Wauwatosa-based Waterstone Financial Inc. reported third quarter net income of $4.8 million, or 14 cents per share, up from $3.2 million, or 9 cents per share, in the third quarter of 2013.
Total assets at the WaterStone Bank parent company were $1.8 billion, up from $1.6 billion in the same period a year ago.
The company said the increase was due to better performance from the community and mortgage banking segments. Community banking reported net income of $3.4 million, up from $2.5 million in the third quarter of 2013. Mortgage banking net income was $1.2 million, up from $639,000 in the same period a year ago.
“The community banking and mortgage banking segments performed well during the quarter with revenue and net income up in both segments on a linked quarter and year-over-year basis, reflecting our balance sheet growth, improving credit quality, and focus on operating efficiency,” said Doug Gordon, president and chief executive officer of Waterstone Financial.