Waterstone Financial's latest quarter had lower profit and a larger mortgage loss, but profit for the first nine months rose as bank interest income grew. These results point in different directions, so they do not clearly change the company's outlook.
The bank side brought in more interest income as deposit costs fell. Higher mortgage rates hurt loan volume, and mortgage banking lost money. More loans were overdue, even as profit rose across the first nine months. The results point in different directions.
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