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Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2017

WEST BEND, Wis., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $314,000, or $0.09 per common share for the three months ended December 31, 2017 compared to net income of $747,000, or $0.20 per common share for the three months ended December 31, 2016.

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, "We are pleased that we are able to report net income for the quarter, even after the negative impact of the one-time adjustment to our deferred tax asset due to the passage of Federal tax reform in December 2017 which reduced the Federal corporate tax rate to 21% as of January 1, 2018. The adjustment to the deferred tax asset resulted in $923,000 of additional income tax expense, or $0.26 per common share and $0.25 per diluted common share, which directly impacted net income for the quarter. However, the reduced tax rate will result in reduced Federal income tax expense for the Company for fiscal 2018 and beyond."

Emerich continued, "During the quarter, we continued our stock repurchase program. For the three months ended December 31, 2017, we purchased 175,195 shares. As of December 31, 2017, there were 3,836,957 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.

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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, 2017
September
30, 2017
June 30,
2017
March 31,
2017
December
31, 2016
Selected Financial Condition Data:(Dollars in thousands)
Total assets$810,391 $790,289 $795,915 $755,541 $732,996
Loans receivable, net614,531 601,988 571,281 551,611 543,220
Allowance for loan losses5,765 5,760 5,612 5,560 5,451
Securities available for sale114,946 122,601 122,338 115,208 101,997
Total liabilities732,829 709,205 716,124 676,461 654,684
Deposits679,467 675,797 687,486 645,313 629,852
Stockholders' equity77,562 81,084 79,791 79,080 78,312
Asset Quality Ratios:
Non-performing assets to total assets0.03%0.04%0.04%0.07%0.10%
Non-performing loans to total loans0.04%0.05%0.03%0.09%0.13%
Total classified assets to total assets0.16%0.26%0.32%0.85%0.47%
Allowance for loan losses to non-performing loans2,382.23%2,035.34%2,806.00%1,079.61%775.39%
Allowance for loan losses to total loans0.93%0.95%0.97%1.00%0.99%
Net charge-offs (recoveries) to average loans - annualized%(0.03)%%(0.01)%(0.01)%
Capital Ratios:
Average equity to average assets9.67%9.79%10.08%10.28%10.76%
Equity to total assets at end of period9.57%10.26%10.03%10.47%10.68%
Total capital to risk-weighted assets (Bank only)12.74%12.66%12.76%12.87%13.01%
Tier 1 capital to risk-weighted assets (Bank only)11.85%11.76%11.86%11.95%12.10%
Tier 1 capital to average assets (Bank only)9.66%9.58%9.77%10.03%10.17%
CET1 capital to risk-weighted assets (Bank only)11.85%11.76%11.86%11.95%12.10%


At or For the Three Months
Ended:
December 31,
2017
December 31,
2016
Selected Financial Performance Ratios:
Return on average assets0.16% 0.42%
Return on average equity1.65% 3.92%
Interest rate spread3.22% 3.19%
Net interest margin3.24% 3.22%
Non-interest expense to average total assets2.88% 3.12%
Average interest-earning assets to average interest-bearing liabilities105.10% 105.47%
Per Share and Stock Market Data:
Net income per common share$0.09 $0.20
Basic weighted average shares outstanding3,559,784 3,661,351
Book value per share - excluding unallocated ESOP shares$21.98 $21.39
Book value per share - including unallocated ESOP shares$20.35 $19.69
Closing market price$23.00 $20.70
Price to book ratio - excluding unallocated ESOP shares104.64% 96.77%
Price to book ratio - including unallocated ESOP shares113.02% 105.13%


Three Months Ended:
December 31,
2017
December 31,
2016
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,972 $5,924
Interest expense1,037 717
Net interest income5,935 5,207
Provision for loan losses 200
Net interest income after provision for loan losses5,935 5,007
Service fees on deposit accounts952 989
Other non-interest income548 679
Total non-interest income1,500 1,668
Compensation and other employee benefits2,955 2,942
Occupancy, furniture and equipment531 536
Data processing929 806
Other non-interest expense1,264 1,235
Total non-interest expense5,679 5,519
Income before income tax expense1,756 1,156
Income tax expense1,442 409
Net income$314 $747
Basic earnings per share$0.09 $0.20
Diluted earnings per share$0.09 $0.20


For the Three Months Ended:
December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
Selected Operating Data:(in thousands, except per share data)
Interest and dividend income$6,972 $6,787 $6,442 $6,093 $5,924
Interest expense1,037 991 906 795 717
Net interest income5,935 5,796 5,536 5,298 5,207
Provision for loan losses 100 50 100 200
Net interest income after provision for loan losses5,935 5,696 5,486 5,198 5,007
Service fees on deposit accounts952 1,004 994 932 989
Other non-interest income548 455 492 510 679
Total non-interest income1,500 1,459 1,486 1,442 1,668
Compensation and other employee benefits2,955 2,863 2,994 2,806 2,942
Occupancy, furniture and equipment531 577 577 623 536
Data processing929 920 872 856 806
Other non-interest expense1,264 1,951 1,221 1,152 1,235
Total non-interest expense5,679 6,311 5,664 5,437 5,519
Income before income tax expense1,756 844 1,308 1,203 1,156
Income tax expense1,442 308 490 457 409
Net income$314 $536 $818 $746 $747
Basic earnings per share$0.09 $0.14 $0.23 $0.21 $0.20
Diluted earnings per share$0.09 $0.14 $0.22 $0.20 $0.20

Source:Westbury Bancorp, Inc.