Newsroom

WAUWATOSA, WI – 9/27/2022 – On September 27, 2022, the Board of Directors of Waterstone Financial, Inc. (NASDAQ: WSBF) declared a regular quarterly cash dividend of $0.20 per common share. The dividend is payable on November 1, 2022, to shareholders of record at the close of business on October 10, 2022.

About Waterstone Financial, Inc

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

WAUWATOSA, Wis. – 9/22/2022 – WaterStone Bank has announced Scott DeJong as the new Vice President of Commercial Real Estate.

DeJong comes to WaterStone Bank with over 20 years of commercial real estate experience, most recently at US Bank. He graduated from the University of Milwaukee with a Bachelor of Business Administration in Accounting.

DeJong’s expertise in the commercial lending space includes work with apartments, shopping centers, hotels, condominiums, subdivisions and industrial, office and medical office buildings. He’s supported a range of clients including individuals, regional developers, and publicly traded Real Estate Investment Trusts. DeJong’s mastery financing projects across the nation will be a strong asset to WaterStone Bank.

“We are very excited to have Scott join our Lending Team,” said Joseph Mudlaff, Director of Commercial Real Estate. Mudlaff continued his remarks, “We [WaterStone Bank] have always been a consistent and reliable lender...the addition of Scott to our team is further evidence of the Bank’s commitment to continue serving the commercial real estate market.”

Beyond his professional accomplishments, Scott’s real passion is cycling. He participates annually in the MACC Fund’s Ride for Hope (Trek 100). Furthermore, he is an avid Wisconsin sports fan! DeJong resides with his wife in the Mukwonago community where they own, breed and train horses.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Bank Director Magazine recently ranked Waterstone Financial, Inc. 16 out of 119 U.S. publicly traded banks in the $1-5 billion asset size category in their annual RankingBanking list. In Wisconsin, it is the top rated publicly traded bank in this category.

Bank Director uses data collected by Piper Sandler & Co. to rank the 300 largest publicly traded banks in the United States. The annual RankingBanking study uses five metrics that speak to profitability, asset quality and capital adequacy to score a bank’s performance. WaterStone Financial, Inc. was sixteenth overall in its asset size category this year.

“This recognition is reflective of the hard work and dedication of all our WaterStone Bank and Waterstone Mortgage Co. employees,” said Doug Gordon, CEO of WaterStone Bank.

Click here to access the complete Bank Director RankingBanking study.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Wauwatosa, Wis. – 8/2/22 – WaterStone Bank announced today it will once again be hosting a school supply drive this summer to benefit children served by the Sojourner Family Peace Center. The Sojourner Family Peace Center is the largest nonprofit provider of domestic violence prevention and intervention services in Wisconsin.

Returning as the Sojourner Back-to-School sponsor for the third year, WaterStone Bank will be collecting new folders, notebooks, pens, and backpacks at all 14 branch locations from Monday, August 1 through Friday, August 12. Individuals interested in supporting the drive are encouraged to visit their local WaterStone Bank branch to drop off donations. Sojourner also has an Amazon wish list available for those who wish to donate larger items or donate virtually.

“The families we serve often struggle to meet basic needs,” said Sojourner President and CEO Carmen Pitre. “Providing school supplies for kids impacted by family violence meets two critical goals: setting up at-risk kids for academic success and easing the financial burden for survivors. We are grateful for WaterStone Bank’s commitment to strengthening families through education and community development initiatives.”

Each year, Sojourner hosts a Back-to-School Drive to make sure kids are prepared for school while they are experiencing tremendous transition. Sojourner partners with MPS social workers to ensure all Sojourner families have access to the supplies that will help make their student successful.

The WaterStone Bank Foundation was established in 2002 with the Waukesha County Community Foundation in order to ensure the bank’s ability to continually give back to the communities in which it serves. WaterStone Bank supports organizations that fall under its four core giving areas: community development, education, women & children, and veterans initiatives.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27^th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

About Sojourner
The mission of Sojourner is to transform lives impacted by domestic violence. Sojourner provides crisis housing, system advocacy and individual support. Sojourner is the largest provider of domestic violence prevention and intervention services in Wisconsin, serving nearly 10,000 clients annually. Our primary goals are to ensure the safety of victims of family violence and to provide a pathway out of violence for victims and abusers through opportunities to make positive and lasting changes for themselves and their children. Sojourner is committed to creating communities where people live peacefully. For more information, visit www.familypeacecenter.org or call the 24-Hour Domestic Violence Hotline: (414) 933-2722 or text (414) 817-8100.

WAUWATOSA, Wis. — 7/28/2022 —WaterStone Bank Chief Financial Officer, Mark Gerke, has been recognized as one of the BizTimes Media 2022 Notable CFOs.

The Milwaukee-based publication announced its inaugural Notable CFOs list in the July 25, 2022, issue and on their website. The list recognizes fifteen Chief Executive Officers across Southeast Wisconsin and profiles these accomplished leaders steering the financial functions of their organizations. The Notable Series is a roundup of leaders who are skilled in their industry, but also make a difference in their communities by mentoring, teaching, and volunteering. The list is compiled from nominations from readers and the editorial staff.

