Waterstone Financial reports Q2 EPS 20c vs 36c last year

Reports Consolidated net income of Waterstone Financial, Inc. totaled $4M for the quarter ended June 30 compared to $8M or the quarter ended June 30, 2022. Consolidated return on average assets was 0.74% for the quarter ended June 30 compared to 1.61% for the quarter ended June 30. Consolidated return on average equity was 4.41% for the quarter ended June 30, 2023 and 7.93% for the quarter ended June 30, 2022.”The Community Banking segment’s continued strong asset quality metrics and growing loan portfolio stand out as bring spots in an otherwise challenging environment,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “While we achieved marginally better performance compared to recent quarters, the Mortgage Banking segment loss continues to reflect an industry that is challenged by low levels of housing inventory and higher mortgage rates. Both dynamics have resulted in lower volumes and margins for the mortgage banking inventory. In spite of the challenges in the market, we announced a 2,000,000 share repurchase program during the quarter, as we believe in the long-term success of the Company and providing a high level of total return to our shareholders.”Book value per share was $16.64 at June 30, and $16.71 at December 31, 2022.