GlobeNewswire
WEST BEND, Wis., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.7 million, or $1.06 per common share for the three months ended December 31, 2020 compared to net income of $1.8 million, or $0.58 per common share for the three months ended December 31, 2019. 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 CFOGreg Remus - President and CEO262-335-6037 At or For the Three Months Ended: December 31, 2020September 30, 2020June 30, 2020March 31, 2020December 31, 2019Selected Financial Condition Data:(Dollars in thousands)Total assets$906,344 $887,285 $905,170 $817,754 $833,328 Loans receivable, net653,485 692,391 680,130 642,790 663,265 Allowance for loan losses8,486 7,908 7,632 7,079 6,986 Securities available for sale106,201 94,875 91,598 87,088 100,296 Total liabilities824,873 808,430 827,847 737,936 748,798 Deposits805,085 776,412 787,825 706,889 720,060 Stockholders' equity81,471 78,855 77,323 79,818 84,530 Asset Quality Ratios: Non-performing assets to total assets1.35%1.33%1.31%1.39%1.09%Non-performing loans to total loans1.34%1.25%1.28%1.29%1.36%Total classified assets to total assets1.43%1.54%1.31%1.39%1.10%Allowance for loan losses to non-performing loans95.99%90.15%86.55%84.69%76.84%Allowance for loan losses to total loans1.28%1.13%1.11%1.09%1.04%Net charge-offs (recoveries) to average loans - annualized(0.02%)0.16%—%—%(0.02%) Capital Ratios: Average equity to average assets9.02%8.75%9.08%10.18%9.96%Equity to total assets at end of period8.99%8.89%8.54%9.76%10.14%Total capital to risk-weighted assets (Bank only)13.41%12.98%12.82%12.71%12.47%Tier 1 capital to risk-weighted assets (Bank only)12.17%11.83%11.70%11.67%11.49%Tier 1 capital to average assets (Bank only)9.40%9.03%9.00%9.65%9.68%CET1 capital to risk-weighted assets (Bank only)12.17%11.83%11.70%11.67%11.49% Three Months Ended: December 31, 2020 December 31, 2019Selected Operating Data:(in thousands, except per share data)Interest and dividend income$7,846 $7,848 Interest expense526 1,529 Net interest income7,320 6,319 Provision for loan losses550 60 Net interest income after provision for loan losses6,770 6,259 Service fees on deposit accounts891 967 Gain on sale of loans1,249 365 Other non-interest income715 362 Total non-interest income2,855 1,694 Compensation and other employee benefits3,025 3,224 Occupancy, furniture and equipment591 533 Data processing763 789 Other non-interest expense1,531 844 Total non-interest expense5,910 5,390 Income before income tax expense3,715 2,563 Income tax expense1,014 726 Net income$2,701 $1,837 Basic earnings per share$1.06 $0.58 Diluted earnings per share$1.03 $0.56 For the Three Months Ended: December 31, 2020September 30, 2020June 30, 2020March 31, 2020December 31, 2019Selected Operating Data:(in thousands, except per share data)Interest and dividend income$7,846 $7,226 $7,334 $7,692 $7,848 Interest expense526 778 940 1,303 1,529 Net interest income7,320 6,448 6,394 6,389 6,319 Provision for loan losses550 574 551 90 60 Net interest income after provision for loan losses6,770 5,874 5,843 6,299 6,259 Service fees on deposit accounts891 910 747 847 967 Gain on sale of loans1,249 1,087 766 419 365 Other non-interest income715 598 417 465 362 Total non-interest income2,855 2,595 1,930 1,731 1,694 Compensation and other employee benefits3,025 3,141 3,051 3,144 3,224 Occupancy, furniture and equipment591 596 606 670 533 Data processing763 787 758 795 789 Other non-interest expense1,531 1,275 1,076 909 844 Total non-interest expense5,910 5,799 5,491 5,518 5,390 Income before income tax expense3,715 2,670 2,282 2,512 2,563 Income tax expense1,014 738 633 714 726 Net income$2,701 $1,932 $1,649 $1,798 $1,837 Basic earnings per share$1.06 $0.76 $0.58 $0.58 $0.58 Diluted earnings per share$1.03 $0.75 $0.57 $0.56 $0.56 At or For the Three Months Ended: December 31, 2020 December 31, 2019Selected Financial Performance Ratios: Return on average assets1.20% 0.86%Return on average equity13.27% 8.65%Interest rate spread3.49% 3.12%Net interest margin3.50% 3.16%Non-interest expense to average total assets2.62% 2.53%Average interest-earning assets to average interest-bearing liabilities106.05% 106.70% Per Share and Stock Market Data: Net income per common share$1.06 $0.58 Basic weighted average shares outstanding2,545,899 3,164,690 Book value per share - excluding unallocated ESOP shares$30.69 $26.69 Book value per share - including unallocated ESOP shares$29.54 $25.35 Closing market price$24.01 $28.50 Price to book ratio - excluding unallocated ESOP shares78.23% 106.78%Price to book ratio - including unallocated ESOP shares81.28% 112.43%