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
 
 
Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Six Months Ended June 30, 2017.
WAUWATOSA, WI – 07/26/2017 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income per diluted share of $0.32 for the quarter ended June 30, 2017, which represents a 10.3% increase compared to net income per diluted share of $0.29 for the quarter ended June 30, 2016.  Net income per diluted share was $0.55 for the six months ended June 30, 2017, compared to net income per diluted share of $0.43 for the six months ended June 30, 2016.
"We are pleased with our strong results in the second quarter," said Douglas Gordon, CEO of Waterstone Financial, Inc. "We generated a record $13.5 million in consolidated quarterly pretax income, which represents a 10.0% increase over prior year comparable quarter. The Community Banking segment continued to have strong loan growth and improved net interest margin during the quarter.  The Mortgage Banking segment achieved a quarterly record of $737.9 million in loan originations this quarter which represents a 9.3% growth rate over the second quarter of 2016."

Highlights of the Quarter Ended June 30, 2017

Waterstone Financial, Inc. (Consolidated)

Consolidated net income of Waterstone Financial, Inc. totaled $8.9 million for the quarter ended June 30, 2017, compared to $7.8 million for the quarter ended June 30, 2016.
Consolidated net income of Waterstone Financial, Inc. totaled $15.5 million for the six months ended June 30, 2017, compared to $11.6 million for the six months ended June 30, 2016.
Consolidated return on average assets totaled 1.99% for the quarter ended June 30, 2017 compared to 1.78% for the quarter ended June 30, 2016.
Consolidated return on average assets totaled 1.77% for the six months ended June 30, 2017 compared to 1.34% for the six months ended June 30, 2016.
Declared and paid a special dividend of $0.50 per share during the quarter ended June 30, 2017.
 
Community Banking Segment
 
Pre-tax income of the segment totaled $6.9 million for the quarter ended June 30, 2017, which represents a 45.5% increase compared to $4.7 million for the quarter ended June 30, 2016.
Net interest income totaled $12.4 million for the quarter ended June 30, 2017, which represents a 24.8% increase compared to $10.0 million for the quarter ended June 30, 2016.  The increase in net interest income, which was driven by loan growth and a decrease in borrowing costs, drove our net interest margin to 3.00% for the quarter ended June 30, 2017 compared to 2.50% for the quarter ended June 30, 2016.
Average loans held for investment totaled $1.20 billion during the quarter ended June 30, 2017, which represents an increase of $89.3 million, or 8.0% over the comparable quarter in the prior year.  Total loans increased $47.9 million, or 4.1%, to $1.23 billion at June 30, 2017 compared to $1.18 billion at December 31, 2016.
Interest expense on borrowings decreased $1.5 million to $2.2 million for the quarter ended June 30, 2017, compared to $3.7 million for the quarter ended June 30, 2016.  This decrease was primarily driven by a decrease in the average cost of borrowings that resulted from the maturity and replacement of fixed rate borrowings since the beginning of the prior year.  The average cost of borrowings totaled 2.26% during the quarter ended June 30, 2017, compared to 3.88% during the quarter ended June 30, 2016.
Driven by margin expansion and continued cost control efforts, the efficiency ratio for the segment improved to 48.8% for the quarter ended June 30, 2017, compared to 57.6% for the quarter ended June 30, 2016.
Nonperforming assets as percentage of total assets decreased to 0.71% as of June 30, 2017, compared to 0.76% at March 31, 2017 and 1.11% at June 30, 2016.
 
Mortgage Banking Segments

Pre-tax income of the segment totaled $6.7 million for the quarter ended June 30, 2017, which represents an 11.5% decrease compared to $7.5 million for the quarter ended June 30, 2016.
Loans originated for the purpose of sale in the secondary market increased $62.8 million, or 9.3%, to $737.9 million during the quarter ended June 30, 2017, compared to $675.1 million for the quarter ended June 30, 2016.  The increase in originations was driven by an increase in the origination of loans made for the purpose of residential purchases, which yield a higher margin than refinance loans, along with an increase in the origination of mortgage refinance products.  Origination efforts continue to be focused on loans made for the purpose of residential purchases, as opposed to mortgage refinance.  Origination volume relative to purchase activity improved and accounted for 91.7% originations for the quarter ended June 30, 2017 compared to 88.5% of total originations for the quarter ended June 30, 2016.
Gross margins on loans sold decreased approximately 5% during the quarter ended June 30, 2017, compared to the quarter ended June 30, 2016.

 
- 5 -

The following information was filed by Waterstone Financial, Inc. (WSBF) on Wednesday, July 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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