0001144204-17-054341.txt : 20171026 0001144204-17-054341.hdr.sgml : 20171026 20171026163059 ACCESSION NUMBER: 0001144204-17-054341 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20171026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20171026 DATE AS OF CHANGE: 20171026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wellesley Bancorp, Inc. CENTRAL INDEX KEY: 0001526952 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 453219901 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35352 FILM NUMBER: 171156675 BUSINESS ADDRESS: STREET 1: 40 CENTRAL STREET CITY: WELLESLEY STATE: MA ZIP: 02482 BUSINESS PHONE: 781-235-2550 MAIL ADDRESS: STREET 1: 40 CENTRAL STREET CITY: WELLESLEY STATE: MA ZIP: 02482 8-K 1 tv477794_8k.htm FORM 8-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 26, 2017

 

WELLESLEY BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

(State or other jurisdiction of

incorporation or organization)

  

001-35352

(Commission

File Number)

  

45-3219901

(IRS Employer

Identification No.)

 

40 Central Street, Wellesley, Massachusetts 02482

(Address of principal executive offices) (Zip Code)

 

(781) 235-2550

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

  

On October 26, 2017, Wellesley Bancorp, Inc. (the “Company”), the stock holding company for Wellesley Bank, issued a press release announcing its financial results for the three and nine month periods ended September 30, 2017. A copy of the press release dated October 26, 2017 is attached to this Report as Exhibit 99.1 and is furnished herewith.

 

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the “Exchange Act,” or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 

Item 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits

 

  Number Description
     
  99.1 Press Release dated October 26, 2017

  

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  WELLESLEY BANCORP, INC.
     
     
Date: October 26, 2017 By: /s/ Thomas J. Fontaine
    Thomas J. Fontaine
    President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99.1 2 tv477794_ex99-1.htm EXHIBIT 99.1

Wellesley Bancorp, Inc. Reports Record Results for the Three and Nine Months Ended September 30, 2017

WELLESLEY, Mass., Oct. 26, 2017 /PRNewswire/ -- Wellesley Bancorp, Inc. (Nasdaq Capital Market: WEBK) (the "Company"), the holding company for Wellesley Bank (the "Bank"), reported net income of $1.2 million and $3.0 million for the three and nine months ended September 30, 2017, respectively. These results compare to net income of $755 thousand and $2.2 million for the three and nine months ended September 30, 2016, respectively. The results for the quarter represent an increase of 54.4% as compared to the prior year third quarter results. Diluted earnings per share were $0.48 and $1.22 for the three and nine months ended September 30, 2017, respectively. Total assets were $769.8 million at September 30, 2017, an increase of $74.6 million, or 10.7%, from December 31, 2016 as total loans increased $72.8 million, funded primarily by an increase in core deposits and long-term debt.

Thomas J. Fontaine, President and Chief Executive Officer, said, "We are pleased with our continued growth in our balance sheet and earnings. Net income is the highest in the Company's history and performance ratios have shown meaningful improvement."

Third Quarter Earnings
Net income increased $411 thousand, or 54.4%, for the quarter ended September 30, 2017 compared to the quarter ended September 30, 2016, as net interest income and non-interest income increased, partially offset by an increase in the provisions for loan losses and taxes. Non-interest expenses were flat during the period. Net interest income increased $728 thousand, or 14.3%, to $5.8 million for the quarter ended September 30, 2017, as compared to the quarter ended September 30, 2016. This increase was driven primarily by the growth of our loan portfolio, partially offset by higher interest expense from the increases in borrowings and deposits. The yield on earning assets for the third quarter ended September 30, 2017 was 3.92%, a decrease of four basis points from the comparable quarter in 2016. Deposit and borrowing costs were 1.00% for the third quarter 2017, compared to 0.95% for the third quarter 2016. The net interest margin was 3.12% for the 2017 quarter, compared to 3.19% for the 2016 quarter, reflecting the decrease in earning asset yields and the increase in deposit and borrowing costs between the two periods.

Non-interest income totaled $504 thousand for the quarter ended September 30, 2017, an increase of $89 thousand, or 21.4%, compared to the prior year period. Wealth management fees increased $54 thousand, or 20.8%, compared to the quarter ended September 30, 2016, primarily due to an increase in assets under management. Total assets under management at Wellesley Investment Partners, including the Bank's investment portfolio, were $346.8 million at the end of the third quarter 2017, as compared to $297.5 million at September 30, 2016. Income from mortgage banking activities decreased $37 thousand, primarily due to lower sales of fixed rate mortgage loans from the previous year. Other non-interest income increased $72 thousand due to an increase in fees on customer interest rate swaps and increases in ATM network interchange fees.

