Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2021

Rhea-AI Summary

Westbury Bancorp, OTCQX: WBBW, reported a strong performance for the three and nine months ending June 30, 2021. The net income rose to $2.1 million or $0.82 per share for Q3, up from $1.6 million or $0.58 per share in the previous year. For the nine-month period, net income reached $7.3 million or $2.82 per share, compared to $5.3 million or $1.74 per share in 2020. This indicates significant year-over-year growth, showcasing the company’s improving financial health.

Positive

• Net income for Q3 increased by 31.25% year-over-year, reaching $2.1 million.
• Earnings per share for Q3 rose to $0.82, up from $0.58 the previous year.
• For the nine-month period, net income grew to $7.3 million, marking a 37.74% increase compared to $5.3 million in 2020.
• Nine-month earnings per share improved to $2.82 from $1.74.

Negative

• None.

WEST BEND, Wis., July 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.1 million, or $0.82 per common share and $7.3 million, or $2.82 per common share, for the three and nine months ended June 30, 2021 compared to net income of $1.6 million, or $0.58 per common share and $5.3 million, or $1.74 per common share, for the three and nine months ended June 30, 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:
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Selected Financial Condition Data:				(Dollars in thousands)
Total assets	$	905,024		$	892,363		$	906,344		$	887,285		$	905,170
Loans receivable, net	641,790			641,599			653,485			692,391			680,130
Allowance for loan losses	8,992			8,488			8,486			7,908			7,632
Securities available for sale	161,316			136,154			106,201			94,875			91,598
Total liabilities	819,451			809,734			824,873			808,430			827,847
Deposits	808,686			795,687			805,085			776,412			787,825
Stockholders' equity	85,573			82,629			81,471			78,855			77,323
Asset Quality Ratios:
Non-performing assets to total assets	0.97		%	1.31		%	1.35		%	1.33		%	1.31		%
Non-performing loans to total loans	1.35		%	1.33		%	1.34		%	1.25		%	1.28		%
Total classified assets to total assets	1.00		%	1.32		%	1.43		%	1.54		%	1.31		%
Allowance for loan losses to non-performing loans	102.54		%	98.04		%	95.99		%	90.15		%	86.55		%
Allowance for loan losses to total loans	1.38		%	1.31		%	1.28		%	1.13		%	1.11		%
Net charge-offs (recoveries) to average loans - annualized	—		%	—		%	(0.02		%)	0.16		%	—		%
Capital Ratios:
Average equity to average assets	9.47		%	9.36		%	9.02		%	8.75		%	9.08		%
Equity to total assets at end of period	9.46		%	9.26		%	8.99		%	8.89		%	8.54		%
Total capital to risk-weighted assets (Bank only)	12.62		%	13.01		%	13.41		%	12.98		%	12.82		%
Tier 1 capital to risk-weighted assets (Bank only)	11.38		%	11.78		%	12.17		%	11.83		%	11.70		%
Tier 1 capital to average assets (Bank only)	9.16		%	9.21		%	9.40		%	9.03		%	9.00		%
CET1 capital to risk-weighted assets (Bank only)	11.38		%	11.78		%	12.17		%	11.83		%	11.70		%

	Three Months Ended:								Nine Months Ended:
	June 30, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,792			$	7,334			$	21,553			$	22,874
Interest expense	329				940				1,230				3,772
Net interest income	6,463				6,394				20,323				19,102
Provision for loan losses	500				551				1,050				701
Net interest income after provision for loan losses	5,963				5,843				19,273				18,401
Service fees on deposit accounts	899				747				2,611				2,562
Gain on sale of loans	550				766				2,967				1,549
Other non-interest income	1,129				417				2,264				1,244
Total non-interest income	2,578				1,930				7,842				5,355
Compensation and other employee benefits	3,050				3,051				9,065				9,418
Occupancy, furniture and equipment	652				606				1,882				1,809
Data processing	812				758				2,353				2,342
Other non-interest expense	1,038				1,076				3,728				2,829
Total non-interest expense	5,552				5,491				17,028				16,398
Income before income tax expense	2,989				2,282				10,087				7,358
Income tax expense	859				633				2,831				2,074
Net income	$	2,130			$	1,649			$	7,256			$	5,284
Basic earnings per share	$	0.82			$	0.58			$	2.82			$	1.74
Diluted earnings per share	$	0.78			$	0.57			$	2.70			$	1.69

	For the Three Months Ended:
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,792		$	6,915		$	7,846		$	7,226		$	7,334
Interest expense	329			375			526			778			940
Net interest income	6,463			6,540			7,320			6,448			6,394
Provision for loan losses	500			—			550			574			551
Net interest income after provision for loan losses	5,963			6,540			6,770			5,874			5,843
Service fees on deposit accounts	899			820			891			910			747
Gain on sale of loans	550			1,169			1,249			1,087			766
Other non-interest income	1,129			420			715			598			417
Total non-interest income	2,578			2,409			2,855			2,595			1,930
Compensation and other employee benefits	3,050			2,990			3,025			3,141			3,051
Occupancy, furniture and equipment	652			639			591			596			606
Data processing	812			778			763			787			758
Other non-interest expense	1,038			1,159			1,531			1,275			1,076
Total non-interest expense	5,552			5,566			5,910			5,799			5,491
Income before income tax expense	2,989			3,383			3,715			2,670			2,282
Income tax expense	859			958			1,014			738			633
Net income	$	2,130		$	2,425		$	2,701		$	1,932		$	1,649
Basic earnings per share
Diluted earnings per share	$	0.82		$	0.95		$	1.06		$	0.76		$	0.58
	$	0.78		$	0.90		$	1.03		$	0.75		$	0.57

	At or For the Three Months Ended:								At or For the Nine Months Ended:
	June 30, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Selected Financial Performance Ratios:
Return on average assets	0.94		%		0.75		%		1.16		%		0.83		%
Return on average equity	10.06		%		8.22		%		11.69		%		8.50		%
Interest rate spread	3.08		%		3.06		%		3.24		%		3.14		%
Net interest margin	3.09		%		3.08		%		3.25		%		3.18		%
Non-interest expense to average total assets	2.46		%		2.49		%		2.55		%		2.57		%
Average interest-earning assets to average interest-bearing liabilities	104.83		%		104.18		%		104.55		%		105.57		%
Per Share and Stock Market Data:
Net income per common share	$	0.82			$	0.58			$	2.82			$	1.74
Basic weighted average shares outstanding	2,588,034				2,839,880				2,576,022				3,032,099
Book value per share - excluding unallocated ESOP shares	$	32.10			$	28.25			$	32.10			$	28.25
Book value per share - including unallocated ESOP shares	$	31.20			$	26.93			$	31.20			$	26.93
Closing market price	$	28.50			$	19.25			$	28.50			$	19.25
Price to book ratio - excluding unallocated ESOP shares	88.79		%		68.14		%		88.79		%		68.14		%
Price to book ratio - including unallocated ESOP shares	91.35		%		71.48		%		91.35		%		71.48		%

 

FAQ

What were Westbury Bancorp's earnings for Q3 2021?

Westbury Bancorp reported net income of $2.1 million or $0.82 per share for Q3 2021.

How did Westbury Bancorp perform compared to Q3 2020?

In Q3 2021, Westbury Bancorp's net income increased by 31.25% compared to Q3 2020.

What was Westbury Bancorp's nine-month net income for 2021?

For the nine months ended June 30, 2021, Westbury Bancorp reported net income of $7.3 million.

What were the earnings per share for Westbury Bancorp for the nine months ended June 30, 2021?

The earnings per share for the nine months ended June 30, 2021, were $2.82.