Belmont Savings’ Net Income Shots Up 61% in ’15; Assets Reach $1.8B

Photo: One of Belmont Savings’ supermarket bank branches.

BSB Bancorp, the holding company for state-chartered Belmont Savings Bank reported Thursday net income for the year ending Dec. 31, 2015 rose to $6.9 million, compared to 2014’s $4.3 million, an increase of 61 percent.

“Through strong organic growth and expense control, we have achieved 10 consecutive quarters of earnings improvement. Credit quality remains good,” said Robert Mahoney, president and chief executive officer.

On the last day of 2015, BSB’s total assets reached $1.81 billion, an increase of $387 million or 27 percent from $1.43 billion on Dec. 31, 2014.

On Dec. 31, 2015, bank deposits totaled $1.27 billion, an increase of $285 million or 29 percent compared to $985 million reached the last day of ’14.

“Our deposit growth throughout 2015 was an important, cost-effective funding source for loans our strong asset growth,” said Hal Tovin, executive vice president and chief operating officer.

“We were very pleased with the fact that it came from building customer relationships in many business segments – most notably business banking, municipal banking and commercial real estate,” said Tovin

The bank experienced net loan growth of $356 million, or 30 percent, from Dec. 31, 2014, with increases across the board:

  • Residential 1-4 family real estate loans: $259 million.
  • commercial real estate loans: $54.2 million
  • construction loans: $29.3 million
  • home equity lines of credit $28.4 million.
  • commercial loans: $14 million.

Total stockholders’ equity increased by $9.2 million from $137 million as of Dec. 31, 2014 to $146.20 million as of Dec. 30, 2015. This increase is primarily the result of earnings of $6.9 million and a $2.2 million increase in additional paid-in capital related to stock-based compensation.

See the Conquering Hero: Pizzi’s Parade Through Belmont Thursday

Photo: Becca Pizzi.

Welcome home, Becca.

The first American woman to both complete and win the World Marathon Challenge – which consists of running seven marathons on seven continents in seven days – Becca Pizzi will be feted with her very own parade and celebration in her Belmont hometown on Thursday, Feb. 4 from 3:30 p.m. to 5:30 p.m.

Pizzi and her daughter, Taylor, will ride on top of a fire truck from Belmont High School to Belmont Center accompanied by the Belmont High School Marching Band and local youth sports teams.

Pizzi will arrive at the Belmont Center headquarters of parade sponsor Belmont Savings Bank where she will join town and bank officials before addressing and have photos taken with her fans and residents.

At the World Marathon Challenge, Becca finished with the best time in the women’s group in each of the marathons, averaging the third best time overall for runners, male or female.

Food will be provided, and music will be performed in the bank.

On Sunday, Pizzi Starts Her Adventure of a Lifetime … All In One Week

Photo: Becca Pizzi with Belmont Saving’s CEO Bob Mahoney.

Just reading about Becca Pizzi’s typical day for the past year is exhausting.

The 35-year-old lifelong Belmont resident gets up before the sun comes up to run more miles in one morning than most people do in a week, gets her daughter ready for school, manages a child-care business, then heads over to run Moozy’s Ice Cream shop on Trapelo Road, be back for her daughter, goes back to complete work, before heading off for a quick hour of CrossFit or some other exhausting hardcore exercise program. Then back home for some down time with her daughter before popping off to bed.

It would not stretch one’s imagination to know the 1996 Belmont High grad is seen at the starting line of the Boston Marathon (3 hours, 25 minute PR) and other road races, running in the top ten percent of not just the women’s field but among men in the races.

But the challenge facing her in the next week is one that is more daunting than any other athletic accomplishment on her resume. It begins today, Sunday, Jan. 17 with a long-distance flight to Chile where Pizzi joins 11 men and three women traveling 32,000 miles in 70 hours and running 183 miles in a week participating in the second World Marathon Challenge.

Pizzi is attempting to be the first American woman to complete the around-the-world course. “This by far the toughest test I’ve ever put myself through,” said Pizzi at a public send-off at the Belmont Savings Bank’s headquarters in Belmont Center.

“This by far the toughest test I’ve ever put myself through,” said Pizzi at a public send-off at the Belmont Savings Bank’s headquarters in Belmont Center on Thursday, Jan. 14.

