WBBW Westbury Bancorp Inc

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

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: 
  
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, 2021March 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, net665,166 641,790 641,599 653,485 692,391 
Allowance for loan losses8,995 8,992 8,488 8,486 7,908 
Securities available for sale179,547 161,316 136,154 106,201 94,875 
Total liabilities836,768 819,451 809,734 824,873 808,430 
Deposits812,316 808,686 795,687 805,085 776,412 
Stockholders' equity85,023 85,573 82,629 81,471 78,855 
      
Asset Quality Ratios:     
Non-performing assets to total assets0.95%0.97%1.31%1.35%1.33%
Non-performing loans to total loans1.30%1.35%1.33%1.34%1.25%
Total classified assets to total assets0.98%1.00%1.32%1.43%1.54%
Allowance for loan losses to non-performing loans103.00%102.54%98.04%95.99%90.15%
Allowance for loan losses to total loans1.33%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 assets9.34%9.47%9.36%9.02%8.75%
Equity to total assets at end of period9.22%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 expense330  778  1,560  4,550 
Net interest income6,916  6,448  27,239  25,550 
Provision for loan losses  574  1,050  1,275 
Net interest income after provision for loan losses6,916  5,874  26,189  24,275 
Service fees on deposit accounts987  910  3,598  3,472 
Gain on sale of loans830  1,087  3,797  2,636 
Other non-interest income1,153  598  2,587  1,842 
Total non-interest income2,970  2,595  9,982  7,950 
        
Compensation and employee benefits3,246  3,141  12,311  12,559 
Occupancy, furniture and equipment712  596  2,594  2,405 
Data processing825  787  3,178  3,129 
Other non-interest expense1,075  1,275  4,803  4,104 
Total non-interest expense5,858  5,799  22,886  22,197 
Income before income tax expense3,198  2,670  13,285  10,028 
Income tax expense925  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, 2021March 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 expense330 329 375 526 778 
Net interest income6,916 6,463 6,540 7,320 6,448 
Provision for loan losses 500  550 574 
Net interest income after provision for loan losses6,916 5,963 6,540 6,770 5,874 
Service fees on deposit accounts987 899 820 891 910 
Gain on sale of loans830 550 1,169 1,249 1,087 
Other non-interest income1,153 1,129 420 715 598 
Total non-interest income2,970 2,578 2,409 2,855 2,595 
      
Salaries, employee benefits, and commissions3,246 3,050 2,990 3,025 3,141 
Occupancy and furniture and equipment712 652 639 591 596 
Data processing825 812 778 763 787 
Other non-interest expense1,075 1,038 1,159 1,531 1,275 
Total non-interest expense5,858 5,552 5,566 5,910 5,799 
Income before income tax expense3,198 2,989 3,383 3,715 2,670 
Income tax expense925 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 assets0.99% 0.86% 1.06% 0.83%
Return on average equity10.46% 9.80% 11.34% 8.80%
Interest rate spread3.17% 3.02% 3.22% 3.11%
Net interest margin3.18% 3.04% 3.23% 3.14%
Non-interest expense to average total assets2.56% 2.57% 2.55% 2.57%
Average interest-earning assets to average interest-bearing liabilities105.60% 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 share0.85  0.75  3.52  2.51 
Basic weighted average shares outstanding2,520,527  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 shares87.86% 66.85% 87.86% 66.85%
Price to book ratio - including unallocated ESOP shares89.88% 69.97% 89.88% 69.97%


EN
28/10/2021

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