BELMONT, Mass., Feb. 8, 2018 /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 $2.11 million or $0.23 per diluted share for the quarter ended
December 31, 2017 compared to net income of $3.31 million or $0.37 per diluted share for the quarter ended
December 31, 2016 representing a decrease of 36.3% in net
income. The fourth quarter of 2017 included a one-time charge of
$2.63 million, recorded within income
tax expense, related to the enactment of the Tax Cuts and Jobs Act
("Tax Reform Act"). This charge resulted from the re-measurement of
the Bank's deferred tax assets due to a lower future U.S corporate
income tax rate. Excluding the impact of the Tax Reform Act,
adjusted net income was $4.73 million
or $0.51 per adjusted diluted share
for the quarter ended December 31,
2017 representing an increase in adjusted net income of
43.0% compared to the fourth quarter of 2016. Excluding the impact
of the Tax Reform Act, the Bank has had 18 consecutive quarters of
earnings growth. For the year ended December 31, 2017, the
Company reported net income of $14.39
million or $1.55 per diluted
share as compared to net income of $11.98
million or $1.33 per diluted
share for the year ended December 31, 2016 or an increase in
net income of 20.1%. Excluding the impact of the Tax Reform Act,
adjusted net income was $17.01
million or $1.84 per adjusted
diluted share for the year ended December
31, 2017 representing an increase in adjusted net income of
42.0% compared to 2016. The Tax Reform Act is expected to benefit
future earnings as the statutory federal income tax rate is lower
beginning in 2018. Adjusted net income and adjusted earnings per
share figures are non-GAAP financial measures that exclude the
impact of the Tax Reform Act from net income and earnings per
share. Refer to Appendix A for a reconciliation of these measures
to reported results.
Robert M. Mahoney, President and
Chief Executive Officer, said, "We completed another successful
quarter and year. We continue to enjoy good loan and deposit growth
while managing expenses closely. Our disciplined underwriting
of loans has resulted in modest credit costs. We are well
positioned to take advantage of the business opportunities that our
strong local economy affords us."
NET INTEREST AND DIVIDEND INCOME
Net interest and dividend income before provision for loan
losses for the quarter ended December 31,
2017 was $14.70 million as
compared to $12.37 million for the
quarter ended December 31, 2016 or an
18.8% increase. The provision for loan losses for the quarter ended
December 31, 2017 was $691,000 as compared to $601,000 for the quarter ended December 31, 2016 or a 15.0% increase. The
combination of these items resulted in an increase of $2.24 million or 19.0% in net interest and
dividend income after provision for loan losses for the quarter
ended December 31, 2017 as compared
to the quarter ended December 31,
2016. Net interest and dividend income before provision for
loan losses for the year ended December 31,
2017 was $56.09 million as
compared to $47.39 million for the
year ended December 31, 2016 or an
18.4% increase. The provision for loan losses for the year ended
December 31, 2017 was $2.76 million as compared to $2.39 million for the year ended December 31, 2016 or a 15.8% increase. The
combination of these items resulted in an increase of $8.32 million or 18.5% in net interest and
dividend income after provision for loan losses for the year ended
December 31, 2017 as compared to the
year ended December 31, 2016.
NONINTEREST INCOME
Noninterest income for the quarter ended December 31, 2017 was $1.12 million as compared to $703,000 for the quarter ended December 31, 2016 or an increase of 58.9%.
- Net gains on sales of securities increased $38,000 from zero as we sold one security
classified as available for sale.
- Net gains on sales of loans increased $242,000 or 302.5% due to an increase in the
number of loans sold.
- Other income increased by $134,000 or 496.3% primarily due to vendor loss
experience refunds and increases in the values of investments held
in a Rabbi Trust.
Noninterest income for the year ended December 31, 2017 was $3.63 million as compared to $2.75 million for the year ended December 31, 2016 or an increase of 31.9%.
- Customer service fees decreased $118,000 or 13.1% primarily due to declines in
NSF and other fees.
- Income from bank-owned life insurance increased $70,000 or 6.7% primarily due to a purchase of
$5.00 million in additional
bank-owned life insurance policies at the end of the second quarter
of 2016.
- Net gains on sales of securities increased $38,000 from zero as we sold one security
classified as available for sale.
