Skip to main content

Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2021

Written by Customer Service on . Posted in Public Companies.

WEST BEND, Wis., April 21, 2021 (GLOBE NEWSWIRE) — Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.4 million, or $0.95 per common share and $5.1 million, or $2.01 per common share, for the three and six months ended March 31, 2021 compared to net income of $1.8 million, or $0.58 per common share and $3.6 million, or $1.16 per common share, for the three and six months ended March 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:
 March 31,
2021		December 31,
2020		September 30,
2020		June 30, 2020March 31,
2020
Selected Financial Condition Data: (Dollars in thousands)
Total assets$892,363 $906,344 $887,285 $905,170 $817,754 
Loans receivable, net641,599 653,485 692,391 680,130 642,790 
Allowance for loan losses8,488 8,486 7,908 7,632 7,079 
Securities available for sale136,154 106,201 94,875 91,598 87,088 
Total liabilities809,734 824,873 808,430 827,847 737,936 
Deposits795,687 805,085 776,412 787,825 706,889 
Stockholders’ equity82,629 81,471 78,855 77,323 79,818 
      
Asset Quality Ratios:     
Non-performing assets to total assets1.31%1.35%1.33%1.31%1.39%
Non-performing loans to total loans1.33%1.34%1.25%1.28%1.29%
Total classified assets to total assets1.32%1.43%1.54%1.31%1.39%
Allowance for loan losses to non-performing loans98.04%95.99%90.15%86.55%84.69%
Allowance for loan losses to total loans1.31%1.28%1.13%1.11%1.09%
Net charge-offs (recoveries) to average loans – annualized—%(0.02%)0.16%—%—%
      
Capital Ratios:     
Average equity to average assets9.30%9.02%8.75%9.08%10.18%
Equity to total assets at end of period9.26%8.99%8.89%8.54%9.76%
Total capital to risk-weighted assets (Bank only)13.01%13.41%12.98%12.82%12.71%
Tier 1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67%
Tier 1 capital to average assets (Bank only)9.21%9.40%9.03%9.00%9.65%
CET1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67%
 Three Months Ended: Six Months Ended:
 March 31,
2021		 March 31,
2020		 March 31,
2021		 March 31,
2020
  
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,915  $7,692  $14,761  $15,541 
Interest expense375  1,303  902  2,833 
Net interest income6,540  6,389  13,859  12,708 
Provision for loan losses—  90  550  150 
Net interest income after provision for loan losses6,540  6,299  13,309  12,558 
Service fees on deposit accounts820  847  1,711  1,814 
Gain on sale of loans1,169  365  2,417  804 
Other non-interest income420  519  1,137  807 
Total non-interest income2,409  1,731  5,265  3,425 
        
Compensation and other employee benefits2,990  3,144  6,015  6,367 
Occupancy, furniture and equipment639  670  1,230  1,203 
Data processing778  795  1,541  1,584 
Other non-interest expense1,159  909  2,690  1,754 
Total non-interest expense5,566  5,518  11,476  10,908 
Income before income tax expense3,383  2,512  7,098  5,075 
Income tax expense958  714  1,972  1,440 
Net income$2,425  $1,798  $5,126  $3,635 
        
Basic earnings per share$0.95  $0.58  $2.01  $1.16 
Diluted earnings per share$0.90  $0.56  $1.93  $1.12 
 For the Three Months Ended:
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,915 $7,846 $7,226 $7,334 $7,692 
Interest expense375 526 778 940 1,303 
Net interest income6,540 7,320 6,448 6,394 6,389 
Provision for loan losses— 550 574 551 90 
Net interest income after provision for loan losses6,540 6,770 5,874 5,843 6,299 
Service fees on deposit accounts820 891 910 747 847 
Gain on sale of loans1,169 1,249 1,087 766 419 
Other non-interest income420 715 598 417 465 
Total non-interest income2,409 2,855 2,595 1,930 1,731 
      
Compensation and other employee benefits2,990 3,025 3,141 3,051 3,144 
Occupancy, furniture and equipment639 591 596 606 670 
Data processing778 763 787 758 795 
Other non-interest expense1,159 1,531 1,275 1,076 909 
Total non-interest expense5,566 5,910 5,799 5,491 5,518 
Income before income tax expense3,383 3,715 2,670 2,282 2,512 
Income tax expense958 1,014 738 633 714 
Net income$2,425 $2,701 $1,932 $1,649 $1,798 
      
Basic earnings per share$0.95 $1.06 $0.76 $0.58 $0.58 
Diluted earnings per share$0.90 $1.03 $0.75 $0.57 $0.56 
      
 At or For the Three Months
Ended:		 At or For the Six Months
Ended:
 March 31,
2021		 March 31,
2020		 March 31,
2021		 March 31,
2020
Selected Financial Performance Ratios:       
Return on average assets1.11% 0.88% 1.16% 0.87%
Return on average equity11.80% 8.60% 12.53% 8.64%
Interest rate spread3.20% 3.25% 3.34% 3.18%
Net interest margin3.21% 3.29% 3.35% 3.23%
Non-interest expense to average total assets2.55% 2.69% 2.59% 2.61%
Average interest-earning assets to average interest-bearing liabilities104.13% 106.02% 104.41% 106.22%
                
Per Share and Stock Market Data:               
Net income per common share$0.95  $0.58  $2.01  $1.16 
Basic weighted average shares outstanding2,564,148  3,090,270  2,554,994  3,127,684 
Book value per share – excluding unallocated ESOP shares$30.69  $27.09  $30.69  $27.09 
Book value per share – including unallocated ESOP shares$29.97  $25.78  $29.97  $25.78 
Closing market price$28.75  $21.50  $28.75  $21.50 
Price to book ratio – excluding unallocated ESOP shares93.68% 79.37% 93.68% 79.37%
Price to book ratio – including unallocated ESOP shares95.93% 83.40% 95.93% 83.40%

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.