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

WBBW

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.

___________________________________

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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