Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2023

PEWAUKEE, Wis., Jan. 19, 2023 (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, 2023 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, 2023 September 30, 2023 June 30, 2023 March 31, 2023 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, 2023   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, 2023 September 30, 2023 June 30, 2023 March 31, 2023 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, 2023   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 %

Westbury Bancorp Inc