BSB Bancorp, Inc. Reports Third Quarter Results - Year Over Year Earnings Growth of 79%

Noninterest expense for the quarter ended September 30, 2016 was $7.07 million as compared to $6.73 million for the quarter ended September 30, 2015 or an increase of 5.0%. Our efficiency ratio improved to 55.6% during the quarter ended September 30, 2016 from 64.2% during the quarter ended September 30, 2015 as we continue to grow the balance sheet and manage costs. Noninterest expense for the nine months ended September 30, 2016 was $21.31 million as compared to $20.65 million for the nine months ended September 30, 2015 or an increase of 3.2%. Our efficiency ratio improved to 57.5% during the nine months ended September 30, 2016 from 68.9% during the nine months ended September 30, 2015. Effectively managing headcount has contributed to our improvement to our efficiency ratio. Since going public in the fourth quarter of 2011, we've grown total assets from $669 million to $2.07 billion, or an increase of 210%, while only increasing full time equivalent employee headcount by 19 from 96 to 115 or 19.8%.

BALANCE SHEET

At September 30, 2016, total assets were $2.07 billion, an increase of $260.83 million or 14.4% from $1.81 billion at December 31, 2015. The Company experienced net loan growth of $251.41 million or 16.4% from December 31, 2015. Residential 1-4 family real estate loans, construction loans, commercial real estate loans, home equity lines of credit and commercial loans increased by $238.24 million, $15.96 million, $13.21 million, $10.82 million and $8.12 million, respectively. Partially offsetting these increases was a decrease in indirect auto loans of $34.10 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 September 30, 2016, deposits totaled $1.43 billion or an increase of $156.58 million or 12.3% 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 $91.33 million from $1.01 billion at December 31, 2015 to $1.10 billion at September 30, 2016. Hal R. Tovin, Executive Vice President and Chief Operating Officer, said "Our deposit strategies continue to deliver strong, consistent deposit growth from all our business lines. Our commitment to focusing on targeted business segments, enhancing our commercial relationships and geographically targeting retail programs has been the key to this performance."

Total stockholders' equity increased by $10.61 million from $146.20 million as of December 31, 2015 to $156.82 million as of September 30, 2016. This increase is primarily the result of earnings of $8.67 million and a $1.59 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 September 30, 2016 was $12.97 million and 0.72%, respectively, as compared to $11.24 million and 0.73%, respectively, as of December 31, 2015.  For the nine months ended September 30, 2016, the Company recorded net charge offs of $54,000, as compared to net recoveries of $79,000 for the nine months ending September 30, 2015. Total non-performing assets were $1.77 million or 0.09% of total assets as of September 30, 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)
					September 30, 2016		December 31, 2015
					(unaudited)
ASSETS
Cash and due from banks					$              1,764		$              1,871
Interest-bearing deposits in other banks					48,006		49,390
			Cash and cash equivalents		49,770		51,261
Interest-bearing time deposits with other banks					134		131
Investments in available-for-sale securities					22,216		21,876
Investments in held-to-maturity securities (fair value of $136,448 as of
		September 30, 2016 and $136,728 as of December 31, 2015)			134,486		137,119
Federal Home Loan Bank stock, at cost					24,475		18,309
Loans held for sale					900		1,245
Loans, net of allowance for loan losses of $12,969 as of
		September 30, 2016 and $11,240 as of December 31, 2015			1,786,362		1,534,957
Premises and equipment, net					2,449		2,657
Accrued interest receivable					4,262		3,781
Deferred tax asset, net					7,893		6,726
Income taxes receivable					897		-
Bank-owned life insurance					35,554		29,787
Other assets					4,351		5,067
			Total assets		$       2,073,749		$       1,812,916
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
		Noninterest-bearing			$          184,501		$          192,476
		Interest-bearing			1,241,594		1,077,043
			Total deposits		1,426,095		1,269,519
Federal Home Loan Bank advances					469,250		374,000
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