Waterstone Financial reports Q3 EPS 26c vs. 16c last year

Reports Q3 book value per share $17.58. “The Community Banking segment achieved growth in its loan and core deposit (excluding brokered deposits) balances,” said William Bruss, CEO of Waterstone Financial (WSBF), Inc. “We continue to maintain strong asset quality metrics and remain in a net recovery position, resulting in a negative provision during the quarter. While the decrease in our wholesale borrowing rate during the quarter captures a portion of the benefit from the 50 bps cut in the Federal Funds rate during September, the competitive retail funding environment remains a headwind. The Mortgage Banking segment experienced a decrease in fundings; however, it remained profitable due in large part to our continued focus on cost control. Waterstone Financial, Inc. remained active in share repurchases and once again declared a dividend, as we are committed to shareholder returns.”