Wauwatosa-based Waterstone Financial Inc., parent company of WaterStone Bank, has reported fourth quarter results and a share repurchase program.
The company reported fourth quarter net income of $2.3 million, or 8 cents per share, up from $1.9 million, or 6 cents per share, in the fourth quarter of 2013.
Its net interest income was $10.1 million in the fourth quarter, up from $9.6 million in the same period a year ago.
For the full year, Waterstone reported net income of $12.7 million, or 38 cents per share, down from $14.7 million, or 43 cents per share, in 2013.
At the end of the year, Waterstone had total assets of $1.8 billion, down from $1.9 billion at the end of 2013.
Total nonperforming assets were $56.7 million, down 23 percent from $73.6 million at the end of 2013.
“Our banking segment net income increased $963,000 or 11 percent compared to 2013 due to higher net interest income and reduced provision expense from continued improving asset quality,” said Douglas Gordon, president and chief executive officer. “The net income results of our mortgage banking segment are up $1.2 million over the last two quarters of 2014 compared to the last two quarters of 2013, as well. This is related to stronger loan origination volumes and improved efficiency. We look forward to 2015 as we deploy our significant capital in expanding our service offerings with wealth management, growing our bank branch network, and increasing our mortgage origination footprint.”
Waterstone Financial’s board of directors also authorized the company to repurchase 1.7 million shares of common stock, which is about 5 percent of its outstanding shares. The program is expected to begin immediately, and the timing will depend on several factors. Waterstone will hold the repurchased shares as authorized but unissued shares.
