This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wellesley Bancorp, Inc. Reports Results For The Quarter And Year-to-date Period Ended June 30, 2012

Wellesley Bancorp, Inc. (Nasdaq Capital Market: WEBK) (the “Company”), the holding company for Wellesley Bank (the “Bank”) reported net income of $434,000 for the quarter ended June 30, 2012, compared to net income of $466,000 for the same period in 2011. Earnings per share for the three months ended June 30, 2011 were $0.20, basic and fully diluted. The Bank completed its mutual-to-stock conversion (the “conversion”) and the Company’s public offering on January 25, 2011. Accordingly, the 2011 results reflect the Bank on a consolidated basis and do not include the Company which was not an operating company during 2011. In addition, earnings per share information is not presented for periods where the shares were not outstanding for the entire period. For the six months ended June 30, 2012, the Company reported a net loss of $119,000, compared to net income of $958,000 for the same period in 2011. The 2012 results reflect a one-time $1.8 million pre-tax contribution ($1.1 million after-tax) to the Wellesley Bank Charitable Foundation formed in connection with the conversion.

Net Income

With respect to the three month period ended June 30, 2012, net income decreased $32,000 to $434,000, compared to the three month period ended June 30, 2011. The provision for loan losses declined to $100,000 in the three month period ended June 30, 2012 compared to $300,000 for the comparable 2011 period, as certain impaired loans were brought to favorable resolution during the 2012 quarter leading to a reduction in related specific reserves. Net interest income increased 11.9% to $2.8 million for the three month period ended June 30, 2012 from $2.5 million in the comparable 2011 period. The increase was largely due to higher levels of interest income from growth in our loan portfolio, and a reduction in interest expense as we reduced our balances of higher cost Federal Home Loan Bank (FHLB) advances, and replaced them with lower costing long-term advances. Deposit costs also declined due to the generally lower interest rate environment. The net interest margin was 3.74% for the 2012 three month period, compared to 3.96% for the 2011 period as funding costs declined more slowly than earning asset yields in the period.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs