Deposit Growth Drives Belmont Savings to Record Quarter, Asset Size

Photo: Belmont Savings Bank. 

Belmont Savings Bank, the town’s largest business, delivered another record financial quarter, driven by increased deposits and earnings tied to loans.

In both deposit and asset growth, Belmont Savings is among the fastest growing banks in the state and among its peers.

As of Sept. 30, total assets at Belmont Savings reached $1.7 billion, an increase of $267 million or 19 percent from the $1.4 billion in assets at the beginning of the calendar year. 

The asset growth was primarily funded by growth in deposits. On Sept. 30, deposits totaled $1.2 billion, an increase of $224 million or 23 percent from $985 million nine months earlier on Dec 31, 2014. 

According to the Depositors Insurance Fund, through the first half of 2015, total deposit growth (annualized) at Belmont Savings was more than double – 33 percent to 16 percent – its peer group (10 banks between $900 million and $1.5 billion in assets) and well head of all banks in the state.

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“[The third quarter] was another quarter of steady deposit growth. We are pleased with the ongoing success of our municipal and business banking strategies which were the primary drivers of this growth,” said Hal Tovin, executive vice president and Chief Operating Officer.

The bank reported net income increase 55 percent in the third quarter to $1.9 million, compared to $1.2 million, for the same three month period ended Sept. 30, 2014, or an increase of 55 percent.

This marks the ninth consecutive quarter of earnings growth.

The company experienced net loan growth of $248 million, or 21 percent from Dec. 31, 2014.

There were significant increases in each individual loan catagory:

  • Residential 1-4 family real estate loans: $185 million
  • construction loans: $33 million
  • commercial real estate loans: $30 million
  • home equity lines of credit: $20 million.

“Through strong organic growth and expense control, we continue to improve our profitability.  Importantly, credit quality remains sound,” said Robert Mahoney, president and Chief Executive Officer, in a press release distributed on Oct. 21.

Since taking the bank public on the NASDAX, the stock price has more than doubled.

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Sports: Field Hockey in Driver’s Seat for League Title After Defeating Winchester

Photo: Katherine McCarthy’s game-winning goal vs. Lexington.

In a pair of gutsy performances over a 48 hour period, the Belmont High Field Hockey team is out front in the race for its first league divisional title after defeating a tough Lexington squad, 3-2, Monday, Oct. 19 than avenging its loss to Winchester by beating the former league leaders, 2-0, on Harris Field Wednesday night, Oct. 21.

“That was truly amazing, to play two great teams back-to-back and win both,” said Jessica Smith, who has headed the program for the past decade.

With the victories, Belmont (13-2) needs a win in the final game of the regular season at Reading on Friday, Oct. 23 to secure its first Middlesex League Liberty Divison crown.

But for Smith, the best part of the wins were the final whistle.

“I can’t continue to do this,” said Smith, who described the two games as “insane.”

“I have never been this nervous for regular season games in my life!”

Belmont 3, Lexington 2

At Lexington, Belmont would take one-goal leads only to see the Minutemen tie up the match held in Lexington. Belmont was able to apply pressure on Lexington’s back line and midfielders, but could not find the final tip or shot to extend its lead.

While the Marauders’ defense was able to keep the Minutemen in check, they could be overpowered by the size and talent of the Minutemen forwards, including the Minuteman’s standout junior Emily Devine.

Belmont took the lead on the first shot of the game in the third minute as senior co-captain Serena Nally re-directed a shot from junior standout AnnMarie Habelow by Lexington’s freshman goalie Abby Ortyl.

That lead would stand until the midpoint of the half when Brigid Avery scored to tie it up at one. Belmont retook the lead when Habelow, the team’s leading scorer, rocketed a shot from 15 meters that eluded Ortyl with seven minutes remaining in the half.

Lexington pressured early in the second and earned the equalizer through Leah Strohmeyer from in front of the net. But slowly, Belmont’s midfield would begin to dominate play by clogging the passing lanes and intercepting passes.

The game winner came from a scrum in front of Lexington’s net where Katherine McCarthy’s third swipe at the ball proved to be golden.

Up by a single goal, Belmont needed to survive a frantic final minute when Belmont’s defenders somehow kept the ball out of their net with more than half a dozen Minutemen crashing the goal.

“We kept yelling at the official, ‘White foot! White foot!’ said senior defender and co-captain Molly Thayer, to inform the referees that the ball had come off of a Lexington shoe which would give Belmont possession.

