PEWAUKEE, Wis., July 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 $1.7 million, or $0.67 per common share and $5.5 million, or $2.18 per common share for the three and nine months ended June 30, 2022 compared to net income of $2.1 million, or $0.82 per common share and $7.3 million, or $2.82 per common share for the three and six months ended June 30, 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:
 June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Selected Financial Condition Data:  (Dollars in thousands)
Total assets$953,792 $908,352 $914,633 $921,791 $905,024 
Loans receivable, net 695,947  649,482  661,439  665,166  641,790 
Allowance for loan losses 9,020  9,019  8,997  8,995  8,992 
Securities available for sale 165,897  178,661  165,917  179,547  161,316 
Total liabilities 879,946  827,365  828,673  836,768  819,451 
Deposits 863,389  816,103  818,184  812,316  808,686 
Stockholders' equity 73,846  80,987  85,960  85,023  85,573 
      
Asset Quality Ratios:     
Non-performing assets to total assets 0.95% 0.99% 0.97% 0.95% 0.97%
Non-performing loans to total loans 1.29% 1.36% 1.33% 1.30% 1.35%
Total classified assets to total assets 1.93% 1.02% 1.01% 0.98% 1.00%
Allowance for loan losses to non-performing loans 99.39% 100.62% 100.98% 103.00% 102.54%
Allowance for loan losses to total loans 1.28% 1.37% 1.34% 1.33% 1.38%
Net charge-offs (recoveries) to average loans - annualized —% —% —% —% —%
      
Capital Ratios:     
Average equity to average assets 8.72% 9.38% 9.46% 9.34% 9.47%
Equity to total assets at end of period 7.74% 8.92% 9.40% 9.22% 9.46%
Total capital to risk-weighted assets (Bank only) 13.55% 13.80% 13.43% 13.23% 12.62%
Tier 1 capital to risk-weighted assets (Bank only) 12.30% 12.55% 12.18% 11.98% 11.38%
Tier 1 capital to average assets (Bank only) 9.58% 9.59% 9.27% 9.22% 9.16%
CET1 capital to risk-weighted assets (Bank only) 12.30% 12.55% 12.18% 11.98% 11.38%
      
      


 Three Months Ended: Nine Months Ended:
 June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,791 $6,792 $20,147 $21,553
Interest expense 227  329  776  1,230
Net interest income 6,564  6,463  19,371  20,323
Provision for loan losses —  500  —  1,050
Net interest income after provision for loan losses 6,564  5,963  19,371  19,273
Service fees on deposit accounts 946  899  2,778  2,611
Gain on sale of loans 135  550  850  2,967
Other non-interest income 347  1,129  1,247  2,264
Total non-interest income 1,428  2,578  4,875  7,842
        
Compensation and other employee benefits 3,189  3,050  9,408  9,065
Occupancy, furniture and equipment 585  652  1,773  1,882
Data processing 852  812  2,476  2,353
Other non-interest expense 961  1,038  2,920  3,728
Total non-interest expense 5,587  5,552  16,577  17,028
Income before income tax expense 2,405  2,989  7,669  10,087
Income tax expense 693  859  2,154  2,831
Net income$1,712 $2,130 $5,515 $7,256
        
Basic earnings per share$0.67 $0.82 $2.18 $2.82
Diluted earnings per share$0.63 $0.78 $2.03 $2.70


 For the Three Months Ended:
 June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Selected Operating Data:  (in thousands, except per share data)
Interest and dividend income$6,791$6,532$6,824$7,246$6,792
Interest expense 227 245 305 330 329
Net interest income 6,564 6,287 6,519 6,916 6,463
Provision for loan losses — — — — 500
Net interest income after provision for loan losses 6,564 6,287 6,519 6,916 5,963
Service fees on deposit accounts 946 910 922 987 899
Gain on sale of loans 135 272 442 830 550
Other non-interest income 347 436 465 323 1,129
Total non-interest income 1,428 1,618 1,829 2,140 2,578
      
Compensation and other employee benefits 3,189 3,216 3,003 3,246 3,050
Occupancy, furniture and equipment 585 629 559 712 652
Data processing 852 829 795 825 812
Other non-interest expense 961 984 975 1,075 1,038
Total non-interest expense 5,587 5,658 5,332 5,858 5,552
Income before income tax expense 2,405 2,247 3,016 3,198 2,989
Income tax expense 693 662 798 925 859
Net income$1,712$1,585$2,218$2,273$2,130
      
Basic earnings per share 0.67 0.62$0.88$0.90$0.82
Diluted earnings per share 0.63 0.58$0.82$0.85$0.78
      


 At or For the Three Months Ended: At or For the Nine Months Ended:
 June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Selected Financial Performance Ratios:       
Return on average assets 0.75%  0.94%  0.81%  1.16%
Return on average equity 8.57%  10.06%  8.76%  11.69%
Interest rate spread 3.09%  3.08%  2.99%  3.24%
Net interest margin 3.09%  3.09%  3.00%  3.25%
Non-interest expense to average total assets 2.44%  2.46%  2.42%  2.55%
Average interest-earning assets to average interest-bearing liabilities 102.72%  104.83%  105.21%  104.55%
        
Per Share and Stock Market Data:       
Net income per common share$0.67  $0.82  $2.18  $2.82 
Basic weighted average shares outstanding 2,553,570   2,588,334   2,530,728   2,576,022 
Book value per share - excluding unallocated ESOP shares$28.78  $32.10  $28.78  $32.10 
Book value per share - including unallocated ESOP shares$28.58  $31.20  $28.58  $31.20 
Closing market price$29.50  $28.50  $29.50  $28.50 
Price to book ratio - excluding unallocated ESOP shares 102.50%  88.79%  102.50%  88.79%
Price to book ratio - including unallocated ESOP shares 103.22%  91.35%  103.22%  91.35%


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Source: Westbury Bancorp, Inc.

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