WEST BEND, Wis., Jan. 30, 2015 /PRNewswire/ -- Westbury
Bancorp, Inc. (NASDAQ: WBB), the holding company (the "Company")
for Westbury Bank (the "Bank"),
today announced net income of $447,000, or $0.10
per common share, for the three months ended December 31, 2014, compared to net income of
$68,000, or $0.01 per common share, for the three months
ended December 31, 2013, and
$227,000, or $0.05 per common share, for the three months
ended September 30, 2014.
Ray Lipman, Chairman and Chief
Executive Officer, said, "Our strategic goals are to grow
commercial and residential loans and related deposits, reduce
non-performing assets, control operating expenses and increase fee
income to continue to improve earnings. This quarter's
earnings show that we are seeing continued progress toward this
goal. We are confident that our current strategy will
continue to provide revenue growth and enhance long term
shareholder value."
Highlights for the quarter include:
- During the three months ended December
31, 2014, our net loan portfolio grew by $21.3 million, or 20.4% annualized growth. The
portfolio growth consisted primarily of single family, multifamily
and commercial real estate loans. Loan growth over the past
year resulted in an increase in interest and dividend income of
$354,000, or 7.9%, to $4.9 million for the three months ended
December 31, 2014 compared to
$4.5 million for the three months
ended December 31, 2013.
- Our net interest margin was 3.43% for the three months ended
December 31, 2014 compared to 3.49%
for the three months ended December
31, 2013. The yield on interest-earning assets
decreased by 9 basis points, primarily due to the loan growth
experienced during the year, while the cost of funds decreased by 2
basis points.
- Our non-performing assets have been reduced to $3.5 million, or 0.60% of total assets, at
December 31, 2014, compared to
$3.8 million, or 0.67% of assets, at
September 30, 2014 and $6.2 million, or 1.15% of assets, at December 31, 2013.
- Our classified assets have been reduced to $6.0 million, or 1.02% of total assets, at
December 31, 2014, compared to
$6.5 million, or 1.14% of total
assets, at September 30, 2014, and
$10.9 million, or 2.04% of total
assets, at December 31, 2013.
- Annualized net charge-offs remained low at 0.19% of average
loans for the three months ended December
31, 2014, compared to 0.17% of average loans for the three
months ended September 30,
2014, and 0.79% of average loans for the three months ended
December 31, 2013.
- Non-interest income was $1.7
million for the three months ended December 31, 2014 compared to $1.5 million for the three months ended
September 30, 2014 and $1.8 million for the three months ended
December 31, 2013. This is an
increase of $200,000 over the quarter
ended September 30 ,2014 and
$77,000 over the prior year quarter
after excluding the recovery of $161,000 in valuation reserve on originated
mortgage servicing rights which was recorded in the three months
ended December 31, 2013.
- Recurring non-interest expenses decreased $343,000, or 5.6%, to $5.1
million for the three months ended December 31, 2014, compared to $5.4 million for the three months ended
September 30, 2014 and $5.6 million for the three months ended
December 31, 2013. This was
primarily the result of cost savings related to the branches we
closed in 2014 and a reduction in FDIC insurance premiums.
- In August 2014, the Company
completed a program to repurchase 250,000 shares of its stock and
announced a program to repurchase up to an additional 250,000
shares of its stock. Through December
31, 2014, we purchased 76,357 shares under the second
program at an average price of $15.09
per share. In total, under the two repurchase programs, we
have repurchased 326,357 shares at an average price of $15.12 per share through December 31, 2014. 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. is the holding company for Westbury Bank. The Company's common shares
are traded on the Nasdaq Capital Market under the symbol "WBB".
