WEST BEND, Wis., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $314,000, or $0.09 per common share for the three months ended December 31, 2017 compared to net income of $747,000, or $0.20 per common share for the three months ended December 31, 2016. 

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased that we are able to report net income for the quarter, even after the negative impact of the one-time adjustment to our deferred tax asset due to the passage of Federal tax reform in December 2017 which reduced the Federal corporate tax rate to 21% as of January 1, 2018.  The adjustment to the deferred tax asset resulted in $923,000 of additional income tax expense, or $0.26 per common share and $0.25 per diluted common share, which directly impacted net income for the quarter.  However, the reduced tax rate will result in reduced Federal income tax expense for the Company for fiscal 2018 and beyond."

Emerich continued, "During the quarter, we continued our stock repurchase program.  For the three months ended December 31, 2017, we purchased 175,195 shares.  As of December 31, 2017, there were 3,836,957 shares of common stock outstanding."

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank.  The Company's common shares are traded on OTCQX under the symbol “WBBW”.

Westbury Bank is an independent community bank serving communities in Washington, Waukesha and Dane Counties through its eight full service offices and one loan production office providing deposit and loan services to individuals, professionals and businesses throughout its markets.

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.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition, the demand for the Company’s products and services, the Company's ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, the Company's ability to maintain required capital levels and adequate sources of funding and liquidity, the Company's ability to secure confidential information through the use of computer systems and telecommunications networks, changes in regulatory requirements and applicable tax provisions and obligations impacting the Company, adverse changes in financial industry, securities, credit and local real estate markets and changes in the concentration levels for the Bank's loan portfolio. 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:             
Kirk Emerich - Executive Vice President and CFO
Greg Remus - President and CEO
262-334-5563

	At or For the Three Months Ended:
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	810,391		$	790,289		$	795,915		$	755,541		$	732,996
Loans receivable, net	614,531			601,988			571,281			551,611			543,220
Allowance for loan losses	5,765			5,760			5,612			5,560			5,451
Securities available for sale	114,946			122,601			122,338			115,208			101,997
Total liabilities	732,829			709,205			716,124			676,461			654,684
Deposits	679,467			675,797			687,486			645,313			629,852
Stockholders' equity	77,562			81,084			79,791			79,080			78,312
Asset Quality Ratios:
Non-performing assets to total assets	0.03		%	0.04		%	0.04		%	0.07		%	0.10		%
Non-performing loans to total loans	0.04		%	0.05		%	0.03		%	0.09		%	0.13		%
Total classified assets to total assets	0.16		%	0.26		%	0.32		%	0.85		%	0.47		%
Allowance for loan losses to non-performing loans	2,382.23		%	2,035.34		%	2,806.00		%	1,079.61		%	775.39		%
Allowance for loan losses to total loans	0.93		%	0.95		%	0.97		%	1.00		%	0.99		%
Net charge-offs (recoveries) to average loans - annualized	—		%	(0.03		)%	—		%	(0.01		)%	(0.01		)%
Capital Ratios:
Average equity to average assets	9.67		%	9.79		%	10.08		%	10.28		%	10.76		%
Equity to total assets at end of period	9.57		%	10.26		%	10.03		%	10.47		%	10.68		%
Total capital to risk-weighted assets (Bank only)	12.74		%	12.66		%	12.76		%	12.87		%	13.01		%
Tier 1 capital to risk-weighted assets (Bank only)	11.85		%	11.76		%	11.86		%	11.95		%	12.10		%
Tier 1 capital to average assets (Bank only)	9.66		%	9.58		%	9.77		%	10.03		%	10.17		%
CET1 capital to risk-weighted assets (Bank only)	11.85		%	11.76		%	11.86		%	11.95		%	12.10		%

	At or For the Three Months Ended:
	December 31, 2017				December 31, 2016
Selected Financial Performance Ratios:
Return on average assets	0.16		%		0.42		%
Return on average equity	1.65		%		3.92		%
Interest rate spread	3.22		%		3.19		%
Net interest margin	3.24		%		3.22		%
Non-interest expense to average total assets	2.88		%		3.12		%
Average interest-earning assets to average interest-bearing liabilities	105.10		%		105.47		%
Per Share and Stock Market Data:
Net income per common share	$	0.09			$	0.20
Basic weighted average shares outstanding	3,559,784				3,661,351
Book value per share - excluding unallocated ESOP shares	$	21.98			$	21.39
Book value per share - including unallocated ESOP shares	$	20.35			$	19.69
Closing market price	$	23.00			$	20.70
Price to book ratio - excluding unallocated ESOP shares	104.64		%		96.77		%
Price to book ratio - including unallocated ESOP shares	113.02		%		105.13		%

	Three Months Ended:
	December 31, 2017				December 31, 2016
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,972			$	5,924
Interest expense	1,037				717
Net interest income	5,935				5,207
Provision for loan losses	—				200
Net interest income after provision for loan losses	5,935				5,007
Service fees on deposit accounts	952				989
Other non-interest income	548				679
Total non-interest income	1,500				1,668
Compensation and other employee benefits	2,955				2,942
Occupancy, furniture and equipment	531				536
Data processing	929				806
Other non-interest expense	1,264				1,235
Total non-interest expense	5,679				5,519
Income before income tax expense	1,756				1,156
Income tax expense	1,442				409
Net income	$	314			$	747
Basic earnings per share	$	0.09			$	0.20
Diluted earnings per share	$	0.09			$	0.20

	For the Three Months Ended:
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,972		$	6,787		$	6,442		$	6,093		$	5,924
Interest expense	1,037			991			906			795			717
Net interest income	5,935			5,796			5,536			5,298			5,207
Provision for loan losses	—			100			50			100			200
Net interest income after provision for loan losses	5,935			5,696			5,486			5,198			5,007
Service fees on deposit accounts	952			1,004			994			932			989
Other non-interest income	548			455			492			510			679
Total non-interest income	1,500			1,459			1,486			1,442			1,668
Compensation and other employee benefits	2,955			2,863			2,994			2,806			2,942
Occupancy, furniture and equipment	531			577			577			623			536
Data processing	929			920			872			856			806
Other non-interest expense	1,264			1,951			1,221			1,152			1,235
Total non-interest expense	5,679			6,311			5,664			5,437			5,519
Income before income tax expense	1,756			844			1,308			1,203			1,156
Income tax expense	1,442			308			490			457			409
Net income	$	314		$	536		$	818		$	746		$	747
Basic earnings per share	$	0.09		$	0.14		$	0.23		$	0.21		$	0.20
Diluted earnings per share	$	0.09		$	0.14		$	0.22		$	0.20		$	0.20