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CST: 23/08/2019 16:47:12   

Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2019

36 Days ago

WEST BEND, Wis., July 18, 2019 (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, and $5.0 million, or $1.56 per common share, for the three and nine months ended June 30, 2019 compared to net income of $1.3 million, or $0.38 per common share, and $2.8 million, or $0.81 per common share, for the three and nine months ended June 30, 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.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition, the demand for the Company’s products and services, the Company's ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, the Company's ability to maintain required capital levels and adequate sources of funding and liquidity, the Company's ability to secure confidential information through the use of computer systems and telecommunications networks, changes in regulatory requirements and applicable tax provisions and obligations impacting the Company, adverse changes in financial industry, securities, credit and local real estate markets and changes in the concentration levels for the Bank's loan portfolio. 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
262-334-5563

   
  At or For the Three Months Ended:
  June 30,
2019
March 31,
2019
December 31,
2018
September 30,
2018
June 30,
2018
Selected Financial Condition Data: (Dollars in thousands)
Total assets $ 845,986   $ 823,212   $ 840,264   $ 816,297   $ 807,910  
Loans receivable, net 656,598   666,931   679,403   651,704   638,608  
Allowance for loan losses 6,787   6,784   6,482   6,092   5,845  
Securities available for sale 97,598   99,939   104,087   106,144   107,748  
Total liabilities 765,947   746,052   765,246   739,194   730,684  
Deposits 722,480   702,284   691,705   676,553   671,188  
Stockholders' equity 80,039   77,160   77,827   77,103   77,226  
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.10 % 0.02 % 0.02 % 0.71 % 0.03 %
Non-performing loans to total loans 0.10 % 0.03 % 0.03 % 0.87 % 0.03 %
Total classified assets to total assets 0.11 % 0.04 % 0.12 % 0.83 % 0.84 %
Allowance for loan losses to non-performing loans 976.59 % 3,627.81 % 3,430.16 % 105.98 % 2,901.97 %
Allowance for loan losses to total loans 1.02 % 1.01 % 0.95 % 0.93 % 0.91 %
Net charge-offs to average loans - annualized % % 0.04 % % 0.04 %
           
Capital Ratios:          
Average equity to average assets 9.46 % 9.33 % 9.27 % 9.89 % 9.50 %
Equity to total assets at end of period 9.46 % 9.37 % 9.23 % 9.45 % 9.56 %
Total capital to risk-weighted assets (Bank only) 12.64 % 12.81 % 12.30 % 12.47 % 12.40 %
Tier 1 capital to risk-weighted assets (Bank only) 11.66 % 11.81 % 11.40 % 11.57 % 11.53 %
Tier 1 capital to average assets (Bank only) 9.68 % 9.61 % 9.57 % 9.58 % 9.50 %
CET1 capital to risk-weighted assets (Bank only) 11.66 % 11.81 % 11.40 % 11.57 % 11.53 %
                     


  Three Months Ended   Nine Months Ended
  June 30,
2019
  June 30,
2018
  June 30,
2019
  June 30,
2018
   
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 8,082     $ 7,395     $ 24,270     $ 21,401  
Interest expense 1,715     1,298     4,972     3,473  
Net interest income 6,367     6,097     19,298     17,928  
Provision for loan losses     150     750     200  
Net interest income after provision for loan losses 6,367     5,947     18,548     17,728  
Service fees on deposit accounts 991     980     2,970     2,799  
Other non-interest income 755     369     1,508     1,426  
Total non-interest income 1,746     1,349     4,478     4,225  
               
Compensation and other employee benefits 3,179     3,005     9,333     8,914  
Occupancy, furniture and equipment 632     521     1,616     1,652  
Data processing 780     801     2,288     2,635  
Other non-interest expense 1,018     1,074     2,894     3,438  
Total non-interest expense 5,609     5,401     16,131     16,639  
Income before income tax expense 2,504     1,895     6,895     5,314  
Income tax expense 693     575     1,887     2,505  
Net income $ 1,811     $ 1,320     $ 5,008     $ 2,809  
               
Basic earnings per share $ 0.58     $ 0.38     $ 1.56     $ 0.81  
Diluted earnings per share $ 0.56     $ 0.37     $ 1.51     $ 0.79  
                               


  For the Three Months Ended:
  June 30,
2019
March 31,
2019
December 31,
2018
September 30,
2018
June 30,
2018
Selected Operating Data:   (in thousands, except per share data)
Interest and dividend income $ 8,082   $ 8,087   $ 8,100   $ 7,640   $ 7,395  
Interest expense 1,715   1,693   1,564   1,419   1,298  
Net interest income 6,367   6,394   6,536   6,221   6,097  
Provision for loan losses   300   450   200   150  
Net interest income after provision for loan losses 6,367   6,094   6,086   6,021   5,947  
Service fees on deposit accounts 991   904   1,075   1,063   980  
Other non-interest income 755   339   415   380   369  
Total non-interest income 1,746   1,243   1,490   1,443   1,349  
           
Compensation and other employee benefits 3,179   3,084   3,070   3,160   3,005  
Occupancy, furniture and equipment 632   523   460   479   521  
Data processing 780   770   737   771   801  
Other non-interest expense 1,018   950   927   1,048   1,074  
Total non-interest expense 5,609   5,327   5,194   5,458   5,401  
Income before income tax expense 2,504   2,010   2,382   2,006   1,895  
Income tax expense 693   540   655   610   575  
Net income $ 1,811   $ 1,470   $ 1,727   $ 1,396   $ 1,320  
           
Basic earnings per share $ 0.58   $ 0.46   $ 0.52   $ 0.40   $ 0.38  
Diluted earnings per share $ 0.56   $ 0.45   $ 0.51   $ 0.39   $ 0.37  
           


  At or For the Three Months Ended:   At or For the Nine Months Ended:
  June 30,
2019
  June 30,
2018
  June 30,
2019
  June 30,
2018
Selected Financial Performance Ratios:              
Return on average assets 0.87 %   0.65 %   0.80 %   0.47 %
Return on average equity 9.18 %   6.80 %   8.59 %   4.77 %
Interest rate spread 3.19 %   3.14 %   3.21 %   3.14 %
Net interest margin 3.23 %   3.16 %   3.26 %   3.17 %
Non-interest expense to average total assets 2.69 %   2.64 %   2.58 %   2.76 %
Average interest-earning assets to average interest-bearing liabilities 105.67 %   105.09 %   105.83 %   105.14 %
               
Per Share and Stock Market Data:              
Net income per common share $ 0.58     $ 0.38     $ 1.56     $ 0.81  
Basic weighted average shares outstanding 3,138,742     3,437,517     3,220,228     3,484,598  
Book value per share - excluding unallocated ESOP shares $ 25.47     $ 22.44     $ 25.47     $ 22.44  
Book value per share - including unallocated ESOP shares $ 23.95     $ 20.94     $ 23.95     $ 20.94  
Closing market price $ 25.10     $ 22.33     $ 25.10     $ 22.33  
Price to book ratio - excluding unallocated ESOP shares 98.55 %   99.51 %   98.55 %   99.51 %
Price to book ratio - including unallocated ESOP shares 104.80 %   106.64 %   104.80 %   106.64 %

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