| BSB Bancorp recently booked its 13th consecutive quarter of earnings growth, posting a 70.2 percent year-over-year increase in its bottom line at Sept. 30.
Net income at the holding company for Belmont Savings Bank totaled $3.18 million in the third quarter, compared with $1.87 million in the same period last year.
For the nine months ended Sept. 30, the company posted net income of $8.67 million, compared with net income of $4.85 million in the same period last year, an increase of 79 percent.
“Strong loan growth pushed us past the $2 billion total asset mark this quarter,” President and CEO Robert M. Mahoney said in a statement. “Good expense control and sound risk management were the foundations for our 13th consecutive quarter of earnings growth.”
Net interest and dividend income before provision for loan losses totaled $12.03 million in the third quarter, compared with $9.8 million in the year-ago period, a 22.8 percent increase. The provision for loan losses in the third quarter was $443,000 as compared with $727,000 a year ago, a 39.1 percent decrease. After provision for loan losses, net interest and dividend income increased 27.7 percent from the year-ago period.
Total assets increased 14.4 percent from year-end 2015 to $2.07 billion.
Net loans grew $251.4 million, or 16.4 percent, over that time period. Residential one- to four-family real estate loans, construction loans, commercial real estate loans, home equity lines of credit and commercial loans increased $238.24 million, $15.96 million, $13.21 million, $10.82 million and $8.12 million, respectively. A $34.1 million decline in indirect auto loans partially offset that loan growth as the company suspended new originations in that portfolio. BSB’s asset growth was primarily funded by growth in deposits and federal home loan bank advances.
Deposits increased 12.3 percent from year-end 2015 to $1.43 billion.
“Our deposit strategies continue to deliver strong, consistent deposit growth from all our business lines,” Executive Vice President and COO Hal R. Tovin said. “Our commitment to focusing on targeted business segments, enhancing our commercial relationships and geographically targeting retail programs has been the key to this performance.”
The allowance for loan losses totaled $12.97 million at Sept. 30 and represented 0.72 percent of total loans, compared with $11.24 million and 0.73 percent at year-end 2015. For the nine months ended Sept. 30, the company recorded net charge offs of $54,000, compared with net recoveries of $79,000 for the same time frame in 2015. Total non-performing assets were $1.77 million or 0.09 percent of total assets at Sept. 30, compared with $3.64 million or 0.20 percent at Dec. 31.
