Revenue during the quarter grew 16.01 percent to $15.76 million from $13.58 million in the previous year period. Non-interest income for the quarter rose 143.92 percent over the last year period to $4.13 million.

Blue Hills Bancorp has made provision of $2.87 million for loan losses during the quarter, up 117.91 percent from $1.32 million in the same period last year.

Net interest margin contracted 28 basis points to 2.68 percent in the quarter from 2.96 percent in the last year period. Efficiency ratio for the quarter improved to 71 percent from 73 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Commenting on the Companys results, William Parent, president and chief executive officer of Blue Hills Bancorp, said, "The strength in our core businesses is clearly visible in our third quarter results. Our commercial and residential lending units continue to drive net interest income improvement through loan originations and both businesses also contributed to the improvement in fee income seen this quarter. The mortgage business, in particular, had a strong quarter more than doubling the originations in the third quarter of last year. Our deposit business continues to be a valuable source of funding for our lending operations and we are excited by the recent opening of our newest branch in the Seaport District of Boston. Investment spending has been key to transforming the Company into a full service community bank, but at the same time achieving positive operating leverage is very important to us. This is evident when looking at the first nine months of 2016 as pre-tax income before the provision for loan losses (excluding securities gains and bank-owned life insurance death benefit gains) has grown 29% from the comparable period in 2015. As we move forward, we will continue to be vigilant on credit quality and will pursue all legal remedies to recover losses and costs related to the $3.3 million commercial loan charge-off we took in the third quarter. We will also continue to deploy our excess capital through share buybacks and other avenues."

Investments stood at $408.14 million as on Sep. 30, 2016, down 4.94 percent or $21.19 million from year-ago. Shareholders equity stood at $389.69 million as on Sep. 30, 2016, down 4.40 percent or $17.92 million from year-ago.

Return on average assets moved down 9 basis points to 0.29 percent in the quarter from 0.38 percent in the last year period. At the same time, return on average equity decreased 9 basis points to 1.65 percent in the quarter from 1.74 percent in the last year period.

Nonperforming assets moved up 57.01 percent or $2.85 million to $7.85 million on Sep. 30, 2016 from $5 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, up from 0.26 percent in the last year period.

Book value per share for quarter was almost stable at $14.45, when compared with the previous year period.