Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2019

WEST BEND, Wis., Jan. 16, 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 December 31, 2019 compared to net income of $1.7 million, or $0.52 per common share for the three months ended December 31, 2018.

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.

___________________________________

WEBSITE: www.westburybankwi.com

Contact:
Kirk Emerich - Executive Vice President and CFO
Greg Remus - President and CEO
262-334-5563

	At or For the Three Months Ended:
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	833,328		$	855,624		$	845,986		$	823,212		$	840,264
Loans receivable, net	663,265			646,062			656,598			666,931			679,403
Allowance for loan losses	6,986			6,890			6,787			6,784			6,482
Securities available for sale	100,296			102,448			97,598			99,939			104,087
Total liabilities	748,798			773,179			765,947			746,052			765,246
Deposits	720,060			728,696			722,480			702,284			691,705
Stockholders' equity	84,530			82,445			80,039			77,160			77,827

Asset Quality Ratios:
Non-performing assets to total assets	1.09		%	0.08		%	0.10		%	0.02		%	0.02		%
Non-performing loans to total loans	1.36		%	0.11		%	0.10		%	0.03		%	0.03		%
Total classified assets to total assets	1.10		%	0.09		%	0.11		%	0.04		%	0.12		%
Allowance for loan losses to non-performing loans	76.84		%	986.48		%	976.59		%	3,627.81		%	3,430.16		%
Allowance for loan losses to total loans	1.04		%	1.06		%	1.02		%	1.01		%	0.95		%
Net charge-offs (recoveries) to average loans - annualized	(0.02		%)	—		%	—		%	—		%	0.04		%

Capital Ratios:
Average equity to average assets	9.96		%	9.68		%	9.46		%	9.33		%	9.96		%
Equity to total assets at end of period	10.14		%	9.64		%	9.46		%	9.37		%	9.26		%
Total capital to risk-weighted assets (Bank only)	12.47		%	12.80		%	12.64		%	12.81		%	12.30		%
Tier 1 capital to risk-weighted assets (Bank only)	11.49		%	11.80		%	11.66		%	11.81		%	11.40		%
Tier 1 capital to average assets (Bank only)	9.68		%	9.59		%	9.68		%	9.61		%	9.57		%
CET1 capital to risk-weighted assets (Bank only)	11.49		%	11.80		%	11.66		%	11.81		%	11.40		%

	Three Months Ended:
	December 31, 2019		December 31, 2018

Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,848	$	8,100
Interest expense	1,529		1,564
Net interest income	6,319		6,536
Provision for loan losses	60		450
Net interest income after provision for loan losses	6,259		6,086
Service fees on deposit accounts	967		1,075
Other non-interest income	727		415
Total non-interest income	1,694		1,490

Compensation and other employee benefits	3,224		3,071
Occupancy, furniture and equipment	533		460
Data processing	789		737
Other non-interest expense	844		926
Total non-interest expense	5,390		5,194
Income before income tax expense	2,563		2,382
Income tax expense	726		655
Net income	$	1,837	$	1,727

Basic earnings per share	$	0.58	$	0.52
Diluted earnings per share	$	0.56	$	0.51

	For the Three Months Ended:
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,848	$	8,107	$	8,082	$	8,087	$	8,100
Interest expense	1,529		1,722		1,715		1,693		1,564
Net interest income	6,319		6,385		6,367		6,394		6,536
Provision for loan losses	60		100		—		300		450
Net interest income after provision for loan losses	6,259		6,285		6,367		6,094		6,086
Service fees on deposit accounts	967		1,051		991		904		1,075
Other non-interest income	727		737		755		339		415
Total non-interest income	1,694		1,788		1,746		1,243		1,490

Compensation and other employee benefits	3,224		3,152		3,179		3,084		3,070
Occupancy, furniture and equipment	533		578		632		523		460
Data processing	789		797		780		770		737
Other non-interest expense	844		927		1,018		950		927
Total non-interest expense	5,390		5,454		5,609		5,327		5,194
Income before income tax expense	2,563		2,619		2,504		2,010		2,382
Income tax expense	726		742		693		540		655
Net income	$	1,837	$	1,877	$	1,811	$	1,470	$	1,727

Basic earnings per share	$	0.58	$	0.59	$	0.58	$	0.46	$	0.52
Diluted earnings per share	$	0.56	$	0.57	$	0.56	$	0.45	$	0.51

	At or For the Three Months Ended:
	December 31, 2019			December 31, 2018
Selected Financial Performance Ratios:
Return on average assets	0.86		%	0.82		%
Return on average equity	8.65		%	8.88		%
Interest rate spread	3.12		%	3.28		%
Net interest margin	3.16		%	3.32		%
Non-interest expense to average total assets	2.53		%	2.48		%
Average interest-earning assets to average interest-bearing liabilities	106.70		%	105.91		%

Per Share and Stock Market Data:
Net income per common share	$	0.58		$	0.52
Basic weighted average shares outstanding	3,164,690			3,313,138
Book value per share - excluding unallocated ESOP shares	$	26.69		$	23.66
Book value per share - including unallocated ESOP shares	$	25.35		$	22.16
Closing market price	$	28.50		$	20.40
Price to book ratio - excluding unallocated ESOP shares	106.78		%	86.22		%
Price to book ratio - including unallocated ESOP shares	112.43		%	92.06		%

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Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2019

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