WEST BEND, Wis., Aug. 5, 2014 /PRNewswire/ -- Westbury
Bancorp, Inc. (NASDAQ: WBB), the holding company (the "Company")
for Westbury Bank (the "Bank"),
today announced net income of $69,000
for the third quarter ended June 30,
2014, compared to a net loss of $1.8
million for the quarter ended March
31, 2014, and a net loss of $446,000 for the third quarter ended June 30, 2013. Net loss for the nine months
ended June 30, 2014 was $1.7 million compared to net income of
$721,000 for the nine months ended
June 30, 2013.
Ray Lipman, Chairman, President
and CEO said, "The results for the most recent quarter reflect
important ongoing progress that we have made toward our primary
goals of growing commercial and retail loans and related
deposits. We have also continued to reduce non-performing
assets, reduce operating expenses and increase service fee
income. We believe the incremental improvement in our core
earnings for the quarter ended June 30,
2014 will continue in the future as we maintain focus on
these goals."
Highlights for the quarter include:
- During the three months ended June 30,
2014, our loan portfolio grew by $24.1 million, or 26.7% annualized growth,
consisting primarily of multifamily, construction, single family,
and commercial business loans and home equity lines of
credit. Our team of experienced commercial lenders is
succeeding in bringing new business to the Bank, allowing us to
leverage our capital position and liquidity levels, resulting in
net loan growth for each of the last three quarters.
- Our non-performing assets have been reduced to $5.0 million, or 0.90% of total assets, at
June 30, 2014, compared to
$5.5 million or 1.01% of assets at
March 31, 2014 and, $10.4 million, or 1.92% of total assets at
September 30, 2013. In
addition, loans delinquent for 30-89 days have decreased to
$1.6 million at June 30, 2014 from $1.9
million at March 31, 2014 and
$7.8 million at September 30, 2013. Net charge-offs were
(0.16)% for the three months ended June 30,
2014 compared to 0.05% for the three months ended
March 31, 2014 and 1.11% for the
three months ended June 30,
2013. These improvements have allowed us to reduce our loan
loss provisions to $350,000 for the
nine months ended June 30, 2014
compared to $1.3 million for the nine
months ended June 30, 2013.
- Service fee income on deposit accounts increased by
$103,000, or 10.7%, for the three
months ended June 30, 2014 compared
to the three months ended March 31,
2014. Service fee income per account increased during the
quarter as new marketing initiatives to increase the number of
debit cards outstanding and the number of transactions per card
have begun to take effect. Non-interest bearing checking
accounts totaled $77.3 million, or
17.2%, of total deposits at June 30,
2014. Checking, savings and money market accounts totaled
$356.8 million, or 79.5%, of total
deposits at that date.
- During the quarter, we closed three branch offices. Two
closings were announced, and real estate was classified as held for
sale and related charges were recorded, during the quarter ended
March 31, 2014. Additional
valuation losses of $252,000 were
recorded in the three months ended June 30,
2014 based on pending offers to purchase after the
properties were exposed to the market. The third branch was
operated in a leased facility in West
Bend for which the lease expired in June 2014. The
closing resulted in a charge of $46,000 in the three months ended June 30, 2014. The customers of that branch
are being served by our two remaining branches in West Bend.
We believe that the closing and consolidation of these branches
will result in reduced operating expenses in the future.
- Recurring non-interest expenses improved to $5.3 million for the three months ended
June 30, 2014 compared to
$5.8 million for the three months
ended March 31, 2014 and $5.8 million for the three months ended
June 30, 2013.
- In May 2014, the Company
announced a plan to repurchase up to 250,000 shares of its
stock. Through June 30, 2014,
we purchased 105,035 shares at an average price of $15.05 per share. We believe our common
stock is an attractive value at current trading prices and that the
deployment of a portion of the Company's capital into this
investment is warranted.
About Westbury Bancorp, Inc.
