BSB Bancorp Inc., holding company for Belmont Savings Bank, said it lost $1.3 million in the fourth quarter compared to a profit of $178,000 in the same period a year earlier.

For the year, the bank reported a $299,000 profit compared to $1.8 million in 2010.

The bank said it accounted for a non-recurring expense of $1.4 million for a contribution made to the Belmont Savings Bank Foundation in connection with the bank’s conversion to stock status.

The company completed a mutual-to-stock conversion last October, issuing 8.9 million shares of common stock at $10 per share.

Non-interest income for the quarter was $536,000 compared to $293,000 for the fourth quarter of 2010. The increase was primarily due to increased customer service fees and a higher net gain on sales of loans in the fourth quarter of 2011 and a $93,000 net realized loss on investment securities in the fourth quarter of 2010, the bank said.

For the year ended Dec. 31, 2011, non-interest income amounted to $4.5 million as compared to $1.7 million for the year ended Dec. 31, 2010.

Non-interest expense for the quarter was $6.6 million compared to $3.9 million in the same period a year prior. Non-interest expense for the year was $18.2 million, an increase of $5.3 million from 2010. These increases were primarily the result of new staff, the bank said.

As of Dec. 31, deposits totaled $430.7 million, an increase of $83.8 million or 24.2 percent, from the end of 2010.

The allowance for loan losses in total and as a percentage of total loans as of Dec. 31 was $4.8 million and 0.93 percent compared to $2.9 million and 0.85 percent a year ago.