Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2021

Rhea-AI Summary

Westbury Bancorp, the holding company for Westbury Bank, reported a net income of $2.4 million or $0.95 per share for Q2 2021, compared to $1.8 million or $0.58 per share in Q2 2020. For the six months ending March 31, 2021, the net income reached $5.1 million or $2.01 per share, up from $3.6 million or $1.16 per share for the same period last year. These figures demonstrate a significant improvement in earnings year-over-year, reflecting strong financial performance.

Positive

• Net income increased to $2.4 million for the three months ended March 31, 2021.
• Earnings per share rose to $0.95 in Q2 2021, up from $0.58 in Q2 2020.
• Net income for the six months ended March 31, 2021 climbed to $5.1 million compared to $3.6 million during the same period last year.
• Earnings per share for the six months increased to $2.01 from $1.16 year-over-year.

Negative

• None.

WEST BEND, Wis., April 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.4 million, or $0.95 per common share and $5.1 million, or $2.01 per common share, for the three and six months ended March 31, 2021 compared to net income of $1.8 million, or $0.58 per common share and $3.6 million, or $1.16 per common share, for the three and six months ended March 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:
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Selected Financial Condition Data:				(Dollars in thousands)
Total assets	$	892,363		$	906,344		$	887,285		$	905,170		$	817,754
Loans receivable, net	641,599			653,485			692,391			680,130			642,790
Allowance for loan losses	8,488			8,486			7,908			7,632			7,079
Securities available for sale	136,154			106,201			94,875			91,598			87,088
Total liabilities	809,734			824,873			808,430			827,847			737,936
Deposits	795,687			805,085			776,412			787,825			706,889
Stockholders' equity	82,629			81,471			78,855			77,323			79,818
Asset Quality Ratios:
Non-performing assets to total assets	1.31		%	1.35		%	1.33		%	1.31		%	1.39		%
Non-performing loans to total loans	1.33		%	1.34		%	1.25		%	1.28		%	1.29		%
Total classified assets to total assets	1.32		%	1.43		%	1.54		%	1.31		%	1.39		%
Allowance for loan losses to non-performing loans	98.04		%	95.99		%	90.15		%	86.55		%	84.69		%
Allowance for loan losses to total loans	1.31		%	1.28		%	1.13		%	1.11		%	1.09		%
Net charge-offs (recoveries) to average loans - annualized	—		%	(0.02		%)	0.16		%	—		%	—		%
Capital Ratios:
Average equity to average assets	9.30		%	9.02		%	8.75		%	9.08		%	10.18		%
Equity to total assets at end of period	9.26		%	8.99		%	8.89		%	8.54		%	9.76		%
Total capital to risk-weighted assets (Bank only)	13.01		%	13.41		%	12.98		%	12.82		%	12.71		%
Tier 1 capital to risk-weighted assets (Bank only)	11.78		%	12.17		%	11.83		%	11.70		%	11.67		%
Tier 1 capital to average assets (Bank only)	9.21		%	9.40		%	9.03		%	9.00		%	9.65		%
CET1 capital to risk-weighted assets (Bank only)	11.78		%	12.17		%	11.83		%	11.70		%	11.67		%

	Three Months Ended:								Six Months Ended:
	March 31, 2021				March 31, 2020				March 31, 2021				March 31, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,915			$	7,692			$	14,761			$	15,541
Interest expense	375				1,303				902				2,833
Net interest income	6,540				6,389				13,859				12,708
Provision for loan losses	—				90				550				150
Net interest income after provision for loan losses	6,540				6,299				13,309				12,558
Service fees on deposit accounts	820				847				1,711				1,814
Gain on sale of loans	1,169				365				2,417				804
Other non-interest income	420				519				1,137				807
Total non-interest income	2,409				1,731				5,265				3,425
Compensation and other employee benefits	2,990				3,144				6,015				6,367
Occupancy, furniture and equipment	639				670				1,230				1,203
Data processing	778				795				1,541				1,584
Other non-interest expense	1,159				909				2,690				1,754
Total non-interest expense	5,566				5,518				11,476				10,908
Income before income tax expense	3,383				2,512				7,098				5,075
Income tax expense	958				714				1,972				1,440
Net income	$	2,425			$	1,798			$	5,126			$	3,635
Basic earnings per share	$	0.95			$	0.58			$	2.01			$	1.16
Diluted earnings per share	$	0.90			$	0.56			$	1.93			$	1.12

