Waterstone Financial Q2 2024 net income rises to $5.7M ($0.31 EPS) from $4.0M YoY

Waterstone Financial, Inc.

2024-Q2 EPS reported $0.47

Net income $5.7M ($0.31 diluted EPS) vs $4.0M ($0.20) in Q2 2023; six-month EPS $0.47 vs $0.30.
Community Banking pre-tax income $5.1M, down 20.5% YoY; net interest margin fell 46 bps to 2.01% on funding cost pressure.
Mortgage Banking swung to $2.0M pre-tax profit from $1.4M loss; originations $634.1M (+1.7% YoY), margin 3.93% vs 3.73%.
Dividend $0.15/share declared; repurchased 481K shares at $11.99/share, accretive $0.13 to book value per share.
Nonperforming assets 0.25% of total assets; past due loans 0.76% (up from 0.50% a year ago).

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