UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 30, 2015

WESTBURY BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)


Maryland
 
333-184594
 
46-1834307
(State or Other Jurisdiction
of Incorporation)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)


200 South Main Street, West Bend, Wisconsin
 
53095
(Address of Principal Executive Offices)
 
(Zip Code)


Registrant’s telephone number, including area code:    (262) 334-5563

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


{Clients/1310/00201591.DOC/ }


[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))

{Clients/1310/00201591.DOC/ }    
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Item 2.02.
Results of Operations and Financial Condition

On January 30, 2015 Westbury Bancorp, Inc. issued a press release to announce its results of operations for the quarter ended December 31, 2014. The press release and related financial information is included as Exhibit 99.1 to this report. The information included in the press release and related financial information is considered to be “furnished” under the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01.
Financial Statements and Exhibits.
 
 
(a)
Financial Statements of Businesses Acquired. Not applicable.
 
 
(b)
Pro Forma Financial Information. Not applicable.
 
 
(c)
Shell Company Transactions. None.
 
 
(d)
Exhibits.
 
 
Exhibit No.     Description

99.1         Press Release dated January 30, 2015        

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
WESTBURY BANCORP, INC.



DATE: January 30, 2015
By:
/s/ Raymond F. Lipman
 
 
Raymond F. Lipman
 
 
Chairman and Chief Executive Officer

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{Clients/1310/00201591.DOC/ }    
4
    




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

West Bend, WI, January 30, 2015 (PR Newswire)- 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

                            1


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
Contact:    Ray Lipman-Chairman and CEO
Kirk Emerich-Senior Vice President and CFO
262-334-5563

                            2


 
At or For the Three Months Ended:
 
December 31, 2014
September 30, 2014
June 30, 2014
March 31, 2014
December 31, 2013
Selected Financial Condition Data:
 
 
 
 
 
Total assets
$
594,614

$
568,695

$
556,477

$
547,494

$
535,588

Loans receivable, net
438,172

416,874

380,795

356,880

346,411

Allowance for loan losses
4,224

4,072

4,039

3,898

3,743

Securities available for sale
83,180

90,346

100,203

96,407

108,915

Total liabilities
508,088

482,208

467,782

457,894

444,886

Deposits
472,688

454,928

448,977

451,378

438,625

Stockholders' equity
86,526

86,487

88,695

89,600

90,702

 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
Non-performing assets to total assets
0.60
%
0.67
%
0.90
 %
1.01
%
1.15
%
Non-performing loans to total loans
0.27
%
0.34
%
0.52
 %
1.23
%
1.41
%
Total classified assets to total assets
1.02
%
1.14
%
1.86
 %
1.96
%
2.04
%
Allowance for loan losses to non-performing loans
349.96
%
284.76
%
202.05
 %
87.91
%
75.56
%
Allowance for loan losses to total loans
0.95
%
0.97
%
1.05
 %
1.08
%
1.07
%
Net charge-offs to average loans (annualized)
0.19
%
0.17
%
(0.16
)%
0.05
%
0.79
%
 
 
 
 
 
 
Capital Ratios:
 
 
 
 
 
Average equity to average assets
15.01
%
15.39
%
16.15
 %
16.65
%
16.62
%
Equity to total assets at end of period
14.55
%
15.21
%
15.94
 %
16.37
%
16.94
%
Total capital to risk-weighted assets (Bank only)
15.81
%
16.18
%
17.20
 %
17.98
%
18.98
%
Tier 1 capital to risk-weighted assets (Bank only)
14.81
%
15.17
%
16.13
 %
16.88
%
17.91
%
Tier 1 capital to average assets (Bank only)
10.79
%
11.13
%
11.38
 %
11.52
%
12.23
%


 
 
 
 



 
At or For the Three Months Ended:
 
December 31, 2014
September 30, 2014
June 30, 2014
March 31, 2014
December 31, 2013
Selected Operating Data:
 
 
 
 
 
Interest and dividend income
$
4,880

$
4,822

$
4,502

$
4,472

$
4,526

Interest expense
429

420

394

399

424

Net interest income
4,451

4,402

4,108

4,073

4,102

Provision for loan losses
350

200

—

200

150

Net interest income after provision for loan losses
4,101

4,202

4,108

3,873

3,952

Service fees on deposit accounts
1,156

1,089

1,069

966

1,065

Gain on sale of loans, net
69

47

103

17

47

Servicing fee income, net of amortization and impairment
37

47

34

71

247

Insurance and securities sales commissions
58

63

65

99

95

Rental income from real estate operations
128

150

154

157

160

Other non-interest income
226

151

87

117

144

Total non-interest income
1,674

1,547

1,512

1,427

1,758

 
 
 
 
 
 
Recurring non-interest expense
5,105

5,448

5,289

5,777

5,644

Non-recurring non-interest expense items:
 
 
 
 
 
Valuation loss on real estate held for sale
—

(7
)
252

1,964

—

Branch realignment
—

—

46

573

—

Total non-interest expense
5,105

5,441

5,587

8,314

5,644

Income (loss) before income tax expense
670

308

33

(3,014
)
66

Income tax expense (benefit)
223

81

(36
)
(1,215
)
(2
)
Net income (loss)
$
447

$
227

$
69

$
(1,799
)
$
68





 
At or For the Three Months Ended
 
December 31, 2014
 
December 31, 2013
Selected Financial Performance Ratios:
 
 
 
Return on average assets
0.31
%
 
0.05
%
Return on average equity
2.05
%
 
0.30
%
Interest rate spread
3.40
%
 
3.47
%
Net interest margin
3.43
%
 
3.49
%
Non-interest expense to average total assets
3.52
%
 
4.12
%
Average interest-earning assets to average interest-bearing liabilities
107.32
%
 
105.19
%
 
 
 
 
Per Share Data:
 
 
 
Net income per common share
$
0.10

 
$
0.01

Average shares outstanding
4,459,616

 
4,749,422

Book value per share - excluding unallocated ESOP shares
$
18.61

 
$
19.09

Book value per share - including unallocated ESOP shares
$
17.24

 
$
17.64

Closing market price
$
16.40

 
$
13.95

Price to book ratio - excluding unallocated ESOP shares
88.12
%
 
73.07
%
Price to book ratio - including unallocated ESOP shares
95.13
%
 
79.08
%


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