Westbury Bancorp : December 31, 2021 Balance Sheet and Income Statement
January 19, 2022 at 04:46 pm EST
Share
Westbury Bancorp, Inc. and Subsidiary Consolidated Balance Sheets
December 31, 2021 and September 30, 2021 (In Thousands, except share data)
December 31,
September 30,
2021
2021
Assets
(Unaudited)
Cash and due from banks
$
12,865
$
10,630
Interest-earning deposits
25,819
17,527
Cash and cash equivalents
38,684
28,157
Securities available-for-sale
165,917
179,547
Securities held to maturity, at amortized cost ($1,963 and $1,973 fair value at December 31,
1,950
1,950
2021 and September 30, 2021, respectively)
Loans held for sale, at lower of cost or fair value
3,339
2,486
Loans, net of allowance for loan losses of $8,997 and $8,995 at December 31, 2021 and
661,439
665,166
September 30, 2021, respectively
Federal Home Loan Bank stock, at cost
1,491
1,491
Foreclosed real estate
-
-
Office properties and equipment, net
19,489
19,799
Cash surrender value of bank-owned life insurance
16,159
16,046
Mortgage servicing rights
128
151
Net income taxes receivable
1,450
1,914
Other assets
4,587
5
Total assets
$
914,633
$
921,791
Liabilities and Stockholders' Equity
Liabilities
Deposits
$
818,184
$
812,316
Short-term advances from Federal Home Loan Bank
-
10,000
Long-term advances from Federal Home Loan Bank
-
-
Bank debt
4,894
5,000
Advance payments by borrowers for property taxes and insurance
376
3,492
Other liabilities
5,219
5,960
Total liabilities
828,673
836,768
Stockholders' Equity
Preferred stock $0.01 par value, 50,000,000 shares authorized; none issued or outstanding
-
-
Common stock $0.01 par value, 100,000,000 shares authorized; 5,501,026 and 5,500,526
55
55
shares issued at December 31, 2021 and September 30, 2021, respectively
Additional paid-in capital
60,580
60,378
Retained earnings
85,224
83,006
Unearned Employee Stock Ownership Plan (ESOP) shares
(495)
(535)
Accumulated other comprehensive income (loss)
(720)
172
Less common stock repurchased, 2,859,721 and 2,838,537 shares at cost, at December 31,
(58,684)
(58,053)
2021 and September 30, 2021, respectively
Total stockholders' equity
85,960
85,023
Total liabilities and stockholders' equity
$
914,633
$
921,791
1
Westbury Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations
Three Months Ended December 31, 2021 and 2020 (Unaudited) (In Thousands, except per share data)
Three Months Ended
December 31,
2021
2020
Interest and dividend income:
Loans
$
6,241
$
7,381
Investments - nontaxable
113
85
Investments - taxable
454
349
Interest bearing deposits
16
31
Total interest and dividend income
6,824
7,846
Interest expense:
Deposits
264
445
Short-term advances from the Federal Home Loan Bank
-
-
Long-term advances from the Federal Home Loan Bank
-
-
Bank debt
41
81
Total interest expense
305
526
Net interest income before provision for loan losses
6,519
7,320
Provision for loan losses
-
550
Net interest income after provision for loan losses
6,519
6,770
Noninterest income:
Service fees on deposit accounts
922
891
Gain on sales of loans, net
442
1,249
Servicing fee income (loss), net of amortization and impairment
(5)
(2)
Gain on sales of securities
153
300
Gain on sales of other assets
-
7
Increase in cash surrender value of bank-owned life insurance
112
111
Rental income from real estate operations
135
238
Other income
70
61
Total noninterest income
1,829
2,855
Noninterest expenses:
Compensation and employee benefits
3,003
3,025
Occupancy, furniture and equipment
559
591
Data processing
795
763
Accounting, legal and other professional fees
178
199
FDIC insurance premiums
94
97
Other expenses
703
1,235
Total noninterest expenses
5,332
5,910
Income before income tax expense
3,016
3,715
Income tax expense
798
1,014
Net income
$
2,218
$
2,701
Earnings per share:
Basic
$
0.88
$
1.06
Diluted
$
0.82
$
1.03
2
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Westbury Bancorp Inc. published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 21:45:08 UTC.
Westbury Bancorp, Inc. is the holding company for Westbury Bank (the Bank). The Bank is an independent community bank serving communities in Washington and Waukesha Counties through its eight banking offices providing deposit and loan services to individuals, professionals, and businesses throughout its markets. The Bank provides checking, savings, certificates of deposit, consumer loans, credit cards, individual retirement accounts, and others. The Bankâs services include online banking, mobile banking, bill pay, Pop Money, order checks, and e-statements, among others. The Bankâs business services include business checking and treasury management. The Bankâs commercial loans category includes commercial real estate, lines of credit, equipment, construction, working capital, acquisitions, letters of credit, and SBAs. The Bank offers an array of home loan options, including purchase, refinance, construction, Federal VA, WHEDA, and home equity loans and lines of credit.
WESTBURY BANCORP, INC. 
