Staffing increases associated with converting to a stock bank dented Wellesley Bancorp‘s fourth quarter profit, which came in at $519,000 compared to $567,000 a year earlier.

For the year, the bank said its profit was $2 million compared to $2.2 million for 2010.

Staffing increases during the run-up to conversion, which the bank finalized Jan. 25, as well as costs associated with freezing the bank’s obligation under its pension plan conspired to reduce profits, the bank said in a statement.

Net interest income was $2.7 million for the quarter, a 2.4 percent increase over the same period a year ago.

Non-interest income decreased to $150,000 for the quarter compared to $228,000 a year prior.

Return on average assets was 0.72 percent compared to 0.86 percent for the quarter, and was similar for the year.

The bank’s allowance for loan losses increased slightly and total assets increased to $303 million at the end of the year from $262 million a year ago.