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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-_________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on March 6, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Waterstone Financial, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 48%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Maryland</b></font></td>
    <td style="width: 5%; font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="width: 47%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>90-1026709</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Incorporation or Organization)</P></td>
    <td style="font-size: 10pt; text-align: center">&nbsp;</td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>11200 W. Plank Court</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wauwatosa, Wisconsin 53226</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Waterstone Financial, Inc. 2015 Equity Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full Title of the Plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 48%; text-align: center">Mr. Douglas S. Gordon</td>
    <td style="width: 5%; text-align: center">&nbsp;</td>
    <td style="width: 47%; text-align: center">Edward A. Quint, Esquire</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">President and</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">Luse Gorman, PC</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">Chief Executive Officer</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">5335 Wisconsin Ave., N.W., Suite 780</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">Waterstone Financial, Inc.</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">Washington, DC 20015-2035</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">11200 W. Plank Court</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">(202) 274-2000</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">Wauwatosa, Wisconsin 53226</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">(414) 761-1000</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">(Name, Address and Telephone</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">Number of Agent for Service)</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Securities Exchange
Act of 1934, as amended. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 25%; text-align: justify">Large accelerated filer <font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 20%; text-align: justify">Accelerated filer <font style="font-family: Wingdings">x</font></td>
    <td style="width: 24%; text-align: justify">Non-accelerated filer <font style="font-family: Wingdings">&uml;</font></td>
    <td style="width: 31%; text-align: justify">Smaller reporting company <font style="font-family: Wingdings">&uml;</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="text-align: center">(Do not check if a smaller reporting company)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Title&nbsp;of<BR>
    Securities<BR> to&nbsp;be<BR> Registered</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Amount<br>
    to&nbsp;be<br> Registered<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B><SUP>&nbsp;</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR> Offering&nbsp;Price<BR> Per&nbsp;Share</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B><SUP>&nbsp;</SUP></B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR> Aggregate<BR> Offering&nbsp;Price</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Amount&nbsp;of<BR>
    Registration<BR> Fee</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Common stock, par value $0.01 per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,130,000</TD><TD STYLE="width: 1%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">12.75</TD><TD STYLE="width: 1%; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">14,407,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Common stock, par value $0.01 per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,400,000</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.75</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,850,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,075</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Common stock, par value $0.01 per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539,000</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.75</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,872,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">799</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Common stock, par value $0.01 per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">473,000</TD><TD STYLE="text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.75</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,030,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">701</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Together with an indeterminate number of additional shares that may be necessary to adjust the
number of shares reserved for issuance pursuant to the Waterstone Financial, Inc. 2015 Equity Incentive Plan (the &ldquo;Equity
Plan&rdquo;) as a result of a stock split, stock dividend or similar adjustment of the outstanding common stock of Waterstone Financial,
Inc. (the &ldquo;Company&rdquo;) pursuant to 17 C.F.R. Section&nbsp;230.416(a) under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents the number of shares of common stock currently reserved for issuance for options granted
pursuant to the Equity Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Determined pursuant to 17 C.F.R. Section 230.457(h)(1).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Represents the number of shares of common stock reserved for issuance under the Equity Plan for
any future grants of stock options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Determined pursuant to 17 C.F.R. Section 230.457(c).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Represents the number of shares of common stock awarded as restricted stock under the Equity Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Represents the number of shares of common stock reserved for issuance under the Equity plan for
any future grants of restricted stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. &sect; 230.462.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PART I.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Items 1 and 2.&nbsp;&nbsp;Plan Information,
and Registrant Information and Employee Plan Annual Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 Equity Plan as specified
by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PART II.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3.&nbsp;&nbsp;Incorporation of Documents
by Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following documents
previously or concurrently filed with the Commission are hereby incorporated by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (File No. 001-36271), filed with the Commission on March
6, 2015 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other reports
filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Annual
