WEST BEND, Wis., July 24, 2015 /PRNewswire/ -- Westbury Bancorp,
Inc. (NASDAQ: WBB), the holding company (the "Company") for
Westbury Bank (the "Bank"), today
announced net income of $110,000, or
$0.03 per common share, and
$1.0 million, or $0.25 per common share, for the three and nine
months ended June 30, 2015,
respectively, compared to net income of $69,000, or $0.01
per common share, and a net loss of $1.7
million, or $(0.35) per common
share, for the three and nine months ended June 30, 2014, respectively.
Ray Lipman, Chairman and Chief
Executive Officer, said, "For this quarter, compared to the first
two quarters of the year, our earnings decreased due to decisions
made by management that will ultimately contribute to progress
toward our long-term goal of earnings growth. We made the
decision to close an underperforming branch office and to buyout a
service contract. These decisions reduced earnings this
quarter but are expected to reduce expenses in future periods for
the Company. Without the impact of these non-recurring
expenses and the large OREO valuation adjustment discussed below,
our net income for the quarter would have continued the growth
trend from the previous four quarters."
Greg Remus, President, added,
"Our growth goals are being accomplished through executing our
strategic plan to build upon strong commercial and personal banking
relationships to increase commercial and residential loans and
related deposits, reduce non-performing assets, control operating
expenses and increase non-interest income to continue to improve
our performance. We are also using capital management
initiatives such as our current stock repurchase program to deploy
excess capital and maximize the return on our shareholders'
investment in the Company. We are confident that our current
strategy will continue to provide revenue and earnings growth and
enhance long-term shareholder value."
Highlights for the nine months and the quarter include:
- During the nine months ended June 30,
2015, our net loan portfolio grew by $69.6 million, or 22.3% annualized growth. The
portfolio growth consisted primarily of single family, multifamily
and commercial real estate loans. Loan growth was the primary
driver of an increase in total interest and dividend income of
$783,000, or 17.4%, to $5.3 million for the three months ended
June 30, 2015 compared to
$4.5 million for the three months
ended June 30, 2014, and an increase
of $1.8 million, or 13.2%, to
$15.3 million for the nine months
ended June 30, 2015 compared to
$13.5 million for the nine months
ended June 30, 2014.
- During the nine months ended June 30,
2015, our deposits increased by $67.1
million, or 19.7% annualized growth. Deposit growth was the
primary driver of an increase in total interest expense of
$124,000, or 31.5%, to $518,000 for the three months ended June 30, 2015 compared to $394,000 for the three months ended June 30, 2014, and an increase of $190,000, or 15.6%, to $1.4 million for the nine months ended
June 30, 2015 compared to
$1.2 million for the nine months
ended June 30, 2014.
- Net interest income increased $659,000, or 16.0%, to $4.8 million for the three months ended
June 30, 2015 compared to
$4.1 million for the three months
ended June 30, 2014, and by
$1.6 million, or 13.0%, to
$13.9 million for the nine months
ended June 30, 2015 compared to
$12.3 million for the nine months
ended June 30, 2014. Our net interest
margin was 3.41% for the nine months ended June 30, 2015 compared to 3.44% for the nine
months ended June 30, 2014. The yield
on interest-earning assets decreased by 3 basis points, primarily
due to the loan growth in the current low rate environment
experienced during the nine months ended June 30, 2015, while the cost of funds was
unchanged.
- Non-performing assets have decreased to $2.5 million, or 0.39% of total assets, at
June 30, 2015, compared to
$3.8 million, or 0.67% of total
assets, at September 30, 2014 and
$5.0 million, or 0.90% of total
assets, at June 30, 2014.
- Classified assets have decreased to $4.6
million, or 0.73% of total assets, at June 30, 2015, compared to $6.5 million, or 1.14% of total assets, at
September 30, 2014, and $10.3 million, or 1.86% of total assets, at
June 30, 2014.
- Annualized net charge-offs remained low at 0.08% of average
loans for the three months ended June 30,
2015, compared to (0.16)% of average loans for the three
months ended June 30, 2014.
Annualized net charge-offs decreased to 0.10% of average loans for
the nine months ended June 30, 2015,
compared to 0.22% of average loans for the nine months ended
June 30, 2014.
- Non-interest income was $1.6
million for the three months ended June 30, 2015 compared to $1.6 million for the three months ended
March 31, 2015 and $1.5 million for the three months ended
June 30, 2014, and $4.9 million for the nine months ended
June 30, 2015, compared to
$4.7 million for the nine months
ended June 30, 2014.
