Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2020 - Westbury Bancorp (OTC:WBBW)

WEST BEND, Wis., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. WBBW, the holding company (the "Company") for Westbury Bank (the "Bank"), today announced net income of $2.7 million, or $1.06 per common share for the three months ended December 31, 2020 compared to net income of $1.8 million, or $0.58 per common share for the three months ended December 31, 2019.

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 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:
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	906,344		$	887,285		$	905,170		$	817,754		$	833,328
Loans receivable, net	653,485			692,391			680,130			642,790			663,265
Allowance for loan losses	8,486			7,908			7,632			7,079			6,986
Securities available for sale	106,201			94,875			91,598			87,088			100,296
Total liabilities	824,873			808,430			827,847			737,936			748,798
Deposits	805,085			776,412			787,825			706,889			720,060
Stockholders' equity	81,471			78,855			77,323			79,818			84,530

Asset Quality Ratios:
Non-performing assets to total assets	1.35		%	1.33		%	1.31		%	1.39		%	1.09		%
Non-performing loans to total loans	1.34		%	1.25		%	1.28		%	1.29		%	1.36		%
Total classified assets to total assets	1.43		%	1.54		%	1.31		%	1.39		%	1.10		%
Allowance for loan losses to non-performing loans	95.99		%	90.15		%	86.55		%	84.69		%	76.84		%
Allowance for loan losses to total loans	1.28		%	1.13		%	1.11		%	1.09		%	1.04		%
Net charge-offs (recoveries) to average loans - annualized	(0.02		%)	0.16		%	—		%	—		%	(0.02		%)

Capital Ratios:
Average equity to average assets	9.02		%	8.75		%	9.08		%	10.18		%	9.96		%
Equity to total assets at end of period	8.99		%	8.89		%	8.54		%	9.76		%	10.14		%
Total capital to risk-weighted assets (Bank only)	13.41		%	12.98		%	12.82		%	12.71		%	12.47		%
Tier 1 capital to risk-weighted assets (Bank only)	12.17		%	11.83		%	11.70		%	11.67		%	11.49		%
Tier 1 capital to average assets (Bank only)	9.40		%	9.03		%	9.00		%	9.65		%	9.68		%
CET1 capital to risk-weighted assets (Bank only)	12.17		%	11.83		%	11.70		%	11.67		%	11.49		%

	Three Months Ended:
	December 31, 2020		December 31, 2019
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,846	$	7,848
Interest expense	526		1,529
Net interest income	7,320		6,319
Provision for loan losses	550		60
Net interest income after provision for loan losses	6,770		6,259
Service fees on deposit accounts	891		967
Gain on sale of loans	1,249		365
Other non-interest income	715		362
Total non-interest income	2,855		1,694

Compensation and other employee benefits	3,025		3,224
Occupancy, furniture and equipment	591		533
Data processing	763		789
Other non-interest expense	1,531		844
Total non-interest expense	5,910		5,390
Income before income tax expense	3,715		2,563
Income tax expense	1,014		726
Net income	$	2,701	$	1,837

Basic earnings per share	$	1.06	$	0.58
Diluted earnings per share	$	1.03	$	0.56

	For the Three Months Ended:
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	7,846	$	7,226	$	7,334	$	7,692	$	7,848
Interest expense	526		778		940		1,303		1,529
Net interest income	7,320		6,448		6,394		6,389		6,319
Provision for loan losses	550		574		551		90		60
Net interest income after provision for loan losses	6,770		5,874		5,843		6,299		6,259
Service fees on deposit accounts	891		910		747		847		967
Gain on sale of loans	1,249		1,087		766		419		365
Other non-interest income	715		598		417		465		362
Total non-interest income	2,855		2,595		1,930		1,731		1,694

Compensation and other employee benefits	3,025		3,141		3,051		3,144		3,224
Occupancy, furniture and equipment	591		596		606		670		533
Data processing	763		787		758		795		789
Other non-interest expense	1,531		1,275		1,076		909		844
Total non-interest expense	5,910		5,799		5,491		5,518		5,390
Income before income tax expense	3,715		2,670		2,282		2,512		2,563
Income tax expense	1,014		738		633		714		726
Net income	$	2,701	$	1,932	$	1,649	$	1,798	$	1,837

Basic earnings per share	$	1.06	$	0.76	$	0.58	$	0.58	$	0.58
Diluted earnings per share	$	1.03	$	0.75	$	0.57	$	0.56	$	0.56

	At or For the Three Months Ended:
	December 31, 2020			December 31, 2019
Selected Financial Performance Ratios:
Return on average assets	1.20		%	0.86		%
Return on average equity	13.27		%	8.65		%
Interest rate spread	3.49		%	3.12		%
Net interest margin	3.50		%	3.16		%
Non-interest expense to average total assets	2.62		%	2.53		%
Average interest-earning assets to average interest-bearing liabilities	106.05		%	106.70		%

Per Share and Stock Market Data:
Net income per common share	$	1.06		$	0.58
Basic weighted average shares outstanding	2,545,899			3,164,690
Book value per share - excluding unallocated ESOP shares	$	30.69		$	26.69
Book value per share - including unallocated ESOP shares	$	29.54		$	25.35
Closing market price	$	24.01		$	28.50
Price to book ratio - excluding unallocated ESOP shares	78.23		%	106.78		%
Price to book ratio - including unallocated ESOP shares	81.28		%	112.43		%

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