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

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.

/EIN News/ -- 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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