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Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2018

WEST BEND, Wis., Jan. 16, 2019 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.7 million, or $0.52 per common share for the three months ended December 31, 2018 compared to net income of $314,000, or $0.09 per common share for the three months ended December 31, 2017.

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased with the ongoing improvement in our quarterly results.  Our interest margin continued to increase while we were able to reduce operating expenses.  Coupled with the Company recognizing the full benefit of the cut in the Federal corporate tax rate beginning October 1, we achieved a solid quarterly result even while increasing our loan loss provision to $450,000 for the quarter to keep pace with loan growth."

Emerich continued, "During the quarter, we continued our stock repurchase program.  For the three months ended December 31, 2018, we purchased 148,786 shares.  As of December 31, 2018, there were 3,510,714 shares of 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”.  Detailed quarterly financial statements for the Company may be found at www.otcmarkets.com/stock/WBBW/disclosure.

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:
  December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017
Selected Financial Condition Data: (Dollars in thousands)
Total assets $ 843,072   $ 816,297   $ 807,910   $ 801,426   $ 810,391  
Loans receivable, net 679,403   651,704   638,608   627,410   614,531  
Allowance for loan losses 6,482   6,092   5,845   5,765   5,765  
Securities available for sale 104,087   106,144   107,748   110,986   114,946  
Total liabilities 765,246   739,194   730,684   724,828   732,829  
Deposits 691,705   676,553   671,188   676,511   679,467  
Stockholders' equity 77,827   77,103   77,226   76,598   77,562  
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.02 % 0.71 % 0.03 % 0.03 % 0.03 %
Non-performing loans to total loans 0.03 % 0.87 % 0.03 % 0.04 % 0.04 %
Total classified assets to total assets 0.12 % 0.83 % 0.84 % 0.16 % 0.16 %
Allowance for loan losses to non-performing loans 3,430.16 % 105.98 % 2,901.97 % 2,506.52 % 2,382.23 %
Allowance for loan losses to total loans 0.95 % 0.93 % 0.91 % 0.91 % 0.93 %
Net charge-offs (recoveries) to average loans - annualized 0.04 % % 0.04 % 0.03 % %
           
Capital Ratios:          
Average equity to average assets 9.27 % 9.89 % 9.50 % 9.73 % 9.67 %
Equity to total assets at end of period 9.23 % 9.45 % 9.56 % 9.56 % 9.57 %
Total capital to risk-weighted assets (Bank only) 12.30 % 12.47 % 12.40 % 12.16 % 12.74 %
Tier 1 capital to risk-weighted assets (Bank only) 11.40 % 11.57 % 11.53 % 11.31 % 11.85 %
Tier 1 capital to average assets (Bank only) 9.57 % 9.58 % 9.50 % 9.61 % 9.66 %
CET1 capital to risk-weighted assets (Bank only) 11.40 % 11.57 % 11.53 % 11.31 % 11.85 %
                     


  Three Months Ended:
  December 31, 2018   December 31, 2017
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 8,100   $ 6,972
Interest expense 1,564   1,037
Net interest income 6,536   5,935
Provision for loan losses 450  
Net interest income after provision for loan losses 6,086   5,935
Service fees on deposit accounts 1,075   952
Other non-interest income 415   548
Total non-interest income 1,490   1,500
       
Compensation and other employee benefits 3,071   2,955
Occupancy, furniture and equipment 460   531
Data processing 737   929
Other non-interest expense 926   1,264
Total non-interest expense 5,194   5,679
Income before income tax expense 2,382   1,756
Income tax expense 655   1,442
Net income $ 1,727   $ 314
       
Basic earnings per share $ 0.52   $ 0.09
Diluted earnings per share $ 0.51   $ 0.09
           


  For the Three Months Ended:
  December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 8,100   $ 7,640   $ 7,395   $ 7,034   $ 6,972  
Interest expense 1,564   1,419   1,298   1,138   1,037  
Net interest income 6,536   6,221   6,097   5,896   5,935  
Provision for loan losses 450   200   150   50    
Net interest income after provision for loan losses 6,086   6,021   5,947   5,846   5,935  
Service fees on deposit accounts 1,075   1,063   980   867   952  
Other non-interest income 415   380   369   509   548  
Total non-interest income 1,490   1,443   1,349   1,376   1,500  
           
Compensation and other employee benefits 3,070   3,160   3,005   2,954   2,955  
Occupancy, furniture and equipment 460   479   521   600   531  
Data processing 737   771   801   905   929  
Other non-interest expense 927   1,048   1,074   1,099   1,264  
Total non-interest expense 5,194   5,458   5,401   5,558   5,679  
Income before income tax expense 2,382   2,006   1,895   1,664   1,756  
Income tax expense 655   610   575   489   1,442  
Net income $ 1,727   $ 1,396   $ 1,320   $ 1,175   $ 314  
           
Basic earnings per share $ 0.52   $ 0.40   $ 0.38   $ 0.34   $ 0.09  
Diluted earnings per share $ 0.51   $ 0.39   $ 0.37   $ 0.33   $ 0.09  
           


  At or For the Three Months Ended:
  December 31, 2018   December 31, 2017
Selected Financial Performance Ratios:      
Return on average assets 0.82 %   0.16 %
Return on average equity 8.88 %   1.65 %
Interest rate spread 3.28 %   3.22 %
Net interest margin 3.32 %   3.24 %
Non-interest expense to average total assets 2.48 %   2.88 %
Average interest-earning assets to average interest-bearing liabilities 105.91 %   105.10 %
       
Per Share and Stock Market Data:      
Net income per common share $ 0.52     $ 0.09  
Basic weighted average shares outstanding 3,313,138     3,559,784  
Book value per share - excluding unallocated ESOP shares $ 23.66     $ 21.98  
Book value per share - including unallocated ESOP shares $ 22.16     $ 20.35  
Closing market price $ 20.40     $ 23.00  
Price to book ratio - excluding unallocated ESOP shares 86.22 %   104.64 %
Price to book ratio - including unallocated ESOP shares 92.06 %   113.02 %

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