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

Rhea-AI Summary

Westbury Bancorp, Inc. (WBBW) reported a net income of $2.3 million, or $0.90 per share, for Q3 2021, an increase from $1.9 million, or $0.76 per share, in Q3 2020. For the fiscal year ending September 30, 2021, net income reached $9.5 million, or $3.70 per share, up from $7.2 million, or $2.59 per share, the previous year. This growth reflects strong financial performance compared to the prior periods, showcasing the Bank's ongoing profitability and operational efficiency.

Positive

• Net income increased to $2.3 million in Q3 2021 from $1.9 million in Q3 2020.
• Full-year net income rose to $9.5 million for the year ended September 30, 2021, compared to $7.2 million in 2020.
• Earnings per share improved to $0.90 for Q3 2021 versus $0.76 for Q3 2020.
• Earnings per share for the year reached $3.70, up from $2.59 the previous year.

Negative

• None.

PEWAUKEE, Wis., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.3 million, or $0.90 per common share for the three months ended September 30, 2021, and $9.5 million, or $3.70 per common share, for the year ended September 30, 2021, compared to net income of $1.9 million, or $0.76 per common share for the three months ended September 30, 2020, and net income of $7.2 million, or $2.59 per common share, for the year ended September 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”.

Westbury Bank is an independent community bank primarily serving communities in Washington and Waukesha Counties (Wisconsin) 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 as defined by the Private Securities Litigation Reform Act of 1995 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. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition, the demand for the Company’s products and services, the Company's ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, the Company's ability to maintain required capital levels and adequate sources of funding and liquidity, the Company's ability to secure confidential information through the use of computer systems and telecommunications networks, and other factors as set forth in filings with the Securities and Exchange Commission. 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.

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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:
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Selected Financial Condition Data:
Total assets	$	921,791		$	905,024		$	892,363		$	906,344		$	887,285
Loans receivable, net	665,166			641,790			641,599			653,485			692,391
Allowance for loan losses	8,995			8,992			8,488			8,486			7,908
Securities available for sale	179,547			161,316			136,154			106,201			94,875
Total liabilities	836,768			819,451			809,734			824,873			808,430
Deposits	812,316			808,686			795,687			805,085			776,412
Stockholders' equity	85,023			85,573			82,629			81,471			78,855
Asset Quality Ratios:
Non-performing assets to total assets	0.95		%	0.97		%	1.31		%	1.35		%	1.33		%
Non-performing loans to total loans	1.30		%	1.35		%	1.33		%	1.34		%	1.25		%
Total classified assets to total assets	0.98		%	1.00		%	1.32		%	1.43		%	1.54		%
Allowance for loan losses to non-performing loans	103.00		%	102.54		%	98.04		%	95.99		%	90.15		%
Allowance for loan losses to total loans	1.33		%	1.38		%	1.31		%	1.28		%	1.13		%
Net charge-offs (recoveries) to average loans - annualized	—		%	—		%	—		%	(0.02		%)	0.16		%
Capital Ratios:
Average equity to average assets	9.34		%	9.47		%	9.36		%	9.02		%	8.75		%
Equity to total assets at end of period	9.22		%	9.46		%	9.26		%	8.99		%	8.89		%
Total capital to risk-weighted assets (Bank only)	13.23		%	12.62		%	13.01		%	13.41		%	12.98		%
Tier 1 capital to risk-weighted assets (Bank only)	11.98		%	11.38		%	11.78		%	12.17		%	11.83		%
Tier 1 capital to average assets (Bank only)	9.22		%	9.16		%	9.21		%	9.40		%	9.03		%
CETI capital to risk-weighted assets (Bank only)	11.98		%	11.38		%	11.78		%	12.17		%	11.83		%