- Net gains on sales of loans increased $665,000 or 245.4% due to an increase in the
number of loans sold.
- Loan servicing fee income increased $48,000 or 13.7% due to an improvement in the
value of our mortgage servicing right asset.
- Other income increased by $174,000 or 98.9% primarily due to vendor loss
experience refunds and increases in the values of investments held
in a Rabbi Trust.
NONINTEREST EXPENSE
Noninterest expense for the quarter ended December 31, 2017 was $7.64 million as compared to $7.05 million for the quarter ended December 31, 2016 or an increase of 8.4%.
- Salaries and employee benefits increased $441,000 or 10.0% driven by stock-based
compensation related to grants of restricted stock made during the
first quarter of 2017, an increase in the number of employees, an
increase in health care costs and an increase in supplemental
executive retirement plan costs tied to a reduction in the discount
rate.
- Director compensation increased $150,000 or 81.1% primarily driven by stock-based
compensation related to grants of restricted stock made during the
first quarter of 2017, increased deferred compensation costs
related to the increase in value of the investments held in the
Rabbi Trust and increases in supplemental retirement plan costs
tied to a reduction in the discount rate.
- Deposit insurance expense increased by $87,000 or 22.0% primarily driven by asset
growth.
- Marketing costs decreased by $51,000, or 22.8% primarily due to a higher
proportion of our marketing budget being utilized in the first half
of 2017.
Noninterest expense for the year ended December 31, 2017 was $30.69 million as compared to $28.35 million for the year ended December 31, 2016 or an increase of 8.2%.
- Salaries and employee benefits increased $1.77 million or 9.9% driven by stock-based
compensation related to grants of restricted stock made during the
first quarter of 2017, an increase in the number of employees, an
increase in cash-based incentive compensation and an increase in
health care costs.
- Director compensation increased $384,000 or 39.5% primarily driven by stock-based
compensation related to grants of restricted stock made during the
first quarter of 2017 and increased deferred compensation costs
related to the increase in value of the investments held in the
Rabbi Trust.
- Deposit insurance expense increased by $448,000 or 34.9% primarily driven by asset
growth.
- Data processing fees decreased by $327,000 or 10.5% as we renegotiated certain
contracts with service providers in late 2016.
Our efficiency ratio improved to 48.3% for the quarter ended
December 31, 2017 from 53.9% for the
quarter ended December 31, 2016 and
to 51.4% for the year ended December 31,
2017 from 56.5% for the year ended December 31, 2016 as we continue to grow the
balance sheet and manage costs. A talented and committed colleague
team along with continued operational enhancements have contributed
to the improvement in our efficiency ratio.
INCOME TAXES
We recorded a provision for income taxes of $5.38 million for the quarter ended
December 31, 2017, compared to a provision for income taxes of
$2.12 million for the quarter
ended December 31, 2016, reflecting effective tax rates of
71.9% and 39.0%, respectively. We recorded a provision for income
taxes of $11.88 million for the
year ended December 31, 2017, compared to a provision for
income taxes of $7.43 million
for the year ended December 31, 2016, reflecting effective tax
rates of 45.2% and 38.3%, respectively. As noted above, the fourth
quarter of 2017 included a one-time charge of $2.63 million recorded within income tax expense
related to the re-measurement of the Bank's deferred tax assets due
to a lower future U.S corporate income tax rate. This charge
resulted from the re-measurement of the Bank's deferred tax assets
due to a lower U.S corporate income tax rate.
BALANCE SHEET
At December 31, 2017, total assets
were $2.68 billion, an increase of
$517.86 million or 24.0% from
$2.16 billion at December 31, 2016. The Company experienced net
loan growth of $430.92 million or
23.1% from December 31, 2016 to December 31, 2017. One-to-four family residential
real estate loans and commercial real estate loans increased by
$335.72 million and $150.23 million, respectively. Partially
offsetting these increases were a decrease in construction loans of
$35.96 million and a decrease in
indirect auto loans of $30.01
million. The decrease in indirect auto loans was driven by
the suspension of new originations due to current market
conditions. The asset growth was primarily funded by growth in
deposits and Federal Home Loan Bank advances.
At December 31, 2017, deposits totaled $1.75 billion, an increase of $281.83 million or 19.2% from $1.47 billion at December 31, 2016. Core
deposits, which we consider to include all deposits other than CDs,
increased by $112.72 million or 9.9%
from $1.13 billion at December 31, 2016 to $1.25
billion at December 31, 2017.
Hal R. Tovin, Executive Vice
President and Chief Operating Officer, said "2017 was a very strong
year for deposit growth at Belmont Savings. Expansion of our
Business Banking team, diligent focus on key target segments,
continued success with commercial relationship expansion and
consistent retail deposit product development and marketing were
key factors in driving this performance."
Total stockholders' equity increased by $17.11 million or 10.6% from $160.92 million as of December 31, 2016 to $178.03 million as of December 31, 2017. This increase is primarily the
result of earnings of $14.39 million
and a $2.58 million increase in
additional paid-in capital related to stock-based compensation.
ASSET QUALITY
Asset quality remains strong. The allowance for loan losses in
total and as a percentage of total loans as of December 31, 2017 was $16.31 million and 0.71%, respectively, as
compared to $13.59 million and
0.73%, respectively, as of December 31, 2016. For the
year ended December 31, 2017, the
Company recorded net charge offs of $35,000, as compared to net charge offs of
$40,000 for the year ended
December 31, 2016. Total
non-performing assets were $1.38
million or 0.05% of total assets as of December 31, 2017 as compared to $1.82 million or 0.08% of total assets as of
December 31, 2016.
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, municipalities 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,
the Company's ability to continue to increase loans and deposit
growth, legislative and regulatory changes that adversely affect
the businesses in which the Company is engaged, changes in the
securities market, and other factors that are 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, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
|
$
1,771
|
|
$
2,211
|
|
Interest-bearing
deposits in other banks
|
|
109,117
|
|
56,665
|
|
|
|
|
Cash and cash
equivalents
|
|
110,888
|
|
58,876
|
|
Interest-bearing time
deposits with other banks
|
|
2,440
|
|
234
|
|
Investments in
available-for-sale securities
|
|
16,921
|
|
22,048
|
|
Investments in
held-to-maturity securities (fair value of $158,385 as
of
|
|
|
|
|
|
|
|
December 31, 2017 and
$129,465 as of December 31, 2016)
|
|
160,090
|
|
130,197
|
|
Federal Home Loan
Bank stock, at cost
|
|
32,382
|
|
25,071
|
|
Loans, net of
allowance for loan losses of $16,312 as of
|
|
|
|
|
|
|
|
December 31, 2017 and
$13,585 as of December 31, 2016
|
|
2,296,958
|
|
1,866,035
|
|
Premises and
equipment, net
|
|
2,254
|
|
2,355
|
|
Accrued interest
receivable
|
|
6,344
|
|
4,635
|
|
Deferred tax asset,
net
|
|
5,794
|
|
8,321
|
|
Income taxes
receivable
|
|
53
|
|
423
|
|
Bank-owned life
insurance
|
|
36,967
|
|
35,842
|
|
Other
assets
|
|
5,474
|
|
4,667
|
|
|
|
|
Total
assets
|
|
$
2,676,565
|
|
$
2,158,704
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
$
221,462
|
|
$
208,082
|
|
|
|
Interest-bearing
|
