Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2019
WEST BEND, Wis., April 17, 2019 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.5 million, or $0.46 per common share, and $3.2 million, or $0.98 per common share, for the three and six months ended March 31, 2019 compared to net income of $1.2 million, or $0.34 per common share, and $1.5 million, or $0.42 per common share, for the three and six months ended March 31, 2018.
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 /stock/WBBW/disclosure.
Westbury Bank is an independent community bank serving communities in Washington, Waukesha and Dane Counties through its eight full service offices and one loan production office 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. 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, changes in regulatory requirements and applicable tax provisions and obligations impacting the Company, adverse changes in financial industry, securities, credit and local real estate markets and changes in the concentration levels for the Bank's loan portfolio. 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.
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| Contact: | Kirk Emerich - Executive Vice President and CFO Greg Remus - President and CEO 262-334-5563 |
| At or For the Three Months Ended: | |||||||||||||||
| March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||
| Selected Financial Condition Data: | (Dollars in thousands) | ||||||||||||||
| Total assets | $ | 823,212 | $ | 840,264 | $ | 816,297 | $ | 807,910 | $ | 801,426 | |||||
| Loans receivable, net | 666,931 | 679,403 | 651,704 | 638,608 | 627,410 | ||||||||||
| Allowance for loan losses | 6,784 | 6,482 | 6,092 | 5,845 | 5,765 | ||||||||||
| Securities available for sale | 99,939 | 104,087 | 106,144 | 107,748 | 110,986 | ||||||||||
| Total liabilities | 746,052 | 765,246 | 739,194 | 730,684 | 724,828 | ||||||||||
| Deposits | 702,284 | 691,705 | 676,553 | 671,188 | 676,511 | ||||||||||
| Stockholders' equity | 77,160 | 77,827 | 77,103 | 77,226 | 76,598 | ||||||||||
| Asset Quality Ratios: | |||||||||||||||
| Non-performing assets to total assets | 0.02 | % | 0.02 | % | 0.71 | % | 0.03 | % | 0.03 | % | |||||
| Non-performing loans to total loans | 0.03 | % | 0.03 | % | 0.87 | % | 0.03 | % | 0.04 | % | |||||
| Total classified assets to total assets | 0.04 | % | 0.12 | % | 0.83 | % | 0.84 | % | 0.16 | % | |||||
| Allowance for loan losses to non-performing loans | 3,627.81 | % | 3,430.16 | % | 105.98 | % | 2,901.97 | % | 2,506.52 | % | |||||
| Allowance for loan losses to total loans | 1.01 | % | 0.95 | % | 0.93 | % | 0.91 | % | 0.91 | % | |||||
| Net charge-offs (recoveries) to average loans - annualized | — | % | 0.04 | % | — | % | 0.04 | % | 0.03 | % | |||||
| Capital Ratios: | |||||||||||||||
| Average equity to average assets | 9.33 | % | 9.27 | % | 9.89 | % | 9.50 | % | 9.73 | % | |||||
| Equity to total assets at end of period | 9.37 | % | 9.23 | % | 9.45 | % | 9.56 | % | 9.56 | % | |||||
| Total capital to risk-weighted assets (Bank only) | 12.81 | % | 12.30 | % | 12.47 | % | 12.40 | % | 12.16 | % | |||||
| Tier 1 capital to risk-weighted assets (Bank only) | 11.81 | % | 11.40 | % | 11.57 | % | 11.53 | % | 11.31 | % | |||||
| Tier 1 capital to average assets (Bank only) | 9.61 | % | 9.57 | % | 9.58 | % | 9.50 | % | 9.61 | % | |||||
| CET1 capital to risk-weighted assets (Bank only) | 11.81 | % | 11.40 | % | 11.57 | % | 11.53 | % | 11.31 | % | |||||
| Three Months Ended: | Six Months Ended: | ||||||||||||||
| March 31, 2019 | March 31, 2018 | March 31, 2019 | March 31, 2018 | ||||||||||||
| Selected Operating Data: | (in thousands, except per share data) | ||||||||||||||
| Interest and dividend income | $ | 8,087 | $ | 7,034 | $ | 16,187 | $ | 14,006 | |||||||
| Interest expense | 1,693 | 1,138 | 3,257 | 2,175 | |||||||||||
| Net interest income | 6,394 | 5,896 | 12,930 | 11,831 | |||||||||||
| Provision for loan losses | 300 | 50 | 750 | 50 | |||||||||||
| Net interest income after provision for loan losses | 6,094 | 5,846 | 12,180 | 11,781 | |||||||||||
| Service fees on deposit accounts | 904 | 867 | 1,979 | 1,819 | |||||||||||
