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Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2022

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Westbury Bancorp, Inc.
Westbury Bancorp, Inc.

PEWAUKEE, Wis., July 20, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTC Pink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.7 million, or $0.67 per common share and $5.5 million, or $2.18 per common share for the three and nine months ended June 30, 2022 compared to 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 six months ended June 30, 2021.

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares are traded on OTC Pink 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:

 

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

Selected Financial Condition Data:

 

 

(Dollars in thousands)

Total assets

$

953,792

 

$

908,352

 

$

914,633

 

$

921,791

 

$

905,024

 

Loans receivable, net

 

695,947

 

 

649,482

 

 

661,439

 

 

665,166

 

 

641,790

 

Allowance for loan losses

 

9,020

 

 

9,019

 

 

8,997

 

 

8,995

 

 

8,992

 

Securities available for sale

 

165,897

 

 

178,661

 

 

165,917

 

 

179,547

 

 

161,316

 

Total liabilities

 

879,946

 

 

827,365

 

 

828,673

 

 

836,768

 

 

819,451

 

Deposits

 

863,389

 

 

816,103

 

 

818,184

 

 

812,316

 

 

808,686

 

Stockholders' equity

 

73,846

 

 

80,987

 

 

85,960

 

 

85,023

 

 

85,573

 

 

 

 

 

 

 

Asset Quality Ratios:

 

 

 

 

 

Non-performing assets to total assets

 

0.95

%

 

0.99

%

 

0.97

%

 

0.95

%

 

0.97

%

Non-performing loans to total loans

 

1.29

%

 

1.36

%

 

1.33

%

 

1.30

%

 

1.35

%

Total classified assets to total assets

 

1.93

%

 

1.02

%

 

1.01

%

 

0.98

%

 

1.00

%

Allowance for loan losses to non-performing loans

 

99.39

%

 

100.62

%

 

100.98

%

 

103.00

%

 

102.54

%

Allowance for loan losses to total loans

 

1.28

%

 

1.37

%

 

1.34

%

 

1.33

%

 

1.38

%

Net charge-offs (recoveries) to average loans - annualized

 

%

 

%

 

%

 

%

 

%

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Average equity to average assets

 

8.72

%

 

9.38

%

 

9.46

%

 

9.34

%

 

9.47

%

Equity to total assets at end of period

 

7.74

%

 

8.92

%

 

9.40

%

 

9.22

%

 

9.46

%

Total capital to risk-weighted assets (Bank only)

 

13.55

%

 

13.80

%

 

13.43

%

 

13.23

%

 

12.62

%

Tier 1 capital to risk-weighted assets (Bank only)

 

12.30

%

 

12.55

%

 

12.18

%

 

11.98

%

 

11.38

%

Tier 1 capital to average assets (Bank only)

 

9.58

%

 

9.59

%

 

9.27

%

 

9.22

%

 

9.16

%

CET1 capital to risk-weighted assets (Bank only)

 

12.30

%

 

12.55

%

 

12.18

%

 

11.98

%

 

11.38

%

 

 

 

 

 

 

 

 

 

 

 

 


 

Three Months Ended:

 

Nine Months Ended:

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

6,791

 

$

6,792

 

$

20,147

 

$

21,553

Interest expense

 

227

 

 

329

 

 

776

 

 

1,230

Net interest income

 

6,564

 

 

6,463

 

 

19,371

 

 

20,323

Provision for loan losses

 

 

 

500

 

 

 

 

1,050

Net interest income after provision for loan losses

 

6,564

 

 

5,963

 

 

19,371

 

 

19,273

Service fees on deposit accounts

 

946

 

 

899

 

 

2,778

 

 

2,611

Gain on sale of loans

 

135

 

 

550

 

 

850

 

 

2,967

Other non-interest income

 

347

 

 

1,129

 

 

1,247

 

 

2,264

Total non-interest income

 

1,428

 

 

2,578

 

 

4,875

 

 

7,842

 

 

 

 

 

 

 

 

Compensation and other employee benefits

 

3,189

 

 

3,050

 

 

9,408

 

 

9,065

Occupancy, furniture and equipment

 

585

 

 

652

 

 

1,773

 

 

1,882

Data processing

 

852

 

 

812

 

 

2,476

 

 

2,353

Other non-interest expense

 

961

 

 

1,038

 

 

2,920

 

 

