Business
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Nine Months Ended September 30, 2023
WAUWATOSA, Wis., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $3.3
About this update from Waterstone Financial, Inc.
[{"type":"text","content":"WAUWATOSA, Wis., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $3.3 million, or $0.16 per diluted share for the quarter ended September 30, 2023, compared to $5.3 million, or $0.25 per diluted share for the quarter ended September 30, 2022. Net income per diluted share was $0.46 for the nine months ended September 30, 2023, compared to net income per diluted share of $0.83 for the nine months ended September 30, 2022. “We continue to navigate the challenges that have resulted from a rapid rise in interest rates and an inverted yield curve,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “The Community Banking Segment continues to maintain strong asset quality metrics and we achieved growth in both loans held for investment and deposits during the quarter. The Mortgage Banking segment results continue to be negatively impacted by a challenging industry as inventory, housing affordability, and escalating interest rates have slowed mortgage origination volumes and compressed margins. We continue to try and find efficiencies in this environment. During the quarter, we were pleased to return $9.6 million back to shareholders through share repurchases and dividends declared.” Highlights of the Quarter Ended September 30, 2023 Waterstone Financial, Inc. (Consolidated) Consolidated net income of Waterstone Financial, Inc. totaled $3.3 million for the quarter ended September 30, 2023, compared to $5.3 million for the quarter ended September 30, 2022.Consolidated return on average assets was 0.58% for the quarter ended September 30, 2023, compared to 1.08% for the quarter ended September 30, 2022.Consolidated return on average equity was 3.63% for the quarter ended September 30, 2023, and 5.38% for the quarter ended September 30, 2022.Dividends declared during the quarter ended September 30, 2023, totaled $0.15 per common share.We repurchased approximately 516,000 shares at a cost (including the excise tax) of $6.7 million, or $12.94 per share, during the quarter ended September 30, 2023.Nonperforming assets as percentage of total assets was 0.20% at September 30, 2023, 0.19% at June 30, 2023, and 0.27% at September 30, 2022.Past due loans as a percentage of total loans were 0.53% at September 30, 2023, 0.50% at June 30, ...