February 20, 2017 5:45 PM ET

Banks

Company Overview of West Town Bancorp, Inc.

Company Overview

West Town Bancorp, Inc. operates as the holding for West Town Bank & Trust that provides personal and business banking services. The company’s personal banking products include checking, savings, and money market accounts; and personal, mortgage, auto, and fixed rate home equity installment loans, as well as home equity line of credit. Its business banking services comprise business checking, and business savings and investments accounts; commercial services; and business loans, including lines of credit, equipment loans, agribusiness lending, business owner occupied real estate loans, construction loans, small business administration loans, as well as the USDA business and industry guarante...

8450 Falls Of Neuse Road

Suite 202

Raleigh, NC 27615

United States

Founded in 1922

Key Executives for West Town Bancorp, Inc.

West Town Bancorp, Inc. does not have any Key Executives recorded.

West Town Bancorp, Inc. Key Developments

West Town Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016

West Town Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $3,366,000 compared to $2,832,000 a year ago. Net interest income was $2,654,000 compared to $2,299,000 a year ago. The increase was fueled by a $515,000 or 18.4% increase in interest and fee income earned on the Bank's loan portfolio which was driven by volume growth. Loss before income taxes was $818,000 compared to income before income taxes of $1,387,000 a year ago. Net loss was $537,000 or $0.38 per diluted share compared to net income of $966,000 or $0.67 per diluted share a year ago. For the year, the company reported total interest income of $12,104,000 compared to $9,934,000 a year ago. Net interest income was $9,634,000 compared to $7,935,000 a year ago. Income before income taxes was $3,231,000 compared to $6,457,000 a year ago. Net income was $1,800,000 or $1.24 per diluted share compared to $4,001,000 or $2.83 per diluted share a year ago. Return on average total assets was 0.74% and return on average shareholders' equity was 6.99% as compared to 2.01% and 18.09% respectively for fiscal year 2015. Financial results for 2016 were negatively impacted by significant one-time, nonrecurring costs throughout the year totaling $2,692,000, the most significant of which was the establishment of a $1,400,000 litigation reserve in the fourth quarter.

West Town Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016

West Town Bancorp, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total interest income of $3,169,000 against $2,334,000 a year ago. Income before income taxes was $1,401,000 against $1,713,000 a year ago. Net income was $837,000 or $0.58 per share diluted against $1,020,000 or $0.71 per share diluted a year ago. Return on average assets was 1.33% against 2.05% a year ago. Return on average shareholders equity was 12.71% against 18.07% a year ago. For the nine months, the company reported total interest income of $8,737,000 against $7,103,000 a year ago. Income before income taxes was $4,048,000 against $5,070,000 a year ago. Net income was $2,337,000 or $1.62 per share diluted against $3,035,000 or $2.16 per share diluted a year ago. Tangible book value per share was $19.35 against $17.09 per share a year ago. Return on average assets was 1.34% against 2.08% a year ago. Return on average shareholders equity was 12.38% against 18.63% a year ago.

West Town Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

West Town Bancorp, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net income of $712,000, or $0.49 per diluted common share, a decrease of $354,000 or 33% as compared to financial results reported for the Bank for the quarter ended June 30, 2015. Return on average total assets was 1.21% and return on average shareholder's equity was 11.17% for the quarter ended June 30, 2016 as compared to 2.02% and 18.85% respectively for the second quarter of 2015. Net interest income for the three months ended June 30, 2016 was $2,282,000, an increase of $302,000 or 15.3% as compared to $1,980,000 reported for the same prior year period. The increase was fueled by a 14.1% increase in interest and fee income earned on the Bank's loan portfolio as loan balances have increased. The company earned $1,500,000 for the six months ended June 30, 2016, a $515,000 or 25.6% decrease when compared to the $2,015,000 earned for the same period last year. Return on average total assets was 1.33% and return on average shareholder's equity was 12.16% for the six-month period as compared to 2.09% and 18.93% respectively for the six-month period ending June 30, 2015. Tangible book value per common share was $18.75 against $16.29 a year ago. Net interest income was $4,442,000 as compared to $3,804,000 reported for the same prior year period. net income of $1,500,000, or $1.04 per diluted common share as compared to $2,015,000, or $1.45 per diluted common share a year ago.

Similar Private Companies By Industry

Company Name Region
1854 Bancorp United States
1st Bank Of Sea Isle City United States
1st Financial Bank USA United States
1st Manatee Bank United States
1st National Bank United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
February 17, 2017
--
Private Placement
December 29, 2016
--
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Bloomberg L.P. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact West Town Bancorp, Inc., please visit www.westtownbank.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.