A final penalty corner with time expired was cleared securing the emotional victory.

“I think we knew Lexington would be difficult at their home field, so we focused on keeping [players] in front of us and not give them any room,” said Thayer.

Belmont 2, Winchester 0

Wednesday’s game held some significants for Belmont’s players and coaches, as it provided the Marauders the opportunity to avenge a painful loss when Belmont allowed Winchester to score four goals in the final 12 minutes of their earlier game to fall 5-4 after leading 4-1.

While not possessing a star player, Winchester was fast on the ball and played a stubborn defense. It also had the first real tester on Belmont goalie Christine MacLeod as a steady shot hit the post but stayed out.

But Belmont made the most of their opportunities leading to Belmont’s first goal. With Marauders swarming the Sachems’ net, the Winchester goalie covered the ball under her body resulting in a penalty stroke, similar to a penalty kick in soccer. Habelow made no mistake sending the ball high into the back webbing to give Belmont a 1-0 lead.

Winchester kept up the pressure but were not sharp inside the scoring arc, unable to score on several penalty corners, a reversal of their win when they tallied four corners.

Midway through the second half, Belmont got the break they needed. After having an apparent goal called back for coming outside the arc, the Marauders’ co-captain Serena Nally stole the ball off a Winchester stick, turned and took a shot at goal. Standing before the goalie, Kerri Lynch got the tip, and the ball settled in the back of the goal.

While Winchester threatened, Belmont’s backline – Molly Goldberg, Thayer, Lilly Devitt, Sophie Stafford and sweeper Julia Chase – withstood each attack, allowing MacLeod to earn her tenth shutout of her first varsity season.

“This was a real team effort,” said Smith, noting that while not playing at their best, the players worked together as a unit defensively and were always looking to combine passes on offense.

A win at Reading, which Belmont defeated 5-0 earlier in the season, could see Belmont secure a top seed in the coming Div. 1 sectional as well as a banner to hang on the Wenner Field House wall.

Sold in Belmont: Three Colonials, Long Owned, Purchased This Week

Photo: Million-dollar Colonial on Garfield.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes.”

• 35 Horne Rd. Center-entrance Colonial (1927). Sold: $930,000. Listed at $859,000. Living area: 2,485 sq.-ft. 10 rooms, 3 bedrooms, 1.5 baths. On the market: 42 days.

• 17 Garfield Rd. Center-entrance Colonial (1935). Sold: $1,300,000. Listed at $1,299,000. Living area: 2,438 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 63 days.

442 Pleasant St. Center-entrance Colonial (1935). Sold: $750,000. Listed at $775,000. Living area: 2,058 sq.-ft. 9 rooms, 3 bedrooms, 1.5 baths. On the market: 92 days.

43-45 Gilbert Rd. Two family (1925). Sold: $880,000. Listed at $899,000. Living area: 2,935 sq.-ft. 13 rooms, 3 bedrooms, 1.5 baths. On the market: 27 days.

46 Slade Rd. Condominium (1925). Sold: $497,000. Listed at $459,500. Living area: 1,388 sq.-ft. 6 rooms, 2 bedrooms, 2 baths. On the market: 27 days.

Three Belmont homes, owned by the sellers for between 37 to 50 years(!), selling in a market where their initial purchase price is considered quaint. 

The original prices and the year the property was bought by the most recent owners:

Horne Road: $88,900 in 1979.

Pleasant Street: $78,500 in 1977.

Garfield Road: $8,600 in 1965.

First, each of the homes are center-entrance Colonials built within a decade of the others – in the economic optimism of the 20s to the depth of the Depression – each with an uncomplicated, refined floor plan: two stories, a welcoming central hallway where on one side (the right?) there is a formal living room with a dining room on the other, and the kitchen and “family” room in the back. Upstairs are the bedrooms and not much else. 

Because the homes have a timelessness that good taste provides, it wasn’t hard to find buyers for these “typical” Belmont houses. The most impressive sale was Horne Road in Cushing Square that sold for nearly $70,000 above list. And to think it will just a few hundred feet from the Cushing Village construction site. (BTW, weren’t the Village developers having its groundbreaking this past June?)

The Belmont Hill colonial sold what was expected, but the Pleasant Street structure needed to cut its price to come off the market.

 

Penultimate Farmers Market Focus on Cold Weather Crops

Photo: The sign of the times.

Only two market days remain in this season of the Belmont Farmers Market which is good news for those who stock up on cold weather crops.