Gerke joined WaterStone Bank in 2005 as corporate controller and in 2016, he was appointed the role of Chief Financial Officer. Prior to joining WaterStone, Gerke served in various roles with the global professional services firm Ernst & Young LLP. He has been a Certified Public Accountant since 2002 and holds degrees in accounting and business administration from the University of Wisconsin-Green Bay. Gerke is being recognized for his tenure with WaterStone Bank in addition to his outstanding commitment to the community. Gerke is an active member of Best Buddies in Wisconsin. He also serves on the FHLB Chicago Depository Member Advisory Committee.

Dan Meyer, owner and publisher of BizTimes Milwaukee notes “a good CFO can be the difference between success and failure in a business. These talented professionals are making their companies more productive and profitable every day. Southeastern Wisconsin is better for having them here”.  

To view the full list of Notable CFOs, visit https://biztimes.com/category/notable/notable-cfos/ 

About WaterStone Bank 
WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West 
Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, WI – 7/21/2022 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $8.0 million, or $0.36 per diluted share for the quarter ended June 30, 2022 compared to $17.9 million, or $0.74 per diluted share for the quarter ended June 30, 2021. Net income per diluted share was $0.58 for the six months ended June 30, 2022 compared to net income per diluted share of $1.64 for the six months ended June 30, 2021.

“The community banking segment achieved strong loan growth, specifically in the commercial real estate market” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “We were able to reduce our borrowings and fund our loan growth through the deposits that we have raised over the past few years. The mortgage banking segment continues to focus on efficiencies to remain profitable, as origination volumes decreased in response to higher interest rates. Additionally, we were able to continue returning strong shareholder value through our largest quarterly stock buyback since 2015.”

Highlights of the Quarter Ended June 30, 2022

Waterstone Financial, Inc. (Consolidated)

• Consolidated net income of Waterstone Financial, Inc. totaled $8.0 million for the quarter ended June 30, 2022, compared to $17.9 million for the quarter ended June 30, 2021.
• Consolidated return on average assets was 1.61% for the quarter ended June 30, 2022 compared to 3.25% for the quarter ended June 30, 2021.
• Consolidated return on average equity was 7.93% for the quarter ended June 30, 2022 and 16.49% for the quarter ended June 30, 2021.
• Dividends declared during the quarter ended June 30, 2022 totaled $0.20 per common share.
• We repurchased approximately 1.4 million shares at a cost of $24.2 million, or $17.07 per share, during the quarter ended June 30, 2022.
• Nonperforming assets as percentage of total assets was 0.39% at June 30, 2022, 0.34% at March 31, 2022, and 0.20% at June 30, 2021.
• Past due loans as percentage of total loans was 0.60% at June 30, 2022, 0.53% at March 31, 2022, and 0.53% at June 30, 2021.

Community Banking Segment

• Pre-tax income totaled $8.0 million for the quarter ended June 30, 2022, which represents a $1.7 million, or 17.7%, decrease compared to $9.7 million for the quarter ended June 30, 2021.
• Net interest income totaled $13.7 million for the quarter ended June 30, 2022, which represents an $807,000, or 5.6%, decrease compared to $14.5 million for the quarter ended June 30, 2021.
• Average loans held for investment totaled $1.25 billion during the quarter ended June 30, 2022, which represents a decrease of $72.1 million, or 5.5%, compared to $1.32 billion for the quarter ended June 30, 2021. Average loans held for investment increased $42.5 million compared to $1.20 billion for the quarter ended March 31, 2022.
• Net interest margin increased 24 basis points to 3.02% for the quarter ended June 30, 2022 compared to 2.78% for the quarter ended June 30, 2021, which was a result of a decrease in the average balance of cash, as funds were utilized to purchase investment securities and pay down borrowings. In addition, yields increased on loans receivable, loans held for sale, mortgage related securities, debt securities, federal funds sold and short term investments category. Net interest margin increased 64 basis points compared to 2.38% for the quarter ended March 31, 2022, driven by an increase in average loan balance, weighted average yield on loans, and weighted average yield on average debt securities, federal funds sold and short term investments. In addition, excess cash was utilized to pay down borrowings.
• The segment had a negative provision for credit losses of $41,000 for the quarter ended June 30, 2022 compared to a negative provision for loan losses of $750,000 for the quarter ended June 30, 2021.
• Net recoveries totaled $107,000 for the quarter ended June 30, 2022, as one significant loan recovery payment was received during the quarter, compared to net recoveries of $378,000 for the quarter ended June 30, 2021. With the adoption of CECL, estimated recoveries may be accounted for within the calculation and do not impact the provision for credit losses line item when cash is received.
• The efficiency ratio was 48.43% for the quarter ended June 30, 2022, compared to 44.79% for the quarter ended June 30, 2021.
• Average deposits (excluding escrow accounts) totaled $1.21 billion during the quarter ended June 30, 2022, an increase of $1.2 million, or 0.1%, compared to $1.21 billion during the quarter ended June 30, 2021. Average deposits decreased $22.9 million, or 7.5% annualized compared to the $1.23 billion for the quarter ended March 31, 2022.