“But I’m looking forward to this test of endurance and strength and representing [Belmont],” she said

At the celebration which included ice cream (from Moozy’s, of course) and autograph posters of Pizzi, who spoke to half a dozen media outlets and a steady stream of admirers and family who came to wish her well. 

“It was just seemed like an amazing confluence of events,” said Robert Mahoney, CEO and president of Belmont Savings Bank. “We have a customer who is a mom and a neighbor who is going to run for a while, for seven days. Oh, and did I mention the seven continents and run 26 miles each day.”

“And that struck me as an extraordinary event that we should somehow celebrate and make it an even better event,” said Mahoney, presenting Pizzi a $1,000 check made out to the Belmont Food Pantry, the local anti-hunger non-profit Pizzi asked to receive the funds.

When Pizzi returns, the bank will sponsor a welcome home celebration and a student/parent lecture by Pizzi on the importance of goals and endurance. 

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On Jan. 23, 2016, Pizzi will be in Union Glacier, Antarctica, to run the first of seven marathons on consecutive days. After running with spikes on her shoes in zero degree temperatures (that’s if it’s a “nice day” said Pizzi), she’ll be on her way to:

  • Punta Arenas, Chile;
  • Miami;
  • Madrid;
  • Marrakech, Morocco;
  • Dubai, United Arab Emirates; and finally
  • Sydney.

“The best way to describe it as ‘eat, sleep, run, fly, repeat’,” she said.

You can follow Pizzi’s trek around the world by going to the Belmont Savings Bank web page.

Daughter of Susan and Fred Pizzi (the long-time owner of Lawndale Realty that recently merged with Century 21) heard of the challenge just over a year ago before the inaugural race took place. 

“The moment I heard about it, I knew I wanted to do this, I had to do this,” said Pizzi. 

The first concern was finding sponsors to foot the $39,000 entry fee that includes all air flights, lodging, supplies and a support staff to help the runners. Her three major sponsors are the Lyon-Waush Auto Group, Dr. Cool and Ultima Replenisher while LuluLemon and Swift Socks are apparel suppliers. 

But this is no cake walk even for someone as physically strong as Pizzi. Even the event’s website warned participants of “marathon fatigue, jet lag, and sleep deprivation as the event progress.” In addition, there will be changeable environments from brutally cold in Antarctica to the desert heat of Dubai. 

Pizzi has been putting herself through the extended training regiment “because I know I’m going to be running on tired legs and I just have to get used to it.” She is aiming to finish each marathon in approximately 3 hours and 50 minutes.

Pizzi said she’ll have the company of the three women competitors, who all happen to be mothers. The other women have an advantage in the event’s first race as each has participated and two have won marathons held on Antarctica or the North Pole.

The worst part? Being away from her daughter, who she will Skype each day. 

So why put yourself through all this? 

“I’m doing this to inspire the world that you can do anything that you put your mind to,” she said.

Belmont Savings Sending Pizzi Off On Her World Marathon Challenge Thursday

Photo: Becca Pizzi.

Belmont Savings Bank is sponsoring a “meet and greet” with Belmont resident Becca Pizzi, who is on track to make history as the first American woman to complete the World Marathon Challenge, which will have her running seven marathons on seven continents in seven days.

The public send-off will be held Thursday, Jan. 14, 3 p.m. to 5 p.m. at the Belmont Savings Bank main branch at 2 Leonard St. in Belmont Center.

The event will afford well-wishers an opportunity to receive an autograph poster from Becca, as well as complimentary ice cream from Moozy’s on Trapelo Road, where Pizzi is a manager. Becca will also be available to pose for pictures.

The bank will donate $500 to Becca’s charity of choice, the Belmont Food Pantry, after she completes the fourth of seven marathons. The bank will make a second $500 donation after she completes the final marathon.

World Marathon Challenge participant Becca Pizzi, who will participate in seven marathons over a weeklong span:

  • Jan. 23: Union Glacier, Antarctica
  • Jan. 24: Punta Arenas, Chile
  • Jan. 25: Miami
  • Jan. 26: Madrid
  • Jan. 27: Marrakech, Morocco
  • Jan. 28: Dubai, United Arab Emirates
  • Jan. 29: Sydney, Australia

Santa and the Mrs Turns on the Lights in Belmont

Photo: Someone wants mom more than Santa.

