Wauwatosa's Waterstone Bank Doubles 1st Quarter Profits

Waterstone Financial, Inc., based in Wauwatosa, reported a net income of $4.6 million for the first quarter of 2013, compared to $2.2 million for the first quarter of 2012, according to a press release.

Waterstone Financial's, parent of WaterStone Bank and Waterstone Mortgage Corp., mortgage banking segment also doubled its net income of $2.6 million for the quarter, compared to $1.2 million in first quarter of 2012. 

The increase in mortgage banking income was the result of an increase in loans originated and sold and the margins earned on the transactions in 2013 compared to 2012.

“I am pleased to report net income at the Bank for the fifth consecutive quarter,” said Doug Gordon, President and Chief Executive Officer of the Company in the release. “These results demonstrate the strength of our core businesses, the positive effect of our efforts to diversify our earnings stream and the hard work of our dedicated employees.”

Waterstone Bank is known for sponsoring a number of village events that include the holiday tree lighting event, firework shows, fundraisers and more.