false 0001569994 0001569994 2023-09-26 2023-09-26
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): September 26, 2023
 
Waterstone Financial, Inc.
 
(Exact name of registrant as specified in its charter)
 
Maryland 001-36271 90-1026709
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(I.R.S. Employer Identification No.)
 
11200 W Plank Ct, Wauwatosa, Wisconsin 53226
(Address of principal executive offices)
414-761-1000
Registrant’s telephone number, including area code:
Not Applicable
Former name or former address, if changed since last report
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, $0.01 Par Value   WSBF   The NASDAQ Stock Market, LLC
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities and Exchange Act of 1934.
 
☐
Emerging growth company
 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
 
 
Item 8.01 Results of Operations and Financial Condition.
 
On September 26, 2023, the Board of Directors of Waterstone Financial, Inc. (the "Company") declared a regular quarterly dividend on the Company's outstanding shares of common stock. The news release containing this information is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
Exhibit No. Description
   
99.1 Press release of Waterstone Financial, Inc. issued September 26, 2023.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
    Waterstone Financial, Inc.  
       
Date: September 26, 2023   /s/ William F. Bruss  
    Name:    William F. Bruss  
    Title:    President  
 
 
 
 
EXHIBIT INDEX
 
 
 
Exhibit No. Description
   
99.1 Press release of Waterstone Financial, Inc. issued September 26, 2023.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 

 

Exhibit 99.1

 

WATERSTONE FINANCIAL, INC.

WATERSTONE BANK

11200 W. PLANK CT.

WAUWATOSA, WI 53226

Contact:

Mark R. Gerke

Chief Financial Officer

414.459.4012

markgerke@wsbonline.com

 

FOR IMMEDIATE RELEASE

 

 

 

 

 

 

WATERSTONE FINANCIAL DECLARES REGULAR QUARTERLY CASH DIVIDEND

 

Wauwatosa, Wis. — 09/26/2023  —  Waterstone Financial, Inc. (Waterstone) today announced a strategic decision to reduce its dividend payout as part of a broader initiative to optimize capital allocation. This move is aimed at enhancing shareholder value through stock buybacks, which we believe will generate long-term benefits for both Waterstone and its shareholders. Today the Board of Directors declared a quarterly dividend of $0.15 per common share. The dividend will be payable November 1, 2023, to shareholders of record at the close of business on October 9, 2023.

 

The decision reflects Waterstone’s commitment to allocating capital more efficiently. The reduction in the dividend will be reallocated to efforts to repurchase shares at pricing levels that remain below tangible book value per share. “Reallocating capital towards stock buybacks is a prudent strategic move, given the current market dynamics and our strong financial position,” said Douglas Gordon, Chief Executive Officer of Waterstone Financial, Inc. “This decision aligns with our continued commitment to enhancing shareholder value.”

 

Based on yesterday's closing price, this dividend results in an annualized yield of 5.17%. While we continue to provide significant shareholder returns through buybacks and dividends, we also maintain a capital to assets ratio of 15.9% as of June 30, 2023; well above regulatory requirements and our peers. The continuance of a strong capital position is prudent given the uncertain interest rate and economic environments.

 

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.

 

 

# # #

 
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Document And Entity Information
Sep. 26, 2023
Document Information [Line Items]  
Entity, Registrant Name Waterstone Financial, Inc.
Document, Type 8-K
Document, Period End Date Sep. 26, 2023
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-36271
Entity, Tax Identification Number 90-1026709
Entity, Address, Address Line One 11200 W Plank Ct
Entity, Address, City or Town Wauwatosa
Entity, Address, State or Province WI
Entity, Address, Postal Zip Code 53226
City Area Code 414
Local Phone Number 761-1000
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol WSBF
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001569994
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