West Town Bank & Trust (WTWB) Announces Second Quarter 2015 Financial Results

Jul 30, 2015, 11:18 ET from West Town Bank & Trust

NORTH RIVERSIDE, Ill, July 30, 2015 /PRNewswire/ -- West Town Bank & Trust (WTWB) today reported net income of $1,066,756 for the second quarter 2015 and $2,015,355 year-to-date as of June 2015 or $0.76 and $1.44 per diluted common share respectively compared to a net income of $520,435 and $947,923 or $.39 and $.71 per diluted share, for second quarter 2014 and June 2014 year-to-date respectively.

Profitability as measured by the Company's annualized return on average assets was 2.02% and 1.20% for the three months ended June 30, 2015 and 2014 respectively. Profitability as measured by the Company's annualized return on average equity was 18.85% and 11.29% for the three months ended June 30, 2015 and 2014 respectively. Year-to-date profitability as measured by the Company's return on average assets and return on average equity was 2.13% and 19.95% respectively.

Net interest income for the quarter ended June 30, 2015 was $3.9 million, compared to $3.2 million for the same period in 2014. Noninterest income for the period ended June 30, 2015 was $12.4 million, compared to $8.1 million for the same period in 2014.

In the second quarter of 2015, the Company's unaudited consolidated total assets decreased $3.3 million to $202.7 million at June 30, 2015, compared to $206 million at March 31, 2015. Excluding held for sale mortgage loans the Bank's Net loan balances increased $9.7 million with a balance of $147.3 million at June 30, 2015, compared to $137.6 million at March 31, 2015. The Company's investment securities decreased $0.3 million to $6.1 million at June 30, 2015, compared to $6.4 million at March 31, 2015. Total deposits have held flat at $162.2 million quarter over quarter. Total stockholders' equity increased $1.3 million from $20.7 million at March 31, 2015, to $22 million at June 30, 2015.

Nonperforming assets, which includes nonaccrual loans and OREO, decreased $1.8 million from $5.3 million at March 31, 2015 to $3.5 million at June 30, 2015. The nonperforming assets consist of $0.3 million in OREO and $3.2 million in nonaccrual loans. For the three months ended June 30, 2015, there was $18 thousand expensed to the provision for loan losses. The allowance for loan losses at June 30, 2015 totaled $1.75 million, or 1.31% of all outstanding loans.

West Town Bank & Trust continues to be well capitalized according to banking regulatory standards with total risk based capital of 14.91%, tier 1 risk based capital of 13.81%, common equity tier 1 risked based capital 13.81%, and a tier 1 leverage ratio of 10.93% at June 30, 2015. The minimum levels to be considered well capitalized for each of these ratios are 10.0%, 8.0%, 6.5%, and 5.0%, respectively.

"At the halfway point of 2015, West Town Bank & Trust continues to trend up in all its financial numbers," said Eric Bergevin, President and CEO of the Bank. "This is due to the diligence of our staff and loyalty of our customers. We will strive to continue providing the type of service our customers have come to expect in order to continue our growth through the remainder of this year and in to 2016."

About West Town Bank & Trust

West Town Bank & Trust is a North Riverside, IL based state chartered bank. The Bank provides banking services through its offices in Illinois and North Carolina and also maintains loan production offices in North Carolina, Maryland, Pennsylvania, Florida, Idaho and New Jersey. Its primary deposit products are checking, savings, and time certificate accounts, and its primary lending products are residential mortgage, commercial, and installment loans. Additionally, the Bank engages in mortgage banking activities and, as such, originates and sells one-to-four family residential mortgage loans in multiple states. The Bank's primary regulator is the Illinois Department of Financial and Professional Regulation.

For more information, visit www.westtownbank.com.

This release contains certain forward looking statements with respect to the financial condition, results of operations and business of the Company. These forward looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward looking statements as a number of important factors could cause actual results to differ materially from those in the forward looking statements. The Company undertakes no obligation to update any forward looking statements.

