Business
Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2018
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. 30, 2018 (GLOBE NEWSWIRE) -- 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.\n 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 September 30, 2018, compared to $294,000, or 0.04% of total assets, at September 30, 2017.  This increase was the result of one commercial loan relationship totaling $5.6 million becoming non-performing during the year.  This commercial loan relationship was paid in full subsequent to September 30, 2018.Classified assets increased to $6.8 million, or 0.83% of total assets, at September 30, 2018, compared to $1.9 million, or 0.24% of total assets, at September 30, 2017. ...