Carrots, parsnips, leafy greens, and other cold-hardy crops actually get sweeter after frosty weather, as they produce sugar as protection from the freeze. 

The Belmont Farmers Market is open from 2 p.m. to 6 p.m. on Thursdays until the final week of October. The market is located in the municipal parking lot at the intersection of Cross Street and Channing Road in Belmont Center.
Those monthly and occasional vendors coming by this week are Carlisle Honey, Couët Farm & Fromagerie, Fille de Ferme, Just Add Cooking and Turtle Creek Winery.
Schedule of Events
  • 2 p.m. to 4 p.m.: Music by The Hoot Owls
  • 4 p.m. to 4:30 p.m.: Storytime
  • 4:30 p.m. to 6 p.m.:  Music by The Harmonators

Ruggers Ready to Give a Hand with Inaugural Campus Clean Up

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The Belmont High School Rugby Club is one of the most successful at the High School, winning a pair of state championships and respected in the rugby world as one of the best-run youth organizations in the sport.

This weekend, Belmont Rugby will provide a hand to the wider community with its inaugural “Campus Cleanup.’

Come join the Belmont High School Girls and Boys Rugby teams in an effort to clean our campus.

Who: All students, staff, residents and community groups are welcome.                                                  

What: Community service project to clean our campus.

When: Sunday, Oct. 25, from 1 p.m. to 3 p.m.

Where: Meet in the Wenner Field House parking lot by 1 p.m.

  • Trash bags and gloves will be provided; we just need yourselves. 
  • Community service hours provided; Please bring form for signature on the day

“This event is being organized by the boys and girls rugby teams and is a way for students to take a bit of pride in their campus and give back just a little bit,” said Belmont Rugby Head Coach and BHS teacher Greg Bruce.

“We will focus our efforts on the area surrounding the pond and the main school building, but will branch out across larger areas of the campus if our numbers warrant it,” he said. 

Craig Raubenheimer, an avid rugby supporter as well as CEO of Roan Solutions, a Cambridge-based IT support and consulting firm, is generously sponsoring the event and helping with supplies and food for the volunteers, said Bruce. 

MBTA, State To Discuss Waverley Station’s Future At Nov. 16 Meeting

Photo: Waverley Station/Fitchburg line.

The Belmont Board of Selectmen and officials from the Massachusetts Bay Transportation Authority and Massachusetts Department of Transportation are holding a public meeting next month to updated the public on the future of the Waverley Commuter Rail Station.

At an initial meeting held on  Sept. 28, the MBTA expressed a desire to build a new commuter rail station near the present Waverley station, either on Pleasant Street or to the west of the business center and closing down the existing stations at Waverley and adjacent Belmont Center.

The meeting, which will take place on Monday, Nov. 16, from 7 p.m. to 8:30 p.m. at the Beech Street Center, 266 Beech St., will discuss:

  • potential options to bring the facility into required compliance with Americans with Disabilities Act (ADA) regulations,
  • the future of the Belmont Center Station, and
  • a possible new Belmont Station alternative on Pleasant Street, as well as other options.

The meeting is an opportunity for the public to provide ideas to the MBTA. Any resident or community member who has an interest in this matter is highly encouraged to attend.

View a power point presentation made by the MBTA to the selectmen on Sept. 28 at www.belmont-ma.gov/sites/belmontma/files/file/file/belmont_meeting_09282015.pdf

In addition, State Sen. Will Brownsburger provides a detailed explanation and breakdown on why a small level of repairs could lead to the building of a new facility.

Sports: Girls’ Soccer Secure Playoffs with Wins Over Lexington, Winchester

Photo: Belmont’s Julia Cella carrying the ball vs Lexington.

Early in the season, Belmont Head Coach Paul Graham said getting the 2015 Girls’ Soccer team into the playoffs would be a “numbers game”; win the games against the smaller schools in the Freedom Division of the Middlesex League and surprise some of the “big” teams in the Liberty Division.

“We do that, the points will be there,” said the long-time coach who won his 300th victory earlier in the season.

Now, with just a handful of games to contest in the season, the Marauders have successfully executed Graham’s “math” plan as the team successfully qualified for the MIAA Division 2 North Sectionals after defeating Lexington, 2-0, on Thursday, Oct. 15. 

This week, the team visited Winchester on Tuesday, Oct. 20 and beat its archrival, 3-1, in an important away game.

After last week’s win over the Minutemen, Graham said the victory “makes it 21 for 22” in number of postseason appearances to his years as head coach.