Total non-interest expenses were essentially flat, at $4.2 million for both the quarters ended September 30, 2017 and 2016. Included in non-interest expense during the 2017 period were increased data processing costs of $29 thousand and other general administrative costs, including advertising and insurance which increased $53 thousand attributed to expanding business volumes and operations. FDIC insurance costs increased $28 thousand, or 23.0%, due to growth and new quarterly assessment rates and higher assessment balances. Partially offsetting these increases were decreases in salaries and employee benefits of $31 thousand, or 1.3%, lower occupancy expenses of $24 thousand, and professional fees which decreased $52 thousand due to recruiting costs incurred during 2016 for certain staffing searches.

Year to Date Earnings
Net income for the nine months ended September 30, 2017 increased $770 thousand, or 34.8%, compared to net income for the nine months ended September 30, 2016 due to increased net interest income and non-interest income, partially offset by higher non-interest expenses. Net interest income increased $1.8 million, or 12.2%, to $16.6 million for the nine months ended September 30, 2017, as compared to $14.8 million in the comparable 2016 period. The increase was largely due to increased loan interest income resulting from growth in our loan portfolio. Our earning asset yield was 3.94% in the nine month period ended September 30, 2017 as compared to 3.98% in the 2016 period. Deposit and borrowing costs increased one basis point to 0.97% in the current period from 0.96% for the 2016 period. Our net interest margin was 3.16% for the 2017 nine month period, compared to 3.19% for the 2016 period.

Non-interest income totaled $1.5 million, an increase of $204 thousand, or 16.1%, as income from wealth management fees in 2017 increased $208 thousand compared to 2016 due to an increase in assets under management. Income from mortgage banking activities decreased $120 thousand as compared to the comparable 2016 period due to lower mortgage sales. Other non-interest income increased $116 thousand due to increases in fees on customer interest rate swaps and ATM network interchange fees.

For the nine months ended September 30, 2017, non-interest expenses increased $648 thousand to $12.8 million, as compared to $12.1 million in 2016. Factors that contributed to the increase in non-interest expense during the 2017 period were increased salaries and employee benefits of $399 thousand, or 5.6%. The compensation increase is attributable to the recognition of a full nine months of expenses related to our Newton Centre office along with several strategic hires in late 2016. FDIC insurance costs increased $166 thousand, or 59.1%, as new quarterly assessment rates were implemented. Data processing expense was higher by $77 thousand from the prior year due to increasing business volumes. Advertising expenses increased by $44 thousand, largely associated with our efforts to generate deposits. Occupancy and equipment expense increased $29 thousand resulting from normal rent increases and additional rent and other expense associated with our Newton Centre office space. Professional fees decreased $166 thousand, as one-time charges were incurred during 2016 for recruiting costs for certain staffing searches.

Balance Sheet Growth
Total assets were $769.8 million at September 30, 2017, representing an increase of $74.6 million compared to $695.3 million at December 31, 2016. The increase was primarily related to growth in the loan portfolio and an increase in the level of securities available for sale. On the liability side, deposits increased $58.7 million, and long-term debt and short-term borrowings increased $10.0 million, as compared to December 31, 2016.

Gross loans totaled $654.4 million at September 30, 2017, an increase of $72.8 million, or 12.5%, as compared to December 31, 2016. Residential mortgage loans increased $42.9 million to $311.0 million at September 30, 2017, primarily due to growth in our adjustable-rate mortgage portfolio. Commercial real estate loans increased $9.0 million to $130.1 million and commercial and industrial loans increased $6.8 million to $56.2 million, continuing our efforts to diversify the loan portfolio. Construction loans increased $13.2 million to $123.6 million at September 30, 2017, compared to $110.4 million at December 31, 2016.

Deposits increased $58.7 million to $581.5 million at September 30, 2017. Money market accounts increased $33.9 million, or 33.9% due to our success in attracting new deposit relationships. Certificates of deposit increased $11.3 million, which included $13.0 million of new brokered deposits used to diversify our funding for liquidity and cash needs. Demand deposits and NOW accounts increased $15.2 million, or 11.7%, to $145.8 million as growth was realized in both retail and commercial accounts. Savings accounts decreased $1.7 million to $95.6 million. Long-term debt and short-term borrowings, consisting entirely of advances from the FHLB, increased $10.0 million as compared to December 31, 2016.

