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Supporters of a modern replacement for a century-old community swimming pool in the hometown of Belmont Savings Bank had a fundraising crisis, and they are hoping a matching grant from the bank will save the project.
October 6
BSB Bancorp in Belmont, Mass., reported that its third-quarter earnings more than doubled from a year earlier on higher net interest income.
The $1.3 billion-asset company said Thursday that its earnings rose 123% from a year earlier, to $1.2 million. Profit for the first nine months of the year also more than doubled, to $2.9 million.
Net interest income for BSB, the holding company of Belmont Savings Bank, rose roughly 20%, to $8.1 million. Interest and fees on loans rose 27, to $9.2 million.
Loans have increased by roughly 30% since the end of last year due to growth in areas such as residential one- to four-family, commercial real estate, home equity lines of credit and indirect auto lending, the company said.
Noninterest income fell 11% from a year earlier, to $792,000, as customer service fees and net gain on sales of loans declined. Noninterest expenses rose more than 4%, to $6.7 million, primarily driven by higher salaries and employee benefits.