BSB Bancorp Inc., the holding company for Belmont Savings Bank, has reported net income of $183,000 for the quarter ended Sept. 30, a drop from $295,000 in net income during the third quarter of 2011.  

For the nine months ended Sept. 30, the company reported net income of $916,000, also down from $1.6 million of net income for the same period in 2011.

"The third quarter of 2012 saw a continuation of our loan and deposit growth. Commercial real estate and residential loan demand were particularly good and we were pleased to continue our core deposit growth," said Robert Mahoney, president and chief executive officer, in a statement.

Net interest and dividend income before provision for loan losses for the quarter ended Sept. 30 was $5.6 million, compared to $4.3 million for the quarter ended Sept. 30, 2011, a 32 percent increase.  This increase in net interest and dividend income was partially offset by the provision for loan losses of $734,000 for the quarter ended Sept.30, compared to a provision for loan losses of $320,000 for the quarter ended Sept. 30, 2011, a 24.1 percent increase.

Since Dec. 31, 2011, the company’s assets have increased by $153.3 million or 22.9 percent, bringing total assets to $822.3 million. The company experienced net loan growth, excluding loans held for sale, of $147.4 million, or 28.9 percent, from Dec. 31, 2011, primarily the result of increases to the commercial real estate, commercial, residential mortgage, home equity and indirect auto loan portfolios, which have increased by $77.2 million, $6.6 million, $38.0 million $12.1 million and $14 million, respectively. The loan growth was funded through growth in deposits.