Wellesley Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2017

Non-interest income totaled $970 thousand, an increase of $115 thousand, or 13.5%, as income from wealth management fees in 2017 increased $154 thousand compared to 2016 due to an increase in assets under management.  Income from mortgage banking activities decreased $76 thousand as compared to the comparable 2017 period due to lower mortgage sales.  Fees on commercial loan swaps increased $38 thousand from 2016 to 2017 due to increased volume.

For the six months ended June 30, 2017, non-interest expenses increased $645 thousand to $8.6 million, as compared to $8.0 million in 2016.  Salaries and employee benefits increased $430 thousand, or 9.2%, attributable to the recognition of six full months of expenses related to our Newton Centre office along with several strategic hires in late 2016.  FDIC insurance costs increased $138 thousand based on growth and new assessment rates.  Occupancy and equipment expense increased $53 thousand resulting from normal rent increases and the 2016 spring opening of our Newton Centre office.  Data processing expense increased $48 thousand and other general administrative costs increased $90 thousand due to expanding business volumes and operations. Professional fees decreased $114 thousand, as one time charges were incurred during 2016 for certain staffing searches. 

Balance Sheet Growth
Total assets were $732.3 million at June 30, 2017, representing an increase of $37.1 million compared to $695.3 million at December 31, 2016.  The increase was primarily related to growth in the loan portfolio and an increase in the level of securities available for sale.  On the liability side, deposits increased $12.4 million, and long-term debt and short-term borrowings increased $20.8 million, as compared to December 31, 2016.   

Gross loans totaled $623.1 million at June 30, 2017, an increase of $41.6 million, or 7.1%, as compared to December 31, 2016.  Residential mortgage loans increased $29.1 million to $297.1 million at June 30, 2017, primarily due to growth in our adjustable-rate mortgage portfolio.  Our portfolios of commercial real estate and commercial and industrial loans increased $2.7 million and $1.1 million, respectively, continuing our diversification focus.  Construction loans increased $7.9 million to $118.3 million at June 30, 2017, compared to $110.4 million at December 31, 2016.  

Deposits increased $12.4 million to $535.2 million at June 30, 2017.  The increase was primarily attributable to an increase in money market accounts of $13.6 million and certificate of deposits of $2.1 million.  NOW and demand deposit balances increased $1.3 million.  We have emphasized commercial deposit accounts in our business development efforts and have experienced growth in the number of accounts.  Commercial deposit balances tend to be more volatile, fluctuating with customers' needs. Savings accounts decreased $4.6 million as compared to December 31, 2016.  Long-term debt and short-term borrowings, consisting entirely of advances from the FHLB, increased $20.8 million as compared to December 31, 2016.

Stockholders' equity increased $2.5 million to $57.7 million, primarily due to earnings and the impact of stock compensation plans during the six month period, offset by dividends paid.  At June 30, 2017, the Company's ratio of stockholders' equity to total assets was 7.87%, compared to 7.94% at December 31, 2016.

About Wellesley Bancorp
Wellesley Bank and its wholly-owned wealth management company, Wellesley Investment Partners, LLC, are subsidiaries of Wellesley Bancorp, Inc.

Wellesley Bank provides comprehensive premier banking and wealth management services to successful individuals, families, businesses and nonprofit organizations.  The Company's teams of highly experienced and knowledgeable bankers provide exceptional personalized services to its clients.  Wellesley Bank has been serving the greater Boston area for over 100 years.  With the newest location in Newton Centre, the Bank has six banking offices and a wholly-owned wealth management company.

Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank.  Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may."  Forward-looking statements, by their nature, are subject to risks and uncertainties.  Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company's summary income statements and other data follow:

Wellesley Bancorp, Inc. and Subsidiary
Consolidated Statements of Net Income
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Interest and dividend income:
Interest and fees on loans	$        6,355		$        5,614		$      12,332		$    11,171
Other interest and dividend income	512		460		1,020		912
Total interest and dividend income	6,867		6,074		13,352		12,083
Interest expense	1,333		1,202		2,602		2,403
Net interest income	5,534		4,872		10,750		9,680
Provision for loan losses	122		125		122		187
Net interest income, after provision for loan losses	5,412		4,747		10,628		9,493
Total non-interest income	449		510		970		855
Non-interest expenses:
Salaries and employee benefits	2,501		2,378		5,110		4,680
Occupancy and equipment	707		687		1,403		1,350
Data processing	220		177		421		373
FDIC Insurance	150		82		297		159
Professional fees	182		278		355		469
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