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    <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center;"><font style="font-weight: bold;">As filed with the Securities and Exchange Commission on&#160; October 1, 2020</font></div>
    <div style="text-align: center;"><font style="font-weight: bold;"></font><font style="font-size: 12pt; font-weight: bold;"></font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">UNITED STATES</font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">Washington, D.C.&#160; 20549</font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;"></font><font style="font-size: 12pt;">___________________</font></div>
    <div style="text-align: center;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM S-8</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">REGISTRATION STATEMENT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNDER</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Waterstone Financial Inc.</div>
    <div style="text-align: center; font-size: 8pt;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div style="text-align: center; font-size: 8pt;"> <br>
    </div>
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            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Maryland</div>
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          <td style="width: 50.85%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">90-1026709</div>
          </td>
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          <td style="width: 49.15%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">(State or Other Jurisdiction of</div>
          </td>
          <td style="width: 50.85%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">(I.R.S. Employer Identification No.)Incorporation or Organization)</div>
          </td>
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    <div><br>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">11200 W. Plank Court</div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">Wauwatosa, Wisconsin 53226</font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;"></font><font style="font-size: 8pt;">(Address of Principal Executive Offices)</font><font style="font-size: 12pt; font-weight: bold;"></font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">Waterstone Financial, Inc. 2020 Omnibus Incentive Plan</font><font style="font-size: 8pt;"></font></div>
    <div style="text-align: center;"><font style="font-size: 8pt;">(Full Title of the Plan)</font></div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">Copies to:</div>
    <div style="text-align: center;"> <br>
    </div>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">Mr. Douglas S. Gordon</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">Edward A. Quint, Esquire</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">President and Chief Executive Officer</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">Luse Gorman, PC</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">Waterstone Financial, Inc.</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">5335 Wisconsin Ave., N.W., Suite 780</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">11200 W. Plank Court</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">Washington, DC 20015-2035</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">Wauwatosa, Wisconsin 53226</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">(202) 274-2000</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">
            <div style="text-align: center;">(414) 761-1000</div>
          </td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">(Name, Address and Telephone</div>
          </td>
        </tr>
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          <td style="width: 49.06%; vertical-align: top;">&#160;</td>
          <td style="width: 50.94%; vertical-align: top;">
            <div style="text-align: center;">Number of Agent for Service)</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of &#8220;large
      accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;):</div>
    <div><br>
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          <td style="width: 66.66%; vertical-align: top;">
            <div>Large accelerated filer &#9723;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Accelerated filer &#8999;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.66%; vertical-align: top;">
            <div>Non-accelerated filer &#9723;&#160; (Do not check if a smaller reporting company)</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div>Smaller reporting company &#9723;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.66%; vertical-align: top;">
            <div>Emerging growth company &#9723;</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">&#160;</td>
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    <div><br>
    </div>
    <div>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 7(a)(2)(B) of the
      Securities Act. &#9723;</div>
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    <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <div><br>
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            <div style="text-align: center;">Title of</div>
            <div style="text-align: center;">Securities</div>
            <div style="text-align: center;">to be</div>
            <div style="text-align: center;">Registered</div>
          </td>
          <td style="width: 18.27%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Amount</div>
            <div style="text-align: center;">to be</div>
            <div style="text-align: center;">Registered <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 19.62%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Proposed</div>
            <div style="text-align: center;">Maximum</div>
            <div style="text-align: center;">Offering Price</div>
            <div style="text-align: center;">Per Share</div>
          </td>
          <td style="width: 21.43%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Proposed</div>
            <div style="text-align: center;">Maximum</div>
            <div style="text-align: center;">Aggregate</div>
            <div style="text-align: center;">Offering Price</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
            <div style="text-align: center;">Amount of</div>
            <div style="text-align: center;">Registration</div>
            <div style="text-align: center;">Fee</div>
          </td>
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          <td style="width: 22.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Common stock, par value $0.01 per share</div>
          </td>
          <td style="width: 18.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">1,240,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160; (2)</sup></div>
          </td>
          <td style="width: 19.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$14.92 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 21.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$18,500,800</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$2,019</div>
          </td>
        </tr>
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          <td style="width: 22.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Common stock, par value $0.01 per share</div>
          </td>
          <td style="width: 18.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">10,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