Before taking part in the 25th Annual Turn on the Town on Thursday, Dec. 3, Mr. and Mrs. Claus were seen looking at hockey equipment in the basement of Champions Sporting Goods on Leonard Street.

“Doing a little holiday shopping,” said Santa.

I guess there are no elves with hockey making skills at the workshop.

And since the reindeer were not available – they are resting up for the 24th – Santa and Mrs. Claus arrived via Belmont Fire Department fire engine, with Santa strapped on top, to turn on the lights of the town’s Christmas tree adjacent to Bellmont Cafe. 

Then hoping on a horse-drawn carriage, the couple from the North Pole took a quick trip to Belmont Savings Bank (the event’s main sponsor) where they took pictures with children, some parents and a pet or two. 

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‘Turn On The Town’ Celebrates A Quarter Century of Lights and Santa

Photo: Don’t be shy; say hello to Santa at the Belmont Savings Bank.

Santa and Mrs. Claus are visiting Belmont Center tonight as the main attraction of the 25th annual Belmont Center Business Association’s “Turn on the Town” celebration taking place Thursday, Dec. 3 beginning at 6 p.m.

The Claus’ will arrive via Belmont Fire Department truck to the town’s Christmas Tree located adjacent to the Bellmont Cafe at 6:20 p.m. and then head over to the Belmont Savings Bank – the event’s main sponsor – headquarters at 2 Leonard St. where children (and some adults and pets) can have free photos taken with Jolly Ol’ St. Nick from 6:30 p.m. to 8 p.m. While inside, enter to win  Holiday Prize Stockings stuffed with goodies!

Hammond Residential is sponsoring the annual Belmont Food Pantry Drive. The Belmont Food Pantry is providing assistance to a record number of Belmont families and needs to fully stock its shelves in time for the holidays.

For every food item donated to the Belmont Food Pantry during the food drive, Hammond Residential will donate $1 to the Foundation for Belmont Education. For a list of the most needed items at the Belmont Food Pantry, please click here.

In addition, during the Food Pantry Drive, Hammond will match any cash/check donations made to the Belmont Food Pantry with a matching gift to the Foundation for Belmont Education.

Enjoy free trains on Moore Street provided by Belmont Savings Bank and the Petting Zoo in the bank’s parking garage.

While at the bank, residents can purchase tickets for next week’s Holly Jolly Trolley tours, which benefits the Parents of Music Students at Belmont High School.

See you there.

Deposit Growth Drives Belmont Savings to Record Quarter, Asset Size

Photo: Belmont Savings Bank. 

Belmont Savings Bank, the town’s largest business, delivered another record financial quarter, driven by increased deposits and earnings tied to loans.

In both deposit and asset growth, Belmont Savings is among the fastest growing banks in the state and among its peers.

As of Sept. 30, total assets at Belmont Savings reached $1.7 billion, an increase of $267 million or 19 percent from the $1.4 billion in assets at the beginning of the calendar year. 

The asset growth was primarily funded by growth in deposits. On Sept. 30, deposits totaled $1.2 billion, an increase of $224 million or 23 percent from $985 million nine months earlier on Dec 31, 2014. 

According to the Depositors Insurance Fund, through the first half of 2015, total deposit growth (annualized) at Belmont Savings was more than double – 33 percent to 16 percent – its peer group (10 banks between $900 million and $1.5 billion in assets) and well head of all banks in the state.

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“[The third quarter] was another quarter of steady deposit growth. We are pleased with the ongoing success of our municipal and business banking strategies which were the primary drivers of this growth,” said Hal Tovin, executive vice president and Chief Operating Officer.

The bank reported net income increase 55 percent in the third quarter to $1.9 million, compared to $1.2 million, for the same three month period ended Sept. 30, 2014, or an increase of 55 percent.

This marks the ninth consecutive quarter of earnings growth.

The company experienced net loan growth of $248 million, or 21 percent from Dec. 31, 2014.

