Business Context and Reporting Period
This Form 8-K Current Report was filed by Waterstone Financial, Inc. on May 27, 2021, with the report date finalized on June 2, 2021. The filing pertains to a corporate governance event involving the change of the company's principal certifying accountants.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity within this document.
Material Changes
The primary material change reported is the dismissal of RSM US LLP as the Registrant's principal accountants, effective May 27, 2021. The Audit Committee approved this decision. The filing explicitly states that during the years ended December 31, 2020 and 2019, and the interim period through May 27, 2021:
- There were no disagreements with RSM US LLP regarding accounting principles, financial statement disclosure, or auditing scope.
- There were no reportable events under Item 304(a)(1)(v) of Regulation S-K.
- The audit reports for 2020 and 2019 were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty or scope.
Subsequently, on June 2, 2021, the Registrant engaged CliftonLarsonAllen LLP as the new principal accountants for the year ending December 31, 2021. The company confirmed no prior consultations with CliftonLarsonAllen LLP regarding matters requiring disclosure under Item 304(a)(2)(i) and (ii) of Regulation S-K.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed is the transition of audit firms, though the company asserts the change was not driven by accounting disagreements or reportable events.
Investor Verification Checklist
- Verify the reasons for the change in auditors by reviewing the attached letter from RSM US LLP (Exhibit 16).
- Confirm the engagement terms and scope of the new auditor, CliftonLarsonAllen LLP, in subsequent filings.
- Review the most recent 10-K or 10-Q filings for the actual financial performance metrics not included in this 8-K.