2013 Annual Report
7FEB201322100699 Dear Fellow Shareholder: On behalf of the Board of Directors and our management team, I am pleased to present our first Annual Report to Shareholders of Westbury Bancorp, Inc., the parent company of Westbury Bank. At September 30, 2013, we had total assets of $ 543.3 million and total equity of $90.6 million. We had net income of $938,000 for the year ended September 30, 2013, compared to a loss of $3.7 million for the year ended September 30, 2012, an increase of $4.6 million. Our results for 2013 included a one‐time contribution of $1.0 million to the Westbury Bank Charitable Foundation as had been contemplated in our Plan of Conversion. Without the effect of the contribution, earnings for the year ended September 30, 2013, were $1.6 million compared to a loss of $3.7 million for the prior year. We are extremely delighted with the success of our oversubscribed stock offering, completed April 9, 2013, which raised $50.9 million of capital from our depositors. The additional capital will allow us to grow within our footprint, satisfy the demand for commercial loans within that footprint and improve service and new products through our branch office network in Washington and Waukesha counties. Over the past few years, we have been focused on restructuring the balance sheet by reducing non‐performing assets and other performing loans which do not meet our current credit risk tolerance. We believe that with solid credit risk management procedures in place, coupled with the experienced commercial lenders we have added in the last 18 months, we are properly positioned for prudent future loan growth.
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