BSB Bancorp, the holding company for Belmont Savings Bank, this week reported net income of $485,000 for the quarter ended Dec.31, 2012, compared to a net loss of $1.3 million in the fourth quarter of 2011. 

For the year ended Dec. 31, the Company reported net income of $1.4 million compared with net income of $299,000 for the same period in 2011.

"I was pleased with the fourth quarter results. Core deposit growth was strong and gains from loan sales continue to contribute to our improving profits," President and CEO Robert M. Mahoney said in a statement.

Net interest and dividend income before provision for loan losses for the fourth quarter of 2012 was $5.9 million compared with $4.9 million for the same quarter in 2011, an 18.9 percent increase.  Provision for loan losses in the fourth quarter of 2012 was $696,000 compared to a provision for loan losses of $747,000 for the fourth quarter in 2011, a 6.8 percent decrease. This resulted in an increase of $984,000 or 23.6 percent in net interest and dividend income after provision for loan losses.

Since the end of 2011, the company’s assets have increased $169.1 million or 25.3 percent, bringing total assets to $838.1 million. The company experienced net loan growth, excluding loans held for sale, of $144.3 million, or 28.3 percent, in that same time period, which was primarily the result of increases to the commercial real estate, commercial, residential mortgage, home equity, and indirect auto loan portfolios, which have increased by $94.8 million, $9.8 million, $9.6 million $16.9 million and $13.9 million, respectively. The loan growth was funded through growth in deposits.