	Three Months Ended									Years Ended
	September 30, 2021					September 30, 2020				September 30, 2021					September 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,246				$	7,226			$	28,799				$	30,100
Interest expense	330					778				1,560					4,550
Net interest income	6,916					6,448				27,239					25,550
Provision for loan losses	—					574				1,050					1,275
Net interest income after provision for loan losses	6,916					5,874				26,189					24,275
Service fees on deposit accounts	987					910				3,598					3,472
Gain on sale of loans	830					1,087				3,797					2,636
Other non-interest income	1,153					598				2,587					1,842
Total non-interest income	2,970					2,595				9,982					7,950
Compensation and employee benefits	3,246					3,141				12,311					12,559
Occupancy, furniture and equipment	712			—		596				2,594			—		2,405
Data processing	825			—		787				3,178			—		3,129
Other non-interest expense	1,075					1,275				4,803					4,104
Total non-interest expense	5,858					5,799				22,886					22,197
Income before income tax expense	3,198					2,670				13,285					10,028
Income tax expense	925					738				3,756					2,812
Net income	$	2,273				$	1,932			$	9,529				$	7,216
Basic earnings per share	$	0.90				$	0.76			$	3.70				$	2.59
Diluted earnings per share	$	0.85				$	0.75			$	3.52				$	2.51

	For the Three Months Ended:
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,246		$	6,792		$	6,915		$	7,846		$	7,226
Interest expense	330			329			375			526			778
Net interest income	6,916			6,463			6,540			7,320			6,448
Provision for loan losses	—			500			—			550			574
Net interest income after provision for loan losses	6,916			5,963			6,540			6,770			5,874
Service fees on deposit accounts	987			899			820			891			910
Gain on sale of loans	830			550			1,169			1,249			1,087
Other non-interest income	1,153			1,129			420			715			598
Total non-interest income	2,970			2,578			2,409			2,855			2,595
Salaries, employee benefits, and commissions	3,246			3,050			2,990			3,025			3,141
Occupancy and furniture and equipment	712			652			639			591			596
Data processing	825			812			778			763			787
Other non-interest expense	1,075			1,038			1,159			1,531			1,275
Total non-interest expense	5,858			5,552			5,566			5,910			5,799
Income before income tax expense	3,198			2,989			3,383			3,715			2,670
Income tax expense	925			859			958			1,014			738
Net income	$	2,273		$	2,130		$	2,425		$	2,701		$	1,932
Basic earnings per share	$	0.90		$	0.82		$	0.95		$	1.06		$	0.76
Diluted earnings per share	$	0.85		$	0.78		$	0.90		$	1.03		$	0.75

	At or For the Three Months Ended								At or For the Year Ended
	September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Selected Financial Performance Ratios:
Return on average assets	0.99		%		0.86		%		1.06		%		0.83		%
Return on average equity	10.46		%		9.80		%		11.34		%		8.80		%
Interest rate spread	3.17		%		3.02		%		3.22		%		3.11		%
Net interest margin	3.18		%		3.04		%		3.23		%		3.14		%
Non-interest expense to average total assets	2.56		%		2.57		%		2.55		%		2.57		%
Average interest-earning assets to average interest-bearing liabilities	105.60		%		106.08		%		105.10		%		106.08		%
Per Share and Stock Market Data:
Basic earnings per share	$	0.90			$	0.76			$	3.70			$	2.59
Diluted earnings per share	0.85				0.75				3.52				2.51
Basic weighted average shares outstanding	2,520,527				2,532,114				2,573,599				2,790,878
Book value per share - excluding unallocated ESOP shares	$	32.95			$	29.77			$	32.95			$	29.77
Book value per share - including unallocated ESOP shares	$	32.21			$	28.44			$	32.21			$	28.44
Closing market price	$	28.95			$	19.90			$	28.95			$	19.90
Price to book ratio - excluding unallocated ESOP shares	87.86		%		66.85		%		87.86		%		66.85		%
Price to book ratio - including unallocated ESOP shares	89.88		%		69.97		%		89.88		%		69.97		%

FAQ

What was Westbury Bancorp's net income for Q3 2021?

Westbury Bancorp reported a net income of $2.3 million for Q3 2021.

How much did Westbury Bancorp earn per share in Q3 2021?

Earnings per share for Q3 2021 were $0.90.

What is the full-year net income for Westbury Bancorp for 2021?

The full-year net income for Westbury Bancorp for 2021 was $9.5 million.

What was the earnings per share for Westbury Bancorp for the year ending September 30, 2021?

Earnings per share for the year was $3.70.

How does Westbury Bancorp's Q3 2021 performance compare to Q3 2020?

Westbury Bancorp's Q3 2021 performance showed an increase in net income from $1.9 million in Q3 2020 to $2.3 million.