          <td style="width: 19.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$14.91 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
          </td>
          <td style="width: 21.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$149,000</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$16</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div>_______________________</div>
    <div>
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              <div>(1)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Represents the maximum number of shares of the registrant&#8217;s common stock, par value $0.01 (&#8220;Common Stock&#8221;) reserved for issuance under the Waterstone Financial, Inc. 2020 Omnibus Incentive Plan (the
                &#8220;Incentive Plan&#8221;).&#160; Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) this registration statement also covers additional shares that may become issuable under the Incentive Plan by reason of certain
                corporate transactions or events, including any stock split, stock dividend or similar adjustment of the outstanding common stock of Waterstone Financial, Inc. (the &#8220;Company&#8221;) pursuant to 17 C.F.R. Section&#160;230.416(a).</div>
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              <div>(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Determined pursuant to 17 C.F.R. Section 230.457(h) and based upon the high and low sales price of the Company&#8217;s Common Stock as reported on the Nasdaq Global Select Market.</div>
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    <div style="text-align: justify; text-indent: 36pt;">This Registration Statement shall become effective upon filing in accordance with Section 8(a) of the Securities Act of 1933 and 17 C.F.R. &#167; 230.462.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART I.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Items 1 and 2.&#160; Plan Information and Registrant Information and Employee Plan Annual Information</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants in the Incentive Plan as specified by Rule 428(b)(1)
      promulgated by the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Such documents are not being filed with the Commission, but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of
      Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART II.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 3.&#160; Incorporation of Documents by Reference</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following documents previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">a)&#160; The Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36271), filed with the Commission on March 13, 2020, pursuant to Section 13(a) of
      the Securities Exchange Act of 1934, as amended;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">b) All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, since the end of the year covered by the Annual
      Report on Form 10-K referred to in (a) above; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">c) The description of the Company&#8217;s common stock contained in the Registration Statement on Form 8-A filed with the Commission on January 21, 2014 (File No. 001-36271).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, after the
      date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed incorporated by reference into this
      Registration Statement and to be a part thereof from the date of the filing of such documents.&#160; Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or
      superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or
      therein modifies or supersedes such statement.&#160; Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the detailed information, including financial statements, appearing in
      the documents incorporated herein or therein by reference.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 4.&#160; Description of Securities</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 5.&#160; Interests of Named Experts and Counsel</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">None.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 6.&#160; Indemnification of Directors and Officers</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Articles 10 and 11 of the Articles of Incorporation of the Company set forth circumstances under which directors, officers, employees and agents of the Company may be insured or
      indemnified against liability which they incur in their capacities as such.&#160; References to the &#8220;Corporation&#8221; in the Articles of Incorporation mean the Company, Waterstone Financial, Inc.</div>
    <div style="text-indent: 36pt;">&#160;<font style="font-weight: bold;">ARTICLE&#160;10.&#160; Indemnification, etc. of Directors and Officers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Indemnification.&#160; </font>The Corporation shall indemnify (1) its current and former directors and officers, whether serving the Corporation or at its request any other entity, to the fullest extent required or permitted
      by the MGCL now or hereafter in force, and (2)&#160;other employees and agents to such extent as shall be authorized by the Board of Directors and permitted by law; provided, however, that, except as provided in Section&#160;B of this Article 10 with respect
      to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the
      Board of Directors of the Corporation.<font style="font-size: 12pt;">&#160; </font>The right to indemnification conferred herein shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of
      its final disposition, to the fullest extent permitted by law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Procedure.&#160; </font>If a claim under Section&#160;A of this Article&#160;10 is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for
      an advancement of expenses, in which case the applicable period shall be twenty (20) days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim.&#160; If successful in whole or in part in
      any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall also be entitled to be reimbursed the expense of prosecuting or defending such suit.&#160; It shall
      be a defense to any action for advancement of expenses that the Corporation has not received both (i) an undertaking as required by law to repay such advances in the event it shall ultimately be determined that the standard of conduct has not been
      met and (ii)&#160;a written affirmation by the indemnitee of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met.&#160; In (i) any suit brought by the indemnitee to enforce a right to indemnification
      hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii)&#160;any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking
      the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard for indemnification set forth in the MGCL.&#160; Neither the failure of the Corporation (including its Board of
      Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable
      standard of conduct set forth in the MGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall
      create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit.&#160; In any suit brought by the indemnitee to enforce a right to indemnification
      or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of
