Photo: A branch office of Belmont Savings Bank.
It was a record-setting quarter for the holding company of Belmont Savings Bank as the Belmont-based state-chartered savings bank saw net income more than double compared to the same first three months in 2014.
BSB Bancorp reported on Thursday, April 24, net income of $1.4 million for the quarter ended March 31, 2015, compared to $680,000, for the quarter ended March 31, 2014.
“We experienced a solid quarter across the bank and are well positioned for further improvement in profitability.” said Robert M. Mahoney, the bank’s resident and CEO. Since coming on board in 2010, Mahoney has lead the bank in tripling its assets under management.
After the report was released, the bank’s stock (BLMT) reached an all-time price high of $20.81.
And that activity has grown the bank’s balance sheet to where total assets reached $1.47 billion as of March 31, a jump of $43 million (about three percent) in the past three months.
“Reaching $1 billion in deposits was a significant milestone for Belmont Savings. It was achieved through a consistent focus on relationship selling and targeted marketing by our retail, business banking, municipal banking and commercial real estate teams,” said Hal Tovin, the bank’s executive VP and COO.
In the past year, Belmont Savings has the distinction as being the fastest growing Massachusetts bank regarding asset growth without acquiring another financial institution.
Net loan growth increased by $52 million, or 4.4 percent, in the first three months of 2015.
- Residential one-to-four family loans, $26 million,
- Commercial real estate loans, $16 million,
- Construction loans, $9 million, and
- Home equity lines of credit, $3 million.
Long an institution in Belmont, the bank provides financial services to individuals, families, municipalities and businesses through six full-service branch offices located in Belmont, Watertown, Cambridge, Newton and Waltham.