Bsb Bancorp, Inc. (BLMT) 10K Annual Reports & 10Q SEC Filings

BELMONT, MA, February 7, 2019 (PR Newswire) - BSB Bancorp, Inc. (NASDAQ-BLMT) (the “Company”), the holding company for Belmont Savings Bank (the “Bank”), a state-chartered savings bank headquartered in Belmont, Massachusetts, today reported net income of $4.6 million or $0.49 per diluted share for the quarter ended December 31, 2018 compared to net income of $2.1 million or $0.23 per diluted share for the quarter ended December 31, 2017. That represents an increase of 118.4% in net income, quarter-over-quarter. For the year ended December 31, 2018, the Company reported net income of $22.9 million or $2.44 per diluted share as compared to net income of $14.4 million or $1.55 per diluted share for the year ended December 31, 2017. That represents an increase in net income of 59.2%, year-over-year. The quarter-over-quarter and year-over-year improvements were largely driven by a one-time charge of $2.63 million recorded within income tax expense in the fourth quarter of 2017 related to the re-measurement of the Bank’s deferred tax assets due to a lower future U.S corporate income tax rate. Partially offsetting this was $1.70 million of merger-related expenses in the fourth quarter of 2018.

On November 27, 2018, BSB Bancorp, Inc. announced it had entered into a definitive Agreement and Plan of Merger with Peoples United Financial, Inc., pursuant to which the Company will merge into Peoples United Financial, Inc. Consummation of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of the Company’s shareholders. The transaction is expected to close early in the second quarter of 2019.

The following information was filed by Bsb Bancorp, Inc. (BLMT) on Wednesday, February 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bsb Bancorp, Inc.'s 10-K Annual Report:

Other - Other Highlight
We believe that the most critical accounting policies upon which our financial condition and results of operation depend, and which involve the most complex subjective decisions or assessments, are the following: The determination of the allowance for loan losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the amount of the recorded allowance for loan losses.

Financial - Expense Highlight
Also driving this additional interest expense was an increase in the average cost of advances to 1.43% for the year ended December 31, 2017 from 1.12% for the year ended December 31, 2016.
Financial - Expense Highlight
Director compensation decreased $580,000 or 42.8% driven by reduced compensation costs related to the decrease in value of the investments held in the Rabbi Trust as well as reduced stock-based compensation expense.
Other - Other Highlight
Actual results could be significantly different than our estimates and could have a material effect on our financial results.
Financial - Shares Highlight
On October 4, 2011, we completed our initial public offering of common stock in connection with BSB Bancorp, MHCs mutual-to-stock conversion, selling 8,993,000 shares of common stock at $10.00 per share, including 458,643 shares sold to Belmont Savings Banks employee stock ownership plan, and raising approximately $89.9 million of gross proceeds.
Financial - Earnings
Further, following a comprehensive strategic...Read more
Financial - Earnings
In 2010, the Board of...Read more
Financial - Earnings
Our financial condition and results...Read more
Financial - Expense
The impact of inflation is...Read more
Financial - Expense
The increase in the cost...Read more
Financial - Income
Income from bank-owned life insurance...Read more
Financial - Shares
The strategic plan contemplated significant...Read more
Financial - Expense
Interest expense on Federal Home...Read more
Revenue - Product
Net gains on sales of...Read more
Financial - Income
Although the net interest income...Read more
M & A - Other
At the effective time of...Read more
Financial - Income
Customer service fees increased $111,000...Read more
Financial - Expense
The Company?s primary expenses are...Read more
Financial - Expense
This increase was primarily due...Read more
Financial - Income
Loan servicing fee income increased...Read more
Financial - Expense
Interest expense on FHLB advances...Read more
Financial - Expense
The average cost of all...Read more
Financial - Shares
The current strategic plan includes...Read more
Financial - Dividend
Interest and dividend earning assets...Read more
Other - Other
Depending on market conditions, we...Read more
Other - Other
Actual loan losses may be...Read more
Financial - Expense
The increase in the average...Read more
Financial - Expense
During the year ended December...Read more
Other - Other
Critical accounting policies are defined...Read more
Financial - Expense
Interest expense on interest-bearing deposits...Read more
Financial - Expense
Interest expense on interest-bearing deposits...Read more
Financial - Expense
This increase was primarily due...Read more
Other - Other
At December 31, 2018, we...Read more
Other - Other
Belmont Savings is subject to...Read more
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The average cost of interest-bearing...Read more
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We believe the allowance for...Read more
Financial - Earnings
Excess liquid assets are invested...Read more
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Income from bank-owned life insurance...Read more
Other - Other
This increase was primarily due...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Bsb Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.6: Material Contract

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: BLMT
CIK: 1522420
Form Type: 10-K Annual Report
Accession Number: 0001193125-19-076573
Submitted to the SEC: Fri Mar 15 2019 11:32:09 AM EST
Accepted by the SEC: Fri Mar 15 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks