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Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2020

Westbury Bancorp, Inc.
·11-min read

WEST BEND, Wis., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.9 million, or $0.76 per common share for the three months ended September 30, 2020, and $7.2 million, or $2.59 per common share, for the year ended September 30, 2020, compared to net income of $1.9 million, or $0.59 per common share for the three months ended September 30, 2019, and net income of $6.9 million, or $2.15 per common share, for the year ended September 30, 2019.

Highlights for the year included:

  • During the year ended September 30, 2020, our net loan portfolio increased by $31.7 million, or 3.70%. The portfolio increase occurred primarily in commercial business - PPP loans, multifamily and home equity line of credit loans, offset by reductions in commercial and industrial loans, and single family loans.

  • During the year ended September 30, 2020, our deposits increased by $47.7 million, or 6.55%. The deposit increases occurred primarily in checking and savings accounts, offset by decreases in certificate of deposit accounts.

  • Net interest income decreased $133,000, or 0.52%, to $25.6 million for the year ended September 30, 2020 compared to $25.7 million for the year ended September 30, 2019. Our net interest margin was 3.14% for the year ended September 30, 2020 compared to 3.24% for the year ended September 30, 2019.

  • Non-performing assets increased to $11.8 million or 1.33% of total assets, at September 30, 2020, compared to $764,000, or 0.09% of total assets, at September 30, 2019. The increase was the result of a large commercial real estate loan being placed into receivership during the year. This relationship had been previously classified at September 30, 2019.

  • Classified assets increased to $13.6 million or 1.53% of total assets, at September 30, 2020, compared to $9.2 million, or 1.07% of total assets, at September 30, 2019. The increase was the result of one newly classified commercial and industrial loan relationship at September 30, 2020.

  • Loans past due 30-89 days increased $157,000, or 174.44%, to $247,000, or 0.01% of net loans, at September 30, 2020 from $90,000, or 0.01% of net loans, at September 30, 2019.

  • As of September 30, 2020, the Bank's COVID-19-related loan modifications totaled $27.9 million compared to $109.4 million as of June 30, 2020.

  • Net charge-offs were 0.04% of average loans for the year ended September 30, 2020, compared to net charge-offs of 0.01% of average loans for the year ended September 30, 2019.

  • The allowance for loan losses was 1.13% of total loans (or 1.25% of total loans excluding PPP loans) as of September 30, 2020 compared to 1.06% at September 30, 2019. The ratio of allowance to total loans increased as the allowance increased while the loan portfolio decreased in size (excluding PPP loans).

  • Non-interest income was $8.0 million for the year ended September 30, 2020, compared to $6.3 million for the year ended September 30, 2019. The increase was primarily the result of increases in gain on sale of loans of $1.8 million.

  • Non-interest expense was $22.2 million for the year ended September 30, 2020, compared to $21.6 million for the year ended September 30, 2019.

  • We have been an active buyer of our stock since the implementation of our first stock repurchase program in May 2014. For the year ended September 30, 2020, we purchased 583,101 shares. In total, since we began our stock repurchase programs in May 2014, we have repurchased 2,656,415 shares, or 51.66% of the shares outstanding in May 2014.

  • Our stock repurchase activity has reduced our average equity to average assets ratio to 8.75% at September 30, 2020 from 16.65% at March 31, 2014, the last quarter end before we began our first stock repurchase program. Additionally, our tangible book value per share increased by $3.76, or 15.2%, to $28.44 at September 30, 2020 from $24.68 at September 30, 2019. Based on our closing share price of $19.50 on September 30, 2020, our price to tangible book value was 68.57% compared to 103.73% on September 30, 2019 based on the closing share price of $25.60 at that date.

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares are traded on the OTCQX Premier Market under the symbol “WBBW”.

Westbury Bank is an independent community bank serving the communities of suburban Milwaukee and Madison in Washington, Waukesha, and Dane Counties (Wisconsin) through its eight full service offices and one loan production office 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.

___________________________________

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, 2020

June 30, 2020

March 31, 2020

December 31, 2019

September 30, 2019

Selected Financial Condition Data:

Total assets

$

887,285

$

905,170

$

817,754

$

833,328

$

855,624

Loans receivable, net

692,391

680,130

642,790

663,265

646,062

Allowance for loan losses

7,908

7,632

7,079

6,986

6,890

Securities available for sale

94,875

91,598

87,088

100,296

102,453

Total liabilities

808,430

827,847

737,936

748,798

773,179

Deposits

776,412

787,825

706,889

720,060

728,696

Stockholders' equity

78,855

77,323

79,818

84,530

82,445

Asset Quality Ratios:

