Wellesley Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, total interest and dividend income was $6,005,000 against $5,119,000 for the same period a year ago. Net interest income was $4,950,000 against $4,219,000 for the same period a year ago. Income before income taxes was $1,469,000 against $664,000 for the same period a year ago. Net income was $905,000 or $0.39 per diluted share against $436,000 or $0.19 per diluted share for the same period a year ago. Return on average assets was 0.59% against 0.34% for the same period a year ago. Return on average equity was 6.85% against 3.59% for the same period a year ago. Net income increased $469,000, or 107.6%, for the quarter ended December 31, 2015 compared to the quarter ended December 31, 2014, as net interest income and noninterest income increased, partially offset by an increase in the provision for loan losses and increased noninterest expenses. Net interest income increased $731,000 or 17.3%, to $5.0 million for the quarter ended December 31, 2015, as compared to the quarter ended December 31, 2014. This increase was primarily due to increased interest income as the average balance of its loan portfolio increased, partially offset by higher interest expense as the average balance of deposits and borrowings also increased.

For the year, total interest and dividend income was $22,085,000 against $19,545,000 for the same period a year ago. Net interest income was $18,395,000 against $16,120,000 for the same period a year ago. Income before income taxes was $4,301,000 against $2,881,000 for the same period a year ago. Net income was $4,301,000 or $1.14 per diluted share against $1,777,000 or $0.77 per diluted share for the same period a year ago. Return on average assets was 0.46% against 0.36% for the same period a year ago. Return on average equity was 5.21% against 3.70% for the same period a year ago. Net income increased primarily due to increased net interest income, increased noninterest income, and a decrease in the provision for loan losses, partially offset by increased noninterest expenses. Net interest income increase was largely due to increased loan income resulting from the growth in its residential, construction and commercial real estate loan portfolios.