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BSB Bancorp, Inc. Reports First Quarter Results


News provided by

BSB Bancorp, Inc.

Apr 23, 2014, 05:17 ET

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BELMONT, Mass., April 23, 2014 /PRNewswire/ -- BSB Bancorp, Inc. (NASDAQ-BLMT) (the "Company"), the holding company for Belmont Savings Bank (the "Bank"), a state-chartered savings bank headquartered in Belmont, Massachusetts, today reported net income of $680,000, or $0.08 per basic and diluted share, for the quarter ended March 31, 2014, compared to net income of $416,000, or $0.05 per basic and diluted share, in the first quarter of 2013. 

Robert M. Mahoney, President and Chief Executive Officer, said, "The quarter was marked by significant loan and deposit growth which fueled the bottom line improvement.  Core expense growth has slowed and credit quality remains good."

NET INTEREST AND DIVIDEND INCOME

Net interest and dividend income before provision for loan losses for the quarter ended March 31, 2014 was $7.3 million as compared to $5.8 million for the quarter ended March 31, 2013, or a 26.9% increase. The provision for loan losses for the quarter ended March 31, 2014 was $388,000 as compared to a provision for loan losses of $327,000 for the quarter ended March 31, 2013, or an 18.6% increase. This resulted in a $1.5 million or 27.4% increase in net interest and dividend income after provision for loan losses for the quarter ended March 31, 2014 as compared to the quarter ended March 31, 2013.

NONINTEREST INCOME

Noninterest income for the quarter ended March 31, 2014 was $722,000 as compared to $1.0 million for the quarter ended March 31, 2013, a decrease of $284,000, or 28.2%. This decrease was driven by a decrease in gains on sales of loans of $289,000 as we benefited less during 2014 from the interest rate environment as compared to the first quarter of 2013.

NONINTEREST EXPENSE

Noninterest expense for the quarter ended March 31, 2014 was $6.7 million as compared to $5.8 million for the quarter ended March 31, 2013. This increase of $880,000, or 15.2%, was largely driven by an increase in salaries and employee benefits of $593,000 which included the impact of adding personnel for two additional branches. Data processing expenses also increased by $92,000, quarter over quarter, driven by increases in core, online banking and loan servicing costs related to increased loan and deposit volume.

BALANCE SHEET

At March 31, 2014, total assets were $1.2 billion, an increase of $114.4 million or 10.8% from $1.1 billion at December 31, 2013. The Company experienced net loan growth of $88.6 million, or 10.6%, from December 31, 2013. Commercial real estate loans, residential mortgage loans, home equity loans, and indirect auto loans increased by $43.9 million, $23.4 million, $3.3 million and $16.0 million, respectively. The asset growth was funded by deposits and borrowings from the Federal Home Loan Bank.

At March 31, 2014, deposits totaled $827.7 million, an increase of $63.0 million or 8.2% from $764.8 million at December 31, 2013. Core deposits, which we consider to include all deposits other than CD's and brokered CD's, increased by $45.4 million from December 31, 2013. Hal R. Tovin, Executive Vice President and Chief Operating Officer, said, "Deposit growth was very robust to start the year. On the business side, the ongoing momentum of our Municipal Banking program was a key driver. In addition, the continued marketing of our Platinum Blue family of deposit products and the impact of our InStore branches led to strong performance in consumer deposit growth."

Total stockholders' equity increased by $1.3 million from $130.4 million as of December 31, 2013 to $131.8 million as of March 31, 2014. This increase is primarily the result of earnings of $680,000 and a $478,000 increase in additional paid-in capital related to stock based compensation.

ASSET QUALITY

The allowance for loan losses in total and as a percentage of total loans as of March 31, 2014 was $8.3 million and 0.90%, respectively, as compared to $8.0 million and 0.95%, respectively, as of December 31, 2013.  For the three months ended March 31, 2014 the Company recorded net charge offs of $4,000 compared to $11,000 in net recoveries for the three months ended March 31, 2013. Total non-performing assets were $2.2 million, or 0.19% of total assets, as of March 31, 2014, as compared to $4.1 million, or 0.39% of total assets, as of December 31, 2013.

Company Profile

BSB Bancorp, Inc. is headquartered in Belmont, Massachusetts and is the holding company for Belmont Savings Bank. The Bank provides financial services to individuals, families and businesses through its six full-service branch offices located in Belmont, Watertown, Cambridge, Newton and Waltham in Southeast Middlesex County, Massachusetts. The Bank's primary lending market includes Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. The Company's common stock is traded on the NASDAQ Capital Market under the symbol "BLMT". For more information, visit the Company's website at www.belmontsavings.com.

