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Wellesley Bancorp Reports Q3 Earnings

By Bram Berkowitz | Banker & Tradesman Staff | Nov 9, 2017 | Reprints | Unlock Link

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Wellesley Bancorp, the holding company of Wellesley Bank, reported third quarter net income of $1.2 million, up more than $450,000 from the third quarter of 2016.

Net interest income for the quarter was $5.8 million, up more than $770,000 from the third quarter of 2016. The margin, at 3.12 percent, is down seven basis points from both the linked quarter and third quarter of last year.

Noninterest income for the quarter was $504,000, up about $90,000 from the third quarter of last year.

Total assets are roughly $770 million, up over $100 million year-over-year. Deposits were just over $580 million, up about $85 million year-over-year. Total loans were about $654 million, up about $100 million year-over-year, fueled mostly by adjustable rate residential mortgages.

Non-performing loans made up just .09 percent of total loans at the end of the quarter, compared to .11 percent at the end of the third quarter last year. Allowance for loan losses for the year was about $5.8 million.

B&T Daily