West Bend-based Westbury Bancorp Inc., the holding company for Westbury Bank, today reported fiscal third quarter net income of $906,000, or 25 cents per share, up from $110,000, or 3 cents per share, in the third quarter of 2015.
Net interest income was $5.1 million in the third quarter, up from $4.8 million in the second quarter of 2015. Non-interest income was $1.6 million in the quarter, flat from the same period last year.
Westbury’s net loan portfolio increased by $10.5 million, or 8.3 percent, in the third quarter from the third quarter of 2015. Commercial real estate and multifamily loans contributed to the growth.
Westbury’s income tax expense increased significantly year-over-year, from $48,000 to $410,000. But it gained $8,000 on the sale of foreclosed real estate, up from a net loss on foreclosed real estate of $316,000 last year.
The company did not have costs associated with branch realignment or buyout of service contract in the third quarter of 2016, compared with a combined $550,000 spent on those items in the year-ago quarter.
The bank company had total assets of $670.8 million at the end of the third quarter, up from $629.4 million at the end of the third quarter of 2015. Deposits increased by 9.7 percent over the year.
“Our loan growth has continued this quarter,” 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 and the creation of shareholder value.”
Westbury Bank has nine branches in Wisconsin, most of which are in the Milwaukee area.