Business
Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2020
Westbury Bancorp, Inc. Reports Net Income for the Three Months and Year Ended September 30, 2020.
About this update from Westbury Bancorp, Inc.
[{"type":"text","content":"\n WEST BEND, Wis., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $1.9 million, or $0.76 per common share for the three months ended September 30, 2020, and $7.2 million, or $2.59 per common share, for the year ended September 30, 2020, compared to net income of $1.9 million, or $0.59 per common share for the three months ended September 30, 2019, and net income of $6.9 million, or $2.15 per common share, for the year ended September 30, 2019.  Highlights for the year included: During the year ended September 30, 2020, our net loan portfolio increased by $31.7 million, or 3.70%. The portfolio increase occurred primarily in commercial business - PPP loans, multifamily and home equity line of credit loans, offset by reductions in commercial and industrial loans, and single family loans. During the year ended September 30, 2020, our deposits increased by $47.7 million, or 6.55%.  The deposit increases occurred primarily in checking and savings accounts, offset by decreases in certificate of deposit accounts. Net interest income decreased $133,000, or 0.52%, to $25.6 million for the year ended September 30, 2020 compared to $25.7 million for the year ended September 30, 2019.  Our net interest margin was 3.14% for the year ended September 30, 2020 compared to 3.24% for the year ended September 30, 2019. Non-performing assets increased to $11.8 million or 1.33% of total assets, at September 30, 2020, compared to $764,000, or 0.09% of total assets, at September 30, 2019.  The increase was the result of a large commercial real estate loan being placed into receivership during the year.  This relationship had been previously classified at September 30, 2019.Classified assets increased to $13.6 million or 1.53% of total assets, at September 30, 2020, compared to $9.2 million, or 1.07% of total assets, at September 30, 2019.  The increase was the result of one newly classified commercial and industrial loan relationship at September 30, 2020.Loans past due 30-89 days increased $157,000, or 174.44%, to $247,000, or 0.01% of net loans, at September 30, 2020 from $90,000, or 0.01% of net loans, at September 30, 2019.As of September 30, 2020, the Bank's...