Waterstone Financial Q1 net income $5.3M vs $21.3M; mortgage pre-tax income drops to $1.4M

Waterstone Financial, Inc.

2022-Q1 EPS reported $0.23

Net income $5.3M ($0.23 diluted EPS) vs $21.3M ($0.89) in Q1 2021, down 75%.
Community banking pre-tax income $5.4M, down 40.6% from $9.1M; net interest margin fell to 2.38% from 2.80%.
Mortgage banking pre-tax income $1.4M vs $19.1M; originations down 36.5% to $708.5M, purchase mix 77%.
Adopted CECL on Jan 1, 2022, reducing retained earnings by $1.4M after tax; allowance for credit losses increased.
Declared $0.20/share dividend; repurchased ~681k shares for $13.8M during quarter.

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