There were significant increases in each individual loan catagory:

  • Residential 1-4 family real estate loans: $185 million
  • construction loans: $33 million
  • commercial real estate loans: $30 million
  • home equity lines of credit: $20 million.

“Through strong organic growth and expense control, we continue to improve our profitability.  Importantly, credit quality remains sound,” said Robert Mahoney, president and Chief Executive Officer, in a press release distributed on Oct. 21.

Since taking the bank public on the NASDAX, the stock price has more than doubled.

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After Five Years, Mahoney’s Goal for Belmont Savings to be State’s Most Admired Bank

Photo: Robert Mahoney with Anne Paulsen at the opening of the Underwood Pool in August.

When asked what Belmont residents should know about Robert Mahoney, the CEO and president of Belmont Savings Bank said that “I’m 67 years old, and I don’t do anything I don’t like any more.” 

If there is one thing the Wellesley resident who has spent his entire career in banking wants to do is continue to run one of the best managed community banks in Massachusetts, 

“I got the chance to do a job and get paid for something I love to do. How cool is that? I’m the luckiest guy around,” said Mahoney who recently celebrated his fifth year at the helm of BSB Bancorp, Inc. the bank holding company whose subsidiary, Belmont Savings Bank, provides banking products and services.

So far, the former CEO and president of Citizens Bank has used his vast expertise to good results in Belmont. Taking charge in 2010, Mahoney has turned the once sleepy community bank into a well respected regional competitor, tripling the total assets from $400 million to $1.55 billion (as of June), increasing revenues to $10 million in the past quarter with net earnings reaching $1.6 million in the quarter ending in June. 

According to analyst web site, Belmont Savings is out performing peers institutions such as Wellesley Bancorp, Hingham Institution for Savings, People’s United Financial, and United Financial Bancorp Inc. in areas such as revenue, operating cash flow, and lending in the most recent quarter.

Mahoney also helped convert the 130-year-old institution from a mutual bank to a stock-ownership holding company in 2011. As of Tuesday, Sept. 22, the stock price was at $21.51, about 25 percent high than a year earlier. 

In addition to lead the bank to a solid financial footing for future growth, Mahoney has positioned the bank to be the center of philanthropic giving in Belmont. Establishing the Belmont Savings Bank Foundation in 2011 with proceeds from the bank’s conversion in 2011, grants from the $4 million endowment has been used to help build the town’s new pool and varsity court at the Belmont High and sponsor events throughout the year.

The bank has also worked with the Foundation for Belmont Education in the creation of the Belmont Education Rewards account which benefits the FBE and the customer. In total the bank and the Foundation have provided the FBE more than $45,000.

The Belmontonian and Belmont Media Center sat down with Mahoney to discuss his five years at the bank.

Q. In the five years since you were named President and CEO of Belmont Savings Bank, the bank’s total assets have tripled and have made what was once a small community bank into something of a financial powerhouse in MetroWest. Knowing you have a BA in Chemistry from UMass Amherst, what sort of alchemy are you doing to achieve this?

Mahoney: I’ve been very lucky to have been able to go to UMass and learned to do ‘hard’ stuff. Banking is very easy compared to organic chemistry.

Q. You had a long banking career starting at the Bank of Boston than as CEO of Citizens Bank which was a smaller regional bank when you took over which ended up with assets of $11 billion when it was sold. 

Mahoney: Citizens in 1993 had four branches in Massachusetts and $400 million in assets, coincidently the exact same size as Belmont Savings Bank in 2010. It was the eighth largest bank in Rhode Island and over the course of 15 years, it became the eighth largest bank in America. It was a lot of fun for the people who worked there because they got to be in a place where their job got bigger just by being there. Banking isn’t always fun, but banking at Belmont Savings is fun.

Q: What in your past experience did you bring to Belmont Savings Bank that has spurred its growth?

Mahoney: I’m a lender. I trained in lending at First National Bank of Boston for 23 years and did all kinds of lending. But more importantly, I know how to get it back. From a technical standpoint, that’s my primary skill. I’m also a pretty decent marketer, I know how to sell stuff and talk to people.

I’ve been doing this for 45 years, so I’d like to think I’ve learned how to get people excited about working at a place, that I can draw a picture what the world could look like if we achieve certain things and how much more fun it would be, and that’s what leaders do. Leaders draw a vision or a picture of a future state that’s better than the current state and get people to run through walls to get there.

