Staff additions impacted Wellesley Bancorp’s bottom line last year, even as the company booked more loans and posted a profit in the fourth quarter.

The holding company for Wellesley Bank recorded net income of $436,000 and $1.8 million for the 2014 fourth quarter and year, respectively. That represents an increase of $2,000 (0.5 percent) and a decrease of $443,000 (19 percent) over the same periods in 2013.

“We are very pleased to share our year-end financial results with our stockholders. Significant to this year’s accomplishments was declaring our initial cash dividend,” President and CEO Thomas J. Fontaine said in a statement. “Asset growth has been strong once again in 2014 as we surpassed $500 million in total assets during the third quarter. I would like to thank our directors, our management team and most of all our employees who continue to demonstrate that premier client service is the cornerstone of our organization.”

In the fourth quarter, net interest income increased $485,000, or 13 percent, to $4.2 million, largely the result of an increase in the average balance of the company’s loan portfolio. This balanced out rising noninterest expenses, which increased $572,000, or 18 percent, to $3.7 million as Wellesley added staff in its wealth management and commercial lending functions.

For the year, net interest income increased $2.2 million, or 16.2 percent, to $16.1 million, largely the result of increased loan income driven by growth in Wellesley’s loan portfolio. The bank accordingly increased its provision for loan losses to $640,000 over $500,000 in 2013.

Noninterest expenses for the year increased $2.9 million to $13.6 million, reflecting staff additions and occupancy and equipment expenses associated with a full year of operation in the company’s Boston office.

Loan growth drove assets upward, to $535.1 million, over $458.5 million at year-end 2013.