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Dec 31, 2023
Waterstone Financial Q4 2023 Earnings Report
Reported a net loss due to challenges in Community Banking and Mortgage Banking segments.
Key Takeaways
Waterstone Financial, Inc. reported a net loss of $40,000 for the quarter ended December 31, 2023, compared to a net income of $935,000 for the quarter ended December 31, 2022. The company faced challenges due to market dynamics affecting both Community Banking and Mortgage Banking segments, including rising interest rates and declining mortgage origination volumes.
Net loss of $40,000, or less than $0.01 per diluted share, for the quarter ended December 31, 2023.
Community Banking segment pre-tax income decreased by 24.3% compared to the same quarter last year.
Mortgage Banking segment pre-tax loss totaled $6.0 million for the quarter ended December 31, 2023, compared to $6.5 million of pre-tax loss for the quarter ended December 31, 2022.
Past due loans as a percentage of total loans was 0.68% at December 31, 2023.
Revenue by Segment
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