      expenses, under this Article&#160;10 or otherwise shall be on the Corporation.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Non-Exclusivity.&#160; </font>The rights to indemnification and to the advancement of expenses conferred in this Article&#160;10 shall not be exclusive of any other right that any Person may have or hereafter acquire under any
      statute, these Articles, the Corporation&#8217;s Bylaws, any agreement, any vote of stockholders or the Board of Directors, or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">D.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Insurance.&#160; </font>The Corporation may maintain insurance, at its expense, to insure itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or
      other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such Person against such expense, liability or loss under the MGCL.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">E.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Miscellaneous.&#160; </font>The Corporation shall not be liable for any payment under this Article&#160;10 in connection with a claim made by any indemnitee to the extent such indemnitee has otherwise actually received payment
      under any insurance policy, agreement, or otherwise, of the amounts otherwise indemnifiable hereunder.&#160; </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The rights to indemnification and to the advancement of expenses conferred in Sections&#160;A and B of this Article&#160;10 shall be contract rights and such rights shall continue as to an indemnitee who has
      ceased to be a director or officer and shall inure to the benefit of the indemnitee&#8217;s heirs, executors and administrators.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">F.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Limitations Imposed by Federal Law</font>.&#160; Notwithstanding any other provision set forth in this Article 10, in no event shall any payments made by the Corporation pursuant to this Article 10 exceed the amount
      permissible under applicable federal law, including, without limitation, Section 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any repeal or modification of this Article&#160;10 shall not in any way diminish any rights to indemnification or advancement of expenses of such director or officer or the
      obligations of the Corporation arising hereunder with respect to events occurring, or claims made, while this Article&#160;10 is in force.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">ARTICLE&#160;11.&#160; Limitation of Liability.&#160; </font>An officer or director of the Corporation, as such, shall not be liable to the Corporation or its
      stockholders for money damages, except (A)&#160;to the extent that it is proved that the Person actually received an improper benefit or profit in money, property or services, for the amount of the benefit or profit in money, property or services actually
      received; or (B) to the extent that a judgment or other final adjudication adverse to the Person is entered in a proceeding based on a finding in the proceeding that the Person&#8217;s action, or failure to act, was the result of active and deliberate
      dishonesty and was material to the cause of action adjudicated in the proceeding; or (C)&#160;to the extent otherwise provided by the MGCL.&#160; If the MGCL is amended to further eliminate or limit the personal liability of officers and directors, then the
      liability of officers and directors of the Corporation shall be eliminated or limited to the fullest extent permitted by the MGCL, as so amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 8pt;"><font style="font-size: 10pt;">Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right
        or protection of a director or officer of the Corporation existing at the time of such repeal or modification.</font>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Item 7.&#160; Exemption From Registration Claimed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Not applicable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 8.&#160; List of Exhibits.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8950f1fdbe324dbc81b3beef925ce84f">

        <tr>
          <td style="width: 16.42%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Regulation S-K</div>
            <div style="text-align: center;">Exhibit Number</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Document</div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Reference to Prior Filing or</div>
            <div style="text-align: center;">Exhibit No. Attached Hereto</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1569994/000110465913047656/a13-14339_1ex4.htm">4</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1569994/000110465913047656/a13-14339_1ex4.htm">Form of Common Stock Certificate</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex5-s8_100120.htm">5</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex5-s8_100120.htm">Opinion of Luse Gorman, PC</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="http://www.sec.gov/Archives/edgar/data/1569994/000156999420000012/formdef14a.htm">10.1</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1569994/000156999420000012/formdef14a.htm">Waterstone Financial, Inc. 2020 Omnibus Incentive Plan</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex102-s8_100120.htm">10.2</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex102-s8_100120.htm">Form of Incentive Stock Option Agreement</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex103-s8_100120.htm">10.3</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex103-s8_100120.htm">Form of Non-Qualified Stock Option Agreement</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex104-s8_100120.htm">10.4</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex104-s8_100120.htm">Form of Restricted Stock Award Agreement</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex105-s8_100120.htm">10.5</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex105-s8_100120.htm">Form of Performance Based Restricted Stock Unit Agreement</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex106-s8_100120.htm">10.6</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex106-s8_100120.htm">Form of Performance Based Restricted Stock Award Agreement</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 10.6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="ex232-s8_100120.htm">23.2</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="ex232-s8_100120.htm">Consent of Independent Registered Public Accounting Firm</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Attached as Exhibit 23.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">&#160;</td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 52.08%; vertical-align: top;">&#160;</td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16.42%; vertical-align: top;">
            <div style="text-align: center;"><a href="#POWEROFATTORNEY">24</a></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;"><br>
          </td>
          <td style="width: 52.08%; vertical-align: top;">
            <div><a href="#POWEROFATTORNEY">Power of Attorney</a></div>
          </td>
          <td style="width: 2.32%; vertical-align: top;">&#160;</td>
          <td style="width: 26.52%; vertical-align: top;">
            <div>Contained on Signature</div>
            <div>Page</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 324pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div>
    <div>
      <div>
        <div>
          <div><br>
          </div>
          <div> <br>
