Waterstone Financial, Inc. (WSBF) has reported 70.21 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.57 million, or $0.24 a share in the quarter, compared with $3.86 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 25.05 percent to $39.04 million from $31.22 million in the previous year period. Net interest income for the quarter rose 19.15 percent over the prior year period to $11.90 million. Non-interest income for the quarter rose 20.95 percent over the last year period to $25.94 million.
Waterstone Financial, Inc. has made negative provision of $1.21 million for loan losses during the quarter, compared with a positive provision of $0.20 million in the same period last year.
Net interest margin improved 49 basis points to 2.97 percent in the quarter from 2.48 percent in the last year period. Efficiency ratio for the quarter improved to 55.69 percent from 64.11 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We continued to build off of our strong 2016 performance in the first quarter of 2017 as both the Community Banking and Mortgage Banking segments achieved record 1st quarter net income," said Douglas Gordon, chief executive officer of Waterstone Financial, Inc. "We generated $6.6 million in consolidated net income, which represents a 70.2% increase over prior year comparable quarter. "
Total assets stood at $1,727.17 million as on Mar. 31, 2017, down 0.60 percent compared with $1,737.58 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $1,180.12 million as on Mar. 31, 2017, up 7.63 percent compared with $1,096.43 million on Mar. 31, 2016. Deposits stood at $946.04 million as on Mar. 31, 2017, up 3.02 percent compared with $918.30 million on Mar. 31, 2016. Investments stood at $222.12 million as on Mar. 31, 2017, down 17.03 percent or $45.61 million from year-ago. Shareholders equity stood at $415.06 million as on Mar. 31, 2017, up 5.50 percent or $21.64 million from year-ago.
Return on average assets moved up 64 basis points to 1.54 percent in the quarter from 0.90 percent in the last year period. At the same time, return on average equity increased 249 basis points to 6.44 percent in the quarter from 3.95 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.76 percent in the quarter, down from 1.37 percent in the last year period.
Book value per share was $14.09 for the quarter.
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