Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2021
PEWAUKEE, Wis., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCPink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.2 million, or $0.88 per common share for the three months ended December 31, 2021 compared to net income of $2.7 million, or $1.06 per common share for the three months ended December 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: December 31, 2021September 30, 2021June 30, 2021March 31, 2021December 31, 2020Selected Financial Condition Data:(Dollars in thousands)Total assets$914,633 $921,791 $905,024 $892,363 $906,344 Loans receivable, net 661,439 665,166 641,790 641,599 653,485 Allowance for loan losses 8,997 8,995 8,992 8,488 8,486 Securities available for sale 165,917 179,547 161,316 136,154 106,201 Total liabilities 828,673 836,768 819,451 809,734 824,873 Deposits 818,184 812,316 808,686 795,687 805,085 Stockholders' equity 85,960 85,023 85,573 82,629 81,471 Asset Quality Ratios: Non-performing assets to total assets 0.97% 0.95% 0.97% 1.31% 1.35%Non-performing loans to total loans 1.33% 1.30% 1.35% 1.33% 1.34%Total classified assets to total assets 1.01% 0.98% 1.00% 1.32% 1.43%Allowance for loan losses to non-performing loans 100.98% 103.00% 102.54% 98.04% 95.99%Allowance for loan losses to total loans 1.34% 1.33% 1.38% 1.31% 1.28%Net charge-offs (recoveries) to average loans - annualized —% —% —% —% (0.02%) Capital Ratios: Average equity to average assets 9.46% 9.34% 9.47% 9.36% 9.02%Equity to total assets at end of period 9.40% 9.22% 9.46% 9.26% 8.99%Total capital to risk-weighted assets (Bank only) 13.43% 13.23% 12.62% 13.01% 13.41%Tier 1 capital to risk-weighted assets (Bank only) 12.18% 11.98% 11.38% 11.78% 12.17%Tier 1 capital to average assets (Bank only) 9.27% 9.22% 9.16% 9.21% 9.40%CET1 capital to risk-weighted assets (Bank only) 12.18% 11.98% 11.38% 11.78% 12.17% Three Months Ended: December 31, 2021 December 31, 2020Selected Operating Data:(in thousands, except per share data)Interest and dividend income$6,824 $7,846 Interest expense 305 526 Net interest income 6,519 7,320 Provision for loan losses — 550 Net interest income after provision for loan losses 6,519 6,770 Service fees on deposit accounts 922 891 Gain on sale of loans 442 1,249 Other non-interest income 465 715 Total non-interest income 1,829 2,855 Compensation and other employee benefits 3,003 3,025 Occupancy, furniture and equipment 559 591 Data processing 795 763 Other non-interest expense 975 1,531 Total non-interest expense 5,332 5,910 Income before income tax expense 3,016 3,715 Income tax expense 798 1,014 Net income$2,218 $2,701 Basic earnings per share$0.88 $1.06 Diluted earnings per share$0.82 $1.03 For the Three Months Ended: December 31, 2021September 30, 2021June 30, 2021March 31, 2021December 31, 2020Selected Operating Data:(in thousands, except per share data)Interest and dividend income$6,824 $7,246 $6,792 $6,915 $7,846 Interest expense 305 330 329 375 526 Net interest income 6,519 6,916 6,463 6,540 7,320 Provision for loan losses — — 500 — 550 Net interest income after provision for loan losses 6,519 6,916 5,963 6,540 6,770 Service fees on deposit accounts 922 987 899 820 891 Gain on sale of loans 442 830 550 1,169 1,249 Other non-interest income 465 323 1,129 420 715 Total non-interest income 1,829 2,140 2,578 2,409 2,855 Compensation and other employee benefits 3,003 3,246 3,050 2,990 3,025 Occupancy, furniture and equipment 559 712 652 639 591 Data processing 795 825 812 778 763 Other non-interest expense 975 1,075 1,038 1,159 1,531 Total non-interest expense 5,332 5,858 5,552 5,566 5,910 Income before income tax expense 3,016 3,198 2,989 3,383 3,715 Income tax expense 798 925 859 958 1,014 Net income$2,218 $2,273 $2,130 $2,425 $2,701 Basic earnings per share$0.88 $0.90 $0.82 $0.95 $1.06 Diluted earnings per share$0.82 $0.85 $0.78 $0.90 $1.03 At or For the Three Months Ended: December 31, 2021 December 31, 2020Selected Financial Performance Ratios: Return on average assets 0.96% 1.20%Return on average equity 10.11% 13.27%Interest rate spread 2.96% 3.49%Net interest margin 2.97% 3.50%Non-interest expense to average total assets 2.30% 2.62%Average interest-earning assets to average interest-bearing liabilities 106.02% 106.05% Per Share and Stock Market Data: Net income per common share$0.88 $1.06 Basic weighted average shares outstanding 2,529,138 2,545,899 Book value per share - excluding unallocated ESOP shares$33.42 $30.69 Book value per share - including unallocated ESOP shares$32.79 $29.54 Closing market price$30.07 $24.01 Price to book ratio - excluding unallocated ESOP shares 89.98% 78.23%Price to book ratio - including unallocated ESOP shares 91.70% 81.28%
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