There were 16 press releases posted in the last 24 hours and 150,117 in the last 365 days.

Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2017

/EIN News/ -- WEST BEND, Wis., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $314,000, or $0.09 per common share for the three months ended December 31, 2017 compared to net income of $747,000, or $0.20 per common share for the three months ended December 31, 2016. 

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased that we are able to report net income for the quarter, even after the negative impact of the one-time adjustment to our deferred tax asset due to the passage of Federal tax reform in December 2017 which reduced the Federal corporate tax rate to 21% as of January 1, 2018.  The adjustment to the deferred tax asset resulted in $923,000 of additional income tax expense, or $0.26 per common share and $0.25 per diluted common share, which directly impacted net income for the quarter.  However, the reduced tax rate will result in reduced Federal income tax expense for the Company for fiscal 2018 and beyond."

Emerich continued, "During the quarter, we continued our stock repurchase program.  For the three months ended December 31, 2017, we purchased 175,195 shares.  As of December 31, 2017, there were 3,836,957 shares of common stock outstanding."

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 serving communities in Washington, Waukesha and Dane 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 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, changes in regulatory requirements and applicable tax provisions and obligations impacting the Company, adverse changes in financial industry, securities, credit and local real estate markets and changes in the concentration levels for the Bank's loan portfolio. 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
262-334-5563

   
  At or For the Three Months Ended:
  December
31, 2017
September
30, 2017
June 30,
2017
March 31,
2017
December
31, 2016
Selected Financial Condition Data: (Dollars in thousands)
Total assets $ 810,391   $ 790,289   $ 795,915   $ 755,541   $ 732,996  
Loans receivable, net 614,531   601,988   571,281   551,611   543,220  
Allowance for loan losses 5,765   5,760   5,612   5,560   5,451  
Securities available for sale 114,946   122,601   122,338   115,208   101,997  
Total liabilities 732,829   709,205   716,124   676,461   654,684  
Deposits 679,467   675,797   687,486   645,313   629,852  
Stockholders' equity 77,562   81,084   79,791   79,080   78,312  
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.03 % 0.04 % 0.04 % 0.07 % 0.10 %
Non-performing loans to total loans 0.04 % 0.05 % 0.03 % 0.09 % 0.13 %
Total classified assets to total assets 0.16 % 0.26 % 0.32 % 0.85 % 0.47 %
Allowance for loan losses to non-performing loans 2,382.23 % 2,035.34 % 2,806.00 % 1,079.61 % 775.39 %
Allowance for loan losses to total loans 0.93 % 0.95 % 0.97 % 1.00 % 0.99 %
Net charge-offs (recoveries) to average loans - annualized % (0.03 )% % (0.01 )% (0.01 )%
           
Capital Ratios:          
Average equity to average assets 9.67 % 9.79 % 10.08 % 10.28 % 10.76 %
Equity to total assets at end of period 9.57 % 10.26 % 10.03 % 10.47 % 10.68 %
Total capital to risk-weighted assets (Bank only) 12.74 % 12.66 % 12.76 % 12.87 % 13.01 %
Tier 1 capital to risk-weighted assets (Bank only) 11.85 % 11.76 % 11.86 % 11.95 % 12.10 %
Tier 1 capital to average assets (Bank only) 9.66 % 9.58 % 9.77 % 10.03 % 10.17 %
CET1 capital to risk-weighted assets (Bank only) 11.85 % 11.76 % 11.86 % 11.95 % 12.10 %
                     


  At or For the Three Months
Ended:
  December 31,
2017
  December 31,
2016
Selected Financial Performance Ratios:      
Return on average assets 0.16 %   0.42 %
Return on average equity 1.65 %   3.92 %
Interest rate spread 3.22 %   3.19 %
Net interest margin 3.24 %   3.22 %
Non-interest expense to average total assets 2.88 %   3.12 %
Average interest-earning assets to average interest-bearing liabilities 105.10 %   105.47 %
       
Per Share and Stock Market Data:      
Net income per common share $ 0.09     $ 0.20  
Basic weighted average shares outstanding 3,559,784     3,661,351  
Book value per share - excluding unallocated ESOP shares $ 21.98     $ 21.39  
Book value per share - including unallocated ESOP shares $ 20.35     $ 19.69  
Closing market price $ 23.00     $ 20.70  
Price to book ratio - excluding unallocated ESOP shares 104.64 %   96.77 %
Price to book ratio - including unallocated ESOP shares 113.02 %   105.13 %
           


  Three Months Ended:
  December 31,
2017
  December 31,
2016
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 6,972     $ 5,924  
Interest expense 1,037     717  
Net interest income 5,935     5,207  
Provision for loan losses     200  
Net interest income after provision for loan losses 5,935     5,007  
Service fees on deposit accounts 952     989  
Other non-interest income 548     679  
Total non-interest income 1,500     1,668  
       
Compensation and other employee benefits 2,955     2,942  
Occupancy, furniture and equipment 531     536  
Data processing 929     806  
Other non-interest expense 1,264     1,235  
Total non-interest expense 5,679     5,519  
Income before income tax expense 1,756     1,156  
Income tax expense 1,442     409  
Net income $ 314     $ 747  
       
Basic earnings per share $ 0.09     $ 0.20  
Diluted earnings per share $ 0.09     $ 0.20  
               


  For the Three Months Ended:
  December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 6,972   $ 6,787   $ 6,442   $ 6,093   $ 5,924  
Interest expense 1,037   991   906   795   717  
Net interest income 5,935   5,796   5,536   5,298   5,207  
Provision for loan losses   100   50   100   200  
Net interest income after provision for loan losses 5,935   5,696   5,486   5,198   5,007  
Service fees on deposit accounts 952   1,004   994   932   989  
Other non-interest income 548   455   492   510   679  
Total non-interest income 1,500   1,459   1,486   1,442   1,668  
           
Compensation and other employee benefits 2,955   2,863   2,994   2,806   2,942  
Occupancy, furniture and equipment 531   577   577   623   536  
Data processing 929   920   872   856   806  
Other non-interest expense 1,264   1,951   1,221   1,152   1,235  
Total non-interest expense 5,679   6,311   5,664   5,437   5,519  
Income before income tax expense 1,756   844   1,308   1,203   1,156  
Income tax expense 1,442   308   490   457   409  
Net income $ 314   $ 536   $ 818   $ 746   $ 747  
           
Basic earnings per share $ 0.09   $ 0.14   $ 0.23   $ 0.21   $ 0.20  
Diluted earnings per share $ 0.09   $ 0.14   $ 0.22   $ 0.20   $ 0.20  
                               

Primary Logo


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.