FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Gerke Mark Raymond 2. Issuer Name and Ticker or Trading Symbol Waterstone Financial, Inc. [ WSBF ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
CFO / Sr. Vice President
(Last)         (First)         (Middle)
11200 W PLANK COURT
3. Date of Earliest Transaction (MM/DD/YYYY)
3/3/2021
(Street)
WAUWATOSA, WI 53226
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  3/3/2021    M    5000  A $12.75  36741  D   
Common Stock  3/3/2021    S    300  D $20.52  36441  D   
Common Stock  3/3/2021    S    200  D $20.525  36241  D   
Common Stock  3/3/2021    S    100  D $20.53  36141  D   
Common Stock  3/3/2021    S    188  D $20.55  35953  D   
Common Stock  3/3/2021    S    30  D $20.555  35923  D   
Common Stock  3/3/2021    S    850  D $20.56  35073  D   
Common Stock  3/3/2021    S    20  D $20.565  35053  D   
Common Stock  3/3/2021    S    240  D $20.57  34813  D   
Common Stock  3/3/2021    S    200  D $20.58  34613  D   
Common Stock  3/3/2021    S    70  D $20.585  34543  D   
Common Stock  3/3/2021    S    150  D $20.59  34393  D   
Common Stock  3/3/2021    S    70  D $20.595  34323  D   
Common Stock  3/3/2021    S    520  D $20.6  33803  D   
Common Stock  3/3/2021    S    10  D $20.605  33793  D   
Common Stock  3/3/2021    S    40  D $20.61  33753  D   
Common Stock  3/3/2021    S    100  D $20.615  33653  D   
Common Stock  3/3/2021    S    220  D $20.62  33433  D   
Common Stock  3/3/2021    S    498  D $20.625  32935  D   
Common Stock  3/3/2021    S    292  D $20.63  32643  D   
Common Stock  3/3/2021    S    10  D $20.635  32633  D   
Common Stock  3/3/2021    S    750  D $20.64  31883  D   
Common Stock  3/3/2021    S    20  D $20.645  31863  D   
Common Stock  3/3/2021    S    865  D $20.65  30998  D   
Common Stock  3/3/2021    S    900  D $20.66  30098  D   
Common Stock  3/3/2021    S    487  D $20.67  29611  D   
Common Stock  3/3/2021    S    164  D $20.685  29447  D   
Common Stock  3/3/2021    S    309  D $20.69  29138  D   
Common Stock                 25968  I  By ESOP 
Common Stock                 1383  I  By 401(k) 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options  $12.75  3/3/2021    M        5000   3/4/2016  3/4/2025  Common Stock  10000  $0.00  5000  D   
Stock Options  $14.98                  6/21/2016  6/20/2026  Common Stock  10000    10000  D   

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Gerke Mark Raymond
11200 W PLANK COURT
WAUWATOSA, WI 53226


CFO / Sr. Vice President

Signatures
/s/ William F. Bruss, attorney-in-fact 3/5/2021
**Signature of Reporting Person Date
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