- Recurring non-interest expenses increased $243,000, or 4.7%, to $5.5
million for the three months ended June 30, 2015, compared to $5.2 million for the three months ended
March 31, 2015 and increased by
$176,000, or 3.3%, compared to
$5.3 million for the three months
ended June 30, 2014. The increase
compared to the three months ended March 31,
2015 was the result of a valuation adjustment of
$254,000 recorded on our interest in
a foreclosed property managed by the lead lender on a loan
participation purchased by a predecessor bank acquired by the
Company in 2008. The improvement from the three months ended
June 30, 2014, was primarily the
result of cost savings related to the branches we closed in 2014
and a reduction in FDIC insurance premiums.
- Non-recurring non-interest expenses during the three months
ended June 30, 2015 resulted from the
decision to close an underperforming branch office and the buyout
of a service contract during the quarter.
- During the quarter, we continued our stock repurchase programs.
For the three months ended June 30,
2015, we purchased 114,869 shares at an average price of
$17.44 per share. In total, since we
began our stock repurchase programs in May
2014, we have repurchased 933,026 shares, or 18.1% of the
shares outstanding in May 2014, at an
average price of $16.55 per share
through June 30, 2015. Our stock
repurchase activity has reduced our equity to average assets ratio
from 16.65% at March 31, 2014 to
12.48% at June 30, 2015 and increased
our tangible book value per share from $17.42 at March 31,
2014 to $17.49 at June 30, 2015.
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 serving communities in Washington, Waukesha and Outagamie Counties 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 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,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
June 30,
2014
|
|
Selected Financial
Condition Data:
|
(Dollars in
thousands)
|
|
Total
assets
|
$
|
629,380
|
|
$
|
610,134
|
|
$
|
594,614
|
|
$
|
568,695
|
|
$
|
556,477
|
|
|
Loans receivable,
net
|
486,497
|
|
467,447
|
|
438,172
|
|
416,874
|
|
380,795
|
|
|
Allowance for loan
losses
|
4,536
|
|
4,483
|
|
4,224
|
|
4,072
|
|
4,039
|
|
|
Securities available
for sale
|
79,450
|
|
77,881
|
|
83,180
|
|
90,346
|
|
100,203
|
|
|
Total
liabilities
|
552,379
|
|
530,998
|
|
508,088
|
|
482,208
|
|
467,782
|
|
|
Deposits
|
522,031
|
|
512,047
|
|
472,688
|
|
454,928
|
|
448,977
|
|
|
Stockholders'
equity
|
77,001
|
|
79,136
|
|
86,526
|
|
86,487
|
|
88,695
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.39
|
%
|
0.52
|
%
|
0.60
|
%
|
0.67
|
%
|
0.90
|
%
|
|
Non-performing loans
to total loans
|
0.21
|
%
|
0.23
|
%
|
0.27
|
%
|
0.34
|
%
|
0.52
|
%
|
|
Total classified
assets to total assets
|
0.73
|
%
|
0.82
|
%
|
1.02
|
%
|
1.14
|
%
|
1.86
|
%
|
|
Allowance for loan
losses to non-performing loans
|
434.90
|
%
|
412.04
|
%
|
349.96
|
%
|
284.76
|
%
|
202.05
|
%
|
|
Allowance for loan
losses to total loans
|
0.92
|
%
|
0.95
|
%
|
0.95
|
%
|
0.97
|
%
|
1.05
|
%
|
|
Net charge-offs to
average loans (annualized)
|
0.08
|
%
|
0.04
|
%
|
