at the end of the second quarter.

“We are pleased with our strong results in the second quarter,” said Douglas Gordon, chief executive officer of Waterstone Financial. “We generated a record $13.5 million in consolidated quarterly pretax income, which represents a 10 percent increase over prior year comparable quarter. The Community Banking segment continued to have strong loan growth and improved net interest margin during the quarter.┬áThe Mortgage Banking segment achieved a quarterly record of $737.9 million in loan originations this quarter, which represents a 9.3 percent growth rate over the second quarter of 2016.”

Waterstone Financial operates 11 WaterStone Bank branches in the Milwaukee area and a commercial lending office in Minneapolis. It also operates Waterstone Mortgage, with mortgage banking offices in 24 states.

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.