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.