BELMONT, Mass., Feb. 10, 2012 /PRNewswire/ ? BSB Bancorp, Inc. (NASDAQ-BLMT) (the ?Company?), the keeping firm for Belmont Savings Bank (the ?Bank?), a state-chartered extra savings bank headquartered in Belmont, Massachusetts, currently voiced gain is to fourth entertain and the year finished December 31, 2011.
For the entertain finished December 31, 2011, the Company reported a net loss of $1.3 million, as compared to net income of $178,000 is to fourth entertain of 2010. Net income is to year finished December31, 2011 and 2010 amounted to $299,000 and $1.8 million, respectively. Included in the fourth entertain of 2011 was a non-recurring responsibility of $1.4 million (net of taxes) is to grant done to the Belmont Savings Bank Foundation.
The Company was orderly to make easy the conversion of BSB Bancorp, MHC from the mutual to the batch form of organization, that was completed on October 4, 2011. The gift of the Company?s familiar batch in connection with the conversion, that was oversubscribed, closed at the practiced limit of the gift range. The Company released 8,993,000 shares of familiar batch to subscribers in the gift at an gift cost of $10.00 per share and the Company?s batch began trade on October 5, 2011 on the Nasdaq Capital Market beneath the pitch ?BLMT?.
Robert M. Mahoney, President and Chief Executive Officer, said, ?We have completed our initial entertain as a publicly traded company. While the income matter was negatively impacted by considerable conversion-related expenses, our underlying business continues to blossom profitably with specific strength in blurb actual estate lending and deposition growth. Credit high quality waste sound as our local manage to buy continues to improve. Importantly, our aptitude to in a positive way start our residents has been severely extended by the origination of the $2 million Belmont Savings Bank Foundation.?
Net fascination and division income before provision for loan losses is to entertain finished December 31, 2011 increased $1.6 million or 47.1% as compared to the entertain finished December 31, 2010. This enlarge in net fascination and division income was to some extent cancel out by an enlarge in the provision for loan losses of $556,000, consequent in a $1.0 million or 32.4% enlarge in net fascination and division income after provision for loan losses. Net fascination and division income before provision for loan losses is to year finished December 31, 2011 increased $2.9 million or 21.6% as compared to the year finished December 31, 2010. This enlarge in net fascination and division income was to some extent cancel out by an enlarge in the provision for loan losses of $1.8 million.
The Company?s net fascination border increased to 3.14% is to entertain finished December 31, 2011, from 2.83% is to entertain finished December 31, 2010, an alleviation of 31 basement points. For the year finished December 31, 2011, the Company?s net fascination border increased to 3.08% from 2.86% is to year finished December 31, 2010, an alleviation of 22 basement points. The border alleviation was the outcome of changeable item concentration onto aloft agreeable loans, focusing deposition expansion on descend cost core deposits and the deputy of sappy advances with descend cost advances.
Non-interest income is to entertain finished December 31, 2011 totaled $536,000 as compared to $293,000 is to fourth entertain of 2010. The enlarge was essentially due to increased patron service fees and a aloft net gain on sales of loans in the fourth entertain of 2011 and a $93,000 net satisfied loss on investment bonds in the fourth entertain of 2010. For the year finished December 31, 2011, non-interest income amounted to $4.5 million as compared to $1.7 million is to year finished December 31, 2010. This enlarge was a outcome of $2.8 million in net satisfied gains on investment bonds as a outcome of the murder of the equity portfolio in the initial entertain of 2011, as compared to $284,000 in net satisfied gains in 2010.
Non-interest responsibility is to entertain finished December 31, 2011 amounted to $6.6 million as compared to $3.9 million is to fourth entertain of 2010. Non-interest responsibility is to year finished December 31, 2011 amounted to $18.2 million, an enlarge of $5.3 million from 2010. These increases were essentially the outcome of new staff updated to govern the Company?s blurb and consumer business strategies, a $2.0 million philanthropic grant to the Belmont Savings Bank Foundation, and expenses related with transitioning in to a open company.
Since December 31, 2010, the Company?s properties have increased by $168.8 million or 33.7% to $669.0 million. The Company gifted net loan growth, on the contrary loans hold for sale, of $173.0 million, or 51.4%, from December31, 2010 that was essentially the outcome of poignant increases to the blurb actual estate and the surreptitious vehicle portfolios, that have increased by $75.0 million and $62.7 million, respectively. The Company does not expect stability the hurried expansion in the surreptitious vehicle portfolio that took place in 2011, as you expect to sell more of the originations going forward. Throughout 2011, you moreover increased residential one-to-four family loans, home equity lines of credit, and blurb business loans. The substantial loan expansion was saved essentially by expansion in deposits and the batch gift proceeds.
At December31, 2011, deposits totaled $430.7million, an enlarge of $83.8million or 24.2% from December31, 2010. Hal R. Tovin, Executive Vice President and Chief Operating Officer, said, ?This deposition expansion is the outcome of the carrying out of our vital initiatives to blossom our patron bottom by a) aggressive products linked to core checking accounts, b) doing of a new bend promissory note sales and service module and c) local, multi-channel marketing. In addition, the evolution of our Small Business sales group and cranky sell initiatives by our blurb lenders serve contributed to this performance.?
The stipend for loan losses in complete and as a commission of complete loans as of December 31, 2011 equaled $4.8million and 0.93%, respectively, as compared to $2.9million and 0.85%, respectively, as of December31, 2010. The Company available a provision for loan losses of $2.3million is to year finished 2011 as compared to $438,000 is to year finished 2010. This enlarge reflected changes in loan volume and combination in any period, and to a obtuse extent aloft specific allocations determined against certain loans in 2011. Additionally, as segment of a successive examination and analysis of stream marketplace and mercantile conditions by management, the Company practiced the haven proportion practical to certain loan categories in 2011. Although non-performing loans have increased to $4.4 million at December 31, 2011 from $1.7 million at December 31, 2010, $1.4 million of the non-performing loans were paid stream and $276,000 were reduction than 90 days past due as of December 31, 2011.
Company Profile
BSB Bancorp, Inc. is headquartered in Belmont, Massachusetts and is the keeping firm for Belmont Savings Bank. The Bank provides financial services to individuals, family groups and businesses by its 4 full-service bend offices located in Belmont and Watertown in Southeast Middlesex County, Massachusetts. The Bank?s primary lending marketplace includes Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. The Company?s familiar batch is traded on the NASD Capital Market beneath the pitch ?BLMT?. For more information, revisit the Company?s website at www.belmontsavings.com .
Forward-looking statements
Certain statements herein consecrate ?forward-looking statements? inside of the meaning of Section27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934, as amended. These statements are formed on the doctrine and expectations of management, together with the assumptions done using data currently available to management. Since these statements simulate the views of administration regarding future events, these statements engage risks, uncertainties and assumptions. As a result, actual results may deviate from those contemplated by these statements. Forward-looking statements may be identified by the fact that they do not describe particularly to chronological or stream facts. They frequently add difference similar to ?believe,? ?expect,? ?anticipate,? ?estimate,? and ?intend? or future or limited verbs such as ?will,? ?would,? ?should,? ?could? or ?may.? Certain factors that could result in actual results to deviate materially from approaching results add changes in the fascination rate environment, changes in broad mercantile conditions, legislative and regulatory changes that adversely start the businesses in that the Company is intent and changes in the bonds market. Readers are cautioned not to place unjustified dependence on these forward-looking statements, that verbalise usually as of the date of this release. The Company disclaims any intent or obligation to refurbish any forward-looking statements, either in reply to new information, future events or otherwise, solely as may be compulsory by law.
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