Westbury Bancorp, Inc. Reports Net Income for the Three and Six Months Ended March 31, 2022

PEWAUKEE, Wis., April 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 $1.6 million, or $0.62 per common share and $3.8 million, or $1.51 per common share for the three and six months ended March 31, 2022 compared to net income of $2.4 million, or $0.95 per common share and $5.1 million, or $2.01 per common share for the three and six months ended March 31, 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.

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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, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Selected Financial Condition Data:				(Dollars in thousands)
Total assets	$	908,352		$	914,633		$	921,791		$	905,024		$	892,363
Loans receivable, net		649,482			661,439			665,166			641,790			641,599
Allowance for loan losses		9,019			8,997			8,995			8,992			8,488
Securities available for sale		178,661			165,917			179,547			161,316			136,154
Total liabilities		827,365			828,673			836,768			819,451			809,734
Deposits		816,103			818,184			812,316			808,686			795,687
Stockholders’ equity		80,987			85,960			85,023			85,573			82,629
Asset Quality Ratios:
Non-performing assets to total assets		0.99	%		0.97	%		0.95	%		0.97	%		1.31	%
Non-performing loans to total loans		1.36	%		1.33	%		1.30	%		1.35	%		1.33	%
Total classified assets to total assets		1.02	%		1.01	%		0.98	%		1.00	%		1.32	%
Allowance for loan losses to non-performing loans		100.62	%		100.98	%		103.00	%		102.54	%		98.04	%
Allowance for loan losses to total loans		1.37	%		1.34	%		1.33	%		1.38	%		1.31	%
Net charge-offs (recoveries) to average loans – annualized		—	%		—	%		—	%		—	%		—	%
Capital Ratios:
Average equity to average assets		9.38	%		9.46	%		9.34	%		9.47	%		9.36	%
Equity to total assets at end of period		8.92	%		9.40	%		9.22	%		9.46	%		9.26	%
Total capital to risk-weighted assets (Bank only)		13.80	%		13.43	%		13.23	%		12.62	%		13.01	%
Tier 1 capital to risk-weighted assets (Bank only)		12.55	%		12.18	%		11.98	%		11.38	%		11.78	%
Tier 1 capital to average assets (Bank only)		9.59	%		9.27	%		9.22	%		9.16	%		9.21	%
CET1 capital to risk-weighted assets (Bank only)		12.55	%		12.18	%		11.98	%		11.38	%		11.78	%

	Three Months Ended:						Six Months Ended:
	March 31, 2022			March 31, 2021			March 31, 2022			March 31, 2021
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,532		$	6,915		$	13,356		$	14,761
Interest expense		245			375			550			902
Net interest income		6,287			6,540			12,806			13,859
Provision for loan losses		—			—			—			550
Net interest income after provision for loan losses		6,287			6,540			12,806			13,309
Service fees on deposit accounts		910			820			1,832			1,711
Gain on sale of loans		272			1,169			714			2,417
Other non-interest income		436			420			902			1,137
Total non-interest income		1,618			2,409			3,448			5,265
Compensation and other employee benefits		3,216			2,990			6,219			6,015
Occupancy, furniture and equipment		629			639			1,188			1,230
Data processing		829			778			1,624			1,541
Other non-interest expense		984			1,159			1,959			2,690
Total non-interest expense		5,658			5,566			10,990			11,476
Income before income tax expense		2,247			3,383			5,264			7,098
Income tax expense		662			958			1,461			1,972
Net income	$	1,585		$	2,425		$	3,803		$	5,126
Basic earnings per share	$	0.62		$	0.95		$	1.51		$	2.01
Diluted earnings per share	$	0.58		$	0.90		$	1.41		$	1.93

	For the Three Months Ended:
	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
Selected Operating Data:			(in thousands, except per share data)
Interest and dividend income	$	6,532	$	6,824	$	7,246	$	6,792	$	6,915
Interest expense		245		305		330		329		375
Net interest income		6,287		6,519		6,916		6,463		6,540
Provision for loan losses		—		—		—		500		—
Net interest income after provision for loan losses		6,287		6,519		6,916		5,963		6,540
Service fees on deposit accounts		910		922		987		899		820
Gain on sale of loans		272		442		830		550		1,169
Other non-interest income		436		465		323		1,129		420
Total non-interest income		1,618		1,829		2,140		2,578		2,409
Compensation and other employee benefits		3,216		3,003		3,246		3,050		2,990
Occupancy, furniture and equipment		629		559		712		652		639
Data processing		829		795		825		812		778
Other non-interest expense		984		975		1,075		1,038		1,159
Total non-interest expense		5,658		5,332		5,858		5,552		5,566
Income before income tax expense		2,247		3,016		3,198		2,989		3,383
Income tax expense		662		798		925		859		958
Net income	$	1,585	$	2,218	$	2,273	$	2,130	$	2,425
Basic earnings per share		0.62	$	0.88	$	0.90	$	0.82	$	0.95
Diluted earnings per share		0.58	$	0.82	$	0.85	$	0.78	$	0.90

	At or For the Three Months Ended:								At or For the Six Months Ended:
	March 31, 2022				March 31, 2021				March 31, 2022				March 31, 2021
Selected Financial Performance Ratios:
Return on average assets		0.71	%			1.11	%			0.84	%			1.16	%
Return on average equity		7.48	%			11.80	%			8.99	%			12.53	%
Interest rate spread		2.97	%			3.20	%			3.03	%			3.34	%
Net interest margin		2.98	%			3.21	%			3.04	%			3.35	%
Non-interest expense to average total assets		2.53	%			2.55	%			2.41	%			2.59	%
Average interest-earning assets to average interest-bearing liabilities		105.02	%			104.13	%			105.53	%			104.41	%
Per Share and Stock Market Data:
Net income per common share	$	0.62			$	0.95			$	1.51			$	2.01
Basic weighted average shares outstanding		2,538,481				2,564,148				2,519,337				2,554,994
Book value per share – excluding unallocated ESOP shares	$	31.32			$	30.69			$	31.32			$	30.69
Book value per share – including unallocated ESOP shares	$	30.90			$	29.97			$	30.90			$	29.97
Closing market price	$	33.19			$	28.75			$	33.19			$	28.75
Price to book ratio – excluding unallocated ESOP shares		105.97	%			93.68	%			105.97	%			93.68	%
Price to book ratio – including unallocated ESOP shares		107.41	%			95.93	%			107.41	%			95.93	%

 

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