Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2019

/EIN News/ -- WEST BEND, Wis., April 17, 2019 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.5 million, or $0.46 per common share, and $3.2 million, or $0.98 per common share, for the three and six months ended March 31, 2019 compared to 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.

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”. Detailed quarterly financial statements for the Company may be found at www.otcmarkets.com/stock/WBBW/disclosure.

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, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	823,212		$	840,264		$	816,297		$	807,910		$	801,426
Loans receivable, net	666,931			679,403			651,704			638,608			627,410
Allowance for loan losses	6,784			6,482			6,092			5,845			5,765
Securities available for sale	99,939			104,087			106,144			107,748			110,986
Total liabilities	746,052			765,246			739,194			730,684			724,828
Deposits	702,284			691,705			676,553			671,188			676,511
Stockholders' equity	77,160			77,827			77,103			77,226			76,598

Asset Quality Ratios:
Non-performing assets to total assets	0.02		%	0.02		%	0.71		%	0.03		%	0.03		%
Non-performing loans to total loans	0.03		%	0.03		%	0.87		%	0.03		%	0.04		%
Total classified assets to total assets	0.04		%	0.12		%	0.83		%	0.84		%	0.16		%
Allowance for loan losses to non-performing loans	3,627.81		%	3,430.16		%	105.98		%	2,901.97		%	2,506.52		%
Allowance for loan losses to total loans	1.01		%	0.95		%	0.93		%	0.91		%	0.91		%
Net charge-offs (recoveries) to average loans - annualized	—		%	0.04		%	—		%	0.04		%	0.03		%

Capital Ratios:
Average equity to average assets	9.33		%	9.27		%	9.89		%	9.50		%	9.73		%
Equity to total assets at end of period	9.37		%	9.23		%	9.45		%	9.56		%	9.56		%
Total capital to risk-weighted assets (Bank only)	12.81		%	12.30		%	12.47		%	12.40		%	12.16		%
Tier 1 capital to risk-weighted assets (Bank only)	11.81		%	11.40		%	11.57		%	11.53		%	11.31		%
Tier 1 capital to average assets (Bank only)	9.61		%	9.57		%	9.58		%	9.50		%	9.61		%
CET1 capital to risk-weighted assets (Bank only)	11.81		%	11.40		%	11.57		%	11.53		%	11.31		%


	Three Months Ended:				Six Months Ended:
	March 31, 2019		March 31, 2018		March 31, 2019		March 31, 2018
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	8,087	$	7,034	$	16,187	$	14,006
Interest expense	1,693		1,138		3,257		2,175
Net interest income	6,394		5,896		12,930		11,831
Provision for loan losses	300		50		750		50
Net interest income after provision for loan losses	6,094		5,846		12,180		11,781
Service fees on deposit accounts	904		867		1,979		1,819
Other non-interest income	339		509		754		1,057
Total non-interest income	1,243		1,376		2,733		2,876

Compensation and other employee benefits	3,084		2,954		6,154		5,909
Occupancy, furniture and equipment	523		600		984		1,131
Data processing	770		905		1,507		1,834
Other non-interest expense	950		1,099		1,876		2,363
Total non-interest expense	5,327		5,558		10,521		11,237
Income before income tax expense	2,010		1,664		4,392		3,420
Income tax expense	540		489		1,195		1,931
Net income	$	1,470	$	1,175	$	3,197	$	1,489

Basic earnings per share	$	0.46	$	0.34	$	0.98	$	0.42
Diluted earnings per share	$	0.45	$	0.33	$	0.96	$	0.41


	For the Three Months Ended:
	March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	8,087	$	8,100	$	7,640	$	7,395	$	7,034
Interest expense	1,693		1,564		1,419		1,298		1,138
Net interest income	6,394		6,536		6,221		6,097		5,896
Provision for loan losses	300		450		200		150		50
Net interest income after provision for loan losses	6,094		6,086		6,021		5,947		5,846
Service fees on deposit accounts	904		1,075		1,063		980		867
Other non-interest income	339		415		380		369		509
Total non-interest income	1,243		1,490		1,443		1,349		1,376

Compensation and other employee benefits	3,084		3,070		3,160		3,005		2,954
Occupancy, furniture and equipment	523		460		479		521		600
Data processing	770		737		771		801		905
Other non-interest expense	950		927		1,048		1,074		1,099
Total non-interest expense	5,327		5,194		5,458		5,401		5,558
Income before income tax expense	2,010		2,382		2,006		1,895		1,664
Income tax expense	540		655		610		575		489
Net income	$	1,470	$	1,727	$	1,396	$	1,320	$	1,175

Basic earnings per share	$	0.46	$	0.52	$	0.40	$	0.38	$	0.34
Diluted earnings per share	$	0.45	$	0.51	$	0.39	$	0.37	$	0.33


	At or For the Three Months Ended:						At or For the Six Months Ended:
	March 31, 2019			March 31, 2018			March 31, 2019			March 31, 2018
Selected Financial Performance Ratios:
Return on average assets	0.74		%	0.59		%	0.77		%	0.25		%
Return on average equity	8.02		%	6.06		%	8.28		%	2.52		%
Interest rate spread	3.17		%	3.17		%	3.22		%	3.16		%
Net interest margin	3.21		%	3.19		%	3.27		%	3.18		%
Non-interest expense to average total assets	2.58		%	2.79		%	2.53		%	2.83		%
Average interest-earning assets to average interest-bearing liabilities	105.93		%	105.12		%	105.90		%	105.54		%

Per Share and Stock Market Data:
Net income per common share	$	0.46		$	0.34		$	0.98		$	0.42
Basic weighted average shares outstanding	3,205,376			3,476,129			3,259,849			3,509,859
Book value per share - excluding unallocated ESOP shares	$	24.53		$	22.85		$	24.53		$	22.85
Book value per share - including unallocated ESOP shares	$	23.01		$	21.27		$	23.01		$	21.24
Closing market price	$	22.60		$	22.24		$	22.60		$	22.24
Price to book ratio - excluding unallocated ESOP shares	92.13		%	97.33		%	92.13		%	97.33		%
Price to book ratio - including unallocated ESOP shares	98.22		%	104.56		%	98.22		%	104.71		%

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Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2019

Distribution channels: Banking, Finance & Investment Industry

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