Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2018 - Westbury Bancorp (OTC:WBBW)

WEST BEND, Wis., July 18, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. WBBW, the holding company (the "Company") for Westbury Bank (the "Bank"), today announced 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 compared to net income of $838,000, or $0.23 per common share, and $2.3 million, or $0.64 per common share for the three and nine months ended June 30, 2017.

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "The results for the current quarter represent an improvement of 58% and 22% over comparable quarterly and year to date net income for 2017. During the quarter, we continued our stock repurchase program. For the three months ended June 30, 2018, we purchased 53,253 shares. As of June 30, 2018, there were 3,723,743 shares of the Company's common stock outstanding."

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".

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, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017
Selected Financial Condition Data:				(Dollars in thousands)
Total assets	$	807,910		$	801,426		$	810,391		$	790,289		$	795,915
Loans receivable, net	638,608			627,410			614,531			601,988			571,281
Allowance for loan losses	5,891			5,765			5,765			5,760			5,612
Securities available for sale	107,748			110,986			114,946			122,601			122,338
Total liabilities	730,684			724,828			732,829			709,205			716,124
Deposits	671,188			676,511			679,467			675,797			687,486
Stockholders' equity	77,226			76,598			77,562			81,084			79,791

Asset Quality Ratios:
Non-performing assets to total assets	0.03		%	0.03		%	0.03		%	0.04		%	0.04		%
Non-performing loans to total loans	0.03		%	0.04		%	0.04		%	0.05		%	0.03		%
Total classified assets to total assets	0.84		%	0.16		%	0.16		%	0.26		%	0.32		%
Allowance for loan losses to non-performing loans	2,901.97		%	2,506.52		%	2,382.23		%	2,035.34		%	2,806.00		%
Allowance for loan losses to total loans	0.91		%	0.91		%	0.93		%	0.95		%	0.97		%
Net charge-offs (recoveries) to average loans - annualized	0.04		%	0.03		%	—		%	(0.03		)%	—		%

Capital Ratios:
Average equity to average assets	9.50		%	9.73		%	9.67		%	9.79		%	10.08		%
Equity to total assets at end of period	9.56		%	9.56		%	9.57		%	10.26		%	10.03		%
Total capital to risk-weighted assets (Bank only)	12.40		%	12.16		%	12.74		%	12.66		%	12.76		%
Tier 1 capital to risk-weighted assets (Bank only)	11.53		%	11.31		%	11.85		%	11.76		%	11.86		%
Tier 1 capital to average assets (Bank only)	9.50		%	9.61		%	9.66		%	9.58		%	9.77		%
CET1 capital to risk-weighted assets (Bank only)	11.53		%	11.31		%	11.85		%	11.76		%	11.86		%

	At or For the Three Months Ended:						At or For the Nine Months Ended:
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Selected Financial Performance Ratios:
Return on average assets	0.65		%	0.43		%	0.47		%	0.42		%
Return on average equity	6.80		%	4.29		%	4.77		%	4.08		%
Interest rate spread	3.14		%	3.26		%	3.14		%	3.26		%
Net interest margin	3.16		%	3.26		%	3.17		%	3.27		%
Non-interest expense to average total assets	2.64		%	2.99		%	2.76		%	3.04		%
Average interest-earning assets to average interest-bearing liabilities	105.09		%	102.16		%	105.14		%	102.53		%

Per Share and Stock Market Data:
Net income per common share	$	0.38		$	0.23		$	0.81		$	0.64
Basic weighted average shares outstanding	3,437,517			3,628,010			3,484,598			3,636,502
Book value per share - excluding unallocated ESOP shares	$	22.44		$	21.98		$	22.44		$	21.98
Book value per share - including unallocated ESOP shares	$	20.94		$	20.35		$	20.94		$	20.35
Closing market price	$	22.33		$	20.85		$	22.33		$	20.85
Price to book ratio - excluding unallocated ESOP shares	99.51		%	94.86		%	99.51		%	94.86		%
Price to book ratio - including unallocated ESOP shares	106.64		%	102.46		%	106.64		%	102.46		%

	Three Months Ended:				Nine Months Ended:

	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017

Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,395	$	6,442	$	21,401	$	18,459
Interest expense	1,298		906		3,473		2,418
Net interest income	6,097		5,536		17,928		16,041
Provision for loan losses	150		50		200		350
Net interest income after provision for loan losses	5,947		5,486		17,728		15,691
Service fees on deposit accounts	980		994		2,799		2,915
Other non-interest income	369		492		1,426		1,681
Total non-interest income	1,349		1,486		4,225		4,596

Compensation and other employee benefits	3,005		2,994		8,914		8,742
Occupancy, furniture and equipment	521		557		1,652		1,736
Data processing	801		872		2,635		2,534
Other non-interest expense	1,074		1,221		3,438		3,608
Total non-interest expense	5,401		5,644		16,639		16,620
Income before income tax expense	1,895		1,328		5,314		3,667
Income tax expense	575		490		2,505		1,356
Net income	$	1,320	$	838	$	2,809	$	2,311

Basic earnings per share	$	0.38	$	0.23	$	0.81	$	0.64
Diluted earnings per share	$	0.37	$	0.22	$	0.79	$	0.62

	For the Three Months Ended:
	June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017
Selected Operating Data:			(in thousands, except per share data)
Interest and dividend income	$	7,395	$	7,034	$	6,972	$	6,787	$	6,442
Interest expense	1,298		1,138		1,037		991		906
Net interest income	6,097		5,896		5,935		5,796		5,536
Provision for loan losses	150		50		—		100		50
Net interest income after provision for loan losses	5,947		5,846		5,935		5,696		5,486
Service fees on deposit accounts	980		867		952		1,004		994
Other non-interest income	369		509		548		455		492
Total non-interest income	1,349		1,376		1,500		1,459		1,486

Compensation and other employee benefits	3,005		2,954		2,955		2,863		2,994
Occupancy, furniture and equipment	521		600		531		577		577
Data processing	801		905		929		920		872
Other non-interest expense	1,074		1,099		1,264		1,951		1,221
Total non-interest expense	5,401		5,558		5,679		6,311		5,664
Income before income tax expense	1,895		1,664		1,756		844		1,308
Income tax expense	575		489		1,442		308		490
Net income	$	1,320	$	1,175	$	314	$	536	$	818

Basic earnings per share	$	0.38	$	0.34	$	0.09	$	0.14	$	0.23
Diluted earnings per share	$	0.37	$	0.33	$	0.09	$	0.14	$	0.22

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