Business
Waterstone Financial, Inc. Announces Results of Operations for the Quarter Ended March 31, 2023
WAUWATOSA, Wis., April 25, 2023 (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 25, 2023 (GLOBE NEWSWIRE) -- Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $2.2 million, or $0.10 per diluted share for the quarter ended March 31, 2023, compared to $5.3 million, or $0.23 per diluted share for the quarter ended March 31, 2022. \"The Community Banking segment achieved an 18% increase in year over year pre-tax income, while our Mortgage Banking segment, as well as the entire mortgage industry, continue to be challenged by higher mortgage rates and a nationwide housing inventory shortage,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “Despite the mortgage industry headwinds, we will continue to position our mortgage segment to take advantage of future improvements in the industry.” Highlights of the Quarter Ended March 31, 2023 Waterstone Financial, Inc. (Consolidated) Consolidated net income of Waterstone Financial, Inc. totaled $2.2 million for the quarter ended March 31, 2023, compared to $5.3 million for the quarter ended March 31, 2022.Consolidated return on average assets was 0.43% for the quarter ended March 31, 2023, compared to 1.00% for the quarter ended March 31, 2022.Consolidated return on average equity was 2.35% for the quarter ended March 31, 2023, and 5.00% for the quarter ended March 31, 2022.Dividends declared during the quarter ended March 31, 2023, totaled $0.20 per common share.We repurchased approximately 373,000 shares at a cost of $5.8 million, or $15.65 per share, during the quarter ended March 31, 2023.Nonperforming assets as percentage of total assets was 0.22% at March 31, 2023, 0.22% at December 31, 2022, and 0.34% at March 31, 2022.Past due loans as percentage of total loans was 0.64% at March 31, 2023, 0.41% at December 31, 2022, and 0.53% at March 31, 2022.Book value per share was $16.73 at March 31, 2023 and $16.71 at December 31, 2022. Community Banking Segment Pre-tax income totaled $6.4 million for the quarter ended March 31, 2023, which represents a $1.0 million, or 18.5%, increase compared to $5.4 million for the quarter ended March 31, 2022.Net interest income totaled $14.0 million for the quarter ended March 31, 2023, which represents a $2.4 million, or 20.2%, increase compared to $11.7 million for the quarter ended March 31, 2022.Average loans held for investment to...