Westbury Bancorp : WBBW June 2022 Balance Sheet and Income Statement

June 30,

September 30,

2022

2021

Assets

(Unaudited)

Cash and due from banks

$

11,231

$

10,630

Interest-earning deposits

29,721

17,527

Cash and cash equivalents

40,952

28,157

Securities available-for-sale

165,897

179,547

Securities held to maturity, at amortized cost ($1,772 and $1,973 fair value at June 30, 2022

1,763

1,950

and September 30, 2021, respectively)

Loans held for sale, at lower of cost or fair value

497

2,486

Loans, net of allowance for loan losses of $9,020 and $8,995 at June 30, 2022 and

695,947

665,166

September 30, 2021, respectively

Federal Home Loan Bank stock, at cost

1,534

1,491

Foreclosed real estate

-

-

Office properties and equipment, net

19,324

19,799

Cash surrender value of bank-owned life insurance

16,363

16,046

Mortgage servicing rights

143

151

Net income taxes receivable

6,058

1,914

Other assets

4,914

5,084

Total assets

$

953,792

$

921,791

Liabilities and Stockholders' Equity

Liabilities

Deposits

$

863,389

$

812,316

Short-term advances from Federal Home Loan Bank

-

10,000

Long-term advances from Federal Home Loan Bank

-

-

Bank debt

4,679

5,000

Advance payments by borrowers for property taxes and insurance

2,308

3,492

Other liabilities

9,570

5,960

Total liabilities

879,946

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; 5,543,356 and 5,500,526

55

55

shares issued at March 31, 2022 and September 30, 2021, respectively

Additional paid-in capital

61,852

60,378

Retained earnings

88,521

83,006

Unearned Employee Stock Ownership Plan (ESOP) shares

(195)

(535)

Accumulated other comprehensive income (loss)

(11,552)

172

Less common stock repurchased, 3,066,113 and 2,838,537 shares at cost, at March 31, 2022

(64,835)

(58,053)

and September 30, 2021, respectively

Total stockholders' equity

73,846

85,023

Total liabilities and stockholders' equity

$

953,792

$

921,791

Three Months Ended

Nine Months Ended

June 30,

June 30,

2022

2021

2022

2021

Interest and dividend income:

Loans

$

6,043

$

6,220

$

18,149

$

20,067

Investments - nontaxable

112

124

340

319

Investments - taxable

605

431

1,599

1,101

Interest bearing deposits

31

17

59

66

Total interest and dividend income

6,791

6,792

20,147

21,553

Interest expense:

Deposits

185

302

654

1,083

Short-term advances from the Federal Home Loan Bank

2

-

2

-

Long-term advances from the Federal Home Loan Bank

-

-

-

-

Bank debt

40

27

120

147

Total interest expense

227

329

776

1,230

Net interest income before provision for loan losses

6,564

6,463

19,371

20,323

Provision for loan losses

-

500

-

1,050

Net interest income after provision for loan losses

6,564

5,963

19,371

19,273

Noninterest income:

Service fees on deposit accounts

946

899

2,778

2,611

Gain on sales of loans, net

135

550

850

2,967

Servicing fee income (loss), net of amortization and impairment

55

(50)

39

(72)

Gain on sales of securities

(53)

-

100

299

Gain on sales of other assets

-

611

-

624

Increase in cash surrender value of bank-owned life insurance

104

102

317

312

Rental income from real estate operations

128

237

385

726

Other income

113

229

406

375

Total noninterest income

1,428

2,578

4,875

7,842

Noninterest expenses:

Compensation and employee benefits

3,189

3,050

9,408

9,065

Occupancy, furniture and equipment

585

652

1,773

1,882

Data processing

852

812

2,476

2,353

Accounting, legal and other professional fees

146

159

497

610

FDIC insurance premiums

78

61

259

241

Other expenses

737

818

2,164

2,877

Total noninterest expenses

5,587

5,552

16,577

17,028

Income before income tax expense

2,405

2,989

7,669

10,087

Income tax expense

693

859

2,154

2,831

Net income

$

1,712

$

2,130

$

5,515

$

7,256

Earnings per share:

Basic

$

0.67

$

0.82

$

2.18

$

2.82

Diluted

$

0.63

$

0.78

$

2.03

$

2.70