Wauwatosa-based Waterstone Financial Inc. reported first quarter net income of $3 million, or 9 cents per share, up from $1.9 million, or 5 cents per share, in the first quarter of 2014.
Interest income totaled $15 million, flat from the same period a year ago. Noninterest income was $22 million, up from $17.1 million in the first quarter of 2014, driven primarily by an increase in mortgage banking income.
Net income in the mortgage banking segment was $1.4 million, up from $31,000 in the first quarter of 2014. Higher loan volume and a lower efficiency ratio contributed to the increase.
The parent company of WaterStone Bank had total assets of $1.8 million at the close of the first quarter, flat from a year ago. Past due loans were down 37 percent year-over-year.
“Our mortgage banking segment experienced strong growth in loan origination volumes from our expanding branch network, translating into significant revenue gains, while our focus on cost containment added more to the bottom line during the quarter,” said Douglas Gordon, president and chief executive officer of the company. “We also opened the doors of WaterStone Investment Services, a wealth management division in our community banking segment, allowing us to provide a more comprehensive service offering to our customers.”