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Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2018

/EIN News/ -- WEST BEND, Wis., April 23, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.2 million, or $0.34 per common share, and $1.5 million, or $0.42 per common share, for the three and six months ended March 31, 2018 compared to net income of $746,000, or $0.21 per common share, and $1.5 million, or $0.41 per common share for the three and six months ended March 31, 2017. 

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased that we are able to report year-to-date net income which equals our net income for the first six months of 2017 even after the negative impact of the one-time adjustment to our deferred tax asset of $923,000 due to the passage of Federal tax reform in December 2017.  The results for the current quarter represent an improvement of 58% over the comparable quarter in 2017."

Emerich continued, "During the quarter, we continued our stock repurchase program.  For the three months ended March 31, 2018, we purchased 64,687 shares.  As of March 31, 2018, there were 3,769,198 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.

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:
  March 31,
2018
December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
Selected Financial Condition Data: (Dollars in thousands)
Total assets $ 801,426   $ 810,391   $ 790,289   $ 795,915   $ 755,541  
Loans receivable, net 627,410   614,531   601,988   571,281   551,611  
Allowance for loan losses 5,765   5,765   5,760   5,612   5,560  
Securities available for sale 110,986   114,946   122,601   122,338   115,208  
Total liabilities 724,828   732,829   709,205   716,124   676,461  
Deposits 676,511   679,467   675,797   687,486   645,313  
Stockholders' equity 76,598   77,562   81,084   79,791   79,080  
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.03 % 0.03 % 0.04 % 0.04 % 0.07 %
Non-performing loans to total loans 0.04 % 0.04 % 0.05 % 0.03 % 0.09 %
Total classified assets to total assets 0.16 % 0.16 % 0.26 % 0.32 % 0.85 %
Allowance for loan losses to non-performing loans 2,506.52 % 2,382.23 % 2,035.34 % 2,806.00 % 1,079.61 %
Allowance for loan losses to total loans 0.91 % 0.93 % 0.95 % 0.97 % 1.00 %
Net charge-offs (recoveries) to average loans - annualized 0.03 % % (0.03 )% % (0.01 )%
           
Capital Ratios:          
Average equity to average assets 9.73 % 9.67 % 9.79 % 10.08 % 10.28 %
Equity to total assets at end of period 9.56 % 9.57 % 10.26 % 10.03 % 10.47 %
Total capital to risk-weighted assets (Bank only) 12.16 % 12.74 % 12.66 % 12.76 % 12.87 %
Tier 1 capital to risk-weighted assets (Bank only) 11.31 % 11.85 % 11.76 % 11.86 % 11.95 %
Tier 1 capital to average assets (Bank only) 9.61 % 9.66 % 9.58 % 9.77 % 10.03 %
CET1 capital to risk-weighted assets (Bank only) 11.31 % 11.85 % 11.76 % 11.86 % 11.95 %


  At or For the Three Months Ended:   At or For the Six Months Ended:
  March 31,
2018
  March 31,
2017
  March 31,
2018
  March 31,
2017
Selected Financial Performance Ratios:              
Return on average assets 0.59 %   0.41 %   0.25 %   0.42 %
Return on average equity 6.06 %   4.02 %   2.52 %   3.97 %
Interest rate spread 3.17 %   3.24 %   3.16 %   3.26 %
Net interest margin 3.19 %   3.26 %   3.18 %   3.28 %
Non-interest expense to average total assets 2.79 %   3.01 %   2.83 %   3.06 %
Average interest-earning assets to average interest-bearing liabilities 105.12 %   102.54 %   105.54 %   102.72 %
               
Per Share and Stock Market Data:              
Net income per common share $ 0.34     $ 0.21     $ 0.42     $ 0.41  
Basic weighted average shares outstanding 3,476,129     3,631,466     3,509,859     3,645,071  
Book value per share - excluding unallocated ESOP shares $ 22.85     $ 21.82     $ 22.85     $ 21.82  
Book value per share - including unallocated ESOP shares $ 21.27     $ 20.13     $ 21.27     $ 20.13  
Closing market price $ 22.24     $ 20.82     $ 22.24     $ 20.82  
Price to book ratio - excluding unallocated ESOP shares 97.33 %   95.42 %   97.33 %   95.42 %
Price to book ratio - including unallocated ESOP shares 104.56 %   103.43 %   104.56 %   103.43 %


  Three Months Ended:   Six Months Ended:
  March 31,
2018
  March 31,
2017
  March 31,
2018
  March 31,
2017
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 7,034     $ 6,093     $ 14,006     $ 12,017  
Interest expense 1,138     795     2,175     1,512  
Net interest income 5,896     5,298     11,831     10,505  
Provision for loan losses 50     100     50     300  
Net interest income after provision for loan losses 5,846     5,198     11,781     10,205  
Service fees on deposit accounts 867     932     1,819     1,921  
Other non-interest income 509     510     1,057     1,189  
Total non-interest income 1,376     1,442     2,876     3,110  
               
Compensation and other employee benefits 2,954     2,806     5,909     5,748  
Occupancy, furniture and equipment 600     623     1,131     1,159  
Data processing 905     856     1,834     1,662  
Other non-interest expense 1,099     1,152     2,363     2,387  
Total non-interest expense 5,558     5,437     11,237     10,956  
Income before income tax expense 1,664     1,203     3,420     2,359  
Income tax expense 489     457     1,931     866  
Net income $ 1,175     $ 746     $ 1,489     $ 1,493  
               
Basic earnings per share $ 0.34     $ 0.21     $ 0.42     $ 0.41  
Diluted earnings per share $ 0.33     $ 0.20     $ 0.41     $ 0.40  


  For the Three Months Ended:
  March 31,
2018
December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 7,034   $ 6,972   $ 6,787   $ 6,442   $ 6,093  
Interest expense 1,138   1,037   991   906   795  
Net interest income 5,896   5,935   5,796   5,536   5,298  
Provision for loan losses 50     100   50   100  
Net interest income after provision for loan losses 5,846   5,935   5,696   5,486   5,198  
Service fees on deposit accounts 867   952   1,004   994   932  
Other non-interest income 509   548   455   492   510  
Total non-interest income 1,376   1,500   1,459   1,486   1,442  
           
Compensation and other employee benefits 2,954   2,955   2,863   2,994   2,806  
Occupancy, furniture and equipment 600   531   577   577   623  
Data processing 905   929   920   872   856  
Other non-interest expense 1,099   1,264   1,951   1,221   1,152  
Total non-interest expense 5,558   5,679   6,311   5,664   5,437  
Income before income tax expense 1,664   1,756   844   1,308   1,203  
Income tax expense 489   1,442   308   490   457  
Net income $ 1,175   $ 314   $ 536   $ 818   $ 746  
           
Basic earnings per share $ 0.34   $ 0.09   $ 0.14   $ 0.23   $ 0.21  
Diluted earnings per share $ 0.33   $ 0.09   $ 0.14   $ 0.22   $ 0.20  

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