Mortgage Banking Segment

• Pre-tax income totaled $2.3 million for the quarter ended June 30, 2022, compared to $14.2 million for the quarter ended June 30, 2021.
• Loan originations decreased $286.4 million, or 26.9%, to $778.8 million during the quarter ended June 30, 2022, compared to $1.07 billion during the quarter ended June 30, 2021. Origination volume relative to purchase activity accounted for 90.4% of originations for the quarter ended June 30, 2022 compared to 75.4% of total originations for the quarter ended June 30, 2021.
• Mortgage banking non-interest income decreased $20.4 million, or 40.4%, to $30.1 million for the quarter ended June 30, 2022, compared to $50.6 million for the quarter ended June 30, 2021.
• Gross margin on loans sold decreased to 3.76% for the quarter ended June 30, 2022, compared to 4.81% for the quarter ended June 30, 2021.
• Total compensation, payroll taxes and other employee benefits decreased $7.9 million, or 26.9%, to $21.3 million during the quarter ended June 30, 2022 compared to $29.2 million during the quarter ended June 30, 2021. The decrease primarily related to decreased commission expense and branch manager compensation driven by decreased loan origination volume and branch profitability as gross margins decreased.
• Other noninterest expense increased $55,000 to $2.7 million during the quarter ended June 30, 2022 compared to $2.7 million during the quarter ended June 30, 2021. The increase related to an increase in provision of loan sale losses offset by a decrease in mortgage servicing rights amortization expense.
• During the quarter ended June 30, 2022, the segment opened five new branches. Direct start up expenses related to these branches totaled approximately $510,000 for the quarter ended June 30, 2022.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.” Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

WAUWATOSA, Wis. – 7/12/2022 – WaterStone Bank has announced Tara Lagerman as the new Vice President, Director of Marketing.

Lagerman comes to WaterStone Bank with over 20 years of marketing experience. Until recently she held multiple positions over 15 years at Versiti, formerly known as BloodCenter of Wisconsin. Before that she gained valuable experience at Mount Mary University and Amerihome Mortgage Company. Lagerman earned her bachelor's degree in Business Administration and Marketing from Carroll University.

When asked about the new hire, WaterStone Bank’s Julie Glynn said this, “I knew right away when I met Tara that this was going to be a wonderful opportunity [for WaterStone Bank] to acquire a talent such as her.”

Beyond her professional accomplishments, Tara was once an award-winning bassoonist! Now she spends time volunteering at her daughter’s school, avidly watching Wisconsin sports, and visiting local breweries. Lagerman resides in the Pewaukee area and her biggest goal for the year is to help WaterStone Bank distinguish itself as a community banking leader in the metro-Milwaukee area.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, Wis. — 7/11/2022 — Today WaterStone Bank announced a new checking product, Stepping Stone®. The new checking product was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). The national safe account standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.

The CFE Fund’s Bank On National Account Standards Certification indicates that the new account meets over 25 features for safe and affordable consumer transaction accounts. Key features of the Stepping Stone® account include no monthly fee, no overdraft or nonsufficient fund fees, digital bill pay capabilities, and federal deposit insurance. Stepping Stone® Checking is available in all 14 WaterStone Bank branches and online.

“Stepping Stone® Checking provides access to bank services for those individuals in our community that to date have lacked that access,” said Doug Gordon, CEO of WaterStone Bank. “The Certification by Bank On further supports our efforts to help those individuals.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to WaterStone Bank’s Stepping Stone® Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Stepping Stone® Checking offers Southeastern Wisconsin residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. WaterStone Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.

With the addition of Stepping Stone® Checking, accounts that meet Bank On National Account Standards are now available at over 39,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Stepping Stone® Checking, there are over 200 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 85% of them opened by consumers new to the financial institutions.

The CFE Fund leads the national Bank On movement, supporting 90 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

About the Cities for Financial Empowerment Fund (CFE Fund)

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.

About Bank On

Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 90 coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.

Wauwatosa, Wis. — 6/23/2022  —  On June 23, 2022, the Board of Directors of Waterstone Financial, Inc. (NASDAQ: WSBF) declared a regular quarterly cash dividend of $0.20 per common share.  The dividend is payable on August 2, 2022, to shareholders of record at the close of business on July 11, 2022.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27^th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Wauwatosa, Wis. – 5/27/2022 – WaterStone Bank announced today that it has donated scholarship funds to more than 40 local high schools.
The scholarships, an annual donation from the WaterStone Bank Foundation, are awarded to graduating seniors who have demonstrated exceptional character, academic commitment, and a desire to excel in their educational endeavors.

“WaterStone Bank would like to congratulate all our graduating Seniors,” said WaterStone Bank CEO, Doug Gordon. “The scholarship recipients, and their parents, should be proud of their high school achievements as they are our future leaders.”

The WaterStone Bank Foundation was established in 2002 with the Waukesha County Community Foundation in order to ensure the bank’s ability to continually give back to the communities in which it serves. In 2019, the WaterStone Bank Foundation donated over $700,000 to more than 200 local nonprofits.

WaterStone Bank donated scholarship funds to the following organizations in 2022: Alexander Hamilton High School, Arrowhead Scholarship Fund, Carmen High Schools of Science (South, Southeast, and Northwest Campus), Casimir Pulaski High School, Cristo Rey Jesuit High School Milwaukee, Cudahy High School, Divine Savior Holy Angels High School, Elmbrook Education Foundation, Franklin Public Schools, Germantown Community Scholarship Fund, Golda Meir School, Greendale High School, Greenfield High School, Hamilton High School, James E. Dottke High School, Kettle Moraine Lutheran High School, Martin Luther High School, Menomonee Falls High School, Milwaukee Lutheran High School, New Berlin Eisenhower High School, New Berlin West High School, Nicolet High School, Oak Creek High School, Oconomowoc Area High School, Pewaukee Scholarship Fund, Pius Xi High School, Ronald Reagan High School, Rufus King High School, South Milwaukee High School, St. Francis High School, St. Thomas More High School, Veritas High School, Waukesha North High School, Waukesha South High School, Waukesha West High School, Wauwatosa East High School, Wauwatosa West High School, West Allis Central High School, West Allis Nathan Hale High School, Whitnall High School, Wisconsin Lutheran High School.

