Westbury Bancorp, Inc. Reports Net Income for the Three and

WEST BEND, Wis., July 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.1 million, or $0.82 per common share and $7.3 million, or $2.82 per common share, for the three and nine months ended June 30, 2021 compared to net income of $1.6 million, or $0.58 per common share and $5.3 million, or $1.74 per common share, for the three and nine months ended June 30, 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:
	June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020
Selected Financial Condition Data:				(Dollars in thousands)
Total assets	$	905,024		$	892,363		$	906,344		$	887,285		$	905,170
Loans receivable, net	641,790			641,599			653,485			692,391			680,130
Allowance for loan losses	8,992			8,488			8,486			7,908			7,632
Securities available for sale	161,316			136,154			106,201			94,875			91,598
Total liabilities	819,451			809,734			824,873			808,430			827,847
Deposits	808,686			795,687			805,085			776,412			787,825
Stockholders' equity	85,573			82,629			81,471			78,855			77,323

Asset Quality Ratios:
Non-performing assets to total assets	0.97		%	1.31		%	1.35		%	1.33		%	1.31		%
Non-performing loans to total loans	1.35		%	1.33		%	1.34		%	1.25		%	1.28		%
Total classified assets to total assets	1.00		%	1.32		%	1.43		%	1.54		%	1.31		%
Allowance for loan losses to non-performing loans	102.54		%	98.04		%	95.99		%	90.15		%	86.55		%
Allowance for loan losses to total loans	1.38		%	1.31		%	1.28		%	1.13		%	1.11		%
Net charge-offs (recoveries) to average loans - annualized	—		%	—		%	(0.02		%)	0.16		%	—		%

Capital Ratios:
Average equity to average assets	9.47		%	9.36		%	9.02		%	8.75		%	9.08		%
Equity to total assets at end of period	9.46		%	9.26		%	8.99		%	8.89		%	8.54		%
Total capital to risk-weighted assets (Bank only)	12.62		%	13.01		%	13.41		%	12.98		%	12.82		%
Tier 1 capital to risk-weighted assets (Bank only)	11.38		%	11.78		%	12.17		%	11.83		%	11.70		%
Tier 1 capital to average assets (Bank only)	9.16		%	9.21		%	9.40		%	9.03		%	9.00		%
CET1 capital to risk-weighted assets (Bank only)	11.38		%	11.78		%	12.17		%	11.83		%	11.70		%

	Three Months Ended:				Nine Months Ended:
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,792	$	7,334	$	21,553	$	22,874
Interest expense	329		940		1,230		3,772
Net interest income	6,463		6,394		20,323		19,102
Provision for loan losses	500		551		1,050		701
Net interest income after provision for loan losses	5,963		5,843		19,273		18,401
Service fees on deposit accounts	899		747		2,611		2,562
Gain on sale of loans	550		766		2,967		1,549
Other non-interest income	1,129		417		2,264		1,244
Total non-interest income	2,578		1,930		7,842		5,355

Compensation and other employee benefits	3,050		3,051		9,065		9,418
Occupancy, furniture and equipment	652		606		1,882		1,809
Data processing	812		758		2,353		2,342
Other non-interest expense	1,038		1,076		3,728		2,829
Total non-interest expense	5,552		5,491		17,028		16,398
Income before income tax expense	2,989		2,282		10,087		7,358
Income tax expense	859		633		2,831		2,074
Net income	$	2,130	$	1,649	$	7,256	$	5,284

Basic earnings per share	$	0.82	$	0.58	$	2.82	$	1.74
Diluted earnings per share	$	0.78	$	0.57	$	2.70	$	1.69

	For the Three Months Ended:
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,792	$	6,915	$	7,846	$	7,226	$	7,334
Interest expense	329		375		526		778		940
Net interest income	6,463		6,540		7,320		6,448		6,394
Provision for loan losses	500		—		550		574		551
Net interest income after provision for loan losses	5,963		6,540		6,770		5,874		5,843
Service fees on deposit accounts	899		820		891		910		747
Gain on sale of loans	550		1,169		1,249		1,087		766
Other non-interest income	1,129		420		715		598		417
Total non-interest income	2,578		2,409		2,855		2,595		1,930

Compensation and other employee benefits	3,050		2,990		3,025		3,141		3,051
Occupancy, furniture and equipment	652		639		591		596		606
Data processing	812		778		763		787		758
Other non-interest expense	1,038		1,159		1,531		1,275		1,076
Total non-interest expense	5,552		5,566		5,910		5,799		5,491
Income before income tax expense	2,989		3,383		3,715		2,670		2,282
Income tax expense	859		958		1,014		738		633
Net income	$	2,130	$	2,425	$	2,701	$	1,932	$	1,649

Basic earnings per share
Diluted earnings per share	$	0.82	$	0.95	$	1.06	$	0.76	$	0.58
	$	0.78	$	0.90	$	1.03	$	0.75	$	0.57

	At or For the Three Months Ended:						At or For the Nine Months Ended:
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Selected Financial Performance Ratios:
Return on average assets	0.94		%	0.75		%	1.16		%	0.83		%
Return on average equity	10.06		%	8.22		%	11.69		%	8.50		%
Interest rate spread	3.08		%	3.06		%	3.24		%	3.14		%
Net interest margin	3.09		%	3.08		%	3.25		%	3.18		%
Non-interest expense to average total assets	2.46		%	2.49		%	2.55		%	2.57		%
Average interest-earning assets to average interest-bearing liabilities	104.83		%	104.18		%	104.55		%	105.57		%

Per Share and Stock Market Data:
Net income per common share	$	0.82		$	0.58		$	2.82		$	1.74
Basic weighted average shares outstanding	2,588,034			2,839,880			2,576,022			3,032,099
Book value per share - excluding unallocated ESOP shares	$	32.10		$	28.25		$	32.10		$	28.25
Book value per share - including unallocated ESOP shares	$	31.20		$	26.93		$	31.20		$	26.93
Closing market price	$	28.50		$	19.25		$	28.50		$	19.25
Price to book ratio - excluding unallocated ESOP shares	88.79		%	68.14		%	88.79		%	68.14		%
Price to book ratio - including unallocated ESOP shares	91.35		%	71.48		%	91.35		%	71.48		%

Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2021