Report on Form 10-K referred to in (a) above; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of
the Company&rsquo;s common stock contained in the Registration Statement on Form 8-A filed with the Commission on January 21, 2014
(File No. 001-36271).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All documents subsequently
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act, 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.&nbsp;&nbsp;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.&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 4.&nbsp;&nbsp;Description of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.&nbsp;&nbsp;Interests of Named Experts
and Counsel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 6.&nbsp;&nbsp;Indemnification of Directors
and Officers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.&nbsp;&nbsp;References to the &ldquo;Corporation&rdquo;
in the Articles of Incorporation mean the Company, Waterstone Financial, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&nbsp;</FONT>ARTICLE&nbsp;10.&nbsp;&nbsp;Indemnification,
etc. of Directors and Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.&nbsp;&nbsp;</B>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)&nbsp;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&nbsp;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>&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedure.&nbsp;&nbsp;</B>If
a claim under Section&nbsp;A of this Article&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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)&nbsp;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.&nbsp;&nbsp;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)&nbsp;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.&nbsp;&nbsp;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.&nbsp;&nbsp;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&nbsp;10 or otherwise shall be on the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Exclusivity.&nbsp;&nbsp;</B>The
rights to indemnification and to the advancement of expenses conferred in this Article&nbsp;10 shall not be exclusive of any other
right that any Person may have or hereafter acquire under any statute, these Articles, the Corporation&rsquo;s Bylaws, any agreement,
any vote of stockholders or the Board of Directors, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance.&nbsp;&nbsp;</B>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.&nbsp;&nbsp;</B>The
Corporation shall not be liable for any payment under this Article&nbsp;10 in connection with a claim made by any indemnitee to
the extent such indemnitee has otherwise actually received</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">payment under any insurance
policy, agreement, or otherwise, of the amounts otherwise indemnifiable hereunder.&nbsp;&nbsp;The rights to indemnification and
to the advancement of expenses conferred in Sections&nbsp;A and B of this Article&nbsp;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&rsquo;s
heirs, executors and administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations Imposed
by Federal Law</B>.&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any repeal or modification
of this Article&nbsp;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&nbsp;10 is in force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>ARTICLE&nbsp;11.&nbsp;&nbsp;Limitation
of Liability.&nbsp;&nbsp;</B>An officer or director of the Corporation, as such, shall not be liable to the Corporation or its
stockholders for money damages, except (A)&nbsp;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&rsquo;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)&nbsp;to the extent otherwise provided by the MGCL.&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>Item 7.&nbsp;&nbsp;Exemption From Registration
Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 8.&#9;Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Regulation
                                         S-K</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit
        Number</B></FONT></P></td>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Document</B></FONT></td>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Reference
                                         to Prior Filing or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit
        No. Attached Hereto</B></FONT></P></td></tr>
<tr>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">4</td>
    <td>&nbsp;</td>
    <td>Form of Common Stock Certificate</td>
    <td>&nbsp;</td>
    <td>*</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">5</td>
    <td>&nbsp;</td>
    <td>Opinion of Luse Gorman, PC</td>
    <td>&nbsp;</td>
    <td>Attached as Exhibit 5</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.1</td>
    <td>&nbsp;</td>
    <td>Waterstone Financial, Inc. 2015 Equity Incentive Plan</td>
    <td>&nbsp;</td>
    <td>**</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.2</td>
    <td>&nbsp;</td>
    <td>Form of Incentive Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan</td>
    <td>&nbsp;</td>
    <td>Attached as Exhibit 10.2</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.3</td>
    <td>&nbsp;</td>
    <td>Form of Non-Statutory Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan</td>
    <td>&nbsp;</td>
    <td>Attached as Exhibit 10.3</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.4</td>
    <td>&nbsp;</td>
    <td>Form of Restricted Stock Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan</td>
    <td>&nbsp;</td>
    <td>Attached as Exhibit 10.4</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">23.1</td>
    <td>&nbsp;</td>
    <td>Consent of Luse Gorman, PC</td>
    <td>&nbsp;</td>
    <td>Contained in Exhibit 5</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">23.2</td>
    <td>&nbsp;</td>
    <td>Consent of KPMG LLP</td>
    <td>&nbsp;</td>
    <td>Attached as Exhibit 23.2</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 16%; text-align: center">23.3</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 54%">Consent of McGladrey LLP</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 26%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attached as Exhibit 23.3</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">24</td>
    <td>&nbsp;</td>
    <td>Power of Attorney</td>
    <td>&nbsp;</td>
    <td>Contained on Signature Page</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">Incorporated by reference to Appendix A to the proxy statement for the Special Meeting of Shareholders
of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Exchange Act on January 23, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.&nbsp;&nbsp;Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any
period in which offers or sales are being made, a post-effective amendment to the Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose
of determining any liability under the Securities Act, 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 <I>bona fide</I> offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for purposes