|
1,529,789
|
|
1,261,340
|
|
|
|
|
Total
deposits
|
|
1,751,251
|
|
1,469,422
|
|
Federal Home Loan
Bank advances
|
|
723,150
|
|
508,850
|
|
Securities sold under
agreements to repurchase
|
|
3,268
|
|
1,985
|
|
Accrued interest
payable
|
|
1,594
|
|
1,023
|
|
Deferred compensation
liability
|
|
7,919
|
|
7,043
|
|
Other
liabilities
|
|
11,354
|
|
9,460
|
|
|
|
|
Total
liabilities
|
|
2,498,536
|
|
1,997,783
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
Common stock; $0.01
par value per share, 100,000,000 shares authorized; 9,707,665 and
9,110,077
|
|
|
|
|
|
shares issued and
outstanding at December 31, 2017 and December 31, 2016,
respectively
|
|
97
|
|
91
|
|
|
Additional paid-in
capital
|
|
94,590
|
|
92,013
|
|
|
Retained
earnings
|
|
86,884
|
|
72,498
|
|
|
Accumulated other
comprehensive income
|
|
89
|
|
103
|
|
|
Unearned compensation
- ESOP
|
|
(3,631)
|
|
(3,784)
|
|
|
|
|
Total stockholders'
equity
|
|
178,029
|
|
160,921
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
2,676,565
|
|
$
2,158,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Data:
|
|
|
|
|
|
Total non-performing
assets
|
|
$
1,376
|
|
$
1,822
|
|
Total non-performing
loans
|
|
$
1,376
|
|
$
1,819
|
|
Non-performing loans to total loans
|
|
0.06%
|
|
0.10%
|
|
Non-performing assets
to total assets
|
|
0.05%
|
|
0.08%
|
|
Allowance for loan
losses to non-performing loans
|
|
1185.47%
|
|
746.84%
|
|
Allowance for loan
losses to total loans
|
|
0.71%
|
|
0.73%
|
|
|
|
|
|
|
|
|
|
|
Share
Data:
|
|
|
|
|
|
Outstanding common
shares
|
|
9,707,665
|
|
9,110,077
|
|
Book value per
share
|
|
$
18.34
|
|
$
17.66
|
|
|
|
|
|
|
|
|
|
|
Consolidated Capital
Ratios:
|
|
|
|
|
|
|
Common Equity Tier 1
Risk-Based Capital Ratio
|
|
10.35%
|
|
10.80%
|
|
|
Tier 1 Risk-Based
Capital Ratio
|
|
10.35%
|
|
10.80%
|
|
|
Total Risk-Based
Capital Ratio
|
|
11.30%
|
|
11.71%
|
|
|
Leverage
Ratio
|
|
6.97%
|
|
7.64%
|
|
BSB BANCORP, INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
|
|
|
$
19,682
|
|
$
15,268
|
|
$
72,011
|
|
$
57,513
|
|
Interest on taxable
debt securities
|
|
|
|
|
904
|
|
749
|
|
3,356
|
|
3,163
|
|
Dividends
|
|
|
|
|
328
|
|
225
|
|
1,193
|
|
760
|
|
Other interest
income
|
|
|
|
|
200
|
|
49
|
|
583
|
|
185
|
|
|
|
Total interest and
dividend income
|
|
|
|
|
21,114
|
|
16,291
|
|
77,143
|
|
61,621
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
|
|
3,907
|
|
2,535
|
|
12,900
|
|
9,434
|
|
Interest on Federal
Home Loan Bank advances
|
|
|
|
|
2,506
|
|
1,382
|
|
8,150
|
|
4,788
|
|
Interest on
securities sold under agreements to repurchase
|
|
|
|
|
1
|
|
1
|
|
4
|
|
4
|
|
Interest on other
borrowed funds
|
|
|
|
|
-
|
|
-
|
|
-
|
|
5
|
|
|
|
Total interest
expense
|
|
|
|
|
6,414
|
|
3,918
|
|
21,054
|
|
14,231
|
|
|
|
Net interest and
dividend income
|
|
|
|
|
14,700
|
|
12,373
|
|
56,089
|
|
47,390
|
Provision for loan
losses
|
|
|
|
|
691
|
|
601
|
|
2,762
|
|
2,385
|
|
|
|
Net interest and
dividend income after provision
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for loan
losses
|
|
|
|
|
14,009
|
|
11,772
|
|
53,327
|
|
45,005
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service
fees
|
|
|
|
|
198
|
|
211
|
|
785
|
|
903
|
|
Income from
bank-owned life insurance
