West Bend-based Westbury Bancorp Inc., the holding company for Westbury Bank, announced first quarter earnings of $68,000, down significantly from $841,000 in the first quarter of 2013.
“While our earnings for the quarter were not strong, we are focused on both improving earnings and enhancing our customers’ experience,” said Ray Lipman, chairman, president and chief executive officer. “We believe that our investments in improved asset quality, top quality new banking talent and technology have positioned us for a successful future.”
Total assets were $535,588, down from $543,282 in the fourth quarter of 2013.
Westbury attributed the poor performance to restructuring its balance sheet to cut down on less desirable loans and bump classified asset levels down. For that reason, outstanding loans were declining until the first quarter and have now increased by $3.6 million.
Greg Remus, recently appointed chief operating officer, will be responsible for improving the bank’s performance along with Lipman.
Westbury also expects that closing two of its branches, announced in May, will reduce operating expenses in the future.
“In our view, closing these branches is prudent given the evolution of retail banking in our market,” the report said. “Over 74 percent of our checking account customers use online banking. We believe our customers’ receptivity, willingness and desire to use technology will allow us to lower our overall cost of providing service while capitalizing on new product sales to meet our customers’ changing needs.”
