West Bend-based Westbury Bancorp Inc. reported fiscal 2014 third quarter net income of $69,000, recovering from a net loss of $446,000 in the third quarter of 2013.
Total assets were $556.5 million, up from $550.5 million a year ago.
Westbury’s loan portfolio grew by $24.1 million, or 26.7 percent annualized growth, as commercial lenders brought new business in to the bank. Non-performing assets have also been reduced, and service fee income on deposit accounts increased 10.7 percent in the quarter.
During the quarter, Westbury closed three branches. Two of the closing charges were recorded in the last quarter, but a recent West Bend branch closing resulted in a $46,000 charge for the third quarter. The bank expects the closure to result in lower operating expenses going forward.
“The results for the most recent quarter reflect important ongoing progress that we have made toward our primary goals of growing commercial and retail loans and related deposits,” said Ray Lipman, chairman, president and chief executive officer. “We have also continued to reduce non-performing assets, reduce operating expenses and increase service fee income. We believe the incremental improvement in our core earnings for the quarter ended June 30, 2014 will continue in the future as we maintain focus on these goals.”