Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2022

Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2022

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

PEWAUKEE, Wis., April 20, 2022 (GLOBE NEWSWIRE) — Westbury Bancorp, Inc. (OTC Pink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.6 million, or $0.62 per common share and $3.8 million, or $1.51 per common share for the three and six months ended March 31, 2022 compared to 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.

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company’s common shares are traded on OTC Pink 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,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Selected Financial Condition Data:   (Dollars in thousands)
Total assets $ 908,352   $ 914,633   $ 921,791   $ 905,024   $ 892,363  
Loans receivable, net   649,482     661,439     665,166     641,790     641,599  
Allowance for loan losses   9,019     8,997     8,995     8,992     8,488  
Securities available for sale   178,661     165,917     179,547     161,316     136,154  
Total liabilities   827,365     828,673     836,768     819,451     809,734  
Deposits   816,103     818,184     812,316     808,686     795,687  
Stockholders’ equity   80,987     85,960     85,023     85,573     82,629  
           
Asset Quality Ratios:          
Non-performing assets to total assets   0.99 %   0.97 %   0.95 %   0.97 %   1.31 %
Non-performing loans to total loans   1.36 %   1.33 %   1.30 %   1.35 %   1.33 %
Total classified assets to total assets   1.02 %   1.01 %   0.98 %   1.00 %   1.32 %
Allowance for loan losses to non-performing loans   100.62 %   100.98 %   103.00 %   102.54 %   98.04 %
Allowance for loan losses to total loans   1.37 %   1.34 %   1.33 %   1.38 %   1.31 %
Net charge-offs (recoveries) to average loans – annualized   — %   — %   — %   — %   — %
           
Capital Ratios:          
Average equity to average assets   9.38 %   9.46 %   9.34 %   9.47 %   9.36 %
Equity to total assets at end of period   8.92 %   9.40 %   9.22 %   9.46 %   9.26 %
Total capital to risk-weighted assets (Bank only)   13.80 %   13.43 %   13.23 %   12.62 %   13.01 %
Tier 1 capital to risk-weighted assets (Bank only)   12.55 %   12.18 %   11.98 %   11.38 %   11.78 %
Tier 1 capital to average assets (Bank only)   9.59 %   9.27 %   9.22 %   9.16 %   9.21 %
CET1 capital to risk-weighted assets (Bank only)   12.55 %   12.18 %   11.98 %   11.38 %   11.78 %
           
           

  Three Months Ended:   Six Months Ended:
  March 31, 2022   March 31, 2021   March 31, 2022   March 31, 2021
   
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 6,532   $ 6,915   $ 13,356   $ 14,761
Interest expense   245     375     550     902
Net interest income   6,287     6,540     12,806     13,859
Provision for loan losses   —     —     —     550
Net interest income after provision for loan losses   6,287     6,540     12,806     13,309
Service fees on deposit accounts   910     820     1,832     1,711
Gain on sale of loans   272     1,169     714     2,417
Other non-interest income   436     420     902     1,137
Total non-interest income   1,618     2,409     3,448     5,265
               
Compensation and other employee benefits   3,216     2,990     6,219     6,015
Occupancy, furniture and equipment   629     639     1,188     1,230
Data processing   829     778     1,624     1,541
Other non-interest expense   984     1,159     1,959     2,690
Total non-interest expense   5,658     5,566     10,990     11,476
Income before income tax expense   2,247     3,383     5,264     7,098
Income tax expense   662     958     1,461     1,972
Net income $ 1,585   $ 2,425   $ 3,803   $ 5,126
               
Basic earnings per share $ 0.62   $ 0.95   $ 1.51   $ 2.01
Diluted earnings per share $ 0.58   $ 0.90   $ 1.41   $ 1.93

  For the Three Months Ended:
  March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Selected Operating Data:   (in thousands, except per share data)
Interest and dividend income $ 6,532 $ 6,824 $ 7,246 $ 6,792 $ 6,915
Interest expense   245   305   330   329   375
Net interest income   6,287   6,519   6,916   6,463   6,540
Provision for loan losses   —   —   —   500   —
Net interest income after provision for loan losses   6,287   6,519   6,916   5,963   6,540
Service fees on deposit accounts   910   922   987   899   820
Gain on sale of loans   272   442   830   550   1,169
Other non-interest income   436   465   323   1,129   420
Total non-interest income   1,618   1,829   2,140   2,578   2,409
           
Compensation and other employee benefits   3,216   3,003   3,246   3,050   2,990
Occupancy, furniture and equipment   629   559   712   652   639
Data processing   829   795   825   812   778
Other non-interest expense   984   975   1,075   1,038   1,159
Total non-interest expense   5,658   5,332   5,858   5,552   5,566
Income before income tax expense   2,247   3,016   3,198   2,989   3,383
Income tax expense   662   798   925   859   958
Net income $ 1,585 $ 2,218 $ 2,273 $ 2,130 $ 2,425
           
Basic earnings per share   0.62 $ 0.88 $ 0.90 $ 0.82 $ 0.95
Diluted earnings per share   0.58 $ 0.82 $ 0.85 $ 0.78 $ 0.90
           

  At or For the Three
Months Ended:		   At or For the Six Months
Ended:
  March 31,
2022		   March 31,
2021		   March 31,
2022		   March 31,
2021
Selected Financial Performance Ratios:              
Return on average assets   0.71 %     1.11 %     0.84 %     1.16 %
Return on average equity   7.48 %     11.80 %     8.99 %     12.53 %
Interest rate spread   2.97 %     3.20 %     3.03 %     3.34 %
Net interest margin   2.98 %     3.21 %     3.04 %     3.35 %
Non-interest expense to average total assets   2.53 %     2.55 %     2.41 %     2.59 %
Average interest-earning assets to average interest-bearing liabilities   105.02 %     104.13 %     105.53 %     104.41 %
               
Per Share and Stock Market Data:              
Net income per common share $ 0.62     $ 0.95     $ 1.51     $ 2.01  
Basic weighted average shares outstanding   2,538,481       2,564,148       2,519,337       2,554,994  
Book value per share – excluding unallocated ESOP shares $ 31.32     $ 30.69     $ 31.32     $ 30.69  
Book value per share – including unallocated ESOP shares $ 30.90     $ 29.97     $ 30.90     $ 29.97  
Closing market price $ 33.19     $ 28.75     $ 33.19     $ 28.75  
Price to book ratio – excluding unallocated ESOP shares   105.97 %     93.68 %     105.97 %     93.68 %
Price to book ratio – including unallocated ESOP shares   107.41 %     95.93 %     107.41 %     95.93 %

 

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