The 23-year-old scored one goal in 10 games for the Iron last season following a summer move from Gainsborough Trinity.
Waterfall began his career with Tranmere Rovers before stints with lower-league sides Ilkeston Town and Gainsborough.
Scunthorpe earned promotion to the third tier of English football during the 2013-14 campaign thanks to a second-place finish in the table.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Scunthorpe UnitedScunthorpe | 18 | 9 | 5 | 4 | 33 | 14 | 19 | 32 |
| 2 | Chorley | 18 | 9 | 5 | 4 | 29 | 21 | 8 | 32 |
| 3 | Kidderminster HarriersKidderminster | 17 | 9 | 4 | 4 | 26 | 12 | 14 | 31 |
| 4 | Buxton | 19 | 10 | 1 | 8 | 31 | 22 | 9 | 31 |
| 5 | Curzon AshtonCurzon Ashton | 16 | 9 | 3 | 4 | 21 | 11 | 10 | 30 |
| 6 | King's Lynn TownKing's Lynn | 18 | 9 | 3 | 6 | 21 | 19 | 2 | 30 |
| 7 | Alfreton TownAlfreton | 16 | 8 | 5 | 3 | 22 | 15 | 7 | 29 |
| 8 | Chester FCChester | 17 | 8 | 4 | 5 | 20 | 17 | 3 | 28 |
| 9 | Hereford UnitedHereford | 17 | 7 | 6 | 4 | 25 | 17 | 8 | 27 |
| 10 | Brackley Town | 16 | 8 | 3 | 5 | 19 | 13 | 6 | 27 |
| 11 | Spennymoor TownSpennymoor | 18 | 6 | 7 | 5 | 26 | 20 | 6 | 25 |
| 12 | South Shields | 18 | 8 | 1 | 9 | 24 | 28 | -4 | 25 |
| 13 | SouthportSouthport | 18 | 7 | 4 | 7 | 25 | 30 | -5 | 25 |
| 14 | Leamington FCLeamington | 17 | 6 | 5 | 6 | 22 | 18 | 4 | 23 |
| 15 | Darlington | 17 | 5 | 7 | 5 | 18 | 18 | 0 | 22 |
| 16 | Peterborough SportsP'boro Sports | 18 | 6 | 4 | 8 | 19 | 24 | -5 | 22 |
| 17 | Scarborough AthleticScarborough Ath | 15 | 5 | 5 | 5 | 19 | 19 | 0 | 20 |
| 18 | Farsley CelticFarsley Celtic | 18 | 6 | 2 | 10 | 19 | 31 | -12 | 20 |
| 19 | Warrington Town | 18 | 4 | 7 | 7 | 18 | 24 | -6 | 19 |
| 20 | Oxford CityOxford City | 18 | 4 | 6 | 8 | 25 | 33 | -8 | 18 |
| 21 | RadcliffeRadcliffe | 17 | 4 | 5 | 8 | 21 | 30 | -9 | 17 |
| 22 | Marine AFC | 17 | 4 | 4 | 9 | 9 | 21 | -12 | 16 |
| 23 | Rushall Olympic | 17 | 3 | 3 | 11 | 17 | 31 | -14 | 12 |
| 24 | Needham Market | 18 | 3 | 3 | 12 | 12 | 33 | -21 | 12 |
| > National League North Full Table | |||||||||
