Belmont Savings Surpasses $1.5 Billion in Assets

Photo: Belmont Savings Bank.

Business in Belmont is good, according to the latest financial filing from the parent company of Belmont Savings Bank.

According to second quarter data released on Thursday, July 23, BSB Bancorp, Inc., saw assets under management pass the $1.5 billion threshold as year-to-date earnings increasing by nearly 75 percent. By June 30,  total assets were $1.55 billion, an increase of $126.5 million or nearly nine percent compared to the first three months.

“We are pleased to announce a continuation of our organic growth and improving profitability,” said Bob Mahoney, the bank’s president and chief executive officer.

As in previous quarters, the company’s strength was in traditional bank instruments such as lending:

Net loans growth of $112.9 million, or nearly 10 percent, from Dec. 31:

  • Residential one-to-four family loans, increased by $72 million
  • commercial real estate loans, $29 million,
  • construction loans, $12 million, and
  • home equity lines of credit, $11 million, respectively.

Partially offsetting lending increases were decreases in commercial loans and indirect auto loans of $8 million and $2.4 million, respectively.

The asset growth was funded by a jump in deposits which totaled $1.15 billion on June 30, an increase of $165 million, or 17 percent, from $985 million at Dec. 31.

“Second quarter deposit growth was driven by our expanding municipal banking program as well as the continued success of our targeted strategy for the legal profession,” said Hal Tovin, executive vice president and chief operating officer said.

Belmont Savings Bank provides financial services to individuals, families, municipalities and businesses through its six full-service branch offices in Belmont, Watertown, Cambridge, Newton and Waltham in Southeast Middlesex County, Massachusetts. The Bank’s primary lending market includes Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. The company’s common stock is traded on the NASDAQ Capital Market under the symbol “BLMT“.

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