About
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. 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.
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WEBSITE: www.westburybankwi.com
Contact: | ||
262-335-6037 |
At or For the Three Months Ended: | |||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||
Selected Financial Condition Data: | (Dollars in thousands) | ||||||||||||||
Total assets | $ | 905,024 | $ | 892,363 | $ | 906,344 | $ | 887,285 | $ | 905,170 | |||||
Loans receivable, net | 641,790 | 641,599 | 653,485 | 692,391 | 680,130 | ||||||||||
Allowance for loan losses | 8,992 | 8,488 | 8,486 | 7,908 | 7,632 | ||||||||||
Securities available for sale | 161,316 | 136,154 | 106,201 | 94,875 | 91,598 | ||||||||||
Total liabilities | 819,451 | 809,734 | 824,873 | 808,430 | 827,847 | ||||||||||
Deposits | 808,686 | 795,687 | 805,085 | 776,412 | 787,825 | ||||||||||
Stockholders' equity | 85,573 | 82,629 | 81,471 | 78,855 | 77,323 | ||||||||||
Asset Quality Ratios: | |||||||||||||||
Non-performing assets to total assets | 0.97 | % | 1.31 | % | 1.35 | % | 1.33 | % | 1.31 | % | |||||
Non-performing loans to total loans | 1.35 | % | 1.33 | % | 1.34 | % | 1.25 | % | 1.28 | % | |||||
Total classified assets to total assets | 1.00 | % | 1.32 | % | 1.43 | % | 1.54 | % | 1.31 | % | |||||
Allowance for loan losses to non-performing loans | 102.54 | % | 98.04 | % | 95.99 | % | 90.15 | % | 86.55 | % | |||||
Allowance for loan losses to total loans | 1.38 | % | 1.31 | % | 1.28 | % | 1.13 | % | 1.11 | % | |||||
Net charge-offs (recoveries) to average loans - annualized | — | % | — | % | (0.02 | %) | 0.16 | % | — | % | |||||
Capital Ratios: | |||||||||||||||
Average equity to average assets | 9.47 | % | 9.36 | % | 9.02 | % | 8.75 | % | 9.08 | % | |||||
Equity to total assets at end of period | 9.46 | % | 9.26 | % | 8.99 | % | 8.89 | % | 8.54 | % | |||||
Total capital to risk-weighted assets (Bank only) | 12.62 | % | 13.01 | % | 13.41 | % | 12.98 | % | 12.82 | % | |||||
Tier 1 capital to risk-weighted assets (Bank only) | 11.38 | % | 11.78 | % | 12.17 | % | 11.83 | % | 11.70 | % | |||||
Tier 1 capital to average assets (Bank only) | 9.16 | % | 9.21 | % | 9.40 | % | 9.03 | % | 9.00 | % | |||||
CET1 capital to risk-weighted assets (Bank only) | 11.38 | % | 11.78 | % | 12.17 | % | 11.83 | % | 11.70 | % | |||||
Three Months Ended: | Nine Months Ended: | ||||||||||||||
Selected Operating Data: | (in thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 6,792 | $ | 7,334 | $ | 21,553 | $ | 22,874 | |||||||
Interest expense | 329 | 940 | 1,230 | 3,772 | |||||||||||
Net interest income | 6,463 | 6,394 | 20,323 | 19,102 | |||||||||||
Provision for loan losses | 500 | 551 | 1,050 | 701 | |||||||||||
Net interest income after provision for loan losses | 5,963 | 5,843 | 19,273 | 18,401 | |||||||||||
Service fees on deposit accounts | 899 | 747 | 2,611 | 2,562 | |||||||||||
Gain on sale of loans | 550 | 766 | 2,967 | 1,549 | |||||||||||
Other non-interest income | 1,129 | 417 | 2,264 | 1,244 | |||||||||||
Total non-interest income | 2,578 | 1,930 | 7,842 | 5,355 | |||||||||||
Compensation and other employee benefits | 3,050 | 3,051 | 9,065 | 9,418 | |||||||||||
Occupancy, furniture and equipment | 652 | 606 | 1,882 | 1,809 | |||||||||||
Data processing | 812 | 758 | 2,353 | 2,342 | |||||||||||
Other non-interest expense | 1,038 | 1,076 | 3,728 | 2,829 | |||||||||||
Total non-interest expense | 5,552 | 5,491 | 17,028 | 16,398 | |||||||||||
