Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2021
January 19, 2022 at 05:05 pm EST
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PEWAUKEE, Wis., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCPink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.2 million, or $0.88 per common share for the three months ended December 31, 2021 compared to net income of $2.7 million, or $1.06 per common share for the three months ended December 31, 2020.
About Westbury Bancorp, Inc.
Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares are traded on OTCQX under the symbol “WBBW”. Detailed quarterly financial statements for the Company may be found at www.otcmarkets.com/stock/WBBW/disclosure.
Westbury Bank is an independent community bank primarily serving communities in Washington and Waukesha Counties through its eight full service offices providing deposit and loan services to individuals, professionals and businesses throughout its markets.
Forward-Looking Information
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties, and assumptions. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the Company's operations and business environment. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.
_____________________________________________
WEBSITE: www.westburybankwi.com
Contact:
Kirk Emerich - Executive Vice President and CFO
Greg Remus - President and CEO
262-335-6037
At or For the Three Months Ended:
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
December 31, 2020
Selected Financial Condition Data:
(Dollars in thousands)
Total assets
$
914,633
$
921,791
$
905,024
$
892,363
$
906,344
Loans receivable, net
661,439
665,166
641,790
641,599
653,485
Allowance for loan losses
8,997
8,995
8,992
8,488
8,486
Securities available for sale
165,917
179,547
161,316
136,154
106,201
Total liabilities
828,673
836,768
819,451
809,734
824,873
Deposits
818,184
812,316
808,686
795,687
805,085
Stockholders' equity
85,960
85,023
85,573
82,629
81,471
Asset Quality Ratios:
Non-performing assets to total assets
0.97
%
0.95
%
0.97
%
1.31
%
1.35
%
Non-performing loans to total loans
1.33
%
1.30
%
1.35
%
1.33
%
1.34
%
Total classified assets to total assets
1.01
%
0.98
%
1.00
%
1.32
%
1.43
%
Allowance for loan losses to non-performing loans
100.98
%
103.00
%
102.54
%
98.04
%
95.99
%
Allowance for loan losses to total loans
1.34
%
1.33
%
1.38
%
1.31
%
1.28
%
Net charge-offs (recoveries) to average loans - annualized
—
%
—
%
—
%
—
%
(0.02
%)
Capital Ratios:
Average equity to average assets
9.46
%
9.34
%
9.47
%
9.36
%
9.02
%
Equity to total assets at end of period
9.40
%
9.22
%
9.46
%
9.26
%
8.99
%
Total capital to risk-weighted assets (Bank only)
13.43
%
13.23
%
12.62
%
13.01
%
13.41
%
Tier 1 capital to risk-weighted assets (Bank only)
12.18
%
11.98
%
11.38
%
11.78
%
12.17
%
Tier 1 capital to average assets (Bank only)
9.27
%
9.22
%
9.16
%
9.21
%
9.40
%
CET1 capital to risk-weighted assets (Bank only)
12.18
%
11.98
%
11.38
%
11.78
%
12.17
%
Three Months Ended:
December 31, 2021
December 31, 2020
Selected Operating Data:
(in thousands, except per share data)
Interest and dividend income
$
6,824
$
7,846
Interest expense
305
526
Net interest income
6,519
7,320
Provision for loan losses
—
550
Net interest income after provision for loan losses
6,519
6,770
Service fees on deposit accounts
922
891
Gain on sale of loans
442
1,249
Other non-interest income
465
715
Total non-interest income
1,829
2,855
Compensation and other employee benefits
3,003
3,025
Occupancy, furniture and equipment
559
591
Data processing
795
763
Other non-interest expense
975
1,531
Total non-interest expense
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
Basic earnings per share
$
0.88
$
1.06
Diluted earnings per share
$
0.82
$
1.03
For the Three Months Ended:
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
December 31, 2020
Selected Operating Data:
(in thousands, except per share data)
Interest and dividend income
$
6,824
$
7,246
$
6,792
$
6,915
$
7,846
Interest expense
305
330
329
375
526
Net interest income
6,519
6,916
6,463
6,540
7,320
Provision for loan losses
—
—
500
—
550
Net interest income after provision for loan losses
6,519
6,916
5,963
6,540
6,770
Service fees on deposit accounts
922
987
899
820
891
Gain on sale of loans
442
830
550
1,169
1,249
Other non-interest income
465
323
1,129
420
715
Total non-interest income
1,829
2,140
2,578
2,409
2,855
Compensation and other employee benefits
3,003
3,246
3,050
2,990
3,025
Occupancy, furniture and equipment
559
712
652
639
591
Data processing
795
825
812
778
763
Other non-interest expense
975
1,075
1,038
1,159
1,531
Total non-interest expense
5,332
5,858
5,552
5,566
5,910
Income before income tax expense
3,016
3,198
2,989
3,383
3,715
Income tax expense
798
925
859
958
1,014
Net income
$
2,218
$
2,273
$
2,130
$
2,425
$
2,701
Basic earnings per share
$
0.88
$
0.90
$
0.82
$
0.95
$
1.06
Diluted earnings per share
$
0.82
$
0.85
$
0.78
$
0.90
$
1.03
At or For the Three Months Ended:
December 31, 2021
December 31, 2020
Selected Financial Performance Ratios:
Return on average assets
0.96
%
1.20
%
Return on average equity
10.11
%
13.27
%
Interest rate spread
2.96
%
3.49
%
Net interest margin
2.97
%
3.50
%
Non-interest expense to average total assets
2.30
%
2.62
%
Average interest-earning assets to average interest-bearing liabilities
106.02
%
106.05
%
Per Share and Stock Market Data:
Net income per common share
$
0.88
$
1.06
Basic weighted average shares outstanding
2,529,138
2,545,899
Book value per share - excluding unallocated ESOP shares
$
33.42
$
30.69
Book value per share - including unallocated ESOP shares
$
32.79
$
29.54
Closing market price
$
30.07
$
24.01
Price to book ratio - excluding unallocated ESOP shares
89.98
%
78.23
%
Price to book ratio - including unallocated ESOP shares
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.