About WaterStone Bank
WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Wauwatosa, Wis. – 5/18/2022– WaterStone Bank has promoted an Assistant Branch Manager to the role of Community President.

Laura Christenson now serves as Community President of the bank’s Pewaukee branch (1230 George Towne Dr). Before the promotion, she served as Assistant Branch Manager of the Wauwatosa branch location. Christenson joined WaterStone Bank in September of 2021 from the restaurant industry, where she served in various leadership and training roles over the course of sixteen years.

Laura’s involvement as a board member of Wauwatosa Crime Stoppers displays her commitment to community and volunteerism. In her spare time, she enjoys all sorts of outdoor activities including camping, hiking, kayaking, winter-skiing, and building snowmen with her 3-year-old. Christenson recently purchased a new home in Lannon and looks forward serving in her new role at Pewaukee branch.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, Wis. — 5/2/2022 — The Milwaukee Journal Sentinel names WaterStone Bank a recipient of 2022 Top Workplaces Award.

For the past thirteen years, the Milwaukee Journal Sentinel has collaborated with Energage,a workplace consulting firm based out of Philadelphia, to survey employees of southeastern Wisconsin companies and award the Top Workplaces honor. All Top Workplaces awards are based solely on employee feedback, making the award one of the most credible employer recognition programs.

Energage’s employee feedback survey analyzes job satisfaction and engagement along with the values and organizational health of the company. The process aims to capture several aspects of workplace culture including alignment, performance and connection, to name a few.

“The most valuable asset of WaterStone Bank is its employees,” said Doug Gordon, CEO of WaterStone Bank. “We hire great people and give them the freedom to be exceptional. Being a great place to work is the difference between a good company and a great company.”

In addition to being known for its excellent customer service and robust charitable foundation, the bank provides employees with a flexible work environment, opportunities for personal and professional development and exemplary benefits.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, WI – 4/21/2022 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $5.3 million, or $0.23 per diluted share for the quarter ended March 31, 2022 compared to $21.3 million, or $0.89 per diluted share for the quarter ended March 31, 2021. “We are pleased with the Company’s performance given the challenging economic conditions,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “While loan growth was modest during the quarter, we maintain a loan pipeline that is stronger than it has been over the past year. We continued to position ourselves for the future by reducing outstanding wholesale borrowings at the community banking segment, and growing our branch network at the mortgage banking segment, as we continued to focus on strategic opportunities to add talented loan originators. Additionally, we were able to continue returning shareholder value through quarterly dividends and stock buybacks.”

Highlights of the Quarter Ended March 31, 2022

Waterstone Financial, Inc. (Consolidated)

• Consolidated net income of Waterstone Financial, Inc. totaled $5.3 million for the quarter ended March 31, 2022, compared to $21.3 million for the quarter ended March 31, 2021.
• Consolidated return on average assets was 1.00% for the quarter ended March 31, 2022 compared to 3.99% for the quarter ended March 31, 2021.
• Consolidated return on average equity was 5.00% for the quarter ended March 31, 2022 and 20.49% for the quarter ended March 31, 2021.
• Dividends declared during the quarter ended March 31, 2022 totaled $0.20 per common share.
• We repurchased approximately 681,000 shares at a cost of $13.8 million during the quarter ended March 31, 2022.

Community Banking Segment

• Pre-tax income totaled $5.4 million for the quarter ended March 31, 2022, which represents a $3.7 million, or 40.6%, decrease compared to $9.1 million for the quarter ended March 31, 2021.
• Net interest income totaled $11.7 million for the quarter ended March 31, 2022, which represents a $2.6 million, or 18.2%, decrease compared to $14.2 million for the quarter ended March 31, 2021.
• Average loans held for investment totaled $1.20 billion during the quarter ended March 31, 2022, which represents a decrease of $142.2 million, or 10.6%, compared to $1.35 billion for the quarter ended March 31, 2021. Average loans held for investment decreased $6.3 million compared to $1.21 billion for the quarter ended December 31, 2021.
• Net interest margin decreased 42 basis points to 2.38% for the quarter ended March 31, 2022 compared to 2.80% for the quarter ended March 31, 2021, which was a result of lower rates and average balance on loans and a higher average interest earnings cash balance within the debt securities, federal funds sold and short term investments category. Net interest margin decreased nine basis points compared to 2.47% for the quarter ended December 31, 2021, driven by a decrease in average loan balance and a higher average cash balance.
• The segment had a negative provision for credit losses of $140,000 for the quarter ended March 31, 2022 compared to a negative provision for loan losses of $1.1 million for the quarter ended March 31, 2021.
• We adopted the current expected credit losses (“CECL”) model on January 1, 2022, which resulted in an opening balance adjustment of $430,000 to increase the allowance for credit losses. Additionally, there was a $1.4 million opening balance adjustment to record an allowance for credit losses on unfunded loan commitments, which is presented in Other Liabilities on the Consolidated Statements of Financial Condition. Net of tax impact, the adoption of the CECL model resulted in a $1.4 million reduction to retained earnings.
• Net recoveries totaled $616,000 for the quarter ended March 31, 2022, as one significant loan recovery payment was received during the quarter, compared to net charge-offs of $27,000 for the quarter ended March 31, 2021. With the adoption of CECL, estimated recoveries may be accounted for within the calculation and do not impact the provision for credit losses line item when cash is received.
• The efficiency ratio was 59.59% for the quarter ended March 31, 2022, compared to 48.17% for the quarter ended March 31, 2021.
• Average deposits (excluding escrow accounts) totaled $1.23 billion during the quarter ended March 31, 2022, an increase of $24.2 million, or 2.0%, compared to $1.21 billion during the quarter ended March 31, 2021. Average deposits decreased $15.6 million, or 5.0% annualized compared to the $1.25 billion for the quarter ended December 31, 2021.
• Nonperforming assets as percentage of total assets was 0.34% at March 31, 2022, 0.26% at December 31, 2021, and 0.20% at March 31, 2021.
• Past due loans as percentage of total loans was 0.53% at March 31, 2022, 0.59% at December 31, 2021, and 0.52% at March 31, 2021.

