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Jun 30, 2023
Waterstone Financial Q2 2023 Earnings Report
Reported a decrease in net income due to challenges in the mortgage banking segment, offset by strong asset quality in community banking.
Key Takeaways
Waterstone Financial, Inc. reported a net income of $4.0 million, or $0.20 per diluted share, for the quarter ended June 30, 2023, compared to $8.0 million, or $0.36 per diluted share, for the quarter ended June 30, 2022. The Community Banking segment showed strong asset quality and loan portfolio growth, while the Mortgage Banking segment experienced a loss due to low housing inventory and higher mortgage rates. A 2,000,000 share repurchase program was announced during the quarter.
Net income decreased to $4.0 million, or $0.20 per diluted share, compared to $8.0 million, or $0.36 per diluted share, for the same quarter last year.
Community Banking segment pre-tax income decreased by 19.9% to $6.4 million.
Mortgage Banking segment reported a pre-tax loss of $1.4 million, compared to a $2.3 million pre-tax income in the same quarter last year.
A 2,000,000 share repurchase program was announced.
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