WEST BEND, Wis., April 23, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.2 million, or $0.34 per common share, and $1.5 million, or $0.42 per common share, for the three and six months ended March 31, 2018 compared to net income of $746,000, or $0.21 per common share, and $1.5 million, or $0.41 per common share for the three and six months ended March 31, 2017. 

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased that we are able to report year-to-date net income which equals our net income for the first six months of 2017 even after the negative impact of the one-time adjustment to our deferred tax asset of $923,000 due to the passage of Federal tax reform in December 2017.  The results for the current quarter represent an improvement of 58% over the comparable quarter in 2017."

Emerich continued, "During the quarter, we continued our stock repurchase program.  For the three months ended March 31, 2018, we purchased 64,687 shares.  As of March 31, 2018, there were 3,769,198 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”.

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:
 March 31,
2018		December 31,
2017		September 30,
2017		June 30,
2017		March 31,
2017
Selected Financial Condition Data:(Dollars in thousands)
Total assets$801,426 $810,391 $790,289 $795,915 $755,541 
Loans receivable, net627,410 614,531 601,988 571,281 551,611 
Allowance for loan losses5,765 5,765 5,760 5,612 5,560 
Securities available for sale110,986 114,946 122,601 122,338 115,208 
Total liabilities724,828 732,829 709,205 716,124 676,461 
Deposits676,511 679,467 675,797 687,486 645,313 
Stockholders' equity76,598 77,562 81,084 79,791 79,080 
      
Asset Quality Ratios:     
Non-performing assets to total assets0.03%0.03%0.04%0.04%0.07%
Non-performing loans to total loans0.04%0.04%0.05%0.03%0.09%
Total classified assets to total assets0.16%0.16%0.26%0.32%0.85%
Allowance for loan losses to non-performing loans2,506.52%2,382.23%2,035.34%2,806.00%1,079.61%
Allowance for loan losses to total loans0.91%0.93%0.95%0.97%1.00%
Net charge-offs (recoveries) to average loans - annualized0.03%—%(0.03)%—%(0.01)%
      
Capital Ratios:     
Average equity to average assets9.73%9.67%9.79%10.08%10.28%
Equity to total assets at end of period9.56%9.57%10.26%10.03%10.47%
Total capital to risk-weighted assets (Bank only)12.16%12.74%12.66%12.76%12.87%
Tier 1 capital to risk-weighted assets (Bank only)11.31%11.85%11.76%11.86%11.95%
Tier 1 capital to average assets (Bank only)9.61%9.66%9.58%9.77%10.03%
CET1 capital to risk-weighted assets (Bank only)11.31%11.85%11.76%11.86%11.95%


 At or For the Three Months Ended: At or For the Six Months Ended:
 March 31,
2018		 March 31,
2017		 March 31,
2018		 March 31,
2017
Selected Financial Performance Ratios:       
Return on average assets0.59% 0.41% 0.25% 0.42%
Return on average equity6.06% 4.02% 2.52% 3.97%
Interest rate spread3.17% 3.24% 3.16% 3.26%
Net interest margin3.19% 3.26% 3.18% 3.28%
Non-interest expense to average total assets2.79% 3.01% 2.83% 3.06%
Average interest-earning assets to average interest-bearing liabilities105.12% 102.54% 105.54% 102.72%
        
Per Share and Stock Market Data:       
Net income per common share$0.34  $0.21  $0.42  $0.41 
Basic weighted average shares outstanding3,476,129  3,631,466  3,509,859  3,645,071 
Book value per share - excluding unallocated ESOP shares$22.85  $21.82  $22.85  $21.82 
Book value per share - including unallocated ESOP shares$21.27  $20.13  $21.27  $20.13 
Closing market price$22.24  $20.82  $22.24  $20.82 
Price to book ratio - excluding unallocated ESOP shares97.33% 95.42% 97.33% 95.42%
Price to book ratio - including unallocated ESOP shares104.56% 103.43% 104.56% 103.43%


 Three Months Ended: Six Months Ended:
 March 31,
2018		 March 31,
2017		 March 31,
2018		 March 31,
2017
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$7,034  $6,093  $14,006  $12,017 
Interest expense1,138  795  2,175  1,512 
Net interest income5,896  5,298  11,831  10,505 
Provision for loan losses50  100  50  300 
Net interest income after provision for loan losses5,846  5,198  11,781  10,205 
Service fees on deposit accounts867  932  1,819  1,921 
Other non-interest income509  510  1,057  1,189 
Total non-interest income1,376  1,442  2,876  3,110 
        
Compensation and other employee benefits2,954  2,806  5,909  5,748 
Occupancy, furniture and equipment600  623  1,131  1,159 
Data processing905  856  1,834  1,662 
Other non-interest expense1,099  1,152  2,363  2,387 
Total non-interest expense5,558  5,437  11,237  10,956 
Income before income tax expense1,664  1,203  3,420  2,359 
Income tax expense489  457  1,931  866 
Net income$1,175  $746  $1,489  $1,493 
        
Basic earnings per share$0.34  $0.21  $0.42  $0.41 
Diluted earnings per share$0.33  $0.20  $0.41  $0.40 


 For the Three Months Ended:
 March 31,
2018		December 31,
2017		September 30,
2017		June 30,
2017		March 31,
2017
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$7,034 $6,972 $6,787 $6,442 $6,093 
Interest expense1,138 1,037 991 906 795 
Net interest income5,896 5,935 5,796 5,536 5,298 
Provision for loan losses50 — 100 50 100 
Net interest income after provision for loan losses5,846 5,935 5,696 5,486 5,198 
Service fees on deposit accounts867 952 1,004 994 932 
Other non-interest income509 548 455 492 510 
Total non-interest income1,376 1,500 1,459 1,486 1,442 
      
Compensation and other employee benefits2,954 2,955 2,863 2,994 2,806 
Occupancy, furniture and equipment600 531 577 577 623 
Data processing905 929 920 872 856 
Other non-interest expense1,099 1,264 1,951 1,221 1,152 
Total non-interest expense5,558 5,679 6,311 5,664 5,437 
Income before income tax expense1,664 1,756 844 1,308 1,203 
Income tax expense489 1,442 308 490 457 
Net income$1,175 $314 $536 $818 $746 
      
Basic earnings per share$0.34 $0.09 $0.14 $0.23 $0.21 
Diluted earnings per share$0.33 $0.09 $0.14 $0.22 $0.20 

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