Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2020

WEST BEND, Wis., April 22, 2020 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.8 million, or $0.58 per common share for the three months ended March 31, 2020 compared to net income of $1.5 million, or $0.46 per common share for the three months ended March 31, 2019.

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 serving communities in Washington, Waukesha and Dane Counties through its eight full service offices and one loan production office 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,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	817,754		$	833,328		$	855,624		$	845,986		$	823,212
Loans receivable, net	642,790			663,265			646,062			656,598			666,931
Allowance for loan losses	7,079			6,986			6,890			6,787			6,784
Securities available for sale	87,088			100,296			102,448			97,598			99,939
Total liabilities	737,936			748,798			773,179			765,947			746,052
Deposits	706,889			720,060			728,696			722,480			702,284
Stockholders' equity	79,818			84,530			82,445			80,039			77,160
Asset Quality Ratios:
Non-performing assets to total assets	1.39		%	1.09		%	0.08		%	0.10		%	0.02		%
Non-performing loans to total loans	1.29		%	1.36		%	0.11		%	0.10		%	0.03		%
Total classified assets to total assets	1.39		%	1.10		%	0.09		%	0.11		%	0.04		%
Allowance for loan losses to non-performing loans	84.69		%	76.84		%	986.48		%	976.59		%	3,627.81		%
Allowance for loan losses to total loans	1.09		%	1.04		%	1.06		%	1.02		%	1.01		%
Net charge-offs (recoveries) to average loans - annualized	—		%	(0.02		%)	—		%	—		%	—		%
Capital Ratios:
Average equity to average assets	10.18		%	9.96		%	9.68		%	9.46		%	9.33		%
Equity to total assets at end of period	9.76		%	10.14		%	9.64		%	9.46		%	9.37		%
Total capital to risk-weighted assets (Bank only)	12.71		%	12.47		%	12.80		%	12.64		%	12.81		%
Tier 1 capital to risk-weighted assets (Bank only)	11.67		%	11.49		%	11.80		%	11.66		%	11.81		%
Tier 1 capital to average assets (Bank only)	9.65		%	9.68		%	9.59		%	9.68		%	9.61		%
CET1 capital to risk-weighted assets (Bank only)	11.67		%	11.49		%	11.80		%	11.66		%	11.81		%

	Three Months Ended:								Six Months Ended:
	March 31,				March 31,				March 31,				March 31,
	2020				2019				2020				2019
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,692			$	8,087			$	15,541			$	16,187
Interest expense	1,303				1,693				2,833				3,257
Net interest income	6,389				6,394				12,708				12,930
Provision for loan losses	90				300				150				750
Net interest income after provision for loan losses	6,299				6,094				12,558				12,180
Service fees on deposit accounts	847				904				1,814				1,979
Other non-interest income	884				339				1,611				754
Total non-interest income	1,731				1,243				3,425				2,733
Compensation and other employee benefits	3,144				3,084				6,367				6,154
Occupancy, furniture and equipment	670				523				1,203				984
Data processing	795				770				1,584				1,507
Other non-interest expense	909				950				1,754				1,876
Total non-interest expense	5,518				5,327				10,908				10,521
Income before income tax expense	2,512				2,010				5,075				4,392
Income tax expense	714				540				1,440				1,195
Net income	$	1,798			$	1,470			$	3,635			$	3,197
Basic earnings per share	$	0.58			$	0.46			$	1.16			$	0.98
Diluted earnings per share	$	0.56			$	0.45			$	1.12			$	0.96

	For the Three Months Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,692		$	7,848		$	8,107		$	8,082		$	8,087
Interest expense	1,303			1,529			1,722			1,715			1,693
Net interest income	6,389			6,319			6,385			6,367			6,394
Provision for loan losses	90			60			100			—			300
Net interest income after provision for loan losses	6,299			6,259			6,285			6,367			6,094
Service fees on deposit accounts	847			967			1,051			991			904
Other non-interest income	884			727			737			755			339
Total non-interest income	1,731			1,694			1,788			1,746			1,243
Compensation and other employee benefits	3,144			3,224			3,152			3,179			3,084
Occupancy, furniture and equipment	670			533			578			632			523
Data processing	795			789			797			780			770
Other non-interest expense	909			844			927			1,018			950
Total non-interest expense	5,518			5,390			5,454			5,609			5,327
Income before income tax expense	2,512			2,563			2,619			2,504			2,010
Income tax expense	714			726			742			693			540
Net income	$	1,798		$	1,837		$	1,877		$	1,811		$	1,470
Basic earnings per share	$	0.58		$	0.58		$	0.59		$	0.58		$	0.46
Diluted earnings per share	$	0.56		$	0.56		$	0.57		$	0.56		$	0.45

	At or For the Three Months Ended:								At or For the Six Months Ended:
	March 31,				March 31,				March 31,				March 31,
	2020				2019				2020				2019
Selected Financial Performance Ratios:
Return on average assets	0.88		%		0.74		%		0.87		%		0.77		%
Return on average equity	8.60		%		8.02		%		8.64		%		8.28		%
Interest rate spread	3.25		%		3.17		%		3.18		%		3.22		%
Net interest margin	3.29		%		3.21		%		3.23		%		3.27		%
Non-interest expense to average total assets	2.69		%		2.58		%		2.61		%		2.53		%
Average interest-earning assets to average interest-bearing liabilities	106.02		%		105.93		%		106.22		%		105.90		%
Per Share and Stock Market Data:
Net income per common share	$	0.58			$	0.46			$	1.16			$	0.98
Basic weighted average shares outstanding	3,090,270				3,205,376				3,127,684				3,259,849
Book value per share - excluding unallocated ESOP shares	$	27.09			$	24.53			$	27.09			$	24.53
Book value per share - including unallocated ESOP shares	$	25.78			$	23.01			$	25.78			$	23.01
Closing market price	$	21.50			$	22.60			$	21.50			$	22.60
Price to book ratio - excluding unallocated ESOP shares	79.37		%		92.13		%		79.37		%		92.13		%
Price to book ratio - including unallocated ESOP shares	83.40		%		98.22		%		83.40		%		98.22		%