|
|
|
|
|
287
|
|
288
|
|
1,120
|
|
1,050
|
|
Net gain on sales of
securities
|
|
|
|
|
38
|
|
-
|
|
38
|
|
-
|
|
Net gain on sales of
loans
|
|
|
|
|
322
|
|
80
|
|
936
|
|
271
|
|
Loan servicing fee
income
|
|
|
|
|
111
|
|
97
|
|
398
|
|
350
|
|
Other
income
|
|
|
|
|
161
|
|
27
|
|
350
|
|
176
|
|
|
|
Total noninterest
income
|
|
|
|
|
1,117
|
|
703
|
|
3,627
|
|
2,750
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
|
|
4,856
|
|
4,415
|
|
19,587
|
|
17,819
|
|
Director
compensation
|
|
|
|
|
335
|
|
185
|
|
1,355
|
|
971
|
|
Occupancy
expense
|
|
|
|
|
223
|
|
249
|
|
964
|
|
991
|
|
Equipment
expense
|
|
|
|
|
95
|
|
126
|
|
422
|
|
452
|
|
Deposit
insurance
|
|
|
|
|
483
|
|
396
|
|
1,733
|
|
1,285
|
|
Data
processing
|
|
|
|
|
731
|
|
680
|
|
2,793
|
|
3,120
|
|
Professional
fees
|
|
|
|
|
265
|
|
283
|
|
1,044
|
|
964
|
|
Marketing
|
|
|
|
|
173
|
|
224
|
|
912
|
|
872
|
|
Other
expense
|
|
|
|
|
475
|
|
487
|
|
1,876
|
|
1,875
|
|
|
|
Total noninterest
expense
|
|
|
|
|
7,636
|
|
7,045
|
|
30,686
|
|
28,349
|
|
|
|
Income before income
tax expense
|
|
|
|
|
7,490
|
|
5,430
|
|
26,268
|
|
19,406
|
Income tax
expense
|
|
|
|
|
5,382
|
|
2,120
|
|
11,882
|
|
7,425
|
|
|
|
|
Net income
|
|
|
|
|
$
2,108
|
|
$
3,310
|
|
$
14,386
|
|
$
11,981
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
0.24
|
|
$
0.38
|
|
$
1.63
|
|
$
1.38
|
|
|
|
|
Diluted
|
|
|
|
|
$
0.23
|
|
$
0.37
|
|
$
1.55
|
|
$
1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.33%
|
|
0.63%
|
|
0.61%
|
|
0.61%
|
Return on average
equity
|
|
|
|
|
4.67%
|
|
8.28%
|
|
8.40%
|
|
7.79%
|
Interest rate
spread
|
|
|
|
|
2.14%
|
|
2.24%
|
|
2.24%
|
|
2.31%
|
Net interest
margin
|
|
|
|
|
2.30%
|
|
2.37%
|
|
2.38%
|
|
2.45%
|
Efficiency
ratio
|
|
|
|
|
48.28%
|
|
53.88%
|
|
51.39%
|
|
56.54%
|
Net (recoveries)
charge-offs
|
|
|
|
|
$
(1)
|
|
$
(15)
|
|
$
35
|
|
$
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BSB BANCORP, INC.
AND SUBSIDIARIES
|
APPENDIX A -
NON-GAAP FINANCIAL INFORMATION
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
Table - Non-GAAP Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as
reported
|
|
|
|
|
$
2,108
|
|
$
3,310
|
|
$
14,386
|
|
$
11,981
|
|
Add: Income tax
expense related to write-down of deferred tax asset
|
|
|
|
2,626
|
|
-
|
|
2,626
|
|
-
|
Adjusted net
income
|
|
|
|
|
$
4,734
|
|
$
3,310
|
|
$
17,012
|
|
$
11,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share as reported
|
|
|
|
|
$
0.23
|
|
$
0.37
|
|
$
1.55
|
|
$
1.33
|
|
Add: Income tax
expense related to write-down of deferred tax asset
|
|
|
|
0.28
|
|
-
|
|
0.29
|
|
-
|
Adjusted diluted
earnings per share
|
|
|
|
|
$
0.51
|
|
$
0.37
|
|
$
1.84
|
|
$
1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management believes these non-GAAP financial measures are
important to assess the results of the core operations of the
Bank.
|
|
|
|
|
|
|
|
|
|
Contact:
|
|
Robert M.
Mahoney
|
|
|
|
|
President and
Chief Executive Officer
|
|
|
|
|
|
|
|
Phone:
|
|
617-484-6700
|
|
|
Email:
|
|
robert.mahoney@belmontsavings.com
|
|
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/bsb-bancorp-inc-reports-2017-results--year-over-year-earnings-growth-of-20-300596023.html
SOURCE BSB Bancorp, Inc.