Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2021
04/21/2021 - 05:31 PM
WEST BEND, Wis., April 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.4 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 compared to net income of $1.8 million , or $0.58 per common share and $3.6 million , or $1.16 per common share, for the three and six months ended March 31, 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 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, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Selected Financial Condition Data: (Dollars in thousands) Total assets $ 892,363 $ 906,344 $ 887,285 $ 905,170 $ 817,754 Loans receivable, net 641,599 653,485 692,391 680,130 642,790 Allowance for loan losses 8,488 8,486 7,908 7,632 7,079 Securities available for sale 136,154 106,201 94,875 91,598 87,088 Total liabilities 809,734 824,873 808,430 827,847 737,936 Deposits 795,687 805,085 776,412 787,825 706,889 Stockholders' equity 82,629 81,471 78,855 77,323 79,818 Asset Quality Ratios: Non-performing assets to total assets 1.31 % 1.35 % 1.33 % 1.31 % 1.39 % Non-performing loans to total loans 1.33 % 1.34 % 1.25 % 1.28 % 1.29 % Total classified assets to total assets 1.32 % 1.43 % 1.54 % 1.31 % 1.39 % Allowance for loan losses to non-performing loans 98.04 % 95.99 % 90.15 % 86.55 % 84.69 % Allowance for loan losses to total loans 1.31 % 1.28 % 1.13 % 1.11 % 1.09 % Net charge-offs (recoveries) to average loans - annualized — % (0.02 %) 0.16 % — % — % Capital Ratios: Average equity to average assets 9.30 % 9.02 % 8.75 % 9.08 % 10.18 % Equity to total assets at end of period 9.26 % 8.99 % 8.89 % 8.54 % 9.76 % Total capital to risk-weighted assets (Bank only) 13.01 % 13.41 % 12.98 % 12.82 % 12.71 % Tier 1 capital to risk-weighted assets (Bank only) 11.78 % 12.17 % 11.83 % 11.70 % 11.67 % Tier 1 capital to average assets (Bank only) 9.21 % 9.40 % 9.03 % 9.00 % 9.65 % CET1 capital to risk-weighted assets (Bank only) 11.78 % 12.17 % 11.83 % 11.70 % 11.67 %
Three Months Ended: Six Months Ended: March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Selected Operating Data: (in thousands, except per share data) Interest and dividend income $ 6,915 $ 7,692 $ 14,761 $ 15,541 Interest expense 375 1,303 902 2,833 Net interest income 6,540 6,389 13,859 12,708 Provision for loan losses — 90 550 150 Net interest income after provision for loan losses 6,540 6,299 13,309 12,558 Service fees on deposit accounts 820 847 1,711 1,814 Gain on sale of loans 1,169 365 2,417 804 Other non-interest income 420 519 1,137 807 Total non-interest income 2,409 1,731 5,265 3,425 Compensation and other employee benefits 2,990 3,144 6,015 6,367 Occupancy, furniture and equipment 639 670 1,230 1,203 Data processing 778 795 1,541 1,584 Other non-interest expense 1,159 909 2,690 1,754 Total non-interest expense 5,566 5,518 11,476 10,908 Income before income tax expense 3,383 2,512 7,098 5,075 Income tax expense 958 714 1,972 1,440 Net income $ 2,425 $ 1,798 $ 5,126 $ 3,635 Basic earnings per share $ 0.95 $ 0.58 $ 2.01 $ 1.16 Diluted earnings per share $ 0.90 $ 0.56 $ 1.93 $ 1.12
For the Three Months Ended: March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Selected Operating Data: (in thousands, except per share data) Interest and dividend income $ 6,915 $ 7,846 $ 7,226 $ 7,334 $ 7,692 Interest expense 375 526 778 940 1,303 Net interest income 6,540 7,320 6,448 6,394 6,389 Provision for loan losses — 550 574 551 90 Net interest income after provision for loan losses 6,540 6,770 5,874 5,843 6,299 Service fees on deposit accounts 820 891 910 747 847 Gain on sale of loans 1,169 1,249 1,087 766 419 Other non-interest income 420 715 598 417 465 Total non-interest income 2,409 2,855 2,595 1,930 1,731 Compensation and other employee benefits 2,990 3,025 3,141 3,051 3,144 Occupancy, furniture and equipment 639 591 596 606 670 Data processing 778 763 787 758 795 Other non-interest expense 1,159 1,531 1,275 1,076 909 Total non-interest expense 5,566 5,910 5,799 5,491 5,518 Income before income tax expense 3,383 3,715 2,670 2,282 2,512 Income tax expense 958 1,014 738 633 714 Net income $ 2,425 $ 2,701 $ 1,932 $ 1,649 $ 1,798 Basic earnings per share $ 0.95 $ 1.06 $ 0.76 $ 0.58 $ 0.58 Diluted earnings per share $ 0.90 $ 1.03 $ 0.75 $ 0.57 $ 0.56
At or For the Three Months Ended: At or For the Six Months Ended: March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Selected Financial Performance Ratios: Return on average assets 1.11 % 0.88 % 1.16 % 0.87 % Return on average equity 11.80 % 8.60 % 12.53 % 8.64 % Interest rate spread 3.20 % 3.25 % 3.34 % 3.18 % Net interest margin 3.21 % 3.29 % 3.35 % 3.23 % Non-interest expense to average total assets 2.55 % 2.69 % 2.59 % 2.61 % Average interest-earning assets to average interest-bearing liabilities 104.13 % 106.02 % 104.41 % 106.22 % Per Share and Stock Market Data: Net income per common share $ 0.95 $ 0.58 $ 2.01 $ 1.16 Basic weighted average shares outstanding 2,564,148 3,090,270 2,554,994 3,127,684 Book value per share - excluding unallocated ESOP shares $ 30.69 $ 27.09 $ 30.69 $ 27.09 Book value per share - including unallocated ESOP shares $ 29.97 $ 25.78 $ 29.97 $ 25.78 Closing market price $ 28.75 $ 21.50 $ 28.75 $ 21.50 Price to book ratio - excluding unallocated ESOP shares 93.68 % 79.37 % 93.68 % 79.37 % Price to book ratio - including unallocated ESOP shares 95.93 % 83.40 % 95.93 % 83.40 %
WBBW Rankings
N/A Ranked by Stock Gains
WBBW Stock Data
Industry
Savings Institutions
Sector
Finance and Insurance
Tags
Savings Banks, Finance, Financial Conglomerates, Finance and Insurance, Savings Institutions
About WBBW
westbury bank fits perfectly into your lifestyle, offering mortgage loans, business loans, wealth management, consumer loans and more in wisconsin. you'll find great people who give you the friendly, personal service you won't find at larger banks. we invest in our people, communities and the innovative solutions necessary to meet our customers' evolving financial needs and goals. member fdic.