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Mar 31, 2023
Waterstone Financial Q1 2023 Earnings Report
Reported net income decrease due to challenges in the mortgage industry, while the Community Banking segment saw pre-tax income growth.
Key Takeaways
Waterstone Financial, Inc. reported a net income of $2.2 million, a decrease compared to $5.3 million in the same quarter last year. The Community Banking segment experienced an increase in pre-tax income, but the Mortgage Banking segment faced challenges due to higher mortgage rates and housing inventory shortage.
Net income was $2.2 million, or $0.10 per diluted share, compared to $5.3 million, or $0.23 per diluted share, for the quarter ended March 31, 2022.
Community Banking segment pre-tax income increased by 18% year-over-year.
Mortgage Banking segment experienced pre-tax loss due to higher mortgage rates and housing inventory shortage.
Company plans to position its mortgage segment for future improvements in the industry.
Forward Guidance
The company will continue to position its mortgage segment to take advantage of future improvements in the industry.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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