Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2021

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PEWAUKEE, Wis., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCPink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.2 million, or $0.88 per common share for the three months ended December 31, 2021 compared to net income of $2.7 million, or $1.06 per common share for the three months ended December 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.

_____________________________________________

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:

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

December 31, 2020

Selected Financial Condition Data:

(Dollars in thousands)

Total assets

$

914,633

$

921,791

$

905,024

$

892,363

$

906,344

Loans receivable, net

661,439

665,166

641,790

641,599

653,485

Allowance for loan losses

8,997

8,995

8,992

8,488

8,486

Securities available for sale

165,917

179,547

161,316

136,154

106,201

Total liabilities

828,673

836,768

819,451

809,734

824,873

Deposits

818,184

812,316

808,686

795,687

805,085

Stockholders' equity

85,960

85,023

85,573

82,629

81,471

Asset Quality Ratios:

Non-performing assets to total assets

0.97

%

0.95

%

0.97

%

1.31

%

1.35

%

Non-performing loans to total loans

1.33

%

1.30

%

1.35

%

1.33

%

1.34

%

Total classified assets to total assets

1.01

%

0.98

%

1.00

%

1.32

%

1.43

%

Allowance for loan losses to non-performing loans

100.98

%

103.00

%

102.54

%

98.04

%

95.99

%

Allowance for loan losses to total loans

1.34

%

1.33

%

1.38

%

1.31

%

1.28

%

Net charge-offs (recoveries) to average loans - annualized

%

%

%

%

(0.02

%)

Capital Ratios:

Average equity to average assets

9.46

%

9.34

%

9.47

%

9.36

%

9.02

%

Equity to total assets at end of period

9.40

%

9.22

%

9.46

%

9.26

%

8.99

%

Total capital to risk-weighted assets (Bank only)

13.43

%

13.23

%

12.62

%

13.01

%

13.41

%

Tier 1 capital to risk-weighted assets (Bank only)

12.18

%

11.98

%

11.38

%

11.78

%

12.17

%

Tier 1 capital to average assets (Bank only)

9.27

%

9.22

%

9.16

%

9.21

%

9.40

%

CET1 capital to risk-weighted assets (Bank only)

12.18

%

11.98

%

11.38

%

11.78

%

12.17

%


Three Months Ended:

December 31, 2021

December 31, 2020

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

6,824

$

7,846

Interest expense

305

526

Net interest income

6,519

7,320

Provision for loan losses

550

Net interest income after provision for loan losses

6,519

6,770

Service fees on deposit accounts

922

891

Gain on sale of loans

442

1,249

Other non-interest income

465

715

Total non-interest income

1,829

2,855

Compensation and other employee benefits

3,003

3,025

Occupancy, furniture and equipment

559

591

Data processing

795

763

Other non-interest expense

975

1,531

Total non-interest expense

5,332

5,910

Income before income tax expense

3,016

3,715

Income tax expense

798

1,014

Net income

$

2,218

$

2,701

Basic earnings per share

$

0.88

$

1.06

Diluted earnings per share

$

0.82

$

1.03


For the Three Months Ended:

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

December 31, 2020

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

6,824

$

7,246

$

6,792

$

6,915

$

7,846

Interest expense

305

330

329

375

526

Net interest income

6,519

6,916

6,463

6,540

7,320

Provision for loan losses

500

550

Net interest income after provision for loan losses

6,519

6,916

5,963

6,540

6,770

Service fees on deposit accounts

922

987

899

820

891

Gain on sale of loans

442

830

550

1,169

1,249

Other non-interest income

465

323

1,129

420

715

Total non-interest income

1,829

2,140

2,578

2,409

2,855

Compensation and other employee benefits

3,003

3,246

3,050

2,990

3,025

Occupancy, furniture and equipment

559

712

652

639

591

Data processing

795

825

812

778

763

Other non-interest expense

975

1,075

1,038

1,159

1,531

Total non-interest expense

5,332

5,858

5,552

5,566

5,910

Income before income tax expense

3,016

3,198

2,989

3,383

3,715

Income tax expense

798

925

859

958

1,014

Net income

$

2,218

$

2,273

$

2,130

$

2,425

$

2,701

Basic earnings per share

$

0.88

$

0.90

$

0.82

$

0.95

$

1.06

Diluted earnings per share

$

0.82

$

0.85

$

0.78

$

0.90

$

1.03


At or For the Three Months Ended:

December 31, 2021

December 31, 2020

Selected Financial Performance Ratios:

Return on average assets

0.96

%

1.20

%

Return on average equity

10.11

%

13.27

%

Interest rate spread

2.96

%

3.49

%

Net interest margin

2.97

%

3.50

%

Non-interest expense to average total assets

2.30

%

2.62

%

Average interest-earning assets to average interest-bearing liabilities

106.02

%

106.05

%

Per Share and Stock Market Data:

Net income per common share

$

0.88

$

1.06

Basic weighted average shares outstanding

2,529,138

2,545,899

Book value per share - excluding unallocated ESOP shares

$

33.42

$

30.69

Book value per share - including unallocated ESOP shares

$

32.79

$

29.54

Closing market price

$

30.07

$

24.01

Price to book ratio - excluding unallocated ESOP shares

89.98

%

78.23

%

Price to book ratio - including unallocated ESOP shares

91.70

%

81.28

%


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