of determining any liability under the Securities Act, each filing of the registrant&rsquo;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 <I>bona fide</I> offering thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act 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.&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>The Registrant.</B>&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, 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 6th day of March, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%; text-align: justify">&nbsp;</td>
    <td style="width: 51%; padding-left: 5.75pt; text-align: justify"><b>WATERSTONE FINANCIAL, INC.</b></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="padding-left: 5.75pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: right">By:</td>
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: justify">/s/ Douglas S. Gordon</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="padding-left: 5.75pt; text-align: justify">Douglas S. Gordon</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="padding-left: 5.75pt; text-align: justify">President and Chief Executive Officer</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="padding-left: 5.75pt; text-align: justify">(Duly Authorized Representative)</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We, the undersigned directors
and officers of Waterstone Financial, Inc. (the &ldquo;Company&rdquo;) 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, as amended, and any
rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of
common stock to be issued upon the exercise of stock options and the award of restricted stock under the Waterstone Financial,
Inc. 2015 Equity 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on
the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Signatures</B></FONT></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Title</B></FONT></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Date</B></FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Douglas S. Gordon</td>
    <td>&nbsp;</td>
    <td>President and Chief Executive Officer</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Douglas S. Gordon</td>
    <td>&nbsp;</td>
    <td>(Principal Executive Officer)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Allan R. Hosack</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Senior Vice President and Chief Financial Officer</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Allan R. Hosack</td>
    <td>&nbsp;</td>
    <td>(Principal Financial Officer)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Mark R. Gerke</td>
    <td>&nbsp;</td>
    <td>Vice President and Controller</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Mark R. Gerke</td>
    <td>&nbsp;</td>
    <td>(Principal Accounting Officer)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Patrick S. Lawton</td>
    <td>&nbsp;</td>
    <td>Chairman of the Board</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Patrick S. Lawton</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding-left: 0.08"><FONT STYLE="font-size: 8pt"><B>Signatures</B></FONT></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 37%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Title</B></FONT></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 24%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Date</B></FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Ellen S. Bartel</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Ellen S. Bartel</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Thomas E. Dalum</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Thomas E. Dalum</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Michael L. Hansen</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Michael L. Hansen</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Kristine A. Rapp&eacute;</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Kristine A. Rapp&eacute;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-left: 5.75pt">/s/ Stephen J. Schmidt</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td>March 6, 2015</td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 5.75pt">Stephen J. Schmidt</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 17%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit Number</B></FONT></td>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 81%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">4</td>
    <td>&nbsp;</td>
    <td>Form of Common Stock Certificate (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).</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">5</td>
    <td>&nbsp;</td>
    <td>Opinion of Luse Gorman, PC</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.1</td>
    <td>&nbsp;</td>
    <td>Waterstone Financial, Inc. 2015 Equity Incentive Plan (incorporated by reference to Appendix A to the proxy statement for the Special Meeting of Shareholders of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Exchange Act on January 23, 2015).</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.2</td>
    <td>&nbsp;</td>
    <td>Form of Incentive Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.3</td>
    <td>&nbsp;</td>
    <td>Form of Non-Statutory Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">10.4</td>
    <td>&nbsp;</td>
    <td>Form of Restricted Stock Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">23.1</td>
    <td>&nbsp;</td>
    <td>Consent of Luse Gorman, PC (contained in the opinion included as Exhibit 5).</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">23.2</td>
    <td>&nbsp;</td>
    <td>Consent of KPMG LLP</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">23.3</td>
    <td>&nbsp;</td>
    <td>Consent of McGladrey LLP</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">24</td>
    <td>&nbsp;</td>
    <td>Power of Attorney (contained in the signature page to this Registration Statement).</td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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[{"type": "S-8", "sequence": "1", "filename": "t1500526_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 70031}]
{"company-data": {"conformed-name": "Waterstone Financial, Inc.", "cik": "0001569994", "assigned-sic": "6035", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-202566", "film-number": "15681275"}, "business-address": {"street1": "11200 WEST PLANK COURT", "city": "WAUWATOSA", "state": "WI", "zip": "53226", "phone": "(414) 761-1000"}, "mail-address": {"street1": "11200 WEST PLANK COURT", "city": "WAUWATOSA", "state": "WI", "zip": "53226"}}
Registration No. 333-_________
As filed with the Securities and Exchange
Commission on March 6, 2015
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
Incorporation or Organization)
(I.R.S. Employer Identification No.)
11200 W. Plank Court
Wauwatosa, Wisconsin 53226
(Address of Principal Executive Offices)
Waterstone Financial, Inc. 2015 Equity Incentive
Plan
(Full Title of the Plan)
Copies to:
Mr. Douglas S. Gordon
Edward A. Quint, Esquire
President and
Luse Gorman, PC
Chief Executive Officer
5335 Wisconsin Ave., N.W., Suite 780
Waterstone Financial, Inc.