          </div>
        </div>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">*</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 (File No. 333-189160) filed by the Company under the Securities Act, with the Commission on June 7, 2013, and all amendments or reports filed for the
                purpose of updating such description.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za709880e183a46dea13a56aad6679745">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;">**</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Incorporated by reference to Appendix A to the proxy statement for the Annual Meeting of Shareholders of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Securities Exchange Act of 1934 on
              April 9, 2020.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: -27.35pt; margin-left: 27.35pt; font-weight: bold;">Item 9.&#160; Undertakings</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The undersigned Registrant hereby undertakes:</div>
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          <tr>
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              <div style="margin-left: 36pt; margin-bottom: 12pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to include any prospectus required by Section 10(a)(3) of the
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    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to reflect in the prospectus any facts or events arising
      after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&#160;
      Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (section 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
      price set forth in the &#8220;Calculation of Registration Fees&#8221; table in the effective registration statement;</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(iii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>to include any material information with respect to the plan
      of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">provided, however</font>, that paragraphs 1(i) and 1(ii) above do not apply if the information required to be included in a post-effective amendment by these
      paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>That, for the purpose of determining any liability under the
      Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>To remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at the termination of the Plan;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>That, for purposes of determining any liability under the
      Securities Act of 1933, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating
      to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Insofar as indemnification for liabilities arising under the
      Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
      such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&#160; In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
      a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
      will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will
      be governed by the final adjudication of such issue.</div>
    <div><br>
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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">The Registrant.</font>&#160; Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
      believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wauwatosa, State of Wisconsin,
      on this 1st day of October, 2020.</div>
    <div><br>
    </div>
    <div style="margin-left: 576pt; font-weight: bold;">WATERSTONE FINANCIAL, INC.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 216pt; margin-left: 324pt;">By:<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>&#160; <font style="font-style: italic;"><u>/s/ Douglas S. Gordon</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="text-align: justify; text-indent: 252pt; margin-left: 324pt;">Douglas S. Gordon</div>
    <div style="text-indent: 36pt; margin-left: 540pt;">President and Chief Executive Officer</div>
    <div style="text-align: justify; text-indent: 252pt; margin-left: 324pt;">(Duly Authorized Representative)</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We, the undersigned directors and officers of Waterstone Financial, Inc. (the &#8220;Company&#8221;) hereby severally constitute and appoint Douglas S. Gordon, as our true and lawful
      attorney and agent, to do any and all things in our names in the capacities indicated below which said Douglas S. Gordon may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, and any rules, regulations and
      requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be granted and shares of common stock to be issued upon the exercise of stock options to be granted under the Waterstone
      Financial, Inc. 2020 Omnibus Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective
      amendments) thereto; and we hereby approve, ratify and confirm all that said Douglas S. Gordon shall do or cause to be done by virtue thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date
      indicated.</div>
    <br>
    <div style="margin-bottom: 12pt;"><br>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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            <div style="font-style: italic;">&#160;/s/ Douglas S. Gordon</div>
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            <div>President and Chief Executive Officer and Director</div>
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            <div style="text-align: center;">October 1, 2020</div>
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          <td style="width: 33.33%; vertical-align: top; padding-bottom: 2px;">Executive Vice President and Chief Financial Officer</td>
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            <div style="text-align: center;">October 1, 2020</div>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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            <div>Chairman and Director</div>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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            <div style="font-style: italic;">&#160;/s/ Ellen S. Bartel</div>
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            <div>Director</div>
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            <div>Ellen S. Bartel</div>
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            <div style="font-style: italic;">&#160;/s/ Thomas E. Dalum</div>
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          <td style="width: 33.33%; vertical-align: top;">
            <div>Thomas E. Dalum</div>
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          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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Registration No. 333-
As filed with the Securities and Exchange Commission on  October 1, 2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
___________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Waterstone Financial Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland
90-1026709
(State or Other Jurisdiction of
(I.R.S. Employer Identification No.)Incorporation or Organization)
11200 W. Plank Court
Wauwatosa, Wisconsin 53226
(Address of Principal Executive Offices)
Waterstone Financial, Inc. 2020 Omnibus Incentive Plan
(Full Title of the Plan)
Copies to:
Mr. Douglas S. Gordon
Edward A. Quint, Esquire
President and Chief Executive Officer
Luse Gorman, PC
Waterstone Financial, Inc.
