Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2022

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

PEWAUKEE, Wis., April 20, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTC Pink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.6 million, or $0.62 per common share and $3.8 million, or $1.51 per common share for the three and six months ended March 31, 2022 compared to 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.

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares are traded on OTC Pink 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.

___________________________________

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,
2022		December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021
Selected Financial Condition Data: (Dollars in thousands)
Total assets$908,352 $914,633 $921,791 $905,024 $892,363 
Loans receivable, net 649,482  661,439  665,166  641,790  641,599 
Allowance for loan losses 9,019  8,997  8,995  8,992  8,488 
Securities available for sale 178,661  165,917  179,547  161,316  136,154 
Total liabilities 827,365  828,673  836,768  819,451  809,734 
Deposits 816,103  818,184  812,316  808,686  795,687 
Stockholders' equity 80,987  85,960  85,023  85,573  82,629 
      
Asset Quality Ratios:     
Non-performing assets to total assets 0.99% 0.97% 0.95% 0.97% 1.31%
Non-performing loans to total loans 1.36% 1.33% 1.30% 1.35% 1.33%
Total classified assets to total assets 1.02% 1.01% 0.98% 1.00% 1.32%
Allowance for loan losses to non-performing loans 100.62% 100.98% 103.00% 102.54% 98.04%
Allowance for loan losses to total loans 1.37% 1.34% 1.33% 1.38% 1.31%
Net charge-offs (recoveries) to average loans - annualized —% —% —% —% —%
      
Capital Ratios:     
Average equity to average assets 9.38% 9.46% 9.34% 9.47% 9.36%
Equity to total assets at end of period 8.92% 9.40% 9.22% 9.46% 9.26%
Total capital to risk-weighted assets (Bank only) 13.80% 13.43% 13.23% 12.62% 13.01%
Tier 1 capital to risk-weighted assets (Bank only) 12.55% 12.18% 11.98% 11.38% 11.78%
Tier 1 capital to average assets (Bank only) 9.59% 9.27% 9.22% 9.16% 9.21%
CET1 capital to risk-weighted assets (Bank only) 12.55% 12.18% 11.98% 11.38% 11.78%
      
      


 Three Months Ended: Six Months Ended:
 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
  
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,532 $6,915 $13,356 $14,761
Interest expense 245  375  550  902
Net interest income 6,287  6,540  12,806  13,859
Provision for loan losses —  —  —  550
Net interest income after provision for loan losses 6,287  6,540  12,806  13,309
Service fees on deposit accounts 910  820  1,832  1,711
Gain on sale of loans 272  1,169  714  2,417
Other non-interest income 436  420  902  1,137
Total non-interest income 1,618  2,409  3,448  5,265
        
Compensation and other employee benefits 3,216  2,990  6,219  6,015
Occupancy, furniture and equipment 629  639  1,188  1,230
Data processing 829  778  1,624  1,541
Other non-interest expense 984  1,159  1,959  2,690
Total non-interest expense 5,658  5,566  10,990  11,476
Income before income tax expense 2,247  3,383  5,264  7,098
Income tax expense 662  958  1,461  1,972
Net income$1,585 $2,425 $3,803 $5,126
        
Basic earnings per share$0.62 $0.95 $1.51 $2.01
Diluted earnings per share$0.58 $0.90 $1.41 $1.93


 For the Three Months Ended:
 March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income$6,532$6,824$7,246$6,792$6,915
Interest expense 245 305 330 329 375
Net interest income 6,287 6,519 6,916 6,463 6,540
Provision for loan losses — — — 500 —
Net interest income after provision for loan losses 6,287 6,519 6,916 5,963 6,540
Service fees on deposit accounts 910 922 987 899 820
Gain on sale of loans 272 442 830 550 1,169
Other non-interest income 436 465 323 1,129 420
Total non-interest income 1,618 1,829 2,140 2,578 2,409
      
Compensation and other employee benefits 3,216 3,003 3,246 3,050 2,990
Occupancy, furniture and equipment 629 559 712 652 639
Data processing 829 795 825 812 778
Other non-interest expense 984 975 1,075 1,038 1,159
Total non-interest expense 5,658 5,332 5,858 5,552 5,566
Income before income tax expense 2,247 3,016 3,198 2,989 3,383
Income tax expense 662 798 925 859 958
Net income$1,585$2,218$2,273$2,130$2,425
      
Basic earnings per share 0.62$0.88$0.90$0.82$0.95
Diluted earnings per share 0.58$0.82$0.85$0.78$0.90
      


 At or For the Three
Months Ended:		 At or For the Six Months
Ended:
 March 31,
2022		 March 31,
2021		 March 31,
2022		 March 31,
2021
Selected Financial Performance Ratios:       
Return on average assets 0.71%  1.11%  0.84%  1.16%
Return on average equity 7.48%  11.80%  8.99%  12.53%
Interest rate spread 2.97%  3.20%  3.03%  3.34%
Net interest margin 2.98%  3.21%  3.04%  3.35%
Non-interest expense to average total assets 2.53%  2.55%  2.41%  2.59%
Average interest-earning assets to average interest-bearing liabilities 105.02%  104.13%  105.53%  104.41%
        
Per Share and Stock Market Data:       
Net income per common share$0.62  $0.95  $1.51  $2.01 
Basic weighted average shares outstanding 2,538,481   2,564,148   2,519,337   2,554,994 
Book value per share - excluding unallocated ESOP shares$31.32  $30.69  $31.32  $30.69 
Book value per share - including unallocated ESOP shares$30.90  $29.97  $30.90  $29.97 
Closing market price$33.19  $28.75  $33.19  $28.75 
Price to book ratio - excluding unallocated ESOP shares 105.97%  93.68%  105.97%  93.68%
Price to book ratio - including unallocated ESOP shares 107.41%  95.93%  107.41%  95.93%