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

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, 2020 March 31,
2020
Selected Financial Condition Data:   (Dollars in thousands)
Total assets $ 892,363   $ 906,344   $ 887,285   $ 905,170   $ 817,754  
Loans receivable, net 641,599   653,485   692,391   680,130   642,790  
Allowance for loan losses 8,488   8,486   7,908   7,632   7,079  
Securities available for sale 136,154   106,201   94,875   91,598   87,088  
Total liabilities 809,734   824,873   808,430   827,847   737,936  
Deposits 795,687   805,085   776,412   787,825   706,889  
Stockholders’ equity 82,629   81,471   78,855   77,323   79,818  
           
Asset Quality Ratios:          
Non-performing assets to total assets 1.31 % 1.35 % 1.33 % 1.31 % 1.39 %
Non-performing loans to total loans 1.33 % 1.34 % 1.25 % 1.28 % 1.29 %
Total classified assets to total assets 1.32 % 1.43 % 1.54 % 1.31 % 1.39 %
Allowance for loan losses to non-performing loans 98.04 % 95.99 % 90.15 % 86.55 % 84.69 %
Allowance for loan losses to total loans 1.31 % 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 assets 9.30 % 9.02 % 8.75 % 9.08 % 10.18 %
Equity to total assets at end of period 9.26 % 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 expense 375     1,303     902     2,833  
Net interest income 6,540     6,389     13,859     12,708  
Provision for loan losses     90     550     150  
Net interest income after provision for loan losses 6,540     6,299     13,309     12,558  
Service fees on deposit accounts 820     847     1,711     1,814  
Gain on sale of loans 1,169     365     2,417     804  
Other non-interest income 420     519     1,137     807  
Total non-interest income 2,409     1,731     5,265     3,425  
               
Compensation and other employee benefits 2,990     3,144     6,015     6,367  
Occupancy, furniture and equipment 639     670     1,230     1,203  
Data processing 778     795     1,541     1,584  
Other non-interest expense 1,159     909     2,690     1,754  
Total non-interest expense 5,566     5,518     11,476     10,908  
Income before income tax expense 3,383     2,512     7,098     5,075  
Income tax expense 958     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 expense 375   526   778   940   1,303  
Net interest income 6,540   7,320   6,448   6,394   6,389  
Provision for loan losses   550   574   551   90  
Net interest income after provision for loan losses 6,540   6,770   5,874   5,843   6,299  
Service fees on deposit accounts 820   891   910   747   847  
Gain on sale of loans 1,169   1,249   1,087   766   419  
Other non-interest income 420   715   598   417   465  
Total non-interest income 2,409   2,855   2,595   1,930   1,731  
           
Compensation and other employee benefits 2,990   3,025   3,141   3,051   3,144  
Occupancy, furniture and equipment 639   591   596   606   670  
Data processing 778   763   787   758   795  
Other non-interest expense 1,159   1,531   1,275   1,076   909  
Total non-interest expense 5,566   5,910   5,799   5,491   5,518  
Income before income tax expense 3,383   3,715   2,670   2,282   2,512  
Income tax expense 958   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 assets 1.11 %   0.88 %   1.16 %   0.87 %
Return on average equity 11.80 %   8.60 %   12.53 %   8.64 %
Interest rate spread 3.20 %   3.25 %   3.34 %   3.18 %
Net interest margin 3.21 %   3.29 %   3.35 %   3.23 %
Non-interest expense to average total assets 2.55 %   2.69 %   2.59 %   2.61 %
Average interest-earning assets to average interest-bearing liabilities 104.13 %   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 outstanding 2,564,148     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 shares 93.68 %   79.37 %   93.68 %   79.37 %
Price to book ratio – including unallocated ESOP shares 95.93 %   83.40 %   95.93 %   83.40 %

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