Westbury Bancorp, Inc. (WBB) has reported a 14.55 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $0.75 million, or $0.20 a share in the quarter, compared with $0.87 million, or $0.23 a share for the same period last year. Revenue during the quarter grew 3.12 percent to $6.64 million from $6.44 million in the previous year period. Net interest income for the quarter rose 4.62 percent over the prior year period to $5.30 million. Non-interest income for the quarter fell 3.87 percent over the last year period to $1.44 million.
Westbury Bancorp, Inc. has made provision of $0.10 million for loan losses during the quarter, down 20 percent from $0.12 million in the same period last year.
Net interest margin contracted 14 basis points to 3.26 percent in the quarter from 3.40 percent in the last year period.
Greg Remus, president and chief executive officer, said, "Our earnings for the quarter were stable compared to the first quarter as our loan production office in the Madison market had its first full quarter of operations. Our Madison team has added $16 million in high quality commercial business and real estate loans to our portfolio so far and their pipeline is strong. We believe we will see additional growth and related revenue from this new business which will enhance our earnings in the quarters ahead. Our goal is to continue to build and maintain a high quality loan portfolio balanced between single family, multifamily, non-owner occupied commercial real estate, and owner-occupied commercial real estate and commercial business loans. Toward that goal, owner-occupied commercial real estate and commercial business loans have increased to 21% of our loan portfolio as of March 31, 2017 from 19% as of September 30, 2016."
Return on average assets moved down 11 basis points to 0.41 percent in the quarter from 0.52 percent in the last year period. At the same time, return on average equity decreased 51 basis points to 4.02 percent in the quarter from 4.53 percent in the last year period.
Meanwhile, nonperforming assets to total assets was stable at 0.07 percent in the quarter, when compared with the last year period.
Equity to assets ratio was 10.47 percent for the quarter, down from 12 percent for the previous year quarter. Average equity to average assets ratio was 10.28 percent for the quarter, down from 11.48 percent for the previous year quarter.
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