Another year, another new benchmark as Belmont Savings Bank reported record annual earnings for 2014.
In a press release dated Feb. 12, the bank’s holding company, BSB Bancorp, Inc. reported net income of $1.4 million, or 16 cents per diluted share, for the quarter ended Dec. 31, 2014, compared to net income of $645,000, or 7 cents per diluted share, for the same quarter in 2013.
For the year ending Dec. 31, the bank had net income of $4.3 million, or 49 cents per diluted share, as compared to net income of $2.0 million, or 22 cents per diluted share for 2013.
“2014 was another year of balance sheet and income growth. As our scale increases, we would expect further improvement in profitability,” said Bob Mahoney, the holding company’s president and CEO.
That growth was seen on both overall assets and in the bank’s core business, lending. By the end of the year, the bank’s total assets were $1.4 billion, an increase of $371 million or 35 percent from $1.1 billion on Dec. 31, 2013. At the end-of-the-year, deposits totaled $985 million, an increase of $220 million or 29 percent from $765 million in 2013.
On the lending side of the ledger, the bank witnessed end-of-the-year annual net loan growth of $340 million, up an impressive 41 percent from 2013. Increases were seen in:
- Residential one-to-four family loans; $163 million.
- commercial real estate loans; $87 million.
- home equity lines of credit; $39 million.
- indirect auto loans; $32 million.
“The continuing momentum in core deposit growth was an important contributor to our success in 2014. Each of our business segments, retail, business banking, municipal banking and commercial real estate, grew their customer relationships and their deposit base consistently throughout the year,” said Hal Tovin, executive vice president and chief operating officer.
As of 10 a.m., Feb. 13, the bank’s stock was reported at $18.76/share, just off its 52-week high of $19.35.