Mortgage Banking Segment

• Pre-tax income totaled $1.4 million for the quarter ended March 31, 2022, compared to $19.1 million for the quarter ended March 31, 2021.
• Loan originations decreased $406.6 million, or 36.5%, to $708.5 million during the quarter ended March 31, 2022, compared to $1.12 billion during the quarter ended March 31, 2021. Origination volume relative to purchase activity accounted for 77.3% oforiginations for the quarter ended March 31, 2022 compared to 56.1% of total originations for the quarter ended March 31, 2021.
• Mortgage banking non-interest income decreased $26.4 million, or 48.0%, to $28.6 million for the quarter ended March 31, 2022, compared to $55.0 million for the quarter ended March 31, 2021.
• Gross margin on loans sold decreased to 4.00% for the quarter ended March 31, 2022, compared to 4.86% for the quarter ended March 31, 2021. 
• Total compensation, payroll taxes and other employee benefits decreased $8.8 million, or 30.2%, to $20.4 million during the quarter ended March 31, 2022 compared to $29.3 million during the quarter ended March 31, 2021. The decrease primarily related to decreased commission expense and branch manager compensation driven by decreased loan origination volume and branch profitability as gross margins decreased.
• Professional fees increased $862,000 to $338,000 of expense during the quarter ended March 31, 2022 compared to $524,000 of income during the quarter ended March 31, 2021. The increase related to receiving a legal settlement award during the quarter ended March 31, 2021.
• Other noninterest expense decreased $372,000 to $2.3 million during the quarter ended March 31, 2022 compared to $2.7 million during the quarter ended March 31, 2021. The decrease related to a decrease in the amortization expense on mortgage servicing rights due to the bulk sale of mortgage servicing rights during 2021. 

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

WAUWATOSA, Wis. – 3/24/2022 – WaterStone Bank announces the addition of Michael Danielson as Vice President of Business Banking and Nicole DeAngelis as Vice President, Director of Loan Servicing.

Michael “Big Mike” Danielson joins WaterStone Bank as a new Vice President of Business Banking. He comes to WaterStone Bank with sixteen years of business banking experience, most recently at Waukesha State Bank.

During 2020-2021, Mike originated nearly 600 PPP (Paycheck Protection Program) loans to keep struggling small businesses alive during the pandemic. Mike resides in Elm Grove and serves as a board member and treasurer for both the Elm Grove Community Foundation and the Elm Grove Police Academy.

Nicole DeAngelis is the new Vice President, Director of Loan Servicing at WaterStone Bank, with over twenty years of experience in the Retail Banking industry. In her former role at BMO Harris Bank, Nicole managed the Production Maintenance team that supported all lines of the business. She also co-led the outsourcing and training process for a portion of BMO’s Portfolio to their India Team Members.

Outside of work, Nicole enjoys spending quality time with her family playing board games, watching movies, and visiting the Milwaukee Zoo.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Wauwatosa, Wis. — 3/15/2022 — On March 15, 2022, the Board of Directors of Waterstone Financial, Inc. (NASDAQ: WSBF) declared a regular quarterly cash dividend of $0.20 per common share.  The dividend is payable on May 3, 2022, to shareholders of record at the close of business on April 11, 2022.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

WAUWATOSA, Wis. – 3/14/2022 –WaterStone Bank welcomes the addition of a Community President at its Germantown/Menomonee Falls branch.

Joel Maske now serves as the Community President of WaterStone Bank’s Germantown/Menomonee Falls branch. Joel brings 26 years of experience in sales, coaching, and leadership to his new role at WaterStone Bank.

In his free time, Joel likes to golf. When not on the green, he enjoys the Milwaukee live music scene as both a concert goer and a professional musician!

Kanini McDaniel, Regional Manager of the Germantown branch, says “He is ready to take his branch to new heights.” She mentioned that Joel has already joined the local Chamber of Commerce to help make WaterStone Bank a household name in the Germantown community.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Wauwatosa, WI – 1/27/2022 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $12.6 million, or $0.53 per diluted share for the quarter ended December 31, 2021 compared to $27.8 million, or $1.17 per diluted share for the quarter ended December 31, 2020. Net income per diluted share was $2.96 for the year ended December 31, 2021 compared to net income per diluted share of $3.30 for the year ended December 31, 2020.

“We achieved another quarter of strong financial results due to the continued dedication and efforts of our employees,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “We continue to execute and build a stronger financial position. Given the performance over the past two years, we were excited to announce a new 3.5 million share repurchase program and declare a $0.50 special dividend during the quarter as we continue to deliver for our valued shareholders.”

