Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2022

Westbury Bancorp, Inc.

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, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 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, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 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	%