0.19
|
%
|
0.17
|
%
|
(0.16)
|
%
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
Average equity to
average assets
|
12.48
|
%
|
13.72
|
%
|
15.01
|
%
|
15.39
|
%
|
16.15
|
%
|
|
Equity to total
assets at end of period
|
12.23
|
%
|
12.97
|
%
|
14.55
|
%
|
15.21
|
%
|
15.94
|
%
|
|
Total capital to
risk-weighted assets (Bank only)
|
13.50
|
%
|
14.11
|
%
|
15.81
|
%
|
16.18
|
%
|
17.20
|
%
|
|
Tier 1 capital to
risk-weighted assets (Bank only)
|
12.61
|
%
|
13.18
|
%
|
14.81
|
%
|
15.17
|
%
|
16.13
|
%
|
|
Tier 1 capital to
average assets (Bank only)
|
10.26
|
%
|
10.57
|
%
|
10.79
|
%
|
11.13
|
%
|
11.38
|
%
|
|
CET1 capital to
risk-weighted assets (Bank only)
|
12.61
|
%
|
13.18
|
%
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
|
Selected Operating
Data:
|
(in
thousands)
|
|
Interest and dividend
income
|
$
|
5,285
|
|
|
$
|
4,502
|
|
|
$
|
15,285
|
|
|
$
|
13,500
|
|
|
Interest
expense
|
518
|
|
|
394
|
|
|
1,407
|
|
|
1,217
|
|
|
Net interest
income
|
4,767
|
|
|
4,108
|
|
|
13,878
|
|
|
12,283
|
|
|
Provision for loan
losses
|
150
|
|
|
—
|
|
|
800
|
|
|
350
|
|
|
Net interest income
after provision for loan losses
|
4,617
|
|
|
4,108
|
|
|
13,078
|
|
|
11,933
|
|
|
Service fees on
deposit accounts
|
1,081
|
|
|
1,069
|
|
|
3,236
|
|
|
3,100
|
|
|
Gain on sale of
loans, net
|
79
|
|
|
103
|
|
|
322
|
|
|
167
|
|
|
Servicing fee income,
net of amortization and impairment
|
69
|
|
|
34
|
|
|
112
|
|
|
352
|
|
|
Insurance and
securities sales commissions
|
78
|
|
|
65
|
|
|
234
|
|
|
259
|
|
|
Rental income from
real estate operations
|
146
|
|
|
154
|
|
|
422
|
|
|
471
|
|
|
Other non-interest
income
|
153
|
|
|
87
|
|
|
565
|
|
|
348
|
|
|
Total non-interest
income
|
1,606
|
|
|
1,512
|
|
|
4,891
|
|
|
4,697
|
|
|
|
|
|
|
|
|
|
|
Recurring
non-interest expense
|
5,465
|
|
|
5,289
|
|
|
15,792
|
|
|
16,710
|
|
|
Non-recurring
non-interest expense items:
|
|
|
|
|
|
|
|
|
Valuation
loss on real estate held for sale
|
—
|
|
|
252
|
|
|
—
|
|
|
2,216
|
|
|
Branch
realignment
|
250
|
|
|
46
|
|
|
250
|
|
|
619
|
|
|
Buyout of
service contract
|
350
|
|
|
—
|
|
|
350
|
|
|
—
|
|
|
Total non-interest
expense
|
6,065
|
|
|
5,587
|
|
|
16,392
|
|
|
19,545
|
|
|
Income (loss) before
income tax expense
|
158
|
|
|
33
|
|
|
1,577
|
|
|
(2,915)
|
|
|
Income tax expense
(benefit)
|
48
|
|
|
(36)
|
|
|
536
|
|
|
(1,253)
|
|
|
Net income
(loss)
|
$
|
110
|
|
|
$
|
69
|
|
|
$
|
1,041
|
|
|
$
|
(1,662)
|
|
|
|
|
|
|
|
|
|
|
At or For the
Three Months Ended:
|
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
June 30,
2014
|
March 31,
2014
|
|
Selected Operating
Data:
|
(in
thousands)
|
|
Interest and dividend
income
|
$
|
5,285
|
|
$
|
5,120
|
|
$
|
4,880
|
|
$
|
4,822
|
|
$
|
4,502
|
|
$
|
4,472
|
|
|
Interest
expense
|
518
|
|
460
|
|
429
|
|
420
|
|
394
|
|
399
|
|
|
Net interest
income
|
4,767
|
|
4,660
|
|
4,451
|
|
4,402
|
|
4,108
|
|
4,073
|
|
|
Provision for loan
losses
|
150
|
|
300
|
|
350
|
|
200
|
|
—
|
|
200
|
|
|
Net interest income
after provision for loan losses
|
4,617
|
|
4,360
|
|
4,101
|
|
4,202
|
|
4,108
|
|
3,873
|
|
|
Service fees on
deposit accounts
|
1,081