Westbury Bank is an independent
community bank with over $590 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:
|
|
December
31,
2014
|
September
30,
2014
|
June
30,
2014
|
March
31,
2014
|
December
31,
2013
|
Selected Financial
Condition Data:
|
|
|
|
|
|
Total
assets
|
$
|
594,614
|
$
|
568,695
|
$
|
556,477
|
$
|
547,494
|
$
|
535,588
|
Loans receivable,
net
|
438,172
|
416,874
|
380,795
|
356,880
|
346,411
|
Allowance for loan
losses
|
4,224
|
4,072
|
4,039
|
3,898
|
3,743
|
Securities available
for sale
|
83,180
|
90,346
|
100,203
|
96,407
|
108,915
|
Total
liabilities
|
508,088
|
482,208
|
467,782
|
457,894
|
444,886
|
Deposits
|
472,688
|
454,928
|
448,977
|
451,378
|
438,625
|
Stockholders'
equity
|
86,526
|
86,487
|
88,695
|
89,600
|
90,702
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.60%
|
0.67%
|
0.90%
|
1.01%
|
1.15%
|
Non-performing loans
to total loans
|
0.27%
|
0.34%
|
0.52%
|
1.23%
|
1.41%
|
Total classified
assets to total assets
|
1.02%
|
1.14%
|
1.86%
|
1.96%
|
2.04%
|
Allowance for loan
losses to non-performing loans
|
349.96%
|
284.76%
|
202.05%
|
87.91%
|
75.56%
|
Allowance for loan
losses to total loans
|
0.95%
|
0.97%
|
1.05%
|
1.08%
|
1.07%
|
Net charge-offs to
average loans (annualized)
|
0.19%
|
0.17%
|
(0.16)%
|
0.05%
|
0.79%
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
Average equity to
average assets
|
15.01%
|
15.39%
|
16.15%
|
16.65%
|
16.62%
|
Equity to total
assets at end of period
|
14.55%
|
15.21%
|
15.94%
|
16.37%
|
16.94%
|
Total capital to
risk-weighted assets (Bank only)
|
15.81%
|
16.18%
|
17.20%
|
17.98%
|
18.98%
|
Tier 1 capital to
risk-weighted assets (Bank only)
|
14.81%
|
15.17%
|
16.13%
|
16.88%
|
17.91%
|
Tier 1 capital to
average assets (Bank only)
|
10.79%
|
11.13%
|
11.38%
|
11.52%
|
12.23%
|
|
At or For the
Three Months Ended:
|
|
December 31,
2014
|
September 30,
2014
|
June 30,
2014
|
March 31,
2014
|
December 31,
2013
|
Selected Operating
Data:
|
|
|
|
|
|
Interest and dividend
income
|
$
|
4,880
|
$
|
4,822
|
$
|
4,502
|
$
|
4,472
|
$
|
4,526
|
Interest
expense
|
429
|
420
|
394
|
399
|
424
|
Net interest
income
|
4,451
|
4,402
|
4,108
|
4,073
|
4,102
|
Provision for loan
losses
|
350
|
200
|
—
|
200
|
150
|
Net interest income
after provision for loan losses
|
4,101
|
4,202
|
4,108
|
3,873
|
3,952
|
Service fees on
deposit accounts
|
1,156
|
1,089
|
1,069
|
966
|
1,065
|
Gain on sale of
loans, net
|
69
|
47
|
103
|
17
|
47
|
Servicing fee income,
net of amortization and impairment
|
37
|
47
|
34
|
71
|
247
|
Insurance and
securities sales commissions
|
58
|
63
|
65
|
99
|
95
|
Rental income from
real estate operations
|
128
|
150
|
154
|
157
|
160
|
Other non-interest
income
|
226
|
151
|
87
|
117
|
144
|
Total non-interest
income
|
1,674
|
1,547
|
1,512
|
1,427
|
1,758
|
|
|
|
|
|
|
Recurring
non-interest expense
|
5,105
|
5,448
|
5,289
|
5,777
|
5,644
|
Non-recurring
non-interest expense items:
|
|
|
|
|
|
Valuation loss
on real estate held for sale
|
—
|
(7)
|
252
|
1,964
|
—
|
Branch
realignment
|
—
|
—
|
46
|
573
|
—
|
Total non-interest
expense
|
5,105
|
5,441
|
5,587
|
8,314
|
5,644
|
Income (loss) before
income tax expense
|
670
|
308
|
33
|
(3,014)
|
66
|
Income tax expense
(benefit)
|
223
|
81
|
(36)
|
(1,215)
|
(2)
|
Net income
(loss)
|
$
|
447
|
$
|
227
|
$
|
69
|
$
|
(1,799)
|
$
|
68
|
|
At or For the
Three Months Ended
|
|
December 31,
2014
|
|
December 31,
2013
|
Selected Financial
Performance Ratios:
|
|
|
|
Return on average
assets
|
0.31%
|
|
0.05%
|
Return on average
equity
|
2.05%
|
|
0.30%
|
Interest rate
spread
|
3.40%
|
|
3.47%
|
Net interest
margin
|
3.43%
|
|
3.49%
|
Non-interest expense
to average total assets
|
3.52%
|
|
4.12%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
107.32%
|
|
105.19%
|
|
|
|
|
Per Share
Data:
|
|
|
|
Net income per common
share
|
$
|
0.10
|
|
$
|
0.01
|
Average shares
outstanding
|
4,459,616
|
|
4,749,422
|
Book value per share
- excluding unallocated ESOP shares
|
$
|
18.61
|
|
$
|
19.09
|
Book value per share
- including unallocated ESOP shares
|
$
|
17.24
|
|
$
|
17.64
|
Closing market
price
|
$
|
16.40
|
|
$
|
13.95
|
Price to book ratio -
excluding unallocated ESOP shares
|
88.12%
|
|
73.07%
|
Price to book ratio -
including unallocated ESOP shares
|
95.13%
|
|
79.08%
|
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SOURCE Westbury Bancorp, Inc.