8-K
Waterstone Financial, Inc. (WSBF)
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<br> incorporation) | (Commission File<br> 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) |
HTML Editor
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.
# # #