Business
Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2020
WAUWATOSA, Wis., April 28, 2020 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of
About this update from Waterstone Financial, Inc.
[{"type":"text","content":"WAUWATOSA, Wis., April 28, 2020 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $6.9 million, or $0.27 per diluted share for the quarter ended March 31, 2020 compared to $6.5 million, or $0.24 per diluted share for the quarter ended March 31, 2019.\n “We are proud of our first quarter financial results as we navigate through these unprecedented times,” said Douglas Gordon, CEO of Waterstone Financial, Inc. “While continuing to manage our financial well-being, we maintain a devout focus on keeping our employees, customers, and communities safe. As shareholders, you should be extremely proud of how our employees have accepted the challenges presented by the pandemic and continued to service and exceed the expectations of our customers.” Highlights of the Quarter Ended March 31, 2020 Waterstone Financial, Inc. (Consolidated) Consolidated net income of Waterstone Financial, Inc. totaled $6.9 million for the quarter ended March 31, 2020, compared to $6.5 million for the quarter ended March 31, 2019.Consolidated return on average assets was 1.37% for the quarter ended March 31, 2020 compared to 1.39% for the quarter ended March 31, 2019.Consolidated return on average equity was 7.07% for the quarter ended March 31, 2020 and 6.65% for the quarter ended March 31, 2019.Dividends declared totaled $0.62 per share and we repurchased $14.2 million of shares during the quarter ended March 31, 2020 as a result of our strong financial position. Community Banking Segment Pre-tax income totaled $5.3 million for the quarter ended March 31, 2020, which represents a 29.6% decrease compared to $7.5 million for the quarter ended March 31, 2019.Net interest income totaled $12.9 million for the quarter ended March 31, 2020, which represents a 1.7% decrease compared to $13.1 million for the quarter ended March 31, 2019.Average loans held for investment totaled $1.39 billion during the quarter ended March 31, 2020, which represents an increase of $16.8 million, or 1.2%, compared to $1.38 billion for the quarter ended March 31, 2019. Average loans held for investment increased $12.2 million, or 3.5% annualized, compared to $1.38 billion for the quarter ended December 31, 2019.Net interest margin decreased 25 basis points to 2.68% for the quarter ended March 31, 2020 compared to 2.93...