West Bend-based Westbury Bancorp Inc. today reported fiscal first quarter net income of $314,000, or 9 cents per diluted share, down from $747,000, or 20 cents per share, in the first quarter of 2017.
The company, like several others, experienced the decrease because of a one-time deferred tax adjustment related to the new federal tax law. The tax adjustment resulted in $923,000, or 25 cents per diluted share, in extra tax expense.
“We are pleased that we are able to report net income for the quarter, even after the negative impact of the one-time adjustment,” said Kirk Emerich, executive vice president and chief financial officer. “However, the reduced tax rate will result in reduced federal income tax expense for the company for fiscal 2018 and beyond.”
Net interest income was $5.9 million in the first quarter, up from $5.2 million in the first quarter of 2017. Non-interest income was $1.5 million, up from $1.7 million in the year-ago quarter.
Westbury Bancorp in September announced it would delist its stock from the Nasdaq Stock Market and deregister its stock with the SEC. It is now traded on the OTCQX under WBBW.
Westbury Bancorp operates eight Westbury Bank branches and one loan production office in Waukesha, Washington and Dane counties. It has $810.4 million in total assets.