5335 Wisconsin Ave., N.W., Suite 780
11200 W. Plank Court
Washington, DC 20015-2035
Wauwatosa, Wisconsin 53226
(202) 274-2000
(414) 761-1000
(Name, Address and Telephone
Number of Agent for Service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large
      accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"):
Large accelerated filer ◻
Accelerated filer ⌧
Non-accelerated filer ◻  (Do not check if a smaller reporting company)
Smaller reporting company ◻
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 7(a)(2)(B) of the
      Securities Act. ◻
CALCULATION OF REGISTRATION FEE
Title of
Securities
to be
Registered
Amount
to be
Registered
(1)
Proposed
Maximum
Offering Price
Per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration
Fee
Common stock, par value $0.01 per share
1,240,000
(2)
$14.92
(3)
$18,500,800
$2,019
Common stock, par value $0.01 per share
10,000
(4)
$14.91
(5)
$149,000
$16
_______________________
(1)
Represents the maximum number of shares of the registrant's common stock, par value $0.01 ("Common Stock") reserved for issuance under the Waterstone Financial, Inc. 2020 Omnibus Incentive Plan (the
                "Incentive Plan").  Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act") this registration statement also covers additional shares that may become issuable under the Incentive Plan by reason of certain
                corporate transactions or events, including any stock split, stock dividend or similar adjustment of the outstanding common stock of Waterstone Financial, Inc. (the "Company") pursuant to 17 C.F.R. Section 230.416(a).
(2)
Determined pursuant to 17 C.F.R. Section 230.457(h) and based upon the high and low sales price of the Company's Common Stock as reported on the Nasdaq Global Select Market.
This Registration Statement shall become effective upon filing in accordance with Section 8(a) of the Securities Act of 1933 and 17 C.F.R. § 230.462.
PART I.
Items 1 and 2.  Plan Information and Registrant Information and Employee Plan Annual Information
The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants in the Incentive Plan as specified by Rule 428(b)(1)
      promulgated by the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act").
Such documents are not being filed with the Commission, but constitute (along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of
      Part II hereof) a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II.
Item 3.  Incorporation of Documents by Reference
The following documents previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:
a)  The Company's Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36271), filed with the Commission on March 13, 2020, pursuant to Section 13(a) of
      the Securities Exchange Act of 1934, as amended;
b) All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, since the end of the year covered by the Annual
      Report on Form 10-K referred to in (a) above; and
c) The description of the Company's common stock contained in the Registration Statement on Form 8-A filed with the Commission on January 21, 2014 (File No. 001-36271).
All documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, after the
      date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed incorporated by reference into this
      Registration Statement and to be a part thereof from the date of the filing of such documents.  Any statement contained in the documents incorporated, or deemed to be incorporated, by reference herein or therein shall be deemed to be modified or
      superseded for purposes of this Registration Statement and the prospectus to the extent that a statement contained herein or therein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or
      therein modifies or supersedes such statement.  Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement and the prospectus.