Forward-looking statements

Certain statements herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and expectations of management, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. As a result, actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which the Company is engaged, changes in the securities market, and other factors that may be described in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise, except as may be required by law.

BSB BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)








March 31, 2014


December 31, 2013







(unaudited)



ASSETS







Cash and due from banks



$                1,632


$                2,196

Interest-bearing deposits in other banks



55,226


35,839




Cash and cash equivalents



56,858


38,035

Interest-bearing time deposits with other banks



131


119

Investments in available-for-sale securities



22,098


21,921

Investments in held-to-maturity securities, at cost



123,930


119,776

Federal Home Loan Bank stock, at cost



10,098


7,712

Loans, net of allowance for loan losses of $8,342 as of 








3/31/2014 (unaudited) and $7,958 as of 12/31/2013



927,589


839,013

Premises and equipment, net



3,290


3,327

Accrued interest receivable



2,431


2,241

Deferred tax asset, net



4,969


5,146

Income taxes receivable



25


-

Bank-owned life insurance



13,429


13,325

Other assets



4,141


4,004




Total assets



$         1,168,989


$         1,054,619










LIABILITIES AND STOCKHOLDERS' EQUITY






Deposits:








Noninterest-bearing



$            140,712


$            139,733



Interest-bearing



687,014


625,020




Total deposits



827,726


764,753

Federal Home Loan Bank advances



191,100


142,100

Securities sold under agreements to repurchase



2,407


2,127

Other borrowed funds



1,101


1,113

Accrued interest payable



733


683

Deferred compensation liability



5,236


5,137

Income taxes payable



-


178

Other liabilities



8,917


8,107




Total liabilities



1,037,220


924,198










Stockholders' Equity:







Common stock



91


91


Additional paid-in capital



85,962


85,449


Retained earnings



49,992


49,312


Accumulated other comprehensive loss



(71)


(188)


Unearned compensation - ESOP



(4,205)


(4,243)




Total stockholders' equity



131,769


130,421




Total liabilities and stockholders' equity



$         1,168,989


$         1,054,619










Asset Quality Data:






Total non-performing assets



$                2,205


$                4,115

Total non-performing loans



$                2,179


$                4,115

Non-performing loans to total loans



0.23%


0.49%

Non-performing assets to total assets



0.19%


0.39%

Allowance for loan losses to non-performing loans



382.82%


193.39%

Allowance for loan losses to total loans



0.90%


0.95%










BSB BANCORP, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(Dollars in thousands, except per share data)













Three months ended











March 31,











2014


2013











(unaudited)


Interest and dividend income:










Interest and fees on loans





$        7,895


$       6,492



Interest on taxable debt securities





806


482



Dividends





29


7



Other interest income





21


17





Total interest and dividend income





8,751


6,998


Interest expense:










Interest on deposits





1,168


1,032



Interest on Federal Home Loan Bank advances





251


185



Interest on securities sold under agreements to repurchase





1


1



Interest on other borrowed funds





8


8





Total interest expense





1,428


1,226





Net interest and dividend income





7,323


5,772


Provision for loan losses





388


327





Net interest and dividend income after provision













 for loan losses





6,935


5,445


Noninterest income:










Customer service fees





218


227



Income from bank-owned life insurance





99


104



Net gain on sales of loans





62


351



Net gain on sales and calls of securities





-


31



Loan servicing fee income





217


170



Other income





126


123





Total noninterest income 





722


1,006


Noninterest expense:










Salaries and employee benefits





4,124


3,531



Director compensation





304


241



Occupancy expense





278


229



Equipment expense





153


148



Deposit insurance





184


127



Data processing





751


659



Professional fees





230


211



Marketing





259


209



Other expense





390


438





Total noninterest expense





6,673


5,793





Income before income tax expense





984


658


Income tax expense





304


242






Net income





$           680


$          416



Earnings per share













Basic





$          0.08


$         0.05






Diluted





$          0.08


$         0.05















Return on average assets





0.25%


0.20%


Return on average equity





2.11%


1.28%


Interest rate spread





2.61%


2.65%


Net interest margin





2.77%


2.91%


Efficiency ratio





83.25%


85.56%















Contact:

Robert M. Mahoney


President and Chief Executive Officer



Phone:

617-484-6700

Email:

[email protected]

SOURCE BSB Bancorp, Inc.

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