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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Westbury Bancorp, Inc. Reports Net Income for the Three and Nine Months Ended June 30, 2021

July 21, 2021 GMT

WEST BEND, Wis., July 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.1 million, or $0.82 per common share and $7.3 million, or $2.82 per common share, for the three and nine months ended June 30, 2021 compared to net income of $1.6 million, or $0.58 per common share and $5.3 million, or $1.74 per common share, for the three and nine months ended June 30, 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.

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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

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Contact:   Kirk Emerich - Executive Vice President and CFO
     
    Greg Remus - President and CEO
     
    262-335-6037
  At or For the Three Months Ended:
  June 30,
2021
March 31,
2021
December 31,
2020
September 30,
2020
June 30,
2020
Selected Financial Condition Data:   (Dollars in thousands)
Total assets $ 905,024    $ 892,363    $ 906,344    $ 887,285    $ 905,170   
Loans receivable, net 641,790    641,599    653,485    692,391    680,130   
Allowance for loan losses 8,992    8,488    8,486    7,908    7,632   
Securities available for sale 161,316    136,154    106,201    94,875    91,598   
Total liabilities 819,451    809,734    824,873    808,430    827,847   
Deposits 808,686    795,687    805,085    776,412    787,825   
Stockholders' equity 85,573    82,629    81,471    78,855    77,323   
           
Asset Quality Ratios:          
Non-performing assets to total assets 0.97  % 1.31  % 1.35  % 1.33  % 1.31  %
Non-performing loans to total loans 1.35  % 1.33  % 1.34  % 1.25  % 1.28  %
Total classified assets to total assets 1.00  % 1.32  % 1.43  % 1.54  % 1.31  %
Allowance for loan losses to non-performing loans 102.54  % 98.04  % 95.99  % 90.15  % 86.55  %
Allowance for loan losses to total loans 1.38  % 1.31  % 1.28  % 1.13  % 1.11  %
Net charge-offs (recoveries) to average loans - annualized —  % —  % (0.02  %) 0.16  % —  %
           
Capital Ratios:          
Average equity to average assets 9.47  % 9.36  % 9.02  % 8.75  % 9.08  %
Equity to total assets at end of period 9.46  % 9.26  % 8.99  % 8.89  % 8.54  %
Total capital to risk-weighted assets (Bank only) 12.62  % 13.01  % 13.41  % 12.98  % 12.82  %
Tier 1 capital to risk-weighted assets (Bank only) 11.38  % 11.78  % 12.17  % 11.83  % 11.70  %
Tier 1 capital to average assets (Bank only) 9.16  % 9.21  % 9.40  % 9.03  % 9.00  %
CET1 capital to risk-weighted assets (Bank only) 11.38  % 11.78  % 12.17  % 11.83  % 11.70  %
           
           
  Three Months Ended:   Nine Months Ended:
  June 30, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 6,792      $ 7,334      $ 21,553      $ 22,874   
Interest expense 329      940      1,230      3,772   
Net interest income 6,463      6,394      20,323      19,102   
Provision for loan losses 500      551      1,050      701   
Net interest income after provision for loan losses 5,963      5,843      19,273      18,401   
Service fees on deposit accounts 899      747      2,611      2,562   
Gain on sale of loans 550      766      2,967      1,549   
Other non-interest income 1,129      417      2,264      1,244   
Total non-interest income 2,578      1,930      7,842      5,355   
               
Compensation and other employee benefits 3,050      3,051      9,065      9,418   
Occupancy, furniture and equipment 652      606      1,882      1,809   
Data processing 812      758      2,353      2,342   
Other non-interest expense 1,038      1,076      3,728      2,829   
Total non-interest expense 5,552      5,491      17,028      16,398   
Income before income tax expense 2,989      2,282      10,087      7,358   
Income tax expense 859      633      2,831      2,074   
Net income $ 2,130      $ 1,649      $ 7,256      $ 5,284   
               
Basic earnings per share $ 0.82      $ 0.58      $ 2.82      $ 1.74   
Diluted earnings per share $ 0.78      $ 0.57      $ 2.70      $ 1.69   
  For the Three Months Ended:
  June 30,
2021
March 31,
2021
December 31,
2020
September 30,
2020
June 30,
2020
Selected Operating Data: (in thousands, except per share data)
Interest and dividend income $ 6,792    $ 6,915    $ 7,846    $ 7,226    $ 7,334   
Interest expense 329    375    526    778    940   
Net interest income 6,463    6,540    7,320    6,448    6,394   
Provision for loan losses 500    —    550    574    551   
Net interest income after provision for loan losses 5,963    6,540    6,770    5,874    5,843   
Service fees on deposit accounts 899    820    891    910    747   
Gain on sale of loans 550    1,169    1,249    1,087    766   
Other non-interest income 1,129    420    715    598    417   
Total non-interest income 2,578    2,409    2,855    2,595    1,930   
           
Compensation and other employee benefits 3,050    2,990    3,025    3,141    3,051   
Occupancy, furniture and equipment 652    639    591    596    606   
Data processing 812    778    763    787    758   
Other non-interest expense 1,038    1,159    1,531    1,275    1,076   
Total non-interest expense 5,552    5,566    5,910    5,799    5,491   
Income before income tax expense 2,989    3,383    3,715    2,670    2,282   
Income tax expense 859    958    1,014    738    633   
Net income $ 2,130    $ 2,425    $ 2,701    $ 1,932    $ 1,649   
           
Basic earnings per share          
Diluted earnings per share $ 0.82    $ 0.95    $ 1.06    $ 0.76    $ 0.58   
  $ 0.78    $ 0.90    $ 1.03    $ 0.75    $ 0.57   
  At or For the Three Months Ended:   At or For the Nine Months Ended:
  June 30, 2021   June 30, 2020   June 30, 2021   June 30, 2020
Selected Financial Performance Ratios:              
Return on average assets 0.94  %   0.75  %   1.16  %   0.83  %
Return on average equity 10.06  %   8.22  %   11.69  %   8.50  %
Interest rate spread 3.08  %   3.06  %   3.24  %   3.14  %
Net interest margin 3.09  %   3.08  %   3.25  %   3.18  %
Non-interest expense to average total assets 2.46  %   2.49  %   2.55  %   2.57  %
Average interest-earning assets to average interest-bearing liabilities 104.83  %   104.18  %   104.55  %   105.57  %
               
Per Share and Stock Market Data:              
Net income per common share $ 0.82      $ 0.58      $ 2.82      $ 1.74   
Basic weighted average shares outstanding 2,588,034      2,839,880      2,576,022      3,032,099   
Book value per share - excluding unallocated ESOP shares $ 32.10      $ 28.25      $ 32.10      $ 28.25   
Book value per share - including unallocated ESOP shares $ 31.20      $ 26.93      $ 31.20      $ 26.93   
Closing market price $ 28.50      $ 19.25      $ 28.50      $ 19.25   
Price to book ratio - excluding unallocated ESOP shares 88.79  %   68.14  %   88.79  %   68.14  %
Price to book ratio - including unallocated ESOP shares 91.35  %   71.48  %   91.35  %   71.48  %