3,728

Total non-interest expense

 

5,587

 

 

5,552

 

 

16,577

 

 

17,028

Income before income tax expense

 

2,405

 

 

2,989

 

 

7,669

 

 

10,087

Income tax expense

 

693

 

 

859

 

 

2,154

 

 

2,831

Net income

$

1,712

 

$

2,130

 

$

5,515

 

$

7,256

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.67

 

$

0.82

 

$

2.18

 

$

2.82

Diluted earnings per share

$

0.63

 

$

0.78

 

$

2.03

 

$

2.70


 

For the Three Months Ended:

 

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

Selected Operating Data:

 

 

(in thousands, except per share data)

Interest and dividend income

$

6,791

$

6,532

$

6,824

$

7,246

$

6,792

Interest expense

 

227

 

245

 

305

 

330

 

329

Net interest income

 

6,564

 

6,287

 

6,519

 

6,916

 

6,463

Provision for loan losses

 

 

 

 

 

500

Net interest income after provision for loan losses

 

6,564

 

6,287

 

6,519

 

6,916

 

5,963

Service fees on deposit accounts

 

946

 

910

 

922

 

987

 

899

Gain on sale of loans

 

135

 

272

 

442

 

830

 

550

Other non-interest income

 

347

 

436

 

465

 

323

 

1,129

Total non-interest income

 

1,428

 

1,618

 

1,829

 

2,140

 

2,578

 

 

 

 

 

 

Compensation and other employee benefits

 

3,189

 

3,216

 

3,003

 

3,246

 

3,050

Occupancy, furniture and equipment

 

585

 

629

 

559

 

712

 

652

Data processing

 

852

 

829

 

795

 

825

 

812

Other non-interest expense

 

961

 

984

 

975

 

1,075

 

1,038

Total non-interest expense

 

5,587

 

5,658

 

5,332

 

5,858

 

5,552

Income before income tax expense

 

2,405

 

2,247

 

3,016

 

3,198

 

2,989

Income tax expense

 

693

 

662

 

798

 

925

 

859

Net income

$

1,712

$

1,585

$

2,218

$

2,273

$

2,130

 

 

 

 

 

 

Basic earnings per share

 

0.67

 

0.62

$

0.88

$

0.90

$

0.82

Diluted earnings per share

 

0.63

 

0.58

$

0.82

$

0.85

$

0.78

 

 

 

 

 

 


 

At or For the Three Months Ended:

 

At or For the Nine Months Ended:

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

Selected Financial Performance Ratios:

 

 

 

 

 

 

 

Return on average assets

 

0.75

%

 

 

0.94

%

 

 

0.81

%

 

 

1.16

%

Return on average equity

 

8.57

%

 

 

10.06

%

 

 

8.76

%

 

 

11.69

%

Interest rate spread

 

3.09

%

 

 

3.08

%

 

 

2.99

%

 

 

3.24

%

Net interest margin

 

3.09

%

 

 

3.09

%

 

 

3.00

%

 

 

3.25

%

Non-interest expense to average total assets

 

2.44

%

 

 

2.46

%

 

 

2.42

%

 

 

2.55

%

Average interest-earning assets to average interest-bearing liabilities

 

102.72

%

 

 

104.83

%

 

 

105.21

%

 

 

104.55

%

 

 

 

 

 

 

 

 

Per Share and Stock Market Data:

 

 

 

 

 

 

 

Net income per common share

$

0.67

 

 

$

0.82

 

 

$

2.18

 

 

$

2.82

 

Basic weighted average shares outstanding

 

2,553,570

 

 

 

2,588,334

 

 

 

2,530,728

 

 

 

2,576,022

 

Book value per share - excluding unallocated ESOP shares

$

28.78

 

 

$

32.10

 

 

$

28.78

 

 

$

32.10

 

Book value per share - including unallocated ESOP shares

$

28.58

 

 

$

31.20

 

 

$

28.58

 

 

$

31.20

 

Closing market price

$

29.50

 

 

$

28.50

 

 

$

29.50

 

 

$

28.50

 

Price to book ratio - excluding unallocated ESOP shares

 

102.50

%

 

 

88.79

%

 

 

102.50

%

 

 

88.79

%

Price to book ratio - including unallocated ESOP shares

 

103.22

%

 

 

91.35

%

 

 

103.22

%

 

 

91.35

%