Washington, DC 20015-2035
11200 W. Plank Court
(202) 274-2000
Wauwatosa, Wisconsin 53226
(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, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange
Act of 1934, as amended. (Check one):
Large accelerated filer
¨
Accelerated filer
x
Non-accelerated filer
¨
Smaller reporting company
¨
(Do not check if a smaller reporting company)
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
1,130,000
(2)
$
12.75
(3)
$
14,407,500
$
1,675
Common stock, par value $0.01 per share
1,400,000
(4)
$
12.75
(5)
$
17,850,000
$
2,075
Common stock, par value $0.01 per share
539,000
(6)
$
12.75
(5)
$
6,872,250
$
799
Common stock, par value $0.01 per share
473,000
(7)
$
12.75
(5)
$
6,030,750
$
701
(1)
Together with an indeterminate number of additional shares that may be necessary to adjust the
number of shares reserved for issuance pursuant to the Waterstone Financial, Inc. 2015 Equity Incentive Plan (the "Equity
Plan") as a result of a 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) under the Securities Act of 1933, as amended (the
"Securities Act").
(2)
Represents the number of shares of common stock currently reserved for issuance for options granted
pursuant to the Equity Plan.
(3)
Determined pursuant to 17 C.F.R. Section 230.457(h)(1).
(4)
Represents the number of shares of common stock reserved for issuance under the Equity Plan for
any future grants of stock options.
(5)
Determined pursuant to 17 C.F.R. Section 230.457(c).
(6)
Represents the number of shares of common stock awarded as restricted stock under the Equity Plan.
(7)
Represents the number of shares of common stock reserved for issuance under the Equity plan for
any future grants of restricted stock.
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 Equity Plan as specified
by Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the "Commission") under 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 fiscal year ended December 31, 2014 (File No. 001-36271), filed with the Commission on March
6, 2015 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");
b)           All other reports
filed by the Company pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal 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 Exchange Act, 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
2
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.	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. 2015 Equity Incentive Plan
**
10.2
Form of Incentive Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan
Attached as Exhibit 10.2
10.3
Form of Non-Statutory Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan
Attached as Exhibit 10.3
10.4
Form of Restricted Stock Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan
Attached as Exhibit 10.4
23.1
Consent of Luse Gorman, PC
Contained in Exhibit 5
23.2
Consent of KPMG LLP
Attached as Exhibit 23.2
3
23.3
Consent of McGladrey LLP
Attached as Exhibit 23.3
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 Special Meeting of Shareholders
of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Exchange Act on January 23, 2015.
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 the Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement;
2.           That, for the purpose
of determining any liability under the Securities Act, 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 offering;
4.           That, for purposes
of determining any liability under the Securities Act, 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 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.
4
SIGNATURES
The Registrant.
Pursuant
to the requirements of the Securities Act, 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 6th day of March, 2015.
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, as amended, and any
rules, regulations and requirements of the Securities and Exchange Commission, in connection with the registration of shares of
common stock to be issued upon the exercise of stock options and the award of restricted stock under the Waterstone Financial,
Inc. 2015 Equity 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, 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
March 6, 2015
Douglas S. Gordon
(Principal Executive Officer)
/s/ Allan R. Hosack
Senior Vice President and Chief Financial Officer
March 6, 2015
Allan R. Hosack
(Principal Financial Officer)
/s/ Mark R. Gerke
Vice President and Controller
March 6, 2015
Mark R. Gerke
(Principal Accounting Officer)
/s/ Patrick S. Lawton
Chairman of the Board
March 6, 2015
Patrick S. Lawton
Signatures
Title
Date
/s/ Ellen S. Bartel
Director
March 6, 2015
Ellen S. Bartel
/s/ Thomas E. Dalum
Director
March 6, 2015
Thomas E. Dalum
/s/ Michael L. Hansen
Director
March 6, 2015
Michael L. Hansen
/s/ Kristine A. Rappé
Director
March 6, 2015
Kristine A. Rappé
/s/ Stephen J. Schmidt
Director
March 6, 2015
Stephen J. Schmidt
EXHIBIT INDEX
Exhibit Number
Description
4
Form of Common Stock Certificate (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).
5
Opinion of Luse Gorman, PC
10.1
Waterstone Financial, Inc. 2015 Equity Incentive Plan (incorporated by reference to Appendix A to the proxy statement for the Special Meeting of Shareholders of Waterstone Financial, Inc. (File No. 001-36271), filed by Waterstone Financial, Inc. under the Exchange Act on January 23, 2015).
10.2
Form of Incentive Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.
10.3
Form of Non-Statutory Stock Option Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.
10.4
Form of Restricted Stock Award Agreement for the Waterstone Financial, Inc. 2015 Equity Incentive Plan.
23.1
Consent of Luse Gorman, PC (contained in the opinion included as Exhibit 5).
23.2
Consent of KPMG LLP
23.3
Consent of McGladrey LLP
24
Power of Attorney (contained in the signature page to this Registration Statement).