Waterstone Financial reports decreased income in 2014

Special to The Freeman

March 6, 2015

WAUWATOSA — For the 2014 fiscal year, Waterstone Financial, Inc., the holding company of WaterStone Bank, reported a decrease of its net income to $12.7 million, compared to $14.7 million the year prior.

As a result its net income per diluted share decreased to $0.38 at the end of 2014, compared to $0.43 for the year ended Dec. 31, 2013.

For the fourth quarter of 2014, Waterstone Financial, Inc. reported net income of $2.3 million, or $0.08 per share, compared to $4.7 million, or $0.14 per share, for the quarter ended Sept. 30, 2014 and $1.9 million, or $0.06 per share, for the quarter ended December 31, 2013.

“Our banking segment net income increased $963,000 or 11 percent compared to 2013 due to higher net interest income and reduced provision expense from continued improving asset quality,” said Douglas Gordon, president and chief executive officer, in a statement. “The net income results of our mortgage banking segment are up $1.2 million over the last two quarters of 2014 compared to the last two quarters of 2013, as well. This is related to stronger loan origination volumes and improved efficiency. We look forward to 2015 as we deploy our significant capital in expanding our service offerings with wealth management, growing our bank branch network, and increasing our mortgage origination footprint.”

Waterstone Financial, Inc. is a single-bank, holding company headquartered in Wauwatosa with $1.8 billion in assets at Dec. 31, 2014.