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The parent companies of Melrose Bank and Pilgrim Bank both reported positive net income and growth in the first quarter of 2018. Both banks went public in 2014 and became eligible for purchase late last year, although there has been no indication that any of the banks are yet interested in being purchased.
The parent company of Melrose Bank reported net income of $483,000 in the first quarter of 2018, down about $43,000 from the first quarter of 2017. Net interest income for the quarter was about $1.86 million, up almost $300,000 from the first quarter of last year. The margin ticked up 13 basis points, ending the quarter at 2.52 percent.
The parent company of Cohasset-based Pilgrim Bank reported first quarter net income of $459,000, up about $190,000 from the same period in 2017. Net interest income for the quarter was $2.03 million, up almost $170,000 from the first quarter of 2017. The margin grew 16 basis points year-over-year, settling at 3.21 percent at the end of the first quarter.
Total assets at the $305.6 million asset Melrose Bank grew about $33 million year-over-year, while total assets at the $262.4 million Pilgrim Bank grew a little more than $4 million year-over-year.