Q: So what picture did you give your employees when you came here?

Mahoney: I wanted us to all work at the most admired bank in Massachusetts. I wanted people to go home at the holidays and meet old friends and tell them ‘I work at Belmont Savings Bank’ and their friends say, “Wow, that’s a great bank.” I think it’s great fun to work at an admired corporation. There aren’t many out there. Working for a great company, really admired company is a huge source of physic income. 

Q: What areas of banking are you targeting?

Mahoney: So what does most admired mean? First of all, you have to be growing. It’s hard to conceive of a really admired company being static.

When we first got here in 2010, we wanted to get to a billion dollars in assets. A billion dollars is a kind of a rite of passage, an entry point for a good sized admired bank. We wanted to be profitable because anyone can grow a business and not make any money. We wanted to have the services of the big banks but the touch of the community banks; the on-line services, the mobile banking services.

It shouldn’t be a compromise to be a customer of the Belmont Savings Bank; it should be equal or better and deliver the personal touch. Have people answer the phone, say ‘please’ and ‘thank you,’ we have a human being answer the phone, every day every hour. 

Q: Belmont Savings is known as a lending bank with an emphasis on residential and increasingly commercial real estate lending. What is your approach towards lending?

Mahoney: Residential home mortgage lending is the fundamental base of any community bank, it’s what really links you to your community. There’s nothing like helping someone buy their first home or refinance it for a better rate. 

We wanted to grow faster and we saw an opportunity in the commercial side which we thought there was a void. The big banks were becoming a little less personal and engaging. We had a lot of friends from our prior years in banking who were customers of big banks who came to us to do business with us. Why? Because we do answer the phone and they can talk to the president whenever they want. We treat them like humans. They are our friends. We know how to do this. We’re predictable; when we tell someone we’re going to get a deal done, it gets done the way we said it was going to get done. We’ve put on $500 million in the past five years. This isn’t $50 million condo projects in downtown Boston. These are $2, to $5 million projects so that’s  a lot of projects over the course of five years. We do two to three deals of significance a week.

We also do a lot of home equity lending which is terrific for the consumer, it’s a very flexible, tax advantage product where they can pay for a college education or an addition to their house or some other major capital purchase just using their home as equity. We’ve done $150 million of that product.

Q: Belmont Savings is also known for its consumer banking, placing branches in supermarkets and offering competitive rates on products. What’s that segment’s future?

Mahoney: That’s the fuel we use to lend. So if we didn’t have deposits coming in every week, we wouldn’t have the money to lend to our business and real estate customers.

We are very fortunate to have between 50 and 70 families a week switch to us. They come to us from the big banks because they’ve had that final straw that broke the camel’s bank: the ATM card that got eaten up or that surly teller or the 800 number that just wouldn’t talk back.  

The supermarkets are a natural place to attract customers because you’re surrounded by strangers all week long. The average bank branch only has customers in it. People don’t go to the bank to go shopping. But they do go to the supermarket and we see them on Wednesday in the meat aisle, Friday in the vegetable counter and we get to know them. We have promotions like spin the “wheel of fortune” to get to win their groceries for free. I had the great pleasure of one of our customers in Cambridge won what we call the ‘whole shebang’ where she got five minutes of free shopping in the Star Market. It was so much fun to watch her rack up six hundred bucks of groceries. What can’t be any better than that?

Everybody wants to have that personal touch. We all have to work for a living but you might as well make something less than miserable and treat people the way you would like to be treated.

You want to create an experience. You want someone to go home to their spouse or their best friend and say, ‘You are not going to believe what happened at the bank today.’ I want that to happen to our colleagues and I want that to happen to our customers.

Q: You’ve had a great five-year run in an industry (community banking) that has been hit hard with narrow margins and competition. What are your plans for the next five years? 

Mahoney: I think we can continue to be a better bank in Belmont. We only have 40 percent market share which means there’s 60 percent left to go. We have Newton, Waltham and Watertown and other markets that we’d like to expand. We like the MetroWest area, it’s a terrific place to do business, but an important part of our strategy is to be a community bank which isn’t just making loans and not just taking deposits but giving back to the community.