Non-performing assets to total assets

1.33

%

1.31

%

1.39

%

1.09

%

0.08

%

Non-performing loans to total loans

1.25

%

1.28

%

1.29

%

1.36

%

0.11

%

Total classified assets to total assets

1.54

%

1.31

%

1.39

%

1.10

%

1.07

%

Allowance for loan losses to non-performing loans

90.15

%

86.55

%

84.69

%

76.84

%

986.48

%

Allowance for loan losses to total loans

1.13

%

1.11

%

1.09

%

1.04

%

1.06

%

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

0.16

%

%

%

(0.02

%)

%

Capital Ratios:

Average equity to average assets

8.75

%

9.08

%

10.18

%

9.96

%

9.68

%

Equity to total assets at end of period

8.89

%

8.54

%

9.76

%

10.14

%

9.64

%

Total capital to risk-weighted assets (Bank only)

12.98

%

12.82

%

12.71

%

12.47

%

12.80

%

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

11.83

%

11.70

%

11.67

%

11.49

%

11.80

%

Tier 1 capital to average assets (Bank only)

9.03

%

9.00

%

9.65

%

9.68

%

9.59

%

CETI capital to risk-weighted assets (Bank only)

11.83

%

11.70

%

11.67

%

11.49

%

11.37

%


Three Months Ended

Years Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,226

$

8,107

$

30,100

$

32,377

Interest expense

778

1,722

4,550

6,694

Net interest income

6,448

6,385

25,550

25,683

Provision for loan losses

574

100

1,275

850

Net interest income after provision for loan losses

5,874

6,285

24,275

24,833

Service fees on deposit accounts

910

1,051

3,472

4,021

Other non-interest income

1,685

737

4,478

2,245

Total non-interest income

2,595

1,788

7,950

6,266

Compensation and employee benefits

3,141

3,152

12,559

12,485

Occupancy, furniture and equipment

596

578

2,405

2,194

Data processing

787

797

3,129

3,085

Other non-interest expense

1,275

927

4,104

3,821

Total non-interest expense

5,799

5,454

22,197

21,585

Income before income tax expense

2,670

2,619

10,028

9,514

Income tax expense

738

742

2,812

2,629

Net income

$

1,932

$

1,877

$

7,216

$

6,885

Basic earnings per share

$

0.76

$

0.59

$

2.59

$

2.15

Diluted earnings per share

$

0.75

$

0.57

$

2.51

$

2.09


For the Three Months Ended:

September 30, 2020

June 30, 2020

March 31, 2020

December 31, 2019

September 30, 2019

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,226

$

7,334

$

7,692

$

7,848

$

8,107

Interest expense

778

940

1,303

1,529

1,722

Net interest income

6,448

6,394

6,389

6,319

6,385

Provision for loan losses

574

551

90

60

100

Net interest income after provision for loan losses

5,874

5,843

6,299

6,259

6,285

Service fees on deposit accounts

910

747

847

967

1,051

Other non-interest income

1,685

1,183

884

727

737

Total non-interest income

2,595

1,930

1,731

1,694

1,788

Salaries, employee benefits, and commissions

3,141

3,051

3,144

3,224

3,152

Occupancy and furniture and equipment

596

606

670

533

578

Data processing

787

758

795

789

797

Other non-interest expense

1,275

1,076

909

844

927

Total non-interest expense

5,799

5,491

5,518

5,390

5,454

Income before income tax expense

2,670

2,282

2,512

2,563

2,619

Income tax expense

738

633

714

726

742

Net income

$

1,932

$

1,649

$

1,798

$

1,837

$

1,877

Basic earnings per share

$

0.76

$

0.58

$

0.58

$

0.58

$

0.59

Diluted earnings per share

$

0.75

$

0.57

$

0.56

$

0.56

$

0.57


At or For the Three Months Ended

At or For the Year Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Selected Financial Performance Ratios:

Return on average assets

0.86

%

0.89

%

0.83

%

0.82

%

Return on average equity

9.80

%

9.16

%

8.80

%

8.72

%

Interest rate spread

3.02

%

3.16

%

3.11

%

3.20

%

Net interest margin

3.04

%

3.20

%

3.14

%

3.24

%

Non-interest expense to average total assets

2.57

%

2.58

%

2.57

%

2.58

%

Average interest-earning assets to average interest-bearing liabilities

106.08

%

105.89

%

106.08

%

105.89

%

Per Share and Stock Market Data:

Basic earnings per share

$

0.76

$

0.59

$

2.59

$

2.15

Diluted earnings per share

0.75

0.57

2.51

2.09

Basic weighted average shares outstanding

2,532,114

3,155,758

2,790,878

3,203,969

Book value per share - excluding unallocated ESOP shares

$

29.77

$

26.14

$

29.77

$

26.14

Book value per share - including unallocated ESOP shares

$

28.44

$

24.68

$

28.44

$

24.68

Closing market price

$

19.50

$

25.60

$

19.50

$

25.60

Price to book ratio - excluding unallocated ESOP shares

65.50

%

97.93

%

65.50

%

97.93

%

Price to book ratio - including unallocated ESOP shares

68.57

%

103.73

%

68.57

%

103.73

%