Waterstone Financial Q2 net income rises 35%
Overview
Waterstone Financial Q2 net income rises to $7.7 mln from $5.7 mln yr ago
Community Banking segment net interest income up $2.4 mln yr/yr
Co repurchased 508,000 shares, boosting book value per share
Outlook
Company continues to maintains strong asset quality with minimal loan loss activity
Result Drivers
NET INTEREST INCOME - Community Banking segment's net interest income rose by $2.4 mln due to improved cost of funds
SEASONAL LOAN ORIGINATIONS - Mortgage Banking segment's pre-tax income benefited from expanded seasonal loan origination volumes
ASSET QUALITY - Strong asset quality and minimal loan loss activity led to releases from allowance for credit losses
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $7.73 mln |
|
Q2 Net Interest Income |
| $13.71 mln |
|
Q2 Credit Loss Provision |
| -$9,000 |
|
Q2 Pretax Profit |
| $9.67 mln |
|
Press Release: ID:nGNX15fNtz
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