Highlights of the Quarter Ended December 31, 2021

Waterstone Financial, Inc. (Consolidated)

• Consolidated net income of Waterstone Financial, Inc. totaled $12.6 million for the quarter ended December 31, 2021, compared to $27.8 million for the quarter ended December 31, 2020.
• Consolidated return on average assets was 2.22% for the quarter ended December 31, 2021 compared to 4.96% for the quarter ended December 31, 2020.
• Consolidated return on average equity was 11.14% for the quarter ended December 31, 2021 and 27.11% for the quarter ended December 31, 2020.
• Dividends declared during the quarter ended December 31, 2021 totaled $0.70 per common share.
• We authorized a new share repurchase program, under which we will seek to repurchase up to 3.5 million shares, representing approximately 14.1% of outstanding shares.
• We repurchased approximately 264,000 shares at a cost of $5.5 million during the quarter ended December 31, 2021.

Community Banking Segment

• Pre-tax income totaled $8.4 million for the quarter ended December 31, 2021, which represents a $338,000 , or 3.9%, decrease compared to $8.7 million for the quarter ended December 31, 2020.
• Net interest income totaled $13.2 million for the quarter ended December 31, 2021, which represents a $1.3 million, or 9.3%, decrease compared to $14.5 million for the quarter ended December 31, 2020.
• Average loans held for investment totaled $1.21 billion during the quarter ended December 31, 2021, which represents a decrease of $191.8 million, or 13.7%, compared to $1.40 billion for the quarter ended December 31, 2020. Average loans held for investment decreased $44.4 million compared to $1.26 billion for the quarter ended September 30, 2021 as residential real estate loans continued to prepay at an accelerated rate.
• Net interest margin decreased 26 basis points to 2.47% for the quarter ended December 31, 2021 compared to 2.73% for the quarter ended December 31, 2020, which was a result of lower rates and average balance on loans and a higher average interest earnings cash balance within the debt securities, federal funds sold and short term investments category. Net interest margin decreased 21 basis points compared to 2.68% for the quarter ended September 30, 2021, driven by a decrease in average loan balance and a higher average cash balance.
• The segment had a negative provision for loan losses of $1.5M for the quarter ended December 31, 2021 compared to no provision for loan losses for the quarter ended December 31, 2020. Net recoveries totaled $458,000 for the quarter ended December 31, 2021, as one significant loan recovery payment was received during the quarter, compared to net charge-offs of $51,000 for the quarter ended December 31, 2020. 
• The efficiency ratio was 53.02% for the quarter ended December 31, 2021, compared to 46.15% for the quarter ended December 31, 2020.
• Average deposits (excluding escrow accounts) totaled $1.25 billion during the quarter ended December 31, 2021, an increase of $65.5 million, or 5.6%, compared to $1.18 billion during the quarter ended December 31, 2020. Average deposits decreased $9.9 million, or 3.2% annualized compared to the $1.26 billion for the quarter ended September 30, 2021.
• Nonperforming assets as percentage of total assets was 0.26% at December 31, 2021, 0.18% at September 30, 2021, and 0.27% at December 31, 2020.
• Past due loans as percentage of total loans was 0.59% at December 31, 2021, 0.92% at September 30, 2021, and 0.57% at December 31, 2020.
• PPP loans totaled $1.8 million as of December 31, 2021. The average balance for the quarter ended December 31, 2021 was $2.7 million. For the quarter ended December 31, 2021, PPP loan interest income recognized was approximately $7,000 and the amortization of fee income was approximately $101,000.
• The Company held approximately $3.3 million in loans, representing 0.3% of the total loan portfolio as of December 31, 2021, which had been modified as either a deferment of principal or principal and interest since the beginning of the pandemic. Of the $3.3 million in loans, $405,000 qualify as modifications under the Coronavirus Aid, Relief and Economic Security (“CARES Act”). The remaining $2.9 million is composed of three loan relationships that are classified as troubled debt restructurings. 

Mortgage Banking Segment

• Pre-tax income totaled $7.3 million for the quarter ended December 31, 2021, compared to $28.3 million for the quarter ended December 31, 2020.
• Loan originations decreased $289.2 million, or 22.6%, to $993.1 million during the quarter ended December 31, 2021, compared to $1.28 billion during the quarter ended December 31, 2020. Origination volume relative to purchase activity accounted for 73.8% of originations for the quarter ended December 31, 2021 compared to 59.2% of total originations for the quarter ended December 31, 2020.
• Mortgage banking non-interest income decreased $27.8 million, or 40.6%, to $40.7 million for the quarter ended December 31, 2021, compared to $68.5 million for the quarter ended December 31, 2020. During the quarter ended December 31, 2020, the Company sold mortgage servicing rights related to $975.9 million in loans receivable and with a book value of $6.4 million for $7.0 million resulting in a gain on sale of $600,000. There was no comparable sale during the quarter ended December 31, 2021. As of December 31, 2021, the Company maintained servicing rights related to $160.8 million in loans previously sold to third parties.
• Gross margin on loans sold decreased to 4.18% for the quarter ended December 31, 2021, compared to 5.40% for the quarter ended December 31, 2020. 
• Total compensation, payroll taxes and other employee benefits decreased $5.5 million, or 16.4%, to $27.9 million during the quarter ended December 31, 2021 compared to $33.3 million during the quarter ended December 31, 2020. The decrease primarily related to decreased commission expense and branch manager compensation driven by decreased loan origination volume and branch profitability as gross margins decreased.
• Other noninterest expense decreased $665,000 to $1.4 million during the quarter ended December 31, 2021 compared to $2.1 million during the quarter ended December 31, 2020. The decrease related to a decrease in the amortization expense on mortgage servicing rights due to the bulk sale of mortgage servicing rights during 2021 and a reduced provision for loan sale losses as origination volumes decreased. 

