Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2021

PEWAUKEE, Wis., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCPink: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.2 million, or $0.88 per common share for the three months ended December 31, 2021 compared to net income of $2.7 million, or $1.06 per common share for the three months ended December 31, 2020.

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.

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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:
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Selected Financial Condition Data:	(Dollars in thousands)
Total assets	$	914,633		$	921,791		$	905,024		$	892,363		$	906,344
Loans receivable, net		661,439			665,166			641,790			641,599			653,485
Allowance for loan losses		8,997			8,995			8,992			8,488			8,486
Securities available for sale		165,917			179,547			161,316			136,154			106,201
Total liabilities		828,673			836,768			819,451			809,734			824,873
Deposits		818,184			812,316			808,686			795,687			805,085
Stockholders' equity		85,960			85,023			85,573			82,629			81,471
Asset Quality Ratios:
Non-performing assets to total assets		0.97	%		0.95	%		0.97	%		1.31	%		1.35	%
Non-performing loans to total loans		1.33	%		1.30	%		1.35	%		1.33	%		1.34	%
Total classified assets to total assets		1.01	%		0.98	%		1.00	%		1.32	%		1.43	%
Allowance for loan losses to non-performing loans		100.98	%		103.00	%		102.54	%		98.04	%		95.99	%
Allowance for loan losses to total loans		1.34	%		1.33	%		1.38	%		1.31	%		1.28	%
Net charge-offs (recoveries) to average loans - annualized		—	%		—	%		—	%		—	%		(0.02	%)
Capital Ratios:
Average equity to average assets		9.46	%		9.34	%		9.47	%		9.36	%		9.02	%
Equity to total assets at end of period		9.40	%		9.22	%		9.46	%		9.26	%		8.99	%
Total capital to risk-weighted assets (Bank only)		13.43	%		13.23	%		12.62	%		13.01	%		13.41	%
Tier 1 capital to risk-weighted assets (Bank only)		12.18	%		11.98	%		11.38	%		11.78	%		12.17	%
Tier 1 capital to average assets (Bank only)		9.27	%		9.22	%		9.16	%		9.21	%		9.40	%
CET1 capital to risk-weighted assets (Bank only)		12.18	%		11.98	%		11.38	%		11.78	%		12.17	%

	Three Months Ended:
	December 31, 2021				December 31, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,824			$	7,846
Interest expense		305				526
Net interest income		6,519				7,320
Provision for loan losses		—				550
Net interest income after provision for loan losses		6,519				6,770
Service fees on deposit accounts		922				891
Gain on sale of loans		442				1,249
Other non-interest income		465				715
Total non-interest income		1,829				2,855
Compensation and other employee benefits		3,003				3,025
Occupancy, furniture and equipment		559				591
Data processing		795				763
Other non-interest expense		975				1,531
Total non-interest expense		5,332				5,910
Income before income tax expense		3,016				3,715
Income tax expense		798				1,014
Net income	$	2,218			$	2,701
Basic earnings per share	$	0.88			$	1.06
Diluted earnings per share	$	0.82			$	1.03

	For the Three Months Ended:
	December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020
Selected Operating Data:	(in thousands, except per share data)
Interest and dividend income	$	6,824		$	7,246		$	6,792		$	6,915		$	7,846
Interest expense		305			330			329			375			526
Net interest income		6,519			6,916			6,463			6,540			7,320
Provision for loan losses		—			—			500			—			550
Net interest income after provision for loan losses		6,519			6,916			5,963			6,540			6,770
Service fees on deposit accounts		922			987			899			820			891
Gain on sale of loans		442			830			550			1,169			1,249
Other non-interest income		465			323			1,129			420			715
Total non-interest income		1,829			2,140			2,578			2,409			2,855
Compensation and other employee benefits		3,003			3,246			3,050			2,990			3,025
Occupancy, furniture and equipment		559			712			652			639			591
Data processing		795			825			812			778			763
Other non-interest expense		975			1,075			1,038			1,159			1,531
Total non-interest expense		5,332			5,858			5,552			5,566			5,910
Income before income tax expense		3,016			3,198			2,989			3,383			3,715
Income tax expense		798			925			859			958			1,014
Net income	$	2,218		$	2,273		$	2,130		$	2,425		$	2,701
Basic earnings per share	$	0.88		$	0.90		$	0.82		$	0.95		$	1.06
Diluted earnings per share	$	0.82		$	0.85		$	0.78		$	0.90		$	1.03

	At or For the Three Months Ended:
	December 31, 2021				December 31, 2020
Selected Financial Performance Ratios:
Return on average assets		0.96	%			1.20	%
Return on average equity		10.11	%			13.27	%
Interest rate spread		2.96	%			3.49	%
Net interest margin		2.97	%			3.50	%
Non-interest expense to average total assets		2.30	%			2.62	%
Average interest-earning assets to average interest-bearing liabilities		106.02	%			106.05	%
Per Share and Stock Market Data:
Net income per common share	$	0.88			$	1.06
Basic weighted average shares outstanding		2,529,138				2,545,899
Book value per share - excluding unallocated ESOP shares	$	33.42			$	30.69
Book value per share - including unallocated ESOP shares	$	32.79			$	29.54
Closing market price	$	30.07			$	24.01
Price to book ratio - excluding unallocated ESOP shares		89.98	%			78.23	%
Price to book ratio - including unallocated ESOP shares		91.70	%			81.28	%