| Other non-interest income | 339 | 509 | 754 | 1,057 | |||||||||||
| Total non-interest income | 1,243 | 1,376 | 2,733 | 2,876 | |||||||||||
| Compensation and other employee benefits | 3,084 | 2,954 | 6,154 | 5,909 | |||||||||||
| Occupancy, furniture and equipment | 523 | 600 | 984 | 1,131 | |||||||||||
| Data processing | 770 | 905 | 1,507 | 1,834 | |||||||||||
| Other non-interest expense | 950 | 1,099 | 1,876 | 2,363 | |||||||||||
| Total non-interest expense | 5,327 | 5,558 | 10,521 | 11,237 | |||||||||||
| Income before income tax expense | 2,010 | 1,664 | 4,392 | 3,420 | |||||||||||
| Income tax expense | 540 | 489 | 1,195 | 1,931 | |||||||||||
| Net income | $ | 1,470 | $ | 1,175 | $ | 3,197 | $ | 1,489 | |||||||
| Basic earnings per share | $ | 0.46 | $ | 0.34 | $ | 0.98 | $ | 0.42 | |||||||
| Diluted earnings per share | $ | 0.45 | $ | 0.33 | $ | 0.96 | $ | 0.41 | |||||||
| For the Three Months Ended: | |||||||||||||||
| March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||
| Selected Operating Data: | (in thousands, except per share data) | ||||||||||||||
| Interest and dividend income | $ | 8,087 | $ | 8,100 | $ | 7,640 | $ | 7,395 | $ | 7,034 | |||||
| Interest expense | 1,693 | 1,564 | 1,419 | 1,298 | 1,138 | ||||||||||
| Net interest income | 6,394 | 6,536 | 6,221 | 6,097 | 5,896 | ||||||||||
| Provision for loan losses | 300 | 450 | 200 | 150 | 50 | ||||||||||
| Net interest income after provision for loan losses | 6,094 | 6,086 | 6,021 | 5,947 | 5,846 | ||||||||||
| Service fees on deposit accounts | 904 | 1,075 | 1,063 | 980 | 867 | ||||||||||
| Other non-interest income | 339 | 415 | 380 | 369 | 509 | ||||||||||
| Total non-interest income | 1,243 | 1,490 | 1,443 | 1,349 | 1,376 | ||||||||||
| Compensation and other employee benefits | 3,084 | 3,070 | 3,160 | 3,005 | 2,954 | ||||||||||
| Occupancy, furniture and equipment | 523 | 460 | 479 | 521 | 600 | ||||||||||
| Data processing | 770 | 737 | 771 | 801 | 905 | ||||||||||
| Other non-interest expense | 950 | 927 | 1,048 | 1,074 | 1,099 | ||||||||||
| Total non-interest expense | 5,327 | 5,194 | 5,458 | 5,401 | 5,558 | ||||||||||
| Income before income tax expense | 2,010 | 2,382 | 2,006 | 1,895 | 1,664 | ||||||||||
| Income tax expense | 540 | 655 | 610 | 575 | 489 | ||||||||||
| Net income | $ | 1,470 | $ | 1,727 | $ | 1,396 | $ | 1,320 | $ | 1,175 | |||||
| Basic earnings per share | $ | 0.46 | $ | 0.52 | $ | 0.40 | $ | 0.38 | $ | 0.34 | |||||
| Diluted earnings per share | $ | 0.45 | $ | 0.51 | $ | 0.39 | $ | 0.37 | $ | 0.33 | |||||
| At or For the Three Months Ended: | At or For the Six Months Ended: | ||||||||||||||
| March 31, 2019 | March 31, 2018 | March 31, 2019 | March 31, 2018 | ||||||||||||
| Selected Financial Performance Ratios: | |||||||||||||||
| Return on average assets | 0.74 | % | 0.59 | % | 0.77 | % | 0.25 | % | |||||||
| Return on average equity | 8.02 | % | 6.06 | % | 8.28 | % | 2.52 | % | |||||||
| Interest rate spread | 3.17 | % | 3.17 | % | 3.22 | % | 3.16 | % | |||||||
| Net interest margin | 3.21 | % | 3.19 | % | 3.27 | % | 3.18 | % | |||||||
| Non-interest expense to average total assets | 2.58 | % | 2.79 | % | 2.53 | % | 2.83 | % | |||||||
| Average interest-earning assets to average interest-bearing liabilities | 105.93 | % | 105.12 | % | 105.90 | % | 105.54 | % | |||||||
| Per Share and Stock Market Data: | |||||||||||||||
| Net income per common share | $ | 0.46 | $ | 0.34 | $ | 0.98 | $ | 0.42 | |||||||
| Basic weighted average shares outstanding | 3,205,376 | 3,476,129 | 3,259,849 | 3,509,859 | |||||||||||
| Book value per share - excluding unallocated ESOP shares | $ | 24.53 | $ | 22.85 | $ | 24.53 | $ | 22.85 | |||||||
| Book value per share - including unallocated ESOP shares | $ | 23.01 | $ | 21.27 | $ | 23.01 | $ | 21.24 | |||||||
| Closing market price | $ | 22.60 | $ | 22.24 | $ | 22.60 | $ | 22.24 | |||||||
| Price to book ratio - excluding unallocated ESOP shares | 92.13 | % | 97.33 | % | 92.13 | % | 97.33 | % | |||||||
| Price to book ratio - including unallocated ESOP shares | 98.22 | % | 104.56 | % | 98.22 | % | 104.71 | % | |||||||