Recent Developments:

COVID-19 Pandemic and the CARES Act

The CARES Act, signed into law at the end of March 2020, allowed for a temporary delay in the adoption of accounting guidance under Accounting Standards Codification Topic 326, “Financial Instruments – Credit Losses (“CECL”) until the earlier of December 31, 2020 or the 60th day after the end of the COVID-19 national emergency.  During the quarter ended June 30, 2020, pursuant to the CARES Act and guidance from the Securities and Exchange Commission (“SEC”) and Financial Accounting Standards Board (“FASB”), we elected to delay adoption of CECL.  On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law.  Among other provisions, this Act extended the temporary delay on the adoption of CECL until January 1, 2022.  We have elected to continue to delay adoption of CECL.  As a result, our financial statements for the quarter and year ended December 31, 2021 include an allowance for loan losses that was prepared under the existing incurred loss methodology.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.”  Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements.  Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

Wauwatosa, WI – 1/25/2022 – Waterstone Financial, Inc. (NASDAQ: WSBF) (the "Company") announced that on January 24, 2022, William Bruss was elected President of the Company and its wholly owned subsidiary WaterStone Bank SSB (the “Bank”).  Douglas Gordon will continue to lead both the Company and the Bank as Chief Executive Officer, a role he has served since 2007.  The Company further announced that Julie Glynn and Ryan Gordon were each elected Executive Vice Presidents of the Company and the Bank, joining Chief Financial Officer Mark Gerke in that capacity.   “The promotions of Bill, Julie and Ryan exhibits the strength and depth of the management team at Waterstone Financial,” said CEO Doug Gordon.  “Their experience and expertise will continue to lead us in our strategic initiatives.”

Bruss began as the Bank’s in-house counsel in 1997 and has served as Executive Vice President, COO and Secretary of the Company and the Bank since 2013 with management responsibility for the Bank’s legal, operational and support areas; Bruss chairs the Bank’s Executive Committee and is a member of the Bank’s Officers’ Loan Committee and the board of directors of Waterstone Mortgage Corporation.  Glynn joined the Bank in 2018 with over 30 years of retail banking leadership experience and steers the Bank’ retail banking initiatives as its Chief Retail Officer; Glynn is also a member of the Bank’s Executive and Asset/Liability Committees.  Ryan Gordon began his career with the Bank in 2008 with a focus on credit administration and was named the Bank’s Chief Credit Officer in 2018; Gordon also serves as chair of the Bank’s Officers’ Loan Committee and is a member of its Executive Committee and the board of directors of Waterstone Mortgage Corporation. 

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Wauwatosa, Wis. — 12/15/2021 — On December 15, 2021 the Board of Directors of Waterstone Financial, Inc. (NASDAQ: WSBF) declared both a regular quarterly cash dividend of $0.20 per common share, as well as a special cash dividend of $0.50 per common share.  The dividends are payable on February 1, 2022, to shareholders of record at the close of business on January 10, 2022.

About Waterstone Financial, Inc.
Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

WAUWATOSA, WI – 12/10/2021 – Waterstone Financial, Inc. (NASDAQ: WSBF) (the "Company") announced that on December 10, 2021, its Board of Directors authorized a share repurchase program pursuant to which the Company intends to repurchase up to 3,500,000 of its issued and outstanding shares, representing approximately 14.1% of its issued and outstanding shares of common stock. The repurchase program will commence on or about December 13, 2021. This share repurchase program follows the Board of Directors termination of the previous repurchase program during which the Company repurchased a total of 1,453,554 shares of its common stock at a weighted average price of $17.16 per share. The timing of the repurchases will depend on certain factors, including but not limited to market conditions and prices, available funds and alternative uses of capital. The stock repurchase program may be carried out through open-market repurchases, block trades, negotiated private transactions and pursuant to a trading plan that will be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Any repurchased shares will be treated as authorized but unissued by the Company. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The repurchase program does not obligate the Company to repurchase any particular number of shares.

About Waterstone Financial, Inc.

Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

Forward-Looking Statements

This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.” Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

WAUWATOSA, Wis. – 11/30/2021 – WaterStone Bank donates to Children’s Wisconsin following the Waukesha Christmas Parade mass casualty event on November 21.

WaterStone Bank has been a steadfast philanthropic partner of Children’s Wisconsin since 2006. Children’s vision that “the children of Wisconsin will be the healthiest in the nation” closely aligns with WaterStone Bank’s core giving initiative of supporting women and children. As a community bank, WaterStone Bank takes pride in being a good corporate citizen and supporting their community when it needs them the most.

With the Waukesha Christmas Parade incident in mind, WaterStone Bank is committing to a monetary donation to the Child Life program at Children’s Wisconsin. Child life specialists are an incredible source of comfort and passion when kids are in the hospital. They are specially trained to provide bedside services and support to patients and their families. None of this work is covered by insurance and so it was identified as the greatest area of need following the tragedy.

