Waterstone Financial soars on mortgage banking income

WaterStone Bank parent reports favorable Q3

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Wauwatosa-based Waterstone Financial Inc., parent company of WaterStone Bank, reported third quarter net income of $7.5 million, or 27 cents per diluted share, up from $5.2 million, or 19 cents per share, in the third quarter of 2015.

WaterStone Bank
WaterStone Bank’s Wauwatosa headquarters.

Total interest income was $16.3 million, up from $15.8 million in the same period a year ago.

Third-quarter non-interest income was $37.4 million, up from $28.6 million in the third quarter of 2015, driven by $35.6 million in mortgage banking income, up from $26.7 million in the same period a year ago.

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Loans receivable were $1.2 billion, up 4.6 percent from $1.1 billion in the same period a year ago.

The company had $1.8 billion in assets as of Sept. 30, flat from the same date last year. Return on average assets was 1.7 percent in the third quarter, up from 1.2 percent in the third quarter of 2015.

Waterstone Financial operates 11 WaterStone Bank branches in the Milwaukee market, as well as a loan production office in Minnesota and mortgage banking offices in 23 states.

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“We achieved record consolidated quarterly pre-tax earnings driven by significant year-over-year growth in both our Community Banking and Mortgage Banking segments,” said Doug Gordon, chief executive officer of Waterstone Financial Inc. “Community Banking delivered record quarterly segmented earnings, as it benefited from loan growth and an increase in net interest margin, while Mortgage Banking’s strategic growth plan and focus on the origination of residential mortgages for the purpose of home purchases continues to yield significant growth in earnings over the prior year.”

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