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

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PEWAUKEE, Wis., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.3 million, or $0.90 per common share for the three months ended September 30, 2021, and $9.5 million, or $3.70 per common share, for the year ended September 30, 2021, compared to net income of $1.9 million, or $0.76 per common share for the three months ended September 30, 2020, and net income of $7.2 million, or $2.59 per common share, for the year ended September 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”.

Westbury Bank is an independent community bank primarily serving communities in Washington and Waukesha Counties (Wisconsin) 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 as defined by the Private Securities Litigation Reform Act of 1995 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, and other factors as set forth in filings with the Securities and Exchange Commission. 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
262-335-6037


At or For the Three Months Ended:

September 30,
2021

June 30, 2021

March 31,
2021

December 31,
2020

September 30,
2020

Selected Financial Condition Data:

Total assets

$

921,791

$

905,024

$

892,363

$

906,344

$

887,285

Loans receivable, net

665,166

641,790

641,599

653,485

692,391

Allowance for loan losses

8,995

8,992

8,488

8,486

7,908

Securities available for sale

179,547

161,316

136,154

106,201

94,875

Total liabilities

836,768

819,451

809,734

824,873

808,430

Deposits

812,316

808,686

795,687

805,085

776,412

Stockholders' equity

85,023

85,573

82,629

81,471

78,855

Asset Quality Ratios:

Non-performing assets to total assets

0.95

%

0.97

%

1.31

%

1.35

%

1.33

%

Non-performing loans to total loans

1.30

%

1.35

%

1.33

%

1.34

%

1.25

%

Total classified assets to total assets

0.98

%

1.00

%

1.32

%

1.43

%

1.54

%

Allowance for loan losses to non-performing loans

103.00

%

102.54

%

98.04

%

95.99

%

90.15

%

Allowance for loan losses to total loans

1.33

%

1.38

%

1.31

%

1.28

%

1.13

%

Net charge-offs (recoveries) to average loans - annualized

%

%

%

(0.02

%)

0.16

%

Capital Ratios:

Average equity to average assets

9.34

%

9.47

%

9.36

%

9.02

%

8.75

%

Equity to total assets at end of period

9.22

%

9.46

%

9.26

%

8.99

%

8.89

%

Total capital to risk-weighted assets (Bank only)

13.23

%

12.62

%

13.01

%

13.41

%

12.98

%

Tier 1 capital to risk-weighted assets (Bank only)

11.98

%

11.38

%

11.78

%

12.17

%

11.83

%

Tier 1 capital to average assets (Bank only)

9.22

%

9.16

%

9.21

%

9.40

%

9.03

%

CETI capital to risk-weighted assets (Bank only)

11.98

%

11.38

%

11.78

%

12.17

%

11.83

%


Three Months Ended

Years Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,246

$

7,226

$

28,799

$

30,100

Interest expense

330

778

1,560

4,550

Net interest income

6,916

6,448

27,239

25,550

Provision for loan losses

574

1,050

1,275

Net interest income after provision for loan losses

6,916

5,874

26,189

24,275

Service fees on deposit accounts

987

910

3,598

3,472

Gain on sale of loans

830

1,087

3,797

2,636

Other non-interest income

1,153

598

2,587

1,842

Total non-interest income

2,970

2,595

9,982

7,950

Compensation and employee benefits

3,246

3,141

12,311

12,559

Occupancy, furniture and equipment

712

596

2,594

2,405

Data processing

825

787

3,178

3,129

Other non-interest expense

1,075

1,275

4,803

4,104

Total non-interest expense

5,858

5,799

22,886

22,197

Income before income tax expense

3,198

2,670

13,285

10,028

Income tax expense

925

738

3,756

2,812

Net income

$

2,273

$

1,932

$

9,529

$

7,216

Basic earnings per share

$

0.90

$

0.76

$

3.70

$

2.59

Diluted earnings per share

$

0.85

$

0.75

$

3.52

$

2.51


For the Three Months Ended:

September 30,
2021

June 30, 2021

March 31,
2021

December 31,
2020

September 30,
2020

Selected Operating Data:

(in thousands, except per share data)

Interest and dividend income

$

7,246

$

6,792

$

6,915

$

7,846

$

7,226

Interest expense

330

329

375

526

778

Net interest income

6,916

6,463

6,540

7,320

6,448

Provision for loan losses

500

550

574

Net interest income after provision for loan losses

6,916

5,963

6,540

6,770

5,874

Service fees on deposit accounts

987

899

820

891

910

Gain on sale of loans

830

550

1,169

1,249

1,087

Other non-interest income

1,153

1,129

420

715

598

Total non-interest income

2,970

2,578

2,409

2,855

2,595

Salaries, employee benefits, and commissions

3,246

3,050

2,990

3,025

3,141

Occupancy and furniture and equipment

712

652

639

591

596

Data processing

825

812

778

763

787

Other non-interest expense

1,075

1,038

1,159

1,531

1,275

Total non-interest expense

5,858

5,552

5,566

5,910

5,799

Income before income tax expense

3,198

2,989

3,383

3,715

2,670

Income tax expense

925

859

958

1,014

738

Net income

$

2,273

$

2,130

$

2,425

$

2,701

$

1,932

Basic earnings per share

$

0.90

$

0.82

$

0.95

$

1.06

$

0.76

Diluted earnings per share

$

0.85

$

0.78

$

0.90

$

1.03

$

0.75


At or For the Three Months Ended

At or For the Year Ended

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2020

Selected Financial Performance Ratios:

Return on average assets

0.99

%

0.86

%

1.06

%

0.83

%

Return on average equity

10.46

%

9.80

%

11.34

%

8.80

%

Interest rate spread

3.17

%

3.02

%

3.22

%

3.11

%

Net interest margin

3.18

%

3.04

%

3.23

%

3.14

%

Non-interest expense to average total assets

2.56

%

2.57

%

2.55

%

2.57

%

Average interest-earning assets to average interest-bearing liabilities

105.60

%

106.08

%

105.10

%

106.08

%

Per Share and Stock Market Data:

Basic earnings per share

$

0.90

$

0.76

$

3.70

$

2.59

Diluted earnings per share

0.85

0.75

3.52

2.51

Basic weighted average shares outstanding

2,520,527

2,532,114

2,573,599

2,790,878

Book value per share - excluding unallocated ESOP shares

$

32.95

$

29.77

$

32.95

$

29.77

Book value per share - including unallocated ESOP shares

$

32.21

$

28.44

$

32.21

$

28.44

Closing market price

$

28.95

$

19.90

$

28.95

$

19.90

Price to book ratio - excluding unallocated ESOP shares

87.86

%

66.85

%

87.86

%

66.85

%

Price to book ratio - including unallocated ESOP shares

89.88

%

69.97

%

89.88

%

69.97

%


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