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: | |||||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||
Selected Financial Condition Data: | (Dollars in thousands) | ||||||||||||||
Total assets | $ | 908,352 | $ | 914,633 | $ | 921,791 | $ | 905,024 | $ | 892,363 | |||||
Loans receivable, net | 649,482 | 661,439 | 665,166 | 641,790 | 641,599 | ||||||||||
Allowance for loan losses | 9,019 | 8,997 | 8,995 | 8,992 | 8,488 | ||||||||||
Securities available for sale | 178,661 | 165,917 | 179,547 | 161,316 | 136,154 | ||||||||||
Total liabilities | 827,365 | 828,673 | 836,768 | 819,451 | 809,734 | ||||||||||
Deposits | 816,103 | 818,184 | 812,316 | 808,686 | 795,687 | ||||||||||
Stockholders' equity | 80,987 | 85,960 | 85,023 | 85,573 | 82,629 | ||||||||||
Asset Quality Ratios: | |||||||||||||||
Non-performing assets to total assets | 0.99 | % | 0.97 | % | 0.95 | % | 0.97 | % | 1.31 | % | |||||
Non-performing loans to total loans | 1.36 | % | 1.33 | % | 1.30 | % | 1.35 | % | 1.33 | % | |||||
Total classified assets to total assets | 1.02 | % | 1.01 | % | 0.98 | % | 1.00 | % | 1.32 | % | |||||
Allowance for loan losses to non-performing loans | 100.62 | % | 100.98 | % | 103.00 | % | 102.54 | % | 98.04 | % | |||||
Allowance for loan losses to total loans | 1.37 | % | 1.34 | % | 1.33 | % | 1.38 | % | 1.31 | % | |||||
Net charge-offs (recoveries) to average loans - annualized | — | % | — | % | — | % | — | % | — | % | |||||
Capital Ratios: | |||||||||||||||
Average equity to average assets | 9.38 | % | 9.46 | % | 9.34 | % | 9.47 | % | 9.36 | % | |||||
Equity to total assets at end of period | 8.92 | % | 9.40 | % | 9.22 | % | 9.46 | % | 9.26 | % | |||||
Total capital to risk-weighted assets (Bank only) | 13.80 | % | 13.43 | % | 13.23 | % | 12.62 | % | 13.01 | % | |||||
Tier 1 capital to risk-weighted assets (Bank only) | 12.55 | % | 12.18 | % | 11.98 | % | 11.38 | % | 11.78 | % | |||||
Tier 1 capital to average assets (Bank only) | 9.59 | % | 9.27 | % | 9.22 | % | 9.16 | % | 9.21 | % | |||||
CET1 capital to risk-weighted assets (Bank only) | 12.55 | % | 12.18 | % | 11.98 | % | 11.38 | % | 11.78 | % | |||||
Three Months Ended: | Six Months Ended: | ||||||||||
Selected Operating Data: | (in thousands, except per share data) | ||||||||||
Interest and dividend income | $ | 6,532 | $ | 6,915 | $ | 13,356 | $ | 14,761 | |||
Interest expense | 245 | 375 | 550 | 902 | |||||||
Net interest income | 6,287 | 6,540 | 12,806 | 13,859 | |||||||
Provision for loan losses | — | — | — | 550 | |||||||
Net interest income after provision for loan losses | 6,287 | 6,540 | 12,806 | 13,309 | |||||||
Service fees on deposit accounts | 910 | 820 | 1,832 | 1,711 | |||||||
Gain on sale of loans | 272 | 1,169 | 714 | 2,417 | |||||||
Other non-interest income | 436 | 420 | 902 | 1,137 | |||||||
Total non-interest income | 1,618 | 2,409 | 3,448 | 5,265 | |||||||
Compensation and other employee benefits | 3,216 | 2,990 | 6,219 | 6,015 | |||||||
Occupancy, furniture and equipment | 629 | 639 | 1,188 | 1,230 | |||||||
Data processing | 829 | 778 | 1,624 | 1,541 | |||||||
Other non-interest expense | 984 | 1,159 | 1,959 | 2,690 | |||||||
Total non-interest expense | 5,658 | 5,566 | 10,990 | 11,476 | |||||||
Income before income tax expense | 2,247 | 3,383 | 5,264 | 7,098 | |||||||
