Belmont Savings Reports Solid Second Quarter

The money keeps funneling into the vault of the Belmont Savings Bank as BSB Bancorp, Inc., the bank’s holding company, reported on Thursday, July 24, net income of $1 million, or 12 cents per basic and diluted share, for the quarter ended June 30, compared to net income of $361,000, or 4 cents per basic and diluted share, in the second quarter of 2013.

At June 30, the bank’s total assets topped $1.2 billion, an increase of $167.2 million or nearly 16 percent from $1.1 billion at December 31, 2013. The asset growth was funded by customer deposits and borrowings from the Federal Home Loan Bank, according to the bank’s press release.

“The bank is benefiting from positive operating leverage as revenue growth outstrips expense growth. Credit quality remains good,” said Robert M. Mahoney, the bank’s president and CEO. The bank is headquartered on Leonard Street in Belmont Center.

The bank experienced net loan growth of $148.3 million, or 18 percent, from December 31. Commercial real estate loans, residential mortgage loans, home equity loans and indirect auto loans increased by $38.7 million, $61.2 million, $18.4 million and $16.4 million, respectively.

On June 30, deposits totaled $891.9 million, an increase of $127.1 million or 17 percent from $764.8 million at December 31, 2013 with core deposits – which include all deposits other than CD’s and brokered CD’s – increased by $92.1 million.

“Q2 was another good quarter for deposit growth. The maturing of our three InStore branches and the ongoing growth of our municipal banking program drove both checking and savings deposits. In addition, new and expanding small business banking and commercial real estate customer relationships continue to be important contributors to this strong performance,” said Hal Tovin, executive vice president and COO.

Three of the bank’s six branches are located in Shaw’s or Star supermarkets in Waltham, Newton and Cambridge.

As of Monday, July 28, the bank’s stock – which is traded on the NASDAQ under the symbol BLMT – is about a dollar off its 52-week high of $18.20.

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