Business
CORRECTING and REPLACING - Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2018
CORRECTING and REPLACING - Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2018.
About this update from Westbury Bancorp, Inc.
[{"type":"text","content":"\nWEST BEND, Wis., Oct. 31, 2018 (GLOBE NEWSWIRE) -- In a release issued yesterday under the same headline by Westbury Bancorp, Inc. (OTCQX: WBBW), please note figures have changed in the first and second tables. In the first table, under column September 30, 2018, the percentage for \"Equity to total assets at end of period\" is now \"9.45%.\" In the second table, under heading Years Ended, the figures for \"Data processing\" and \"Occupancy and furniture and equipment\" have been updated. The complete corrected text follows:\n Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.4 million, or $0.40 per common share for the three months ended September 30, 2018, and $4.2 million, or $1.21 per common share, for the year ended September 30, 2018, compared to net income of $536,000, or $0.14 per common share for the three months ended September 30, 2017, and net income of $2.8 million, or $0.78 per common share, for the year ended September 30, 2017. Highlights for the year included: During the year ended September 30, 2018, our net loan portfolio grew by $49.7 million, or 8.26%. The portfolio growth consisted primarily of growth in commercial real estate, multifamily, commercial and industrial, and single family loans.  As a result of this loan growth and the rising interest rate environment, we experienced an increase in total interest and dividend income of $3.8 million, or 15.03%, to $29.0 million for the year ended September 30, 2018 compared to $25.2 million for the year ended September 30, 2017.During the year ended September 30, 2018, our deposits increased by $756,000, or 0.11%. As a result of the rising interest rate environment during the year, total interest expense increased by $1.5 million, or 43.50%, to $4.9 million for the year ended September 30, 2018 compared to $3.4 million for the year ended September 30, 2017.Net interest income increased $2.3 million, or 10.59%, to $24.1 million for the year ended September 30, 2018 compared to $21.8 million for the year ended September 30, 2017.  Our net interest margin was 3.20% for the year ended September 30, 2018 compared to 3.27% for the year ended September 30, 2017.Non-performing assets increased to $5.8 million or 0.71% of total assets, at Sept...