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Waterstone Financial, Inc. reports recurring developments from its community banking and mortgage banking businesses as the savings and loan holding company for WaterStone Bank. WaterStone Bank offers personal and business banking products in southeastern Wisconsin, and WaterStone Mortgage Corporation originates residential mortgage loans for sale into the secondary market as a national lender licensed in 48 states.
Company news commonly covers quarterly operating results, net interest margin, loan yields, deposit funding costs, asset quality and allowance for credit losses. Updates also include mortgage loan origination trends, segment profitability, regular cash dividends, dividend increases and common-stock repurchase authorizations.
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Waterstone Financial, Inc. (NASDAQ: WSBF) reported a net income of $2.2 million for Q1 2023, down from $5.3 million in Q1 2022. Earnings per diluted share were $0.10, compared to $0.23 a year ago. The Community Banking segment saw an 18.5% increase in pre-tax income due to a rise in net interest income, which grew 20.2% to $14.0 million. However, the Mortgage Banking segment faced challenges, reporting a pre-tax loss of $3.7 million, down from a pre-tax profit of $1.4 million a year earlier. Loan originations fell 37.5%, totaling $442.7 million. Despite the adverse market conditions, the company repurchased 373,000 shares at a cost of $5.8 million.
On March 22, 2023, the Board of Directors of Waterstone Financial declared a quarterly cash dividend of $0.20 per common share. This dividend is set to be paid on May 2, 2023, to shareholders on record by the close of business on April 10, 2023. Waterstone Financial, the holding company for WaterStone Bank, provides a variety of banking products and operates multiple branches across Wisconsin. Established in 1921, WaterStone Bank also offers lending services through Waterstone Mortgage, which covers 48 states.
Waterstone Financial, Inc. (NASDAQ: WSBF) reported a significant drop in net income for Q4 2022, totaling $935,000, or $0.04 per diluted share, down from $12.6 million, or $0.53 per diluted share, in Q4 2021. For the entire year, net income per diluted share decreased to $0.89 from $2.96 year-over-year. Noteworthy points include a 19.2% increase in net interest income, driven by a $156 million increase in the loan portfolio, although the mortgage banking segment faced challenges with a 45% drop in loan originations. The company also declared a dividend of $0.20 per share and repurchased approximately 159,000 shares at $16.53 each.
On December 15, 2022, Waterstone Financial, Inc. (NASDAQ: WSBF) declared a quarterly cash dividend of $0.20 per common share. This dividend is set to be paid on February 1, 2023, to shareholders of record by the close of business on January 9, 2023. Established in 1921, Waterstone Financial, through WaterStone Bank, offers various personal and business banking services across multiple branches in Wisconsin.
Waterstone Financial, Inc. (NASDAQ: WSBF) reported a net income of $5.3 million, or $0.25 per diluted share, for Q3 2022, down from $19.0 million, or $0.79 per share a year earlier. For the nine months ending September 30, 2022, net income per share was $0.83, compared to $2.43 in 2021. The community banking segment saw strong loan growth and a net interest income increase of 10.1%. However, the mortgage banking segment experienced significant challenges, with loan originations down 26.9% and non-interest income decreasing by 46.8%. The efficiency ratio improved, but overall performance signals cautious outlooks.
The Board of Directors of Waterstone Financial has declared a quarterly cash dividend of $0.20 per common share, set to be paid on November 1, 2022. Shareholders of record by the close of business on October 10, 2022 will receive this dividend. Waterstone Financial serves as the holding company for WaterStone Bank, which has provided banking services since 1921 and offers a range of personal and business banking products across multiple branches in Wisconsin.
Waterstone Financial, Inc. (NASDAQ: WSBF) reported net income of $8.0 million, or $0.36 per diluted share, for Q2 2022, down from $17.9 million, or $0.74 per diluted share, in Q2 2021. Six-month net income per diluted share was $0.58 vs. $1.64 last year. Strong loan growth in the community banking segment was noted, despite a 26.9% drop in mortgage loan originations. The company repurchased 1.4 million shares for $24.2 million. Nonperforming assets increased to 0.39% of total assets. Average deposits remained stable at $1.21 billion.
WaterStone Bank has launched a new checking product, Stepping Stone®, certified by the Cities for Financial Empowerment Fund to meet national account standards. This account features numerous benefits, including no monthly fees, no overdraft fees, and digital bill pay capabilities. The launch aims to enhance access to banking services for unbanked individuals, with the account available at all 14 WaterStone Bank branches and online. The certification underscores the bank’s commitment to providing safe and affordable financial products.
Waterstone Financial, Inc. (NASDAQ: WSBF) announced a quarterly cash dividend of $0.20 per common share on June 23, 2022. The dividend is set to be paid on August 2, 2022 to shareholders recorded by the close of business on July 11, 2022. Waterstone Financial serves as the savings and loan holding company for WaterStone Bank, which offers a wide range of banking products across multiple branches in Wisconsin. Established in 1921, the bank also operates Waterstone Mortgage, lending in 48 states.