Business
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2023
WAUWATOSA, Wis., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported a net loss of
About this update from Waterstone Financial, Inc.
[{"type":"text","content":"WAUWATOSA, Wis., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported a net loss of $40,000, or less than $0.01 per diluted share, for the quarter ended December 31, 2023, compared to net income of $935,000, or $0.04 per diluted share for the quarter ended December 31, 2022. Net income per diluted share was $0.46 for the twelve months ended December 31, 2023, compared to net income per diluted share of $0.89 for the twelve months ended December 31, 2022. “The current market dynamics continue to present challenges for both our Community Banking and Mortgage Banking segments,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. \"The rapid rise in short-term interest rates and an inverted yield curve continue to create downward pressure on the net interest margin of the Community Banking segment. In addition, the housing market continues to be adversely impacted by elevated interest rates, which have resulted in low levels of inventory and a decrease in housing affordability. As is the case for the overall mortgage banking industry, the results of operations within our Mortgage Banking segment have been negatively impacted by declining mortgage origination volumes and compressed margins. Despite these challenges, our strong asset quality and robust level of capital allowed us to continue to provide strong shareholder returns throughout 2023. During the year ended December 31, 2023, we declared dividends of $0.70 per share and repurchased 1.9 million shares of our stock at an average price well below our current book value per share.” Highlights of the Quarter Ended December 31, 2023 Waterstone Financial, Inc. (Consolidated) Consolidated net loss of Waterstone Financial, Inc. totaled $40,000 for the quarter ended December 31, 2023, compared to net income of $935,000 for the quarter ended December 31, 2022.Consolidated return on average assets was (0.01)% for the quarter ended December 31, 2023, compared to 0.19% for the quarter ended December 31, 2022.Consolidated return on average equity was (0.05)% for the quarter ended December 31, 2023, and 0.99% for the quarter ended December 31, 2022Dividends declared during the quarter ended December 31, 2023, totaled $0.15 per common share.During the quarter ended December 31, 2023, we repurchased ap...