West Bend-based Westbury Bancorp Inc. has reported third quarter net income of $110,000, or 3 cents per share, up from $69,000, or 1 cent per share, in the third quarter of 2014.
Total interest and dividend income was $5.3 million, up 17.4 percent from $4.5 million in the same period a year ago.
Net interest income was $4.8 million, up 16 percent from $4.1 million in the third quarter of 2014. Non-interest income was flat year-over-year.
The company had total assets of $629.4 million in the third quarter, up from $556.5 million in the saem period a year ago.
“For this quarter, compared to the first two quarters of the year, our earnings decreased due to decisions made by management that will ultimately contribute to progress toward our long-term goal of earnings growth,” said Ray Lipman, chairman and chief executive officer of Westbury. “We made the decision to close an underperforming branch office and to buyout a service contract. These decisions reduced earnings this quarter but are expected to reduce expenses in future periods for the company. Without the impact of these non-recurring expenses and the large OREO valuation adjustment discussed below, our net income for the quarter would have continued the growth trend from the previous four quarters.”
“Our growth goals are being accomplished through executing our strategic plan to build upon strong commercial and personal banking relationships to increase commercial and residential loans and related deposits, reduce non-performing assets, control operating expenses and increase non-interest income to continue to improve our performance,” said Greg Remus, president. “We are also using capital management initiatives such as our current stock repurchase program to deploy excess capital and maximize the return on our shareholders’ investment in the company. We are confident that our current strategy will continue to provide revenue and earnings growth and enhance long-term shareholder value.”
Westbury Bancorp is the holding company for Westbury Bank, which has eight branches and one loan production office in Washington, Waukesha and Outagamie counties.
