AP NEWS

Westbury Bancorp, Inc. Reports Net Income for the Three Months Ended December 31, 2018

January 17, 2019

WEST BEND, Wis., Jan. 16, 2019 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.7 million, or $0.52 per common share for the three months ended December 31, 2018 compared to net income of $314,000, or $0.09 per common share for the three months ended December 31, 2017.

Kirk Emerich, Executive Vice President and Chief Financial Officer, said, “We are pleased with the ongoing improvement in our quarterly results. Our interest margin continued to increase while we were able to reduce operating expenses. Coupled with the Company recognizing the full benefit of the cut in the Federal corporate tax rate beginning October 1, we achieved a solid quarterly result even while increasing our loan loss provision to $450,000 for the quarter to keep pace with loan growth.”

Emerich continued, “During the quarter, we continued our stock repurchase program. For the three months ended December 31, 2018, we purchased 148,786 shares. As of December 31, 2018, there were 3,510,714 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”. Detailed quarterly financial statements for the Company may be found at www.otcmarkets.com/stock/WBBW/disclosure.

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 CFOGreg Remus - President and CEO262-334-5563

At or For the Three Months Ended: December September June 30, March 31, December 31, 2018 30, 2018 2018 2018 31, 2017 ----------- ----------- ----------- ----------- ----------- Selected Financial Condition Data: (Dollars in thousands) Total assets $ 843,072 $ 816,297 $ 807,910 $ 801,426 $ 810,391 Loans receivable, net 679,403 651,704 638,608 627,410 614,531 Allowance for loan losses 6,482 6,092 5,845 5,765 5,765 Securities available for sale 104,087 106,144 107,748 110,986 114,946 Total liabilities 765,246 739,194 730,684 724,828 732,829 Deposits 691,705 676,553 671,188 676,511 679,467 Stockholders’ equity 77,827 77,103 77,226 76,598 77,562 Asset Quality Ratios: Non-performing assets to total assets 0.02 % 0.71 % 0.03 % 0.03 % 0.03 % Non-performing loans to total loans 0.03 % 0.87 % 0.03 % 0.04 % 0.04 % Total classified assets to total assets 0.12 % 0.83 % 0.84 % 0.16 % 0.16 % Allowance for loan losses to non-performing loans 3,430.16 % 105.98 % 2,901.97 % 2,506.52 % 2,382.23 % Allowance for loan losses to total loans 0.95 % 0.93 % 0.91 % 0.91 % 0.93 % Net charge-offs (recoveries) to average loans - 0.04 % — % 0.04 % 0.03 % — % annualized Capital Ratios: Average equity to average assets 9.27 % 9.89 % 9.50 % 9.73 % 9.67 % Equity to total assets at end of period 9.23 % 9.45 % 9.56 % 9.56 % 9.57 % Total capital to risk-weighted assets (Bank only) 12.30 % 12.47 % 12.40 % 12.16 % 12.74 % Tier 1 capital to risk-weighted assets (Bank only) 11.40 % 11.57 % 11.53 % 11.31 % 11.85 % Tier 1 capital to average assets (Bank only) 9.57 % 9.58 % 9.50 % 9.61 % 9.66 % CET1 capital to risk-weighted assets (Bank only) 11.40 % 11.57 % 11.53 % 11.31 % 11.85 %

Three Months Ended: December December 31, 31, 2018 2017 ------- ------- (in thousands, Selected Operating Data: except per share data) Interest and dividend income $ 8,100 $ 6,972 Interest expense 1,564 1,037 ------- ------- Net interest income 6,536 5,935 Provision for loan losses 450 — ------- ------- Net interest income after provision for loan losses 6,086 5,935 Service fees on deposit accounts 1,075 952 Other non-interest income 415 548 Total non-interest income 1,490 1,500 Compensation and other employee benefits 3,071 2,955 Occupancy, furniture and equipment 460 531 Data processing 737 929 Other non-interest expense 926 1,264 ------- ------- Total non-interest expense 5,194 5,679 ------- ------- Income before income tax expense 2,382 1,756 Income tax expense 655 1,442 Net income $ 1,727 $ 314 - ----- - ----- Basic earnings per share $ 0.52 $ 0.09 Diluted earnings per share $ 0.51 $ 0.09

For the Three Months Ended: December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 ----------------- ------------------ ------------- -------------- ----------------- Selected Operating Data: (in thousands, except per share data) Interest and dividend $ 8,100 $ 7,640 $ 7,395 $ 7,034 $ 6,972 income Interest expense 1,564 1,419 1,298 1,138 1,037 ------- --------- ------- ---------- ------- ----- ------- ------ ------- --------- Net interest income 6,536 6,221 6,097 5,896 5,935 Provision for loan losses 450 200 150 50 — ------- --------- ------- ---------- ------- ----- ------- ------ ------- --------- Net interest income after 6,086 6,021 5,947 5,846 5,935 provision for loan losses Service fees on deposit 1,075 1,063 980 867 952 accounts Other non-interest income 415 380 369 509 548 Total non-interest income 1,490 1,443 1,349 1,376 1,500 Compensation and other 3,070 3,160 3,005 2,954 2,955 employee benefits Occupancy, furniture and 460 479 521 600 531 equipment Data processing 737 771 801 905 929 Other non-interest expense 927 1,048 1,074 1,099 1,264 ------- --------- ------- ---------- ------- ----- ------- ------ ------- --------- Total non-interest expense 5,194 5,458 5,401 5,558 5,679 ------- --------- ------- ---------- ------- ----- ------- ------ ------- --------- Income before income tax 2,382 2,006 1,895 1,664 1,756 expense Income tax expense 655 610 575 489 1,442 Net income $ 1,727 $ 1,396 $ 1,320 $ 1,175 $ 314 - ----- --------- - ----- ---------- - ----- ----- - ----- ------ - ----- --------- Basic earnings per share $ 0.52 $ 0.40 $ 0.38 $ 0.34 $ 0.09 Diluted earnings per share $ 0.51 $ 0.39 $ 0.37 $ 0.33 $ 0.09

At or For the Three Months Ended: December December 31, 2018 31, 2017 --------- --------- Selected Financial Performance Ratios: Return on average assets 0.82 % 0.16 % Return on average equity 8.88 % 1.65 % Interest rate spread 3.28 % 3.22 % Net interest margin 3.32 % 3.24 % Non-interest expense to average total assets 2.48 % 2.88 % Average interest-earning assets to average interest-bearing liabilities 105.91 % 105.10 % Per Share and Stock Market Data: Net income per common share $ 0.52 $ 0.09 Basic weighted average shares outstanding 3,313,13 3,559,78 8 4 Book value per share - excluding unallocated ESOP shares $ 23.66 $ 21.98 Book value per share - including unallocated ESOP shares $ 22.16 $ 20.35 Closing market price $ 20.40 $ 23.00 Price to book ratio - excluding unallocated ESOP shares 86.22 % 104.64 % Price to book ratio - including unallocated ESOP shares 92.06 % 113.02 %

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