West Bend-based Westbury Bancorp Inc., parent company of Westbury Bank, on Moday reported a significant increase in second quarter earnings, driven by loan growth.
Second quarter net income was $873,000, or 23 cents per share, up from $484,000, or 11 cents per share, in the second quarter of 2015.
Net interest income was $5.1 million in the second quarter, up from $4.7 million in the same period a year ago.
The bank had $655.1 million in total assets in the second quarter, up from $610.1 million in the second quarter of 2015. Its deposits totaled $550.2 million, up from $512 million in the same period last year.
Westbury’s net loan portfolio increased by $12.3 million, or 10 percent year-over-year, driven by commercial business, multifamily and commercial real estate loans. Non-performing loans were 0.09 percent of total loans, down from 0.23 percent in the same period last year.
"We are pleased to continue our strong start to 2016,” said Kirk Emerich, executive vice president and chief financial officer. “The hard work of our banking team has resulted in asset growth and improvements to net interest income and noninterest expense while maintaining noninterest income as a healthy percentage of total revenue. Our core earnings run rate is reflected in the results for the first two quarters of the year.”
"Our loan growth has picked up this quarter, while we are continuing to seek opportunities to add experienced lenders to our team who will add high quality commercial business and real estate loans to our portfolio in the quarters ahead,” said Greg Remus, president and chief executive officer. “We are also pleased that our improved earnings and our stock repurchase program have combined to continue to improve our ratio of price to tangible book value and return on equity. Our team is focused on ongoing improvement in our performance."
Westbury Bank has nine branches in Wisconsin, most of which are in the Milwaukee area.