Westbury Bancorp Reports Strong Loan Growth and Improved Profitability for First Quarter

WEST BEND, Wis., Jan. 30, 2015 /PRNewswire/ -- Westbury Bancorp, Inc. (NASDAQ: WBB), the holding company (the "Company") for Westbury Bank (the "Bank"), today announced net income of $447,000, or $0.10 per common share, for the three months ended December 31, 2014, compared to net income of $68,000, or $0.01 per common share, for the three months ended December 31, 2013, and $227,000, or $0.05 per common share, for the three months ended September 30, 2014. 

Ray Lipman, Chairman and Chief Executive Officer, said, "Our strategic goals are to grow commercial and residential loans and related deposits, reduce non-performing assets, control operating expenses and increase fee income to continue to improve earnings.  This quarter's earnings show that we are seeing continued progress toward this goal.  We are confident that our current strategy will continue to provide revenue growth and enhance long term shareholder value."

Highlights for the quarter include:

• During the three months ended December 31, 2014, our net loan portfolio grew by $21.3 million, or 20.4% annualized growth. The portfolio growth consisted primarily of single family, multifamily and commercial real estate loans.  Loan growth over the past year resulted in an increase in interest and dividend income of $354,000, or 7.9%, to $4.9 million for the three months ended December 31, 2014 compared to $4.5 million for the three months ended December 31, 2013.
• Our net interest margin was 3.43% for the three months ended December 31, 2014 compared to 3.49% for the three months ended December 31, 2013.  The yield on interest-earning assets decreased by 9 basis points, primarily due to the loan growth experienced during the year, while the cost of funds decreased by 2 basis points.
• Our non-performing assets have been reduced to $3.5 million, or 0.60% of total assets, at December 31, 2014, compared to $3.8 million, or 0.67% of assets, at September 30, 2014 and $6.2 million, or 1.15% of assets, at December 31, 2013. 
• Our classified assets have been reduced to $6.0 million, or 1.02% of total assets, at December 31, 2014, compared to $6.5 million, or 1.14% of total assets, at September 30, 2014, and $10.9 million, or 2.04% of total assets, at December 31, 2013.
• Annualized net charge-offs remained low at 0.19% of average loans for the three months ended December 31, 2014, compared to 0.17% of average loans for the three months ended September 30, 2014,  and 0.79% of average loans for the three months ended December 31, 2013.
• Non-interest income was $1.7 million for the three months ended December 31, 2014 compared to $1.5 million for the three months ended September 30, 2014 and $1.8 million for the three months ended December 31, 2013.  This is an increase of $200,000 over the quarter ended September 30 ,2014 and $77,000 over the prior year quarter after excluding the recovery of $161,000 in valuation reserve on originated mortgage servicing rights which was recorded in the three months ended December 31, 2013.
• Recurring non-interest expenses decreased $343,000, or 5.6%, to $5.1 million for the three months ended December 31, 2014, compared to $5.4 million for the three months ended September 30, 2014 and $5.6 million for the three months ended December 31, 2013.  This was primarily the result of cost savings related to the branches we closed in 2014 and a reduction in FDIC insurance premiums.
• In August 2014, the Company completed a program to repurchase 250,000 shares of its stock and announced a program to repurchase up to an additional 250,000 shares of its stock.  Through December 31, 2014, we purchased 76,357 shares under the second program at an average price of $15.09 per share.  In total, under the two repurchase programs, we have repurchased 326,357 shares at an average price of $15.12 per share through December 31, 2014.  We believe our common stock is an attractive value at current trading prices and that the deployment of a portion of the Company's capital into this investment is warranted.

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank.  The Company's common shares are traded on the Nasdaq Capital Market under the symbol "WBB".

Westbury Bank is an independent community bank with over $590 million in assets.  It is the largest bank, and only publicly traded bank, headquartered in Washington County.  Westbury Bank serves communities in Washington and Waukesha Counties through its nine 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 risk, uncertainties, and assumptions. 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 and the demand for the Company's products and services, 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

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SOURCE Westbury Bancorp, Inc.

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