|
|
999
|
|
1,156
|
|
1,089
|
|
1,069
|
|
966
|
|
|
Gain on sale of
loans, net
|
79
|
|
174
|
|
69
|
|
47
|
|
103
|
|
17
|
|
|
Servicing fee income,
net of amortization and impairment
|
69
|
|
6
|
|
37
|
|
47
|
|
34
|
|
71
|
|
|
Insurance and
securities sales commissions
|
78
|
|
98
|
|
58
|
|
63
|
|
65
|
|
99
|
|
|
Rental income from
real estate operations
|
146
|
|
148
|
|
128
|
|
150
|
|
154
|
|
157
|
|
|
Other non-interest
income
|
153
|
|
186
|
|
226
|
|
151
|
|
87
|
|
117
|
|
|
Total non-interest
income
|
1,606
|
|
1,611
|
|
1,674
|
|
1,547
|
|
1,512
|
|
1,427
|
|
|
|
|
|
|
|
|
|
Recurring
non-interest expense
|
5,465
|
|
5,222
|
|
5,105
|
|
5,448
|
|
5,289
|
|
5,777
|
|
|
Non-recurring
non-interest expense items:
|
|
|
|
|
|
|
|
Valuation
loss on real estate held for sale
|
—
|
|
—
|
|
—
|
|
(7)
|
|
252
|
|
1,964
|
|
|
Branch
realignment
|
250
|
|
—
|
|
—
|
|
—
|
|
46
|
|
573
|
|
|
Buyout of
service contract
|
350
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total non-interest
expense
|
6,065
|
|
5,222
|
|
5,105
|
|
5,441
|
|
5,587
|
|
8,314
|
|
|
Income (loss) before
income tax expense
|
158
|
|
749
|
|
670
|
|
308
|
|
33
|
|
(3,014)
|
|
|
Income tax expense
(benefit)
|
48
|
|
265
|
|
223
|
|
81
|
|
(36)
|
|
(1,215)
|
|
|
Net income
(loss)
|
$
|
110
|
|
$
|
484
|
|
$
|
447
|
|
$
|
227
|
|
$
|
69
|
|
$
|
(1,799)
|
|
|
At or For the
Three Months Ended
|
At or For the Nine
Months Ended
|
|
June 30,
2015
|
|
June 30,
2014
|
June 30,
2015
|
|
June 30,
2014
|
|
Selected Financial
Performance Ratios:
|
|
|
|
|
|
|
|
Return on average
assets
|
0.07
|
%
|
|
0.05
|
%
|
0.23
|
%
|
|
(0.40)
|
%
|
|
Return on average
equity
|
0.56
|
%
|
|
0.31
|
%
|
1.66
|
%
|
|
(2.44)
|
%
|
|
Interest rate
spread
|
3.39
|
%
|
|
3.38
|
%
|
3.39
|
%
|
|
3.42
|
%
|
|
Net interest
margin
|
3.40
|
%
|
|
3.41
|
%
|
3.41
|
%
|
|
3.44
|
%
|
|
Non-interest expense
to average total assets
|
3.83
|
%
|
|
4.07
|
%
|
3.57
|
%
|
|
4.76
|
%
|
|
Average
interest-earning assets to average interest-bearing
liabilities
|
102.49
|
%
|
|
106.77
|
%
|
104.26
|
%
|
|
106.02
|
%
|
|
|
|
|
|
|
|
|
Per Share and
Stock Market Data:
|
|
|
|
|
|
|
|
Net income (loss) per
common share
|
$
|
0.03
|
|
|
$
|
0.01
|
|
$
|
0.25
|
|
|
$
|
(0.35)
|
|
|
Basic weighted
average shares outstanding
|
3,900,866
|
|
|
4,749,793
|
|
4,217,149
|
|
|
4,750,727
|
|
|
Book value per share
- excluding unallocated ESOP shares
|
$
|
19.05
|
|
|
$
|
18.25
|
|
$
|
19.05
|
|
|
$
|
18.25
|
|
|
Book value per share
- including unallocated ESOP shares
|
$
|
17.49
|
|
|
$
|
16.92
|
|
$
|
17.49
|
|
|
$
|
16.92
|
|
|
Closing market
price
|
$
|
17.33
|
|
|
$
|
15.11
|
|
$
|
17.33
|
|
|
$
|
15.11
|
|
|
Price to book ratio -
excluding unallocated ESOP shares
|
90.97
|
%
|
|
82.79
|
%
|
90.97
|
%
|
|
82.79
|
%
|
|
Price to book ratio -
including unallocated ESOP shares
|
99.09
|
%
|
|
89.30
|
%
|
99.09
|
%
|
|
89.30
|
%
|
Logo -
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visit:http://www.prnewswire.com/news-releases/westbury-bancorp-inc-reports-net-income-for-the-three-and-nine-months-ended-june-30-2015-300118601.html
SOURCE Westbury Bancorp, Inc.