“Our hearts and prayers go out to the family and friends of all the victims of this horrific tragedy, as well as the countless others deeply affected by such senseless carnage,” said Doug Gordon, President/CEO of WaterStone Bank. “We are very lucky to have health care workers and first responders caring for our Community. You are our heroes!”

Waterstone Mortgage, a subsidiary of WaterStone Bank, has also directed funds to the United for Waukesha Community Fund organized by the Waukesha County Community Foundation and United Way of Greater Milwaukee & Waukesha.

After tragedy unfolds, many seek ways to help and get involved in the process of healing their communities. If you are feeling called to serve but don’t know where to start, here are three ways to support those impacted by the Christmas Parade incident: donate blood at Versiti Blood Center of Wisconsin or the American Red Cross, make a monetary donation to the Children’s Wisconsin or the United for Waukesha Community Fund, and share mental health resources like the Disaster Distress Helpline which you can call or text in to (800) 985-5990.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, Wis. – 11/23/2021 – WaterStone Bank welcomes two new Community Presidents at its Fox Point and Milwaukee/Oklahoma Ave. branches.

Brianna Burgess now leads as Community President of the bank’s Fox Point branch. Formerly a branch manager at Associated Bank, Burgess brings seven years of banking experience to her new role and co-chairs for the black colleagues resource group. She is passionate about educating the community, coaches a local cheerleading team, and volunteers for the annual Back to School event at the Sherman Park Boys and Girls Club. Burgess resides in the Whitefish Bay area and looks forward to serving the Fox Point community.

Bryan Krajewski joins WaterStone Bank as Community President of the Milwaukee/Oklahoma Ave. branch. Krajewski brings 20 years of retail experience where he was a Store Manager at retailers Ross Dress for Less, Petco, and Michael’s Arts and Crafts respectively. In his time as a manager, Krajewski rebuilt failing stores and reestablished company standards and expectations. He is an avid animal lover who volunteers his time at the Wisconsin Humane Society and enjoys going to the zoo. Krajewski looks forward to serving the Milwaukee community.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, Wis. – 11/19/2021 – WaterStone Bank announces the addition of Kevin Stelzer as their new Vice President of Business Banking at their Waukesha location.

“I am pleased to announce that Kevin Stelzer has joined WaterStone Bank as a vice president in our business banking group. Kevin will be helping us grow our customer base of small to mid-sized privately held companies,” shared Andy Boario, Director of Business Banking.

Stelzer joins WaterStone Bank with over 10 years of previous experience from US Bank. During his tenure at US Bank he worked in various roles, most recently serving as the AVP Business Banking Relationship Manager in Waukesha. After receiving his Bachelor’s in Finance and Marketing from UW Milwaukee in 2009, he returned to his alma mater to receive an MBA in 2015.

Outside of work, Stelzer regularly volunteers and fundraises for the Crohn’s and Colitis Foundation as well as the Wisconsin Waterfowl Association. He likes to stay active and enjoy the great outdoors with a range of activities such as fishing, boating, and golfing. Stelzer resides in his recently purchased home in Pewaukee with his wife, three kids, and two dogs.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

Wauwatosa, Wis. – 11/8/2021 –WaterStone Bank today announced the winner of its new mascot contest and introduced its new bank mascot to the community, Blue the Hippo.

Contestant Aubrey Koepke of West Allis was named the winner of WaterStone Bank’s New Mascot Contest. Koepke submitted the original concept of a blue hippo as the new WaterStone Bank mascot.

“I'm super excited that my design was chosen, and I look forward to how WaterStone will use this new mascot in the future,” said Aubrey Koepke.

In May, WaterStone Bank launched a contest in which members of the community could submit creative ideas for the bank’s new mascot. The bank received over 50 creative submissions during the one-month time period.

Mascot contest winner, Aubrey Koepke, with Blue the Hippo

“We would like to thank our community for the overwhelming response to our new mascot contest. Our new mascot, Blue, will be instrumental in the introduction of our children’s financial literacy app,” said Doug Gordon.

In tandem with the introduction of the bank’s new mascot, WaterStone Bank is launching its new WaterStone Savers app, which is specially geared for kids ages two through 12.

Kids learn life-long financial skills through age appropriate games and activities. Best of all, it introduces topics so that families can have conversations that build upon vital financial concepts. As an added bonus, Blue’s Jr. Bankers account holders can track their balance and set savings goals via the app (without any money movement) to introduce the concept of digital banking.

Blue, WaterStone Bank’s new mascot

Blue the Hippo will make its first public appearances later this year. WaterStone Bank encourages the public to watch for meet-and-greet opportunities that will be planned.

About WaterStone Bank

WaterStone Bank, established in 1921, offers a full suite of personal and business banking products. The community bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27^th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

WAUWATOSA, Wis. – 11/2/2021 – WaterStone Bank announced today the addition of two new community presidents at its Greenfield/Loomis Rd. branch and Wauwatosa/State St. branch.

Rebecca McCartney

Rebecca McCartney now serves as the Community President for the Bank’s Greenfield/Loomis Rd. branch. McCartney comes to WaterStone Bank with 12 years of previous banking experience, most recently at North Shore Bank. McCartney values community involvement and has spent several years volunteering with the Milwaukee Women’s Center, an emergency center for domestic violence survivors and their children. On the weekend, Rebecca enjoys frequenting local coffee shops and hiking by the lakefront and Kettle Moraine State Forest.

Dia Wesner