“We didn’t play our best, but our young defense came through for us,” he said, including defender Rachel Berets – the most senior member of the backline as a junior – who cleared a Lexington shot off the goal line just nine minutes into the game.

The Minutemen – which Belmont beat last month, 1-0, in Lexington – had the majority of the play and threatened to score throughout the first half including hitting a post and sending an open net shot over the crossbar.

But Belmont found its bearings in the second half, leading to two quick goals. Leading scorer Carrie Allard took a perfectly-weighted pass between the two center backs and slipped the ball by the Lexington keeper with 28 minutes remaining in the game. 

Four minutes later, Kristin Gay snuck the ball into the net sitting on the right post. 

Belmont’s Reagan Haight kept the clean sheet for her first shutout this season. 

Graham praised the play of sophomore Eliza Filler, who recorded both assists coming off the bench.

“She was a spark plug out there,” said Graham. 

On Monday, Belmont welcomed a starter’s return to form as junior forward Julia Cella broke her duck and scored her first goal of the season to lead the Marauders over the Sachems. 

Belmont is currently 9-5-0 and faces Reading at Harris Field on Thursday, Oct. 22 at 6 p.m.

Mount Auburn Sponsoring 8-Week ‘Living with Cancer’ Workshop

Photo: Mt. Auburn Hospital. 

Cancer diagnosis brings with it a world of testing and treatments, as well as heavy emotional and physical demands. At times, these elements can seem overwhelming, but they don’t have to be.

Mount Auburn Hospital – the closest full-service hospital for Belmont residents – recognizes these difficulties and has developed its Mind/Body Medicine Program to help patients maintain good mental and emotional health through their treatment and recovery.

This fall, the hospital is pleased to present the Living with Cancer Workshop, an eight-week group focused on reducing stress and promoting resilience.

Participants will be introduced to relaxation techniques, meditation, spirituality, yoga, Tai chi, and nutrition. Unlike most other therapies, these techniques can be learned and practiced independently to foster the mind-body connection and ease the process. 

The workshop will meet every Tuesday for eight weeks from 3:30 p.m. to 5 p.m. beginning Nov. 3 at Mount Auburn Hospital, 330 Mount Auburn St. in Cambridge.

This course is complementary to patients. To enroll, contact Meredith Hobson, LICSW at 617-499-5665 x 4664.

Founded in 1886, Mount Auburn Hospital is a teaching hospital of Harvard Medical School, with a mission is to deliver healthcare services in a personable, convenient and compassionate manner, with respect for the dignity of patients and their families.  

Final Chance for Health Department-Sponsored Flu Shot Wednesday, Oct. 21

Photo: Get your flu shot Wednesday evening.

The final date for residents to receive a flu shot sponsored by the town’s Health Department will be Wednesday, Oct. 21 between 6 p.m. and 8 p.m. at the Temple Beth El auditorium, 2 Concord Ave.

Residents as young as five years old can receive the flu shot.

There is a limited amount of vaccine, and the clinics will be run on a first come, first served basis.
Bring your health insurance card, as the town, can be reimbursed at no cost to you. Remember to wear a short sleeved shirt.
Call the Belmont Health Department at 617-993-2720 with any questions.

More Paving! Concord Avenue Work Begins Wednesday morning

Photo: Paving on Concord Avenue. 

Just as paving begins for ten days on Trapelo Road, the town’s Office of Community Development announced the second – albeit much shorter in duration – major paving project on the main thoroughfare happen this week.

Starting at 6 a.m., Wednesday, Oct. 21, and continuing for the remainder of the week, the E.H. Perkins Construction will begin the final paving of Concord Avenue (east and westbound) from the US Post Office near the commuter rail bridge to Cottage Street.

Also, the entire length of Cottage Street, from Concord Avenue to School Street, will also be rehabbed.

According to Belmont Police, Concord Avenue will be open for traffic. However, motorist, residents, and tenants are advised that all vehicles will be traveling on one side of the roadway or the other during the working hours as delineated by the traffic cones.

On-street parking on both sides of Concord Avenue will not be allowed from Goden Street to Common Street and on Cottage Street, affecting several sporting events being held at Harris Field.

Finally, Cottage Street may not be available at brief times during the placement of the asphalt.

The Town’s contractor and the Town will make every effort to reduce any inconveniences as possible.

For any questions or concerns about the project, contact Robert Bosselman, resident engineer in the Office of Community Development, at 617-993-2650.