Waterstone Financial saw higher quarterly profits thanks to a 352% increase in its mortgage banking segment.
The $1.8 billion-asset bank's mortgage income grew from $31,000 to $1.4 million, due to a higher volume of loans during this year's first quarter.
The $1.4 million of income from mortgage activities made up nearly half of the Wauwatosa, Wis.-based company's profits of $3 million for the quarter, which were up 63% from the year before.
Waterstone's net interest income declined slightly, by 5%, to $9.1 million. Non-interest income, thanks to mortgage fees, rose 29% to $22 million. Non-interest expense rose about 12%, to $26.4 million.
Earnings per share rose four cents, to nine cents per share, from the year before.
