Second-quarter profits rose more than 14 percent for the parent company of WaterStone Bank SSB as lending grew and mortgage originations increased.
Waterstone Financial Inc. posted net income of almost $8.9 million, or 32 cents per share, in the quarter, compared with about $7.8 million, or 29 cents, in the second three-month period of 2016.
“The community banking segment continued to have strong loan growth and improved net interest margin during the quarter,” Douglas Gordon, chief executive officer of Wauwatosa, Wisconsin-based Waterstone Financial, said in a statement Wednesday. “The mortgage banking segment achieved a quarterly record of $737.9 million in loan originations this quarter, which represents a 9.3 percent growth rate over the second quarter of 2016.”
Through the first six months of 2017, Waterstone had net income of nearly $15.5 million, up about 33 percent from $11.6 million in the first half of last year.