Waterstone Financial reports higher profit on increased mortgage loan volume

WaterStone Bank
WaterStone Bank's Wauwatosa headquarters.

Wauwatosa-based Waterstone Financial Inc. reported third quarter net income of $5.2 million, or 19 cents per share, up from $4.8 million, or 14 cents per share, in the third quarter of 2014.

WaterStone Bank
WaterStone Bank’s Wauwatosa headquarters.

The WaterStone Bank parent company reported revenue of $44.3 million in the quarter, up from $40.5 million in the same period a year ago.

Waterstone Financial had $1.7 billion in total assets at the end of the third quarter, down from $1/8 billion in the third quarter of 2014. Return on average assets was 1.18 percent in the quarter, up from 1.05 percent last year.

Mortgage banking net income totaled $2.8 million in the third quarter, up from $1.2 million in the third quarter of 2014, driven by higher loan volume.

“The execution of our strategic plan continues with strong quarterly earnings, the expansion of our bank branch network with new locations in Greenfield and Fox Point, technology enhancements in the form of mobile check deposit, capital management initiatives such as our stock repurchase program, and strengthening asset quality, all of which are designed to grow long term shareholder value,” said Doug Gordon, president and chief executive officer of the company.

Waterstone Financial has 11 WaterStone Bank branches in the Milwaukee area, a loan production office in Minneapolis, and mortgage banking offices in 18 states.

Get our email updates

Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.