Stockholders' equity increased $3.8 million to $59.0 million, primarily due to earnings and an increase in the fair values of available-for-sale securities during the nine month period, partially offset by dividends paid. At September 30, 2017, the Company's ratio of stockholders' equity-to-total assets was 7.67%, compared to 7.94% at December 31, 2016.

About Wellesley Bancorp
Wellesley Bank and its wholly-owned wealth management company, Wellesley Investment Partners, LLC, are subsidiaries of Wellesley Bancorp, Inc.

Wellesley Bank provides comprehensive premier banking and wealth management services to successful individuals, families, businesses and nonprofit organizations. The Company's teams of highly experienced and knowledgeable bankers provide exceptional personalized services to its clients. Wellesley Bank has been serving the greater Boston area for over 100 years. With the newest location in Newton Centre, the Bank has six banking offices and a wholly-owned wealth management company.

Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company's summary income statements and other data follow:

Wellesley Bancorp, Inc. and Subsidiary

Consolidated Statements of Net Income

(Dollars in thousands, except per share data)

(Unaudited)



 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,


2017

2016

2017

2016

Interest and dividend income:






    Interest and fees on loans and loans held for sale

$        6,747

$        5,838

$      19,079

$   17,009

    Other interest and dividend income

558

474

1,578

1,386

               Total interest and dividend income

7,305

6,312

20,657

18,395

Interest expense

1,488

1,223

4,090

3,626






Net interest income

5,817

5,089

16,567

14,769

Provision for loan losses

250

125

372

312






Net interest income, after provision for loan losses

5,567

4,964

16,195

14,457






Total non-interest income

504

415

1,474

1,270






Non-interest expenses:






     Salaries and employee benefits

2,408

2,439

7,518

7,119

     Occupancy and equipment

684

708

2,087

2,058

     Data processing

230

201

651

574

     FDIC Insurance

150

122

447

281

     Professional fees

192

244

547

713

     Other general and administrative

500

447

1,532

1,389

               Total non-interest expenses

4,164

4,161

12,782

12,134






Income before income taxes

1,907

1,218

4,887

3,593

Provision for income taxes

741

463

1,903

1,379






                          Net income

$       1,166

$          755

$       2,984

$     2,214






Other Data:






Return on average assets (1)

0.61%

0.46%

0.56%

0.47%

Return on average equity (1)

7.84%

5.42%

6.93%

5.45%

Net interest margin (1)

3.12%

3.19%

3.16%

3.19%

Earnings per common share:








  Basic

$0.49

$0.32

$1.26

$0.95

  Diluted

$0.48

$0.32

$1.22

$0.94

Weighted average shares outstanding:






  Basic

2,370,623

2,325,356

2,364,449

2,322,147

  Diluted

2,454,198

2,364,437

2,448,558

2,352,110

Stockholders' equity to total assets at end of period

7.67%

8.31%

7.67%

8.31%

Book value per common share at end of period

$23.69

$22.52

$23.69

$22.52

Nonperforming loans to total loans at end of period

0.09%

0.11%

0.09%

0.11%


(1) Annualized

The Company's summary balance sheets follow:

Wellesley Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets

(In thousands)

(Unaudited)



September 30,
2017

December 31,

2016

Assets


Cash and cash equivalents

$      31,119

$        28,525

Securities available for sale, at fair value

65,731

64,648

Federal Home Loan Bank of Boston stock, at cost

6,073

5,758

Loans held for sale

--

1,454


Loans

654,386

581,563

Less allowance for loan losses

(5,793)

(5,432)

    Loans, net

648,593

576,131


Bank-owned life insurance

7,476

7,303

Premises and equipment, net

3,495

3,876

Other assets

7,362

7,588


Total assets

$    769,849

$       695,283


Liabilities and Stockholders' Equity


Deposits:


     Non-interest-bearing

$   109,737

$        94,946

     Interest-bearing

471,812

427,864


581,549

522,810


Short-term borrowings

27,000

21,250

Long-term debt

87,261

83,020

Subordinated debt

9,794

9,769

Accrued expenses and other liabilities

5,202

3,220

          Total liabilities

710,806

640,069


Stockholders' equity

59,043

55,214


Total liabilities and stockholders' equity

$   769,849

$      695,283








CONTACT: Wellesley Bancorp, Inc., Thomas J. Fontaine, President and Chief Executive Officer, 781-235-2550

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