WBBW Westbury Bancorp Inc

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

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

WEST BEND, Wis., July 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.1 million, or $0.82 per common share and $7.3 million, or $2.82 per common share, for the three and nine months ended June 30, 2021 compared to net income of $1.6 million, or $0.58 per common share and $5.3 million, or $1.74 per common share, for the three and nine months ended June 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”. Detailed quarterly financial statements for the Company may be found at /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:

Contact: Kirk Emerich - Executive Vice President and CFO
   
  Greg Remus - President and CEO
   
  262-335-6037



 At or For the Three Months Ended:
 June 30,

2021
March 31,

2021
December 31,

2020
September 30,

2020
June 30,

2020
Selected Financial Condition Data: (Dollars in thousands)
Total assets$905,024  $892,363  $906,344  $887,285  $905,170  
Loans receivable, net641,790  641,599  653,485  692,391  680,130  
Allowance for loan losses8,992  8,488  8,486  7,908  7,632  
Securities available for sale161,316  136,154  106,201  94,875  91,598  
Total liabilities819,451  809,734  824,873  808,430  827,847  
Deposits808,686  795,687  805,085  776,412  787,825  
Stockholders' equity85,573  82,629  81,471  78,855  77,323  
      
Asset Quality Ratios:     
Non-performing assets to total assets0.97 %1.31 %1.35 %1.33 %1.31 %
Non-performing loans to total loans1.35 %1.33 %1.34 %1.25 %1.28 %
Total classified assets to total assets1.00 %1.32 %1.43 %1.54 %1.31 %
Allowance for loan losses to non-performing loans102.54 %98.04 %95.99 %90.15 %86.55 %
Allowance for loan losses to total loans1.38 %1.31 %1.28 %1.13 %1.11 %
Net charge-offs (recoveries) to average loans - annualized— %— %(0.02 %)0.16 %— %
      
Capital Ratios:     
Average equity to average assets9.47 %9.36 %9.02 %8.75 %9.08 %
Equity to total assets at end of period9.46 %9.26 %8.99 %8.89 %8.54 %
Total capital to risk-weighted assets (Bank only)12.62 %13.01 %13.41 %12.98 %12.82 %
Tier 1 capital to risk-weighted assets (Bank only)11.38 %11.78 %12.17 %11.83 %11.70 %
Tier 1 capital to average assets (Bank only)9.16 %9.21 %9.40 %9.03 %9.00 %
CET1 capital to risk-weighted assets (Bank only)11.38 %11.78 %12.17 %11.83 %11.70 %
      
      



 Three Months Ended: Nine Months Ended:
 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,792   $7,334   $21,553   $22,874  
Interest expense329   940   1,230   3,772  
Net interest income6,463   6,394   20,323   19,102  
Provision for loan losses500   551   1,050   701  
Net interest income after provision for loan losses5,963   5,843   19,273   18,401  
Service fees on deposit accounts899   747   2,611   2,562  
Gain on sale of loans550   766   2,967   1,549  
Other non-interest income1,129   417   2,264   1,244  
Total non-interest income2,578   1,930   7,842   5,355  
        
Compensation and other employee benefits3,050   3,051   9,065   9,418  
Occupancy, furniture and equipment652   606   1,882   1,809  
Data processing812   758   2,353   2,342  
Other non-interest expense1,038   1,076   3,728   2,829  
Total non-interest expense5,552   5,491   17,028   16,398  
Income before income tax expense2,989   2,282   10,087   7,358  
Income tax expense859   633   2,831   2,074  
Net income$2,130   $1,649   $7,256   $5,284  
        
Basic earnings per share$0.82   $0.58   $2.82   $1.74  
Diluted earnings per share$0.78   $0.57   $2.70   $1.69  



 For the Three Months Ended:
 June 30,

2021
March 31,

2021
December 31,

2020
September 30,

2020
June 30,

2020
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,792  $6,915  $7,846  $7,226  $7,334  
Interest expense329  375  526  778  940  
Net interest income6,463  6,540  7,320  6,448  6,394  
Provision for loan losses500  —  550  574  551  
Net interest income after provision for loan losses5,963  6,540  6,770  5,874  5,843  
Service fees on deposit accounts899  820  891  910  747  
Gain on sale of loans550  1,169  1,249  1,087  766  
Other non-interest income1,129  420  715  598  417  
Total non-interest income2,578  2,409  2,855  2,595  1,930  
      
Compensation and other employee benefits3,050  2,990  3,025  3,141  3,051  
Occupancy, furniture and equipment652  639  591  596  606  
Data processing812  778  763  787  758  
Other non-interest expense1,038  1,159  1,531  1,275  1,076  
Total non-interest expense5,552  5,566  5,910  5,799  5,491  
Income before income tax expense2,989  3,383  3,715  2,670  2,282  
Income tax expense859  958  1,014  738  633  
Net income$2,130  $2,425  $2,701  $1,932  $1,649  
      
Basic earnings per share     
Diluted earnings per share$0.82  $0.95  $1.06  $0.76  $0.58  
 $0.78  $0.90  $1.03  $0.75  $0.57  



 At or For the Three Months Ended: At or For the Nine Months Ended:
 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Selected Financial Performance Ratios:       
Return on average assets0.94 % 0.75 % 1.16 % 0.83 %
Return on average equity10.06 % 8.22 % 11.69 % 8.50 %
Interest rate spread3.08 % 3.06 % 3.24 % 3.14 %
Net interest margin3.09 % 3.08 % 3.25 % 3.18 %
Non-interest expense to average total assets2.46 % 2.49 % 2.55 % 2.57 %
Average interest-earning assets to average interest-bearing liabilities104.83 % 104.18 % 104.55 % 105.57 %
        
Per Share and Stock Market Data:       
Net income per common share$0.82   $0.58   $2.82   $1.74  
Basic weighted average shares outstanding2,588,034   2,839,880   2,576,022   3,032,099  
Book value per share - excluding unallocated ESOP shares$32.10   $28.25   $32.10   $28.25  
Book value per share - including unallocated ESOP shares$31.20   $26.93   $31.20   $26.93  
Closing market price$28.50   $19.25   $28.50   $19.25  
Price to book ratio - excluding unallocated ESOP shares88.79 % 68.14 % 88.79 % 68.14 %
Price to book ratio - including unallocated ESOP shares91.35 % 71.48 % 91.35 % 71.48 %

 



EN
21/07/2021

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