BSB Bancorp, Inc. Reports Fourth Quarter Results - Year Over Year Earnings Growth of 73%

NONINTEREST EXPENSE

Noninterest expense for the quarter ended December 31, 2016 was $7.05 million as compared to $7.17 million for the quarter ended December 31, 2015 or a decrease of 1.8%. Our efficiency ratio improved to 53.9% for the quarter ended December 31, 2016 from 62.9% for the quarter ended December 31, 2015 as we continue to grow the balance sheet and manage costs. Noninterest expense for the twelve months ended December 31, 2016 was $28.35 million as compared to $27.82 million for the twelve months ended December 31, 2015 or an increase of 1.9%. Our efficiency ratio improved to 56.5% for the twelve months ended December 31, 2016 from 67.3% for the twelve months ended December 31, 2015. Effectively managing headcount has contributed to improvement in our efficiency ratio. Since going public in the fourth quarter of 2011, we've grown total assets from $669 million to $2.16 billion, or an increase of 223%, while only increasing full time equivalent employee headcount by 26 from 96 to 122 or 27.1%.

BALANCE SHEET

At December 31, 2016, total assets were $2.16 billion, an increase of $345.79 million or 19.1% from $1.81 billion at December 31, 2015. The Company experienced net loan growth of $331.08 million or 21.6% from December 31, 2015 to December 31, 2016. Residential 1-4 family real estate loans, commercial real estate loans, construction loans, commercial loans and home equity lines of credit increased by $287.91 million, $42.45 million, $28.28 million, $10.21 million and $7.42 million, respectively. Partially offsetting these increases was a decrease in indirect auto loans of $43.73 million, 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, 2016, deposits totaled $1.47 billion or an increase of $199.90 million or 15.7% from $1.27 billion at December 31, 2015. Core deposits, which we consider to include all deposits other than CD's and brokered CD's, increased by $122.74 million from $1.01 billion at December 31, 2015 to $1.13 billion at December 31, 2016. Hal R. Tovin, Executive Vice President and Chief Operating Officer, said "2016 has been a year of consistent deposit growth from multiple sources. Our targeted business banking segment strategy (municipalities, lawyers, property managers, non-profits) was enhanced with an additional focus on colleges and universities. In addition, our retail and commercial real estate relationships contributed to this deposit performance with strong growth in Q4."

Total stockholders' equity increased by $14.72 million from $146.20 million as of December 31, 2015 to $160.92 million as of December 31, 2016. This increase is primarily the result of earnings of $11.98 million and a $2.37 million 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 December 31, 2016 was $13.59 million and 0.73%, respectively, as compared to $11.24 million and 0.73%, respectively, as of December 31, 2015.  For the twelve months ended December 31, 2016, the Company recorded net charge offs of $40,000, as compared to net recoveries of $42,000 for the twelve months ended December 31, 2015. Total non-performing assets were $1.82 million or 0.08% of total assets as of December 31, 2016 as compared to $3.64 million or 0.20% of total assets as of December 31, 2015.

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, our 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, 2016		December 31, 2015
					(unaudited)
ASSETS
Cash and due from banks					$              2,211		$              1,871
Interest-bearing deposits in other banks					56,665		49,390
			Cash and cash equivalents		58,876		51,261
Interest-bearing time deposits with other banks					234		131
Investments in available-for-sale securities					22,048		21,876
Investments in held-to-maturity securities (fair value of $129,465 as of
		December 31, 2016 and $136,728 as of December 31, 2015)			130,197		137,119
Federal Home Loan Bank stock, at cost					25,071		18,309
Loans held for sale					-		1,245
Loans, net of allowance for loan losses of $13,585 as of
		December 31, 2016 and $11,240 as of December 31, 2015			1,866,035		1,534,957
Premises and equipment, net					2,355		2,657
Accrued interest receivable					4,635		3,781
Deferred tax asset, net					8,321		6,726
Income taxes receivable					423		-
Bank-owned life insurance					35,842		29,787
Other assets					4,667		5,067
			Total assets		$       2,158,704		$       1,812,916
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
		Noninterest-bearing			$          208,082		$          192,476
		Interest-bearing			1,261,340		1,077,043
			Total deposits		1,469,422		1,269,519
Federal Home Loan Bank advances					508,850		374,000
Securities sold under agreements to repurchase					1,985		3,695
Other borrowed funds					-		1,020
Accrued interest payable					1,023		993
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