Q: On that subject, Belmont Savings Bank has been quite generous through its foundation – which has $4 million in its endownment – in supporting or sponsoring a wide range of community projects, from the new Underwood Pool (a gift of $200,000) the Foundation for Belmont Education and Joey’s Park and the new varsity court at Belmont High School. Speak about the bank’s philanthropic direction. 

Mahoney: I think giving back to the community is an obligation. It’s not a choice. It’s a reasonable thing to expect from the largest private organization in Belmont, one of the few that has the Belmont name on the door to give back.

I was at the Underwood Pool grand opening and no less than seven or eight different people came up to me and said, ‘I switched banks because of what you did for our town with this pool.’ You get to see people in an environment that wouldn’t have seen them otherwise, whether it’s the holiday party, the Turn on the Town, Town Day with our wonderful car show, the Spelling Bee or the plays. These are opportunities to meet people in a different way, to meet them as a human as oppose to a teller or a banker. We have on average over 4,000 to 5,000 hours of volunteer time in 60 event a year in this town from our 125 employees. But it’s good marketing.

Q: But the foundation’s approach is very hands on, taking the time to meet with recipients, going over plans, learning about the events. Wouldn’t it be more cost effective for the foundation to simply write a check to a few organizations each year?

Mahoney: I think [our current approach] a fantastic use of our time. But we don’t give away money, we invest. We invest in organizations where there is a payback; where we think it’s best for our families in our neighborhoods, it’s best for our students, for getting our visibility out there. I don’t think just sliding checks under the door at midnight is a sustainable model for philantropy. I think there has to be some sort of return; a reputational return, a good will return, a fund for colleagues as part of being the most admired bank. That’s a return for the bank. 

Belmont Savings’ Mahoney Leading Boston Catholics to See Pope in Cuba


When Pope Francis visits Cuba in mid-September, there to greet him will be Belmont Savings Bank CEO Bob Mahoney with a group of approximately 135 Catholics from the Archdiocese of Boston.

“It should be just an amazing experience,” said Mahoney, Belmont Savings’ president and chief executive officer in an interview with the Boston Pilot. 

Mahoney, a member of the Archdiocesan Finance Council who is helping to organize the trip,, said the group will attend the Mass Francis will celebrate Sept. 20 in Havana’s Revolution Square. The group will also sightsee Old Havana, attend local musical performances and visit the Caritas Cubana mission at Iglesia San Agustin, where a previous Boston delegation donated a new kitchen.

It will also be opportunity for the Boston delegation to visit and travel to the island nation during a time of monumental change as the United States and Cuba normalize relations after more that a half century of isolation. 

“It’s just an amazing experience, getting to go to Cuba while Cuba is still Cuba,” Mahoney said as the communist country begins to welcome American investment and tourism.

Mahoney told the Pilot there is a possibility the delegation could be on the first direct flight from Boston to Havana when they depart on Sept. 18.

“That would be pretty cool,” said Mahoney, who has visited Cuba twice, once when Pope St. John Paul II traveled there in 1998, and when Pope Benedict XVI visited the island in 2012.

Pope Francis will visit Cuba Sept. 19-22 for his tenth trip abroad since becoming pope in 2013. He will meet with Cuban President Raul Castro, local religious groups and families, and will celebrate Mass in Revolution Square that Mahoney compared to “four Boston City Hall Plazas.”

“There will be well over a million people,” Mahoney told the Pilot. 

The pope will then visit the United States for a five-day visit, Sept. 22-27, which includes attending the World Meeting of Families in Philadelphia, meeting with President Obama and giving the first papal address to a joint session of Congress.

Pope Francis and the Vatican played a key role in engineering talks between Cuba and the United States. The pope wrote letters to the presidents of both countries and tasked the archbishop of Havana to act as an intermediary.

Mahoney said there are still about three-dozen available slots for the trip, which costs $4,500 per person, or $8,000 per couple. That includes airfare, rooms, tourist activities and meals. There are  special group discounts, inquire for details.

“It’s an amazing opportunity,” Mahoney said.

For more information, contact Donis Tracy, Educational Travel Alliance, Inc. (, at 617-610-3776 or

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“.