Westbury Bancorp, Inc. became the holding company for
Westbury Bank as a result of the
completion on April 9, 2013 of the
Bank's conversion from mutual to stock form and the related stock
offering. In the offering the Company sold 5,090,000 shares
of common stock at a price of $10.00
per share for gross offering proceeds of $50,900,000. The Company's common shares
began trading on the NASDAQ Global Market on April 10, 2013 under the symbol "WBB".
Westbury Bank is an independent
community bank with over $540 million
in assets. It is the largest bank, and only publicly traded
bank, headquartered in Washington County. Westbury Bank serves communities in Washington and Waukesha Counties through its nine 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 risk, uncertainties, and
assumptions. 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 and the demand
for the Company's products and services, 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
|
At or For the
Three Months Ended:
|
|
June
30, 2014
|
March 31,
2014
|
December 31,
2013
|
September 30,
2013
|
June
30,
2013
|
Selected Financial
Condition Data:
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
556,477
|
|
$
|
547,494
|
|
$
|
535,588
|
|
$
|
543,282
|
|
$
|
550,519
|
|
Loans receivable,
net
|
380,795
|
|
356,880
|
|
346,411
|
|
342,780
|
|
338,515
|
|
Allowance for loan
losses
|
4,039
|
|
3,898
|
|
3,743
|
|
4,266
|
|
4,563
|
|
Securities available
for sale
|
100,203
|
|
96,407
|
|
108,915
|
|
105,705
|
|
97,120
|
|
Total
liabilities
|
467,782
|
|
457,894
|
|
444,886
|
|
452,680
|
|
460,029
|
|
Deposits
|
448,977
|
|
451,378
|
|
438,625
|
|
440,978
|
|
448,171
|
|
Stockholders'
equity
|
88,695
|
|
89,600
|
|
90,702
|
|
90,602
|
|
90,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.90
|
%
|
1.01
|
%
|
1.15
|
%
|
1.92
|
%
|
1.72
|
%
|
Non-performing loans
to total loans
|
0.52
|
%
|
1.23
|
%
|
1.41
|
%
|
2.52
|
%
|
2.26
|
%
|
Total classified
assets to total assets
|
1.86
|
%
|
1.96
|
%
|
2.04
|
%
|
2.13
|
%
|
2.75
|
%
|
Allowance for loan
losses to non-performing loans
|
202.05
|
%
|
87.91
|
%
|
75.56
|
%
|
48.79
|
%
|
58.83
|
%
|
Allowance for loan
losses to total loans
|
1.05
|
%
|
1.08
|
%
|
1.07
|
%
|
1.24
|
%
|
1.33
|
%
|
Net charge-offs to
average loans (annualized)
|
(0.16)
|
%
|
0.05
|
%
|
0.79
|
%
|
0.44
|
%
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Average equity to
average assets
|
16.15
|
%
|
16.65
|
%
|
16.62
|
%
|
16.54
|
%
|
15.64
|
%
|
Equity to total
assets at end of period
|
15.94
|
%
|
16.37
|
%
|
16.94
|
%
|
16.68
|
%
|
16.44
|
%
|
Total capital to
risk-weighted assets (Bank only)
|
17.20
|
%
|
17.98
|
%
|
18.98
|
%
|
18.85
|
%
|
18.64
|
%
|
Tier 1 capital to
risk-weighted assets (Bank only)
|
16.13
|
%
|
16.88
|
%
|
17.91
|
%
|
17.64
|
%
|
17.39
|
%
|
Tier 1 capital to
average assets (Bank only)
|
11.38
|
%
|
11.52
|
%
|
12.23
|
%
|
12.01
|
%
|
11.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
June 30,
2014
|
|
June 30,
2013
|
|
June 30,
2014
|
|
June 30,
2013
|
Selected Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
$
|
4,502
|
|
|
$
|
4,634
|
|
|
$
|
13,500
|
|
|
$
|
14,366
|
|
Interest
expense
|
394
|
|
|
490
|
|
|