Income before income tax expense | 2,989 | 2,282 | 10,087 | 7,358 | |||||||||||
Income tax expense | 859 | 633 | 2,831 | 2,074 | |||||||||||
Net income | $ | 2,130 | $ | 1,649 | $ | 7,256 | $ | 5,284 | |||||||
Basic earnings per share | $ | 0.82 | $ | 0.58 | $ | 2.82 | $ | 1.74 | |||||||
Diluted earnings per share | $ | 0.78 | $ | 0.57 | $ | 2.70 | $ | 1.69 |
For the Three Months Ended: | |||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||
Selected Operating Data: | (in thousands, except per share data) | ||||||||||||||
Interest and dividend income | $ | 6,792 | $ | 6,915 | $ | 7,846 | $ | 7,226 | $ | 7,334 | |||||
Interest expense | 329 | 375 | 526 | 778 | 940 | ||||||||||
Net interest income | 6,463 | 6,540 | 7,320 | 6,448 | 6,394 | ||||||||||
Provision for loan losses | 500 | — | 550 | 574 | 551 | ||||||||||
Net interest income after provision for loan losses | 5,963 | 6,540 | 6,770 | 5,874 | 5,843 | ||||||||||
Service fees on deposit accounts | 899 | 820 | 891 | 910 | 747 | ||||||||||
Gain on sale of loans | 550 | 1,169 | 1,249 | 1,087 | 766 | ||||||||||
Other non-interest income | 1,129 | 420 | 715 | 598 | 417 | ||||||||||
Total non-interest income | 2,578 | 2,409 | 2,855 | 2,595 | 1,930 | ||||||||||
Compensation and other employee benefits | 3,050 | 2,990 | 3,025 | 3,141 | 3,051 | ||||||||||
Occupancy, furniture and equipment | 652 | 639 | 591 | 596 | 606 | ||||||||||
Data processing | 812 | 778 | 763 | 787 | 758 | ||||||||||
Other non-interest expense | 1,038 | 1,159 | 1,531 | 1,275 | 1,076 | ||||||||||
Total non-interest expense | 5,552 | 5,566 | 5,910 | 5,799 | 5,491 | ||||||||||
Income before income tax expense | 2,989 | 3,383 | 3,715 | 2,670 | 2,282 | ||||||||||
Income tax expense | 859 | 958 | 1,014 | 738 | 633 | ||||||||||
Net income | $ | 2,130 | $ | 2,425 | $ | 2,701 | $ | 1,932 | $ | 1,649 | |||||
Basic earnings per share | |||||||||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.95 | $ | 1.06 | $ | 0.76 | $ | 0.58 | |||||
$ | 0.78 | $ | 0.90 | $ | 1.03 | $ | 0.75 | $ | 0.57 |
At or For the Three Months Ended: | At or For the Nine Months Ended: | ||||||||||||||
Selected Financial Performance Ratios: | |||||||||||||||
Return on average assets | 0.94 | % | 0.75 | % | 1.16 | % | 0.83 | % | |||||||
Return on average equity | 10.06 | % | 8.22 | % | 11.69 | % | 8.50 | % | |||||||
Interest rate spread | 3.08 | % | 3.06 | % | 3.24 | % | 3.14 | % | |||||||
Net interest margin | 3.09 | % | 3.08 | % | 3.25 | % | 3.18 | % | |||||||
Non-interest expense to average total assets | 2.46 | % | 2.49 | % | 2.55 | % | 2.57 | % | |||||||
Average interest-earning assets to average interest-bearing liabilities | 104.83 | % | 104.18 | % | 104.55 | % | 105.57 | % | |||||||
Per Share and Stock Market Data: | |||||||||||||||
Net income per common share | $ | 0.82 | $ | 0.58 | $ | 2.82 | $ | 1.74 | |||||||
Basic weighted average shares outstanding | 2,588,034 | 2,839,880 | 2,576,022 | 3,032,099 | |||||||||||
Book value per share - excluding unallocated ESOP shares | $ | 32.10 | $ | 28.25 | $ | 32.10 | $ | 28.25 | |||||||
Book value per share - including unallocated ESOP shares | $ | 31.20 | $ | 26.93 | $ | 31.20 | $ | 26.93 | |||||||
Closing market price | $ | 28.50 | $ | 19.25 | $ | 28.50 | $ | 19.25 | |||||||
Price to book ratio - excluding unallocated ESOP shares | 88.79 | % | 68.14 | % | 88.79 | % | 68.14 | % | |||||||
Price to book ratio - including unallocated ESOP shares | 91.35 | % | 71.48 | % | 91.35 | % | 71.48 | % |
Source:
2021 GlobeNewswire, Inc., source