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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.
Waterstone Financial, Inc. (NASDAQ: WSBF) reported net income of $20.9 million, or $0.85 per diluted share for Q2 2020, significantly up from $9.6 million, or $0.37 per diluted share in Q2 2019. The strong performance is attributed to record mortgage loan originations of over $1.1 billion, aiding nearly 5,000 homeowners. Key metrics include a return on average assets of 3.87% and an increase in average loans to $1.42 billion. However, the community banking segment saw a pre-tax income drop of 36.5%. The company declared dividends of $0.12 per share and repurchased $6.1 million of shares, reflecting a robust financial position.
Waterstone Financial (NASDAQ: WSBF) announced a new share repurchase program on July 21, 2020, authorizing the buyback of up to 2,000,000 shares, approximately 7.7% of its outstanding stock. This follows a previous program where 2,000,000 shares were repurchased at an average price of $15.65. The program is set to commence around July 29, 2020, and will be influenced by market conditions and available funds. Shares repurchased will be treated as authorized but unissued, and the program may be suspended or modified based on various factors.
The Board of Directors of Waterstone Financial has declared a quarterly dividend of $0.12 per common share. This dividend is payable on August 3, 2020, to shareholders of record as of the close of business on July 13, 2020. Waterstone Financial is the holding company for WaterStone Bank, which offers a comprehensive range of personal and business banking products. Established in 1921, the bank operates multiple branches across Wisconsin and has a commercial lending office in Minnesota.
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