Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2021

Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2021

Written by Customer Service on . Posted in Public Companies.

PEWAUKEE, Wis., Oct. 28, 2021 (GLOBE NEWSWIRE) — Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.3 million, or $0.90 per common share for the three months ended September 30, 2021, and $9.5 million, or $3.70 per common share, for the year ended September 30, 2021, compared to net income of $1.9 million, or $0.76 per common share for the three months ended September 30, 2020, and net income of $7.2 million, or $2.59 per common share, for the year ended September 30, 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”.

Westbury Bank is an independent community bank primarily serving communities in Washington and Waukesha Counties (Wisconsin) 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 as defined by the Private Securities Litigation Reform Act of 1995 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. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition, the demand for the Company’s products and services, the Company’s ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, the Company’s ability to maintain required capital levels and adequate sources of funding and liquidity, the Company’s ability to secure confidential information through the use of computer systems and telecommunications networks, and other factors as set forth in filings with the Securities and Exchange Commission. 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:
  September 30,
2021		 June 30, 2021 March 31,
2021		 December 31,
2020		 September 30,
2020
Selected Financial Condition Data:          
Total assets $ 921,791   $ 905,024   $ 892,363   $ 906,344   $ 887,285  
Loans receivable, net 665,166   641,790   641,599   653,485   692,391  
Allowance for loan losses 8,995   8,992   8,488   8,486   7,908  
Securities available for sale 179,547   161,316   136,154   106,201   94,875  
Total liabilities 836,768   819,451   809,734   824,873   808,430  
Deposits 812,316   808,686   795,687   805,085   776,412  
Stockholders’ equity 85,023   85,573   82,629   81,471   78,855  
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.95 % 0.97 % 1.31 % 1.35 % 1.33 %
Non-performing loans to total loans 1.30 % 1.35 % 1.33 % 1.34 % 1.25 %
Total classified assets to total assets 0.98 % 1.00 % 1.32 % 1.43 % 1.54 %
Allowance for loan losses to non-performing loans 103.00 % 102.54 % 98.04 % 95.99 % 90.15 %
Allowance for loan losses to total loans 1.33 % 1.38 % 1.31 % 1.28 % 1.13 %
Net charge-offs (recoveries) to average loans – annualized — % — % — % (0.02 %) 0.16 %
           
Capital Ratios:          
Average equity to average assets 9.34 % 9.47 % 9.36 % 9.02 % 8.75 %
Equity to total assets at end of period 9.22 % 9.46 % 9.26 % 8.99 % 8.89 %
Total capital to risk-weighted assets (Bank only) 13.23 % 12.62 % 13.01 % 13.41 % 12.98 %
Tier 1 capital to risk-weighted assets (Bank only) 11.98 % 11.38 % 11.78 % 12.17 % 11.83 %
Tier 1 capital to average assets (Bank only) 9.22 % 9.16 % 9.21 % 9.40 % 9.03 %
CETI capital to risk-weighted assets (Bank only) 11.98 % 11.38 % 11.78 % 12.17 % 11.83 %
                     

  Three Months Ended   Years Ended
  September
30, 2021		   September
30, 2020		   September
30, 2021		   September
30, 2020
                                   
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 7,246     $ 7,226     $ 28,799     $ 30,100  
Interest expense 330     778     1,560     4,550  
Net interest income 6,916     6,448     27,239     25,550  
Provision for loan losses —     574     1,050     1,275  
Net interest income after provision for loan losses 6,916     5,874     26,189     24,275  
Service fees on deposit accounts 987     910     3,598     3,472  
Gain on sale of loans 830     1,087     3,797     2,636  
Other non-interest income 1,153     598     2,587     1,842  
Total non-interest income 2,970     2,595     9,982     7,950  
               
Compensation and employee benefits 3,246     3,141     12,311     12,559  
Occupancy, furniture and equipment 712   —   596     2,594   —   2,405  
Data processing 825   —   787     3,178   —   3,129  
Other non-interest expense 1,075     1,275     4,803     4,104  
Total non-interest expense 5,858     5,799     22,886     22,197  
Income before income tax expense 3,198     2,670     13,285     10,028  
Income tax expense 925     738     3,756     2,812  
Net income $ 2,273     $ 1,932     $ 9,529     $ 7,216  
               
Basic earnings per share $ 0.90     $ 0.76     $ 3.70     $ 2.59  
Diluted earnings per share $ 0.85     $ 0.75     $ 3.52     $ 2.51  
                               

  For the Three Months Ended:
  September 30,
2021		 June 30, 2021 March 31,
2021		 December 31,
2020		 September 30,
2020
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 7,246   $ 6,792   $ 6,915   $ 7,846   $ 7,226  
Interest expense 330   329   375   526   778  
Net interest income 6,916   6,463   6,540   7,320   6,448  
Provision for loan losses —   500   —   550   574  
Net interest income after provision for loan losses 6,916   5,963   6,540   6,770   5,874  
Service fees on deposit accounts 987   899   820   891   910  
Gain on sale of loans 830   550   1,169   1,249   1,087  
Other non-interest income 1,153   1,129   420   715   598  
Total non-interest income 2,970   2,578   2,409   2,855   2,595  
           
Salaries, employee benefits, and commissions 3,246   3,050   2,990   3,025   3,141  
Occupancy and furniture and equipment 712   652   639   591   596  
Data processing 825   812   778   763   787  
Other non-interest expense 1,075   1,038   1,159   1,531   1,275  
Total non-interest expense 5,858   5,552   5,566   5,910   5,799  
Income before income tax expense 3,198   2,989   3,383   3,715   2,670  
Income tax expense 925   859   958   1,014   738  
Net income $ 2,273   $ 2,130   $ 2,425   $ 2,701   $ 1,932  
           
Basic earnings per share $ 0.90   $ 0.82   $ 0.95   $ 1.06   $ 0.76  
Diluted earnings per share $ 0.85   $ 0.78   $ 0.90   $ 1.03   $ 0.75  

  At or For the Three Months Ended
   At or For the Year Ended
  September 30,
2021
   September 30,
2020
   September 30,
2021
   September 30,
2020
Selected Financial Performance Ratios:                              
Return on average assets 0.99 %   0.86 %   1.06 %   0.83 %
Return on average equity 10.46 %   9.80 %   11.34 %   8.80 %
Interest rate spread 3.17 %   3.02 %   3.22 %   3.11 %
Net interest margin 3.18 %   3.04 %   3.23 %   3.14 %
Non-interest expense to average total assets 2.56 %   2.57 %   2.55 %   2.57 %
Average interest-earning assets to average interest-bearing liabilities 105.60 %   106.08 %   105.10 %   106.08 %
             
Per Share and Stock Market Data:            
Basic earnings per share $ 0.90     $ 0.76     $ 3.70     $ 2.59  
Diluted earnings per share 0.85     0.75     3.52     2.51  
Basic weighted average shares outstanding 2,520,527     2,532,114     2,573,599     2,790,878  
Book value per share – excluding unallocated ESOP shares $ 32.95     $ 29.77     $ 32.95     $ 29.77  
Book value per share – including unallocated ESOP shares $ 32.21     $ 28.44     $ 32.21     $ 28.44  
Closing market price $ 28.95     $ 19.90     $ 28.95     $ 19.90  
Price to book ratio – excluding unallocated ESOP shares 87.86 %   66.85 %   87.86 %   66.85 %
Price to book ratio – including unallocated ESOP shares 89.88 %   69.97 %   89.88 %   69.97 %

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