	For the Three Months Ended:
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,915		$	7,846		$	7,226		$	7,334		$	7,692
Interest expense	375			526			778			940			1,303
Net interest income	6,540			7,320			6,448			6,394			6,389
Provision for loan losses	—			550			574			551			90
Net interest income after provision for loan losses	6,540			6,770			5,874			5,843			6,299
Service fees on deposit accounts	820			891			910			747			847
Gain on sale of loans	1,169			1,249			1,087			766			419
Other non-interest income	420			715			598			417			465
Total non-interest income	2,409			2,855			2,595			1,930			1,731
Compensation and other employee benefits	2,990			3,025			3,141			3,051			3,144
Occupancy, furniture and equipment	639			591			596			606			670
Data processing	778			763			787			758			795
Other non-interest expense	1,159			1,531			1,275			1,076			909
Total non-interest expense	5,566			5,910			5,799			5,491			5,518
Income before income tax expense	3,383			3,715			2,670			2,282			2,512
Income tax expense	958			1,014			738			633			714
Net income	$	2,425		$	2,701		$	1,932		$	1,649		$	1,798
Basic earnings per share	$	0.95		$	1.06		$	0.76		$	0.58		$	0.58
Diluted earnings per share	$	0.90		$	1.03		$	0.75		$	0.57		$	0.56

	At or For the Three Months Ended:								At or For the Six Months Ended:
	March 31, 2021				March 31, 2020				March 31, 2021				March 31, 2020
Selected Financial Performance Ratios:
Return on average assets	1.11		%		0.88		%		1.16		%		0.87		%
Return on average equity	11.80		%		8.60		%		12.53		%		8.64		%
Interest rate spread	3.20		%		3.25		%		3.34		%		3.18		%
Net interest margin	3.21		%		3.29		%		3.35		%		3.23		%
Non-interest expense to average total assets	2.55		%		2.69		%		2.59		%		2.61		%
Average interest-earning assets to average interest-bearing liabilities	104.13		%		106.02		%		104.41		%		106.22		%
Per Share and Stock Market Data:
Net income per common share	$	0.95			$	0.58			$	2.01			$	1.16
Basic weighted average shares outstanding	2,564,148				3,090,270				2,554,994				3,127,684
Book value per share - excluding unallocated ESOP shares	$	30.69			$	27.09			$	30.69			$	27.09
Book value per share - including unallocated ESOP shares	$	29.97			$	25.78			$	29.97			$	25.78
Closing market price	$	28.75			$	21.50			$	28.75			$	21.50
Price to book ratio - excluding unallocated ESOP shares	93.68		%		79.37		%		93.68		%		79.37		%
Price to book ratio - including unallocated ESOP shares	95.93		%		83.40		%		95.93		%		83.40		%

FAQ

What is Westbury Bancorp's net income for Q2 2021?

Westbury Bancorp reported a net income of $2.4 million for Q2 2021.

How much did Westbury Bancorp earn per share in Q2 2021?

The earnings per share for Westbury Bancorp in Q2 2021 was $0.95.

What was the year-over-year growth in net income for Westbury Bancorp?

Westbury Bancorp's net income grew from $1.8 million in Q2 2020 to $2.4 million in Q2 2021.

What was the net income for the six months ending March 31, 2021?

The net income for the six months ended March 31, 2021 was $5.1 million.

How much did Westbury Bancorp earn per share for the six months ended March 31, 2021?

Earnings per share for the six months ended March 31, 2021 was $2.01.