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
 
Exhibit 99.1

Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2017.
WAUWATOSA, WI – 01/30/2018 – Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $3.1 million, or $0.11 per diluted share for the quarter ended December 31, 2017 compared to $6.4 million, or $0.23 per diluted share for the quarter ended December 31, 2016.  Net income for the year ended December 31, 2017 totaled $26.0 million, or $0.93 per diluted share compared to $25.5 million, or $0.93 per diluted share for the year ended December 31, 2016.  The fourth quarter and year to date 2017 results of operations each include a $2.7 million charge to income tax expense related to the Company's deferred tax asset revaluation that resulted from recent legislation that reduced the corporate federal income tax rate.  Excluding the impact of this revaluation, net income per diluted share(1) for the quarter and year ended December 31, 2017 were $0.21 and $1.03, respectively.
"We achieved record pre-tax earnings in 2017 fueled by a 36% increase in the pre-tax earnings of our Community Banking segment," said Douglas Gordon, CEO of Waterstone Financial, Inc. "Annual loan growth of 9.7%, combined with a 13.6% increase in our net interest margin drove the record profits.  Our Mortgage Banking segment, coming off record earnings in 2016, faced margin compression during 2017 as the lack of refinance business increased price competition within the industry.  Mortgage Banking segment earnings were also hampered by the expense associated with 11 new branches opened since the fourth quarter of 2016.  The strength of our consolidated earnings, and capital, gave us the ability to pay dividends totaling $0.98 per share to our shareholders during 2017".

Highlights of the Quarter and Year Ended December 31, 2017

Waterstone Financial, Inc. (Consolidated)

·
Consolidated pre-tax income of Waterstone Financial, Inc. totaled $9.2 million for the quarter ended December 31, 2017, compared to $10.6 million for the quarter ended December 31, 2016.
·
Consolidated pre-tax income of Waterstone Financial, Inc. totaled $44.4 million for the year ended December 31, 2017, compared to $42.0 million for the year ended December 31, 2016.
·
Consolidated return on average assets totaled 0.67% for the quarter ended December 31, 2017 compared to 1.44% for the quarter ended December 31, 2016. Adjusted for the deferred tax revaluation, consolidated return on average assets(1) totaled 1.26% for the quarter ended December 31, 2017.
·
Consolidated return on average assets totaled 1.43% for the year ended December 31, 2017 compared to 1.45% for the year ended December 31, 2016. Adjusted for the deferred tax revaluation, consolidated return on average assets(1) totaled 1.58% for the year ended December 31, 2017.
·
Dividends declared and paid totaled $0.98 per share during the year ended December 31, 2017.

(1)
For notes on non-GAAP financial measures, see pages 3 and 7
 
 
 
- 1 -

The following information was filed by Waterstone Financial, Inc. (WSBF) on Tuesday, January 30, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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