BSB Bancorp Inc., the holding company for Belmont Savings Bank, has reported $295,000 in net income for the period ended Sept. 30, a drop from $906,000 reported during the same period last year.
The company was organized by BSB Bancorp, MHC to facilitate its conversion from mutual to stock form of organization, which was completed Oct. 4. The results for the third quarter are the results of BSB Bancorp, MHC, the former mutual holding company for Belmont Savings Bank. In connection with the conversion, the company issued almost 9 million shares of common stock which raised approximately $84.3 million of new capital. The company also contributed $200,000 in cash and 179,860 shares of its common stock to Belmont Savings Bank Foundation, a nonprofit charitable foundation that the bank established coincident with the stock offering.
Net income for the nine months ended Sept. 30, remained at $1.6 million – unchanged from the same period in 2010.
"We are pleased with the results of the quarter. Our initiatives to prudently build new commercial and consumer deposit and loan businesses are working as planned. Solid growth was experienced in each of our new strategic business lines," said Robert M. Mahoney, president and chief executive officer. "We are equally proud of our community engagement which together with our focus on customer service resulted in the bank being named Gatehouse Media’s #1 choice for community banking in Belmont and winning the Watertown Belmont Chamber of Commerce Business Award."
At Sept. 30, assets totaled $688.6 million, an increase of $188.3 million, or 37.6 percent, from Dec. 31, 2010. Throughout 2011, the company increased its commercial real estate loans, home equity lines of credit, commercial business loans and indirect automobile loans, while attracting favorably priced deposits. As a result of the public offering the company had $116.1 million in escrow within savings deposits as of Sept. 30, 2011, which was predominately invested in short-term investments at the balance sheet date.