All information appearing in this Registration Statement and the prospectus is qualified in its entirety by the detailed information, including financial statements, appearing in
      the documents incorporated herein or therein by reference.
Item 4.  Description of Securities
Not applicable.
Item 5.  Interests of Named Experts and Counsel
None.
Item 6.  Indemnification of Directors and Officers
Articles 10 and 11 of the Articles of Incorporation of the Company set forth circumstances under which directors, officers, employees and agents of the Company may be insured or
      indemnified against liability which they incur in their capacities as such.  References to the "Corporation" in the Articles of Incorporation mean the Company, Waterstone Financial, Inc.
ARTICLE 10.  Indemnification, etc. of Directors and Officers.
A.
Indemnification.
The Corporation shall indemnify (1) its current and former directors and officers, whether serving the Corporation or at its request any other entity, to the fullest extent required or permitted
      by the MGCL now or hereafter in force, and (2) other employees and agents to such extent as shall be authorized by the Board of Directors and permitted by law; provided, however, that, except as provided in Section B of this Article 10 with respect
      to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the
      Board of Directors of the Corporation.
The right to indemnification conferred herein shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of
      its final disposition, to the fullest extent permitted by law.
B.
Procedure.
If a claim under Section A of this Article 10 is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for
      an advancement of expenses, in which case the applicable period shall be twenty (20) days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim.  If successful in whole or in part in
      any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall also be entitled to be reimbursed the expense of prosecuting or defending such suit.  It shall
      be a defense to any action for advancement of expenses that the Corporation has not received both (i) an undertaking as required by law to repay such advances in the event it shall ultimately be determined that the standard of conduct has not been
      met and (ii) a written affirmation by the indemnitee of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met.  In (i) any suit brought by the indemnitee to enforce a right to indemnification
      hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking
      the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard for indemnification set forth in the MGCL.  Neither the failure of the Corporation (including its Board of
      Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable
      standard of conduct set forth in the MGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall
      create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit.  In any suit brought by the indemnitee to enforce a right to indemnification
      or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of
      expenses, under this Article 10 or otherwise shall be on the Corporation.
C.
Non-Exclusivity.
The rights to indemnification and to the advancement of expenses conferred in this Article 10 shall not be exclusive of any other right that any Person may have or hereafter acquire under any
      statute, these Articles, the Corporation's Bylaws, any agreement, any vote of stockholders or the Board of Directors, or otherwise.
D.
Insurance.
The Corporation may maintain insurance, at its expense, to insure itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or
      other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such Person against such expense, liability or loss under the MGCL.
E.
Miscellaneous.
The Corporation shall not be liable for any payment under this Article 10 in connection with a claim made by any indemnitee to the extent such indemnitee has otherwise actually received payment
      under any insurance policy, agreement, or otherwise, of the amounts otherwise indemnifiable hereunder.
The rights to indemnification and to the advancement of expenses conferred in Sections A and B of this Article 10 shall be contract rights and such rights shall continue as to an indemnitee who has
      ceased to be a director or officer and shall inure to the benefit of the indemnitee's heirs, executors and administrators.
F.
Limitations Imposed by Federal Law
.  Notwithstanding any other provision set forth in this Article 10, in no event shall any payments made by the Corporation pursuant to this Article 10 exceed the amount
      permissible under applicable federal law, including, without limitation, Section 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.
Any repeal or modification of this Article 10 shall not in any way diminish any rights to indemnification or advancement of expenses of such director or officer or the
      obligations of the Corporation arising hereunder with respect to events occurring, or claims made, while this Article 10 is in force.
ARTICLE 11.  Limitation of Liability.
An officer or director of the Corporation, as such, shall not be liable to the Corporation or its
      stockholders for money damages, except (A) to the extent that it is proved that the Person actually received an improper benefit or profit in money, property or services, for the amount of the benefit or profit in money, property or services actually
      received; or (B) to the extent that a judgment or other final adjudication adverse to the Person is entered in a proceeding based on a finding in the proceeding that the Person's action, or failure to act, was the result of active and deliberate
      dishonesty and was material to the cause of action adjudicated in the proceeding; or (C) to the extent otherwise provided by the MGCL.  If the MGCL is amended to further eliminate or limit the personal liability of officers and directors, then the
      liability of officers and directors of the Corporation shall be eliminated or limited to the fullest extent permitted by the MGCL, as so amended.
Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right
        or protection of a director or officer of the Corporation existing at the time of such repeal or modification.
Item 7.  Exemption From Registration Claimed.
Not applicable.
Item 8.  List of Exhibits.
Regulation S-K
Exhibit Number
Document
Reference to Prior Filing or
Exhibit No. Attached Hereto
4
Form of Common Stock Certificate
*
5
Opinion of Luse Gorman, PC
Attached as Exhibit 5
10.1
Waterstone Financial, Inc. 2020 Omnibus Incentive Plan
**
10.2
Form of Incentive Stock Option Agreement
Attached as Exhibit 10.2
10.3
Form of Non-Qualified Stock Option Agreement
Attached as Exhibit 10.3
10.4
Form of Restricted Stock Award Agreement
Attached as Exhibit 10.4
10.5
Form of Performance Based Restricted Stock Unit Agreement
Attached as Exhibit 10.5
10.6
Form of Performance Based Restricted Stock Award Agreement
Attached as Exhibit 10.6
23.2
Consent of Independent Registered Public Accounting Firm
Attached as Exhibit 23.2
24
Power of Attorney
Contained on Signature
Page
*
Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-1 (File No. 333-189160) filed by the Company under the Securities Act, with the Commission on June 7, 2013, and all amendments or reports filed for the
                purpose of updating such description.
**
Incorporated by reference to Appendix A to the proxy statement for the Annual Meeting of Shareholders of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Securities Exchange Act of 1934 on
              April 9, 2020.
Item 9.  Undertakings
The undersigned Registrant hereby undertakes:
1.
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement;
(i)
to include any prospectus required by Section 10(a)(3) of the
      Securities Act of 1933;
(ii)
to reflect in the prospectus any facts or events arising
      after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. 
      Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (section 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
      price set forth in the "Calculation of Registration Fees" table in the effective registration statement;
(iii)
to include any material information with respect to the plan
      of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however
, that paragraphs 1(i) and 1(ii) above do not apply if the information required to be included in a post-effective amendment by these
      paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
2.
That, for the purpose of determining any liability under the
      Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof;
3.
To remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at the termination of the Plan;
4.
That, for purposes of determining any liability under the
      Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating
      to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof; and
5.
Insofar as indemnification for liabilities arising under the
      Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
      such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
      a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
      will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will
      be governed by the final adjudication of such issue.
SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to
      believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wauwatosa, State of Wisconsin,
      on this 1st day of October, 2020.
WATERSTONE FINANCIAL, INC.
By:
/s/ Douglas S. Gordon
Douglas S. Gordon
President and Chief Executive Officer
(Duly Authorized Representative)
POWER OF ATTORNEY
We, the undersigned directors and officers of Waterstone Financial, Inc. (the "Company") hereby severally constitute and appoint Douglas S. Gordon, as our true and lawful
      attorney and agent, to do any and all things in our names in the capacities indicated below which said Douglas S. Gordon may deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, and any rules, regulations and
      requirements of the Securities and Exchange Commission, in connection with the registration of shares of common stock to be granted and shares of common stock to be issued upon the exercise of stock options to be granted under the Waterstone
      Financial, Inc. 2020 Omnibus Incentive Plan, including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration statement and any and all amendments (including post-effective
      amendments) thereto; and we hereby approve, ratify and confirm all that said Douglas S. Gordon shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the date
      indicated.
Signatures
Title
Date
/s/ Douglas S. Gordon
President and Chief Executive Officer and Director
October 1, 2020
Douglas S. Gordon
(Principal Executive Officer)
/s/ Mark R. Gerke
Executive Vice President and Chief Financial Officer
October 1, 2020
Mark R. Gerke
(Principal Financial and Accounting Officer)
Chairman and Director
Patrick S. Lawton
/s/ Ellen S. Bartel
Director
October 1, 2020
Ellen S. Bartel
/s/ Thomas E. Dalum
Director
October 1, 2020
Thomas E. Dalum
/s/ Michael L. Hansen
Director
October 1, 2020
Michael L. Hansen
Director
Kristine A. Rappe
Director
Stephen J. Schmidt