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

NORTH RIVERSIDE, Ill., Oct. 29, 2015 /PRNewswire/ -- West Town Bank & Trust (WTWB) today reported net income of $1,020,018 for the third quarter 2015 and $3,035,374 year-to-date as of September 2015 or $0.72 and $2.14 per diluted common share respectively compared to a net income of $932,109 and $1,963,720 or $0.70 and $1.48 per diluted share, for third quarter 2014 and September 2014 year-to-date respectively net of one-time accounting adjustments.

Profitability as measured by the Company's annualized return on average assets was 2.07% and 2.20% for the three months ended September 30, 2015 and 2014 respectively. Profitability as measured by the Company's annualized return on average equity was 18.09% and 19.91% for the three months ended September 30, 2015 and 2014 respectively net of one-time accounting adjustments. Year-to-date profitability as measured by the Company's return on average assets and return on average equity was 2.05% and 17.94% respectively.

Net interest income for the quarter ended September 30, 2015 was $1.9 million, compared to $1.7 million for the same period in 2014. Noninterest income for the period ended September 30, 2015 was $5.1 million, compared to $7.0 million for the same period in 2014 net of one-time accounting adjustments.

In the third quarter of 2015, the Company's unaudited consolidated total assets increased $0.3 million to $203.4 million at September 30, 2015, compared to $203.1 million at June 30, 2015. Excluding held for sale mortgage loans the Bank's Net loan balances increased $2.4 million with a balance of $150.1 million at September 30, 2015, compared to $147.6 million at June 30, 2015. The Company's investment securities decreased $0.3 million to $5.8 million at September 30, 2015, compared to $6.1 million at June 30, 2015. Total deposits increased $3.4 million to $165.7 million at September 30, 2015, compared to $162.3 million at June 30, 2015. Total stockholders' equity increased $1.1 million from $22.0 million at June 30, 2015, to $23.1 million at September 30, 2015.

Classified assets decreased $0.5 million from $3.2 million at June 30, 2015 to $2.7 million at September 30, 2015. For the three months ended September 30, 2015, there was $188 thousand expensed to the provision for loan losses. The allowance for loan losses at September 30, 2015 totaled $1.77 million, or 1.25% of outstanding portfolio loans.

West Town Bank & Trust continues to be well capitalized according to banking regulatory standards with total risk based capital of 15.43%, tier 1 risk based capital of 14.32%, common equity tier 1 risked based capital 14.32%, and a tier 1 leverage ratio of 11.58% at September 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.

"Our continued financial success can be directly attributed to our commitment to our customers, our strong fiscal values and our knowledgeable employees," said Eric Bergevin, President and CEO of the Bank. "It is an exciting time for our staff, our board and our investors as we look to close out 2015 on a strong note and expect to have more financial success in 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
September 30, 2015, compared to September 30, 2014

Earnings of $3 million increased $1 million or 50% net of one-time accounting adjustments
Total portfolio loans increased $25.4 million or 20.2%
Total deposits increased $26.5 million or 19.1%
Net interest margin was 4.21% compared to 4.34%
Net interest income after provision for loan loss increased $1.4 million or 35.2%
Total nonperforming assets decreased $1.1 million or 23.54%
Total shareholders' equity increased $4.0 million or 21%

Book value per common share increased to $17.09 from $16.29 the previous quarter and from $14.51 at September 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.

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SOURCE West Town Bank & Trust

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http://www.westtownbank.com