Business
Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2017
Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2017.
About this update from Westbury Bancorp, Inc.
[{"type":"text","content":"\n\n WEST BEND, Wis., Oct. 25, 2017 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX:WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $536,000, or $0.14 per common share for the three months ended September 30, 2017, and $2.8 million, or $0.78 per common share, for the year ended September 30, 2017, compared to net income of $653,000, or $0.18 per common share for the three months ended September 30, 2016, and net income of $3.5 million, or $0.94 per common share, for the year ended September 30, 2016. \n Kirk Emerich, Chief Financial Officer and Executive Vice President-Investor Relations, said, \"While our earnings declined year over year, we believe that the actions taken during the year have positioned us for improved earnings in the quarters ahead.  After adjusting for non-core income and expense items such as gains on sales of investments, the gain on the sale of our wealth management operation, valuation losses on real estate held for sale and the termination of contracts, net income for the year ended September 2017 was an adjusted $3.4 million compared to an adjusted $3.3 million for the year ended September 30, 2016.  In addition, 2017 was the first full year of operation of our Madison commercial loan office which achieved growth to $42 million in outstanding loan balances as of September 30, 2017.\"  Highlights for the year included: During the year ended September 30, 2017, our net loan portfolio grew by $68.2 million, or 12.8%. 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, we experienced an increase in total interest and dividend income of $2.3 million, or 10.0%, to $25.2 million for the year ended September 30, 2017 compared to $22.9 million for the year ended September 30, 2016.During the year ended September 30, 2017, our deposits increased by $83.8 million, or 14.2%. This deposit growth was the primary cause of an increase in total interest expense of  $807,000, or 31.0%, to $3.4 million for the year ended September 30, 2017 compared to $2.6 million for the year ended September 30, 2016.Net interest income increased $1.5 million, or 7.3%, to $21.8 million for the year ended...