ASB Bancorp Inc., the holding company for Asheville Savings Bank reported positive first quarter earnings spurred by commercial relationship growth and an increase in core deposit accounts, according to a filing with the Securities and Exchange Commission.

The company reported earnings of $1.8 million, or 50 cents per share, a 63.6 percent increase from the earnings reported for the same quarter of 2016.

Wall Street expectations are unavailable for ASB Bancorp.

Suzanne DeFerie, president and chief executive officer, was optimistic for continued growth in 2017, saying, “with a solid business plan, strong capital position and dedicated professionals as our foundation, we expect to continue our momentum and generate attractive returns for our shareholders.”

The bank posted a revenue of $8.9 million, with an adjusted revenue of $8.1 million, for the period.

Net interest income increased 4.7 percent to $6.1 million, compared to the $5.8 million reported in the first quarter of 2016. The net interest margin improved to 3.33 percent.

Total assets increased by $7.7 million to $803.5 million from the fourth quarter of 2016.

ASB Bancorp shares have climbed 18 percent since the beginning of the year. The stock has risen 37 percent in the last 12 months.

The bank is a North Carolina chartered stock savings bank offering traditional financial services through 13 full-service banking centers throughout the state.

ASB Bancorp closed on Friday at $35.20, up 20 cents, or 0.57 percent.