Selected Financial Highlights

Year Over Year
June 30, 2015, compared to June 30, 2014

June 30, 2015 earnings of $2 million increased $1.1 million from June 30, 2014
Total portfolio loans increased $24.8 million or 20.19%
Total deposits increased $29.4 million or 22.16%
Net interest margin was 4.6% compared to 4.58%
Net interest income after provision for loan loss increased $963,000 or 35.1%
Total nonperforming assets decreased $1.8 million or 34%
Total shareholders' equity increased $5.0 million or 29.7%

West Town Bank & Trust continued to exceed "well capitalized" requirements for each of the four primary capital levels monitored by state and federal regulators. As of June 30, 2015, Common equity tier 1 capital ratio was 13.95%; Tier 1 capital ratio was 13.95%; Risk based capital ratio was 15.06%; and Tier 1 leverage ratio was 10.93%.  Book value per common share increased to $16.29 from $15.70 the previous quarter and from $12.93 at June 30, 2014.

Performance Ratios

Annualized return on average assets was 2.02% compared to 1.20% for quarter ended June 30, 2014. Annualized return on average equity was 18.85% compared to 11.29% at June 30, 2014.

Statement: This news release contains forward looking statements. Words such as "anticipates," " believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward looking statements. These statements reflect management's current beliefs as to the  expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. West Town Bank & trust takes no obligation to revise, update, or clarify forward looking statements to reflect events or conditions after the date of this release.            

 

West Town Bank & Trust
(Dollars in thousands)







Balance Sheet Compare





Consolidated











Actual
Jun 2015

Actual
Mar 2015

Actual
Dec 2014

Actual
Sep 2014

Actual
Jun 2014

Assets






Cash and due from banks

1,200

1,216

1,182

1,217

1,043

Interest bearing deposits with banks

7,152

6,064

5,832

3,670

5,681

Investment Securities - Taxable

6,066

6,379

5,689

5,968

6,265

Mortgage loans held for sale

21,242

35,384

28,718

23,633

23,958

Loans, net of unearned income

149,402

139,356

124,797

125,895

124,299

Less: Allowance for loan losses

-1,750

-1,750

-1,600

-1,600

-1,450

Premises and equipment, net

6,009

6,097

6,206

6,271

6,166

Other real estate

270

55

0

0

663

Other assets

13,494

13,222

12,629

8,512

5,759

Total Assets

203,085

206,023

183,453

173,565

172,384

Liabilities






Total Deposits

162,254

162,212

142,127

139,422

132,816

Accrued expenses and other liabilities

3,793

3,092

2,225

4,077

2,579

FHLB Advances

15,000

20,000

19,000

11,000

20,000

Total Liabilities

181,047

185,304

163,352

154,499

155,395

Equity






Common stock

1,353

1,320

1,314

1,314

1,314

Capital surplus

8,835

8,607

8,553

8,528

8,516

Retained earnings

9,755

9,755

6,125

6,125

6,125

Accumulated other comprehensive income (loss)

80

89

84

83

87

Net Income

2,015

949

4,025

3,016

947

Total Equity

22,038

20,719

20,101

19,066

16,989

Total Liabilities & Equity

203,085

206,023

183,453

173,565

172,384

                                                                                                                                   

Income Statement Compare


Consolidated









QTD
Actual
Jun 2015

QTD
Actual
Mar 2015

QTD
Actual
Dec 2014

QTD
Actual
Sep 2014

QTD
Actual
Jun 2014

Interest Income






Interest and fee income on loans

2,561

2,268

2,244

2,062

2,029

Interest income on securities

30

26

37

27

36

Other interest income

8

5

5

4

6

Total Interest Income

2,599

2,299

2,286

2,093

2,071

Interest Expense






Interest on deposits

514

442

404

390

341

Interest on borrowings

5

4

4

4

5

Total Interest Expense

519

446

408

394

346

Net Interest Income

2,080

1,853

1,878

1,699

1,725

Provision for loan losses

18

211

3

444

308

Net In. Inc. After Prov. for Loan Losses

2,062

1,642

1,875

1,255

1,417







Total Non Interest Income

5,867

6,485

5,191

8,174

4,954

Total Non Interest Expense

6,145

6,554

5,428

6,037

5,466

Income Before Taxes

1,784

1,573

1,638

3,392

905

Income taxes

718

624

629

1,323

384

Net Income

1,066

949

1,009

2,069

521







 

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SOURCE West Town Bank & Trust



RELATED LINKS

http://www.westtownbank.com