1,217
|
|
|
1,669
|
|
Net interest
income
|
4,108
|
|
|
4,144
|
|
|
12,283
|
|
|
12,697
|
|
Provision for loan
losses
|
—
|
|
|
150
|
|
|
350
|
|
|
1,300
|
|
Net interest income
after provision for loan losses
|
4,108
|
|
|
3,994
|
|
|
11,933
|
|
|
11,397
|
|
Service fees on
deposit accounts
|
1,069
|
|
|
1,026
|
|
|
3,100
|
|
|
3,169
|
|
Gain on sale of
loans, net
|
103
|
|
|
468
|
|
|
167
|
|
|
1,941
|
|
Servicing fee income,
net of amortization and impairment
|
34
|
|
|
93
|
|
|
352
|
|
|
173
|
|
Insurance and
securities sales commissions
|
65
|
|
|
210
|
|
|
259
|
|
|
647
|
|
Rental income from
real estate operations
|
154
|
|
|
152
|
|
|
471
|
|
|
467
|
|
Other non-interest
income
|
87
|
|
|
89
|
|
|
348
|
|
|
989
|
|
Total non-interest
income
|
1,512
|
|
|
2,038
|
|
|
4,697
|
|
|
7,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
non-interest expense
|
5,289
|
|
|
5,818
|
|
|
16,710
|
|
|
17,183
|
|
Non-recurring
non-interest expense items:
|
|
|
|
|
|
|
|
|
|
|
|
Valuation loss
on real estate held for sale
|
252
|
|
|
—
|
|
|
2,216
|
|
|
—
|
|
Branch
realignment
|
46
|
|
|
—
|
|
|
619
|
|
|
—
|
|
Reversal of
deferred compensation accrual upon termination of
agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
(350)
|
|
Contribution
to Westbury Bank charitable foundation
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
Total non-interest
expense
|
5,587
|
|
|
6,818
|
|
|
19,545
|
|
|
17,833
|
|
Income (loss) before
income tax expense
|
33
|
|
|
(786)
|
|
|
(2,915)
|
|
|
950
|
|
Income tax expense
(benefit)
|
(36)
|
|
|
(340)
|
|
|
(1,253)
|
|
|
229
|
|
Net income
(loss)
|
$
|
69
|
|
|
$
|
(446)
|
|
|
$
|
(1,662)
|
|
|
$
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the
Three Months Ended
|
At or For the Nine
Months Ended
|
|
June 30,
2014
|
|
June 30,
2013
|
June 30,
2014
|
|
June 30,
2013
|
Selected Financial
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.05
|
%
|
|
(0.31)
|
%
|
(0.40)
|
%
|
|
0.18
|
%
|
Return on average
equity
|
0.31
|
%
|
|
(1.96)
|
%
|
(2.44)
|
%
|
|
1.57
|
%
|
Interest rate
spread
|
3.38
|
%
|
|
3.52
|
%
|
3.42
|
%
|
|
3.78
|
%
|
Net interest
margin
|
3.41
|
%
|
|
3.52
|
%
|
3.44
|
%
|
|
3.75
|
%
|
Non-interest expense
(less restructuring expense) to average total assets
|
3.85
|
%
|
|
4.69
|
%
|
4.07
|
%
|
|
4.36
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
106.77
|
%
|
|
99.82
|
%
|
106.02
|
%
|
|
95.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share *
|
$
|
0.01
|
|
|
$
|
(0.10)
|
|
$
|
(0.35)
|
|
|
$
|
(0.10)
|
|
Average shares
outstanding
|
4,749,793
|
|
|
4,731,138
|
|
4,750,727
|
|
|
4,731,138
|
|
Book value per share
- excluding unallocated ESOP shares
|
$
|
18.67
|
|
|
$
|
19.13
|
|
$
|
18.67
|
|
|
$
|
19.13
|
|
Book value per share
- including unallocated ESOP shares
|
$
|
17.28
|
|
|
$
|
17.60
|
|
$
|
17.28
|
|
|
$
|
17.60
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earnings per
share for the three and nine months ended June 30, 2013 is adjusted
to include the loss attributed to the period from April 9, 2013
through June 30, 2013 which was the period subsequent to the
initial public offering for the common shares issued.
|
SOURCE Westbury Bancorp, Inc.