Belmont Savings Shows Continued Growth in First Half of '13

The holding company of Belmont Savings Bank, headquartered in Belmont Center,  reported yesterday, Thursday, July 25 continued growth in net income for both the second quarter and first half of 2013, as it climbs ever closer to the billion dollar assets landmark. 

BSB Bancorp, Inc., which is traded on the NASDAQ under the symbol BLMT) reported net income of $361,000, or four cents per share for the quarter ended June 30. That compares to net income of $286,000, or three cents per share in the second quarter last year.  

And for the first six months of the year, the Belmont-based state bank reported net income of $777,000, or nine cents per share compared to net income of $733,000 and eight cents for the same period in 2012.

The company's stock price has increased by nearly $1 per share in the past month, reaching $13.81 on Thursday, July 25.

As of June 30, the bank reported total assets were $909.1 million, an increase of $71.0 million or 8.5 percent from this past Dec. 31. 

"The second quarter results demonstrate that our strong growth strategy can be achieved while also carefully managing risk," said Robert Mahoney, Belmont Savings' president and CEO in a press release. 

"Our local market continues to afford us significant deposit and loan opportunities. We hope to continue to be able to take advantage of this favorable community banking environment in Eastern Massachusetts," he said. 

With offices in Belmont and Watertown, Belmont Savings has been on a growth spurt in the past year as it will add supermarket branch offices – in Waltham, Cambridge and Newton – by the end of the year while grabbing a greater portion of the mid-level business and personal loan market. 

Net loan grew by $69 million, or 10.6 percent, from December with commercial real estate, residential mortgage, home equity and indirect auto loans increased by $27 million, $20.2 million, $10.2 million and $10.9 million, respectively.