Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2021

| Source: Westbury Bancorp, Inc. Westbury Bancorp, Inc.

WEST BEND, Wis., April 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.4 million, or $0.95 per common share and $5.1 million, or $2.01 per common share, for the three and six months ended March 31, 2021 compared to net income of $1.8 million, or $0.58 per common share and $3.6 million, or $1.16 per common share, for the three and six months ended March 31, 2020.

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 primarily serving communities in Washington and Waukesha Counties through its eight full service offices 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. 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
262-335-6037

 At or For the Three Months Ended:
 March 31,
2021		December 31,
2020		September 30,
2020		June 30, 2020March 31,
2020
Selected Financial Condition Data: (Dollars in thousands)
Total assets$892,363 $906,344 $887,285 $905,170 $817,754 
Loans receivable, net641,599 653,485 692,391 680,130 642,790 
Allowance for loan losses8,488 8,486 7,908 7,632 7,079 
Securities available for sale136,154 106,201 94,875 91,598 87,088 
Total liabilities809,734 824,873 808,430 827,847 737,936 
Deposits795,687 805,085 776,412 787,825 706,889 
Stockholders' equity82,629 81,471 78,855 77,323 79,818 
      
Asset Quality Ratios:     
Non-performing assets to total assets1.31%1.35%1.33%1.31%1.39%
Non-performing loans to total loans1.33%1.34%1.25%1.28%1.29%
Total classified assets to total assets1.32%1.43%1.54%1.31%1.39%
Allowance for loan losses to non-performing loans98.04%95.99%90.15%86.55%84.69%
Allowance for loan losses to total loans1.31%1.28%1.13%1.11%1.09%
Net charge-offs (recoveries) to average loans - annualized—%(0.02%)0.16%—%—%
      
Capital Ratios:     
Average equity to average assets9.30%9.02%8.75%9.08%10.18%
Equity to total assets at end of period9.26%8.99%8.89%8.54%9.76%
Total capital to risk-weighted assets (Bank only)13.01%13.41%12.98%12.82%12.71%
Tier 1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67%
Tier 1 capital to average assets (Bank only)9.21%9.40%9.03%9.00%9.65%
CET1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67%


 Three Months Ended: Six Months Ended:
 March 31,
2021		 March 31,
2020		 March 31,
2021		 March 31,
2020
  
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,915  $7,692  $14,761  $15,541 
Interest expense375  1,303  902  2,833 
Net interest income6,540  6,389  13,859  12,708 
Provision for loan losses—  90  550  150 
Net interest income after provision for loan losses6,540  6,299  13,309  12,558 
Service fees on deposit accounts820  847  1,711  1,814 
Gain on sale of loans1,169  365  2,417  804 
Other non-interest income420  519  1,137  807 
Total non-interest income2,409  1,731  5,265  3,425 
        
Compensation and other employee benefits2,990  3,144  6,015  6,367 
Occupancy, furniture and equipment639  670  1,230  1,203 
Data processing778  795  1,541  1,584 
Other non-interest expense1,159  909  2,690  1,754 
Total non-interest expense5,566  5,518  11,476  10,908 
Income before income tax expense3,383  2,512  7,098  5,075 
Income tax expense958  714  1,972  1,440 
Net income$2,425  $1,798  $5,126  $3,635 
        
Basic earnings per share$0.95  $0.58  $2.01  $1.16 
Diluted earnings per share$0.90  $0.56  $1.93  $1.12 


 For the Three Months Ended:
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,915 $7,846 $7,226 $7,334 $7,692 
Interest expense375 526 778 940 1,303 
Net interest income6,540 7,320 6,448 6,394 6,389 
Provision for loan losses— 550 574 551 90 
Net interest income after provision for loan losses6,540 6,770 5,874 5,843 6,299 
Service fees on deposit accounts820 891 910 747 847 
Gain on sale of loans1,169 1,249 1,087 766 419 
Other non-interest income420 715 598 417 465 
Total non-interest income2,409 2,855 2,595 1,930 1,731 
      
Compensation and other employee benefits2,990 3,025 3,141 3,051 3,144 
Occupancy, furniture and equipment639 591 596 606 670 
Data processing778 763 787 758 795 
Other non-interest expense1,159 1,531 1,275 1,076 909 
Total non-interest expense5,566 5,910 5,799 5,491 5,518 
Income before income tax expense3,383 3,715 2,670 2,282 2,512 
Income tax expense958 1,014 738 633 714 
Net income$2,425 $2,701 $1,932 $1,649 $1,798 
      
Basic earnings per share$0.95 $1.06 $0.76 $0.58 $0.58 
Diluted earnings per share$0.90 $1.03 $0.75 $0.57 $0.56 
      


 At or For the Three Months
Ended:		 At or For the Six Months
Ended:
 March 31,
2021		 March 31,
2020		 March 31,
2021		 March 31,
2020
Selected Financial Performance Ratios:       
Return on average assets1.11% 0.88% 1.16% 0.87%
Return on average equity11.80% 8.60% 12.53% 8.64%
Interest rate spread3.20% 3.25% 3.34% 3.18%
Net interest margin3.21% 3.29% 3.35% 3.23%
Non-interest expense to average total assets2.55% 2.69% 2.59% 2.61%
Average interest-earning assets to average interest-bearing liabilities104.13% 106.02% 104.41% 106.22%
                
Per Share and Stock Market Data:               
Net income per common share$0.95  $0.58  $2.01  $1.16 
Basic weighted average shares outstanding2,564,148  3,090,270  2,554,994  3,127,684 
Book value per share - excluding unallocated ESOP shares$30.69  $27.09  $30.69  $27.09 
Book value per share - including unallocated ESOP shares$29.97  $25.78  $29.97  $25.78 
Closing market price$28.75  $21.50  $28.75  $21.50 
Price to book ratio - excluding unallocated ESOP shares93.68% 79.37% 93.68% 79.37%
Price to book ratio - including unallocated ESOP shares95.93% 83.40% 95.93% 83.40%