Income tax expense | 662 | 958 | 1,461 | 1,972 | |||||||
Net income | $ | 1,585 | $ | 2,425 | $ | 3,803 | $ | 5,126 | |||
Basic earnings per share | $ | 0.62 | $ | 0.95 | $ | 1.51 | $ | 2.01 | |||
Diluted earnings per share | $ | 0.58 | $ | 0.90 | $ | 1.41 | $ | 1.93 |
For the Three Months Ended: | ||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | ||||||
Selected Operating Data: | (in thousands, except per share data) | |||||||||
Interest and dividend income | $ | 6,532 | $ | 6,824 | $ | 7,246 | $ | 6,792 | $ | 6,915 |
Interest expense | 245 | 305 | 330 | 329 | 375 | |||||
Net interest income | 6,287 | 6,519 | 6,916 | 6,463 | 6,540 | |||||
Provision for loan losses | — | — | — | 500 | — | |||||
Net interest income after provision for loan losses | 6,287 | 6,519 | 6,916 | 5,963 | 6,540 | |||||
Service fees on deposit accounts | 910 | 922 | 987 | 899 | 820 | |||||
Gain on sale of loans | 272 | 442 | 830 | 550 | 1,169 | |||||
Other non-interest income | 436 | 465 | 323 | 1,129 | 420 | |||||
Total non-interest income | 1,618 | 1,829 | 2,140 | 2,578 | 2,409 | |||||
Compensation and other employee benefits | 3,216 | 3,003 | 3,246 | 3,050 | 2,990 | |||||
Occupancy, furniture and equipment | 629 | 559 | 712 | 652 | 639 | |||||
Data processing | 829 | 795 | 825 | 812 | 778 | |||||
Other non-interest expense | 984 | 975 | 1,075 | 1,038 | 1,159 | |||||
Total non-interest expense | 5,658 | 5,332 | 5,858 | 5,552 | 5,566 | |||||
Income before income tax expense | 2,247 | 3,016 | 3,198 | 2,989 | 3,383 | |||||
Income tax expense | 662 | 798 | 925 | 859 | 958 | |||||
Net income | $ | 1,585 | $ | 2,218 | $ | 2,273 | $ | 2,130 | $ | 2,425 |
Basic earnings per share | 0.62 | $ | 0.88 | $ | 0.90 | $ | 0.82 | $ | 0.95 | |
Diluted earnings per share | 0.58 | $ | 0.82 | $ | 0.85 | $ | 0.78 | $ | 0.90 | |
At or For the Three Months Ended: | At or For the Six Months Ended: | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Selected Financial Performance Ratios: | |||||||||||||||
Return on average assets | 0.71 | % | 1.11 | % | 0.84 | % | 1.16 | % | |||||||
Return on average equity | 7.48 | % | 11.80 | % | 8.99 | % | 12.53 | % | |||||||
Interest rate spread | 2.97 | % | 3.20 | % | 3.03 | % | 3.34 | % | |||||||
Net interest margin | 2.98 | % | 3.21 | % | 3.04 | % | 3.35 | % | |||||||
Non-interest expense to average total assets | 2.53 | % | 2.55 | % | 2.41 | % | 2.59 | % | |||||||
Average interest-earning assets to average interest-bearing liabilities | 105.02 | % | 104.13 | % | 105.53 | % | 104.41 | % | |||||||
Per Share and Stock Market Data: | |||||||||||||||
Net income per common share | $ | 0.62 | $ | 0.95 | $ | 1.51 | $ | 2.01 | |||||||
Basic weighted average shares outstanding | 2,538,481 | 2,564,148 | 2,519,337 | 2,554,994 | |||||||||||
Book value per share - excluding unallocated ESOP shares | $ | 31.32 | $ | 30.69 | $ | 31.32 | $ | 30.69 | |||||||
Book value per share - including unallocated ESOP shares | $ | 30.90 | $ | 29.97 | $ | 30.90 | $ | 29.97 | |||||||
Closing market price | $ | 33.19 | $ | 28.75 | $ | 33.19 | $ | 28.75 | |||||||
Price to book ratio - excluding unallocated ESOP shares | 105.97 | % | 93.68 | % | 105.97 | % | 93.68 | % | |||||||
Price to book ratio - including unallocated ESOP shares | 107.41 | % | 95.93 | % | 107.41 | % | 95.93 | % |
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