Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2020

Westbury Bancorp, Inc.
·6 min read

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 CFO

Greg Remus - President and CEO

262-335-6037


At or For the Three Months Ended:

December 31, 2020

September 30, 2020

June 30, 2020

March 31, 2020

December 31, 2019

Selected Financial Condition Data:

(Dollars in thousands)

Total assets

$

906,344

$

887,285

$

905,170

$

817,754

$

833,328

Loans receivable, net

653,485

692,391

680,130

642,790

663,265

Allowance for loan losses

8,486

7,908

7,632

7,079

6,986

Securities available for sale

106,201

94,875

91,598

87,088

100,296

Total liabilities

824,873

808,430

827,847

737,936

748,798

Deposits

805,085

776,412

787,825

706,889

720,060

Stockholders' equity

81,471

78,855

77,323

79,818

84,530

Asset Quality Ratios:

Non-performing assets to total assets

1.35

%

1.33

%

1.31

%

1.39

%

1.09

%

Non-performing loans to total loans

1.34

%

1.25

%

1.28

%

1.29

%

1.36

%

Total classified assets to total assets

1.43

%

1.54

%

1.31

%

1.39

%

1.10

%

Allowance for loan losses to non-performing loans

95.99

%

90.15

%

86.55

%

84.69

%

76.84

%

Allowance for loan losses to total loans

1.28

%

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 assets

9.02

%

8.75

%

9.08

%

10.18

%

9.96

%

Equity to total assets at end of period

8.99

%

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, 2019

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,846

$

7,848

Interest expense

526

1,529

Net interest income

7,320

6,319

Provision for loan losses

550

60

Net interest income after provision for loan losses

6,770

6,259

Service fees on deposit accounts

891

967

Gain on sale of loans

1,249

365

Other non-interest income

715

362

Total non-interest income

2,855

1,694

Compensation and other employee benefits

3,025

3,224

Occupancy, furniture and equipment

591

533

Data processing

763

789

Other non-interest expense

1,531

844

Total non-interest expense

5,910

5,390

Income before income tax expense

3,715

2,563

Income tax expense

1,014

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, 2020

September 30, 2020

June 30, 2020

March 31, 2020

December 31, 2019

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,846

$

7,226

$

7,334

$

7,692

$

7,848

Interest expense

526

778

940

1,303

1,529

Net interest income

7,320

6,448

6,394

6,389

6,319

Provision for loan losses

550

574

551

90

60

Net interest income after provision for loan losses

6,770

5,874

5,843

6,299

6,259

Service fees on deposit accounts

891

910

747

847

967

Gain on sale of loans

1,249

1,087

766

419

365

Other non-interest income

715

598

417

465

362

Total non-interest income

2,855

2,595

1,930

1,731

1,694

Compensation and other employee benefits

3,025

3,141

3,051

3,144

3,224

Occupancy, furniture and equipment

591

596

606

670

533

Data processing

763

787

758

795

789

Other non-interest expense

1,531

1,275

1,076

909

844

Total non-interest expense

5,910

5,799

5,491

5,518

5,390

Income before income tax expense

3,715

2,670

2,282

2,512

2,563

Income tax expense

1,014

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, 2019

Selected Financial Performance Ratios:

Return on average assets

1.20

%

0.86

%

Return on average equity

13.27

%

8.65

%

Interest rate spread

3.49

%

3.12

%

Net interest margin

3.50

%

3.16

%

Non-interest expense to average total assets

2.62

%

2.53

%

Average interest-earning assets to average interest-bearing liabilities

106.05

%

106.70

%

Per Share and Stock Market Data:

Net income per common share

$

1.06

$

0.58

Basic weighted average shares outstanding

2,545,899

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 shares

78.23

%

106.78

%

Price to book ratio - including unallocated ESOP shares

81.28

%

112.43

%