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Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2018

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WEST BEND, Wis., July 18, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: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.

___________________________________

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  
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