Waterstone income dips

Waterstone Financial Inc., the Wauwatosa-based parent company of WaterStone Bank, reported second quarter net income of $4.9 million, or 16 cents per share, down from $6.2 million, or 20 cents per share, in the second quarter of 2012.

 
“We’ve posted net income for six consecutive quarters, due in large part to the hard work of our dedicated employees,” said Doug Gordon, president and chief executive officer. “These continued positive results demonstrate the strength of the company and will aid in our future growth.”

The mortgage banking segment reported net income of $4.4 million for the quarter, down from $5.4 million a year ago. Loans sold were up 34 percent year-over-year, but the margins on those loans decreased.

The community banking segment reported net income of $3.5 million, up from $628,000 in the second quarter of 2012. The jump was attributed to $2.8 million less in expense on real estate owned properties.

Nonperforming assets were down, making up just 5.10 percent of total assets. Nonaccrual loans were down 28.7 percent, to $53.3 million.

Waterstone Financial, which has eight community bank branches in the metropolitan Milwaukee market and mortgage banking offices in 12 states, announced last month that it plans to reorganize into a fully public stock holding company. It had $1.63 billion in assets as of June 30.

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