Belmont Savings Tops $2B in Total Assets with Record Earnings

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Photo: Belmont Savings Bank.

It’s been a busy and fruitful 2016 for Belmont’s most prominent business.

BSB Bancorp, Inc., the holding company for Belmont Savings Bank, the state-chartered savings bank headquartered in Belmont, reported last week a jump in net income – the difference between revenues generated by interest-bearing assets and the cost of servicing liabilities – of $3.2 million for the quarter ended Sept. 30, 2016.

When compared to net income of $1.9 million for the quarter ended Sept. 30, 2015, the bank saw the quarter-to-quarter increase in net income of a whopping 70 percent. 

This marks the Bank’s 13th consecutive quarter – more than three years – of earnings growth. For the nine months ended Sept. 30, 2016, the bank reported net income of $8.7 million compared to net income of $4.8 million for the nine months ended Sept. 30, 2015, or an increase in net income of 79 percent.

As of Sept. 30, 2016, total assets were $2.07 billion, an increase of $260.8 million or 14.4 percent from $1.8 billion at Dec. 31, 2015. The asset growth was primarily funded by growth in deposits and federal home loan bank advances.

The bulk of the bank’s growth came from healthy net loan growth of $251.4 million or 16.4 percent since the beginning of 2016.

“Strong loan growth pushed us past the $2 billion total asset mark this quarter. Good expense control and sound risk management were the foundations for our 13th consecutive quarter of earnings growth,” said Bob Mahoney, the bank’s president and CEO.

The jump in loan activity can be seen throughout all real estate lending groups as residential 1-4 family real estate loans, construction loans, commercial real estate loans, home equity lines of credit and commercial loans increased by $238.2 million, $16 million, $13.2 million, $10.8 million and $8.1 million, respectively.

Sports: Belmont Field Hockey Cools Off Lexington, 4-1, as Birthday Girl Leads the Way

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Photo: AnnMarie Habelow (center) and Julia Chase (right).

Playing its most complete game of the season, Belmont High Field Hockey swept aside a red-hot Lexington High squad, 4-1, in a critical game for the Middlesex League Liberty championship played under the lights Thursday, Oct. 20, at Harris Field.

Goals by newly-promoted forward sophomore Bridget Gardiner (11 minutes into the game) and junior Alexa Sabatino (midway through the first half) were coupled by a pair in the second half – senior co-captain AnnMarie Habelow at the 21-minute mark and freshman Katie Guden with 8 minutes left – as Belmont controlled the play for long stretches.

A lone goal by Minuteman’s Cecilia Brennan with 7 minutes remaining in the game spoiled goalie’s Christina McLeod shutout. 

“We’re gelling as a team and you saw it tonight as this game was the best of the year,” said Belmont Head Coach Jessica Smith. 

“We dominated that entire game. Everyone stepped up against Lexington,” said Habelow, who celebrated her 50th regular season victory over her four varsity seasons. 

“Towards the end of the season, the last five games are our best played because we’re all use to each other,” she said. 

Ranked 12th in the Boston Globe’s Field Hockey poll, Belmont now stands at 12-2-0, handing Lexington (11-4-0, ranked 20th) its fourth overall loss and second defeat to the Marauders this season. Belmont next plays second place Winchester (10-2-2, ranked 5th) – which beat Belmont three weeks ago, 3-1 – in a game that decides whether the Marauders retains an outright title or shares one with Winchester.

The game is at Winchester on Monday, Oct. 24 at 3:30 p.m.

Before the game, Smith made a tactical switch placing freshman forward Guden in the midfield and putting sophomore Gardiner at inside forward. The move allowed Gardiner – who plays ice hockey for Belmont High – to use her physical presence in front of the goal to great effectiveness (her goal came from challenging for the ball and directing it in) while Guden thrived partnering with Habelow and Lilly Devitt developing the offense through the middle.
 
“That move was phenominal,” said Habelow of the switch. “She’s a natural.” 
 
Smith said she was most impressed with the team passing throughout the match.
“They are looking to each other that it’s just beautiful to see,” she said. Belmont’s passing was able to release fowards Sabatino, Jordan Leffiere and sophomore Morgan Chase, who used her deft dribbling to weave through the defense to take four in-close shots, only to be robbed twice of certain goals by Lexington’s goalie Abbie Ortyl who was outstanding Wednesday.  

While the victory was highlighted by the outstanding show of skill and work rate by the 11 players, Habelow dominated the action. One day short of her 18th birthday, the two-time Boston Globe All-Scholastic and senior captain – who is committed to play at NCAA Division 1 Top 10 Louisville – demonstrated a level of maturity and polish that, with her innate leadership, saw her control the game’s tempo and direction.

When Lexington – which defeated at the time league-leader Winchester, 2-1, on Monday, Oct. 17 – attempted to use its athleticism to swamp Belmont on the counterbreak, Habelow tracked back to bolster an already steady backline of Molly Goldberg, Meri Powers and defensive stalwart, UNH-commit Julia Chase which Smith called “a wall all night” who put the clamps on Lexington’s senior Emily DeVine. 

“The thing about AnnMarie is now she’s really fighting to recover back and that’s helping us so much because she’s getting it back. And that helps our whole transition,” said Smith.

On offense, Habelow – who sees double and triple player defenses employed against her – can methodicially move the ball with her stick skills or simply blast the long ball to teammates. An she is more than capable to powerhit a ball from nearly 20 meters into the back of the net.

“I know what it feels like when I put in that extra effort. It’s not a good feeling not playing well so it’s always fun to try as hard as I possibly can,” said Habelow. 

With the Winchester rematch on Monday, Smith said the team is more motivated as the season comes to a close “so I’m hoping from here they keep playing like they did tonight for the rest of the season.”

Here’s Your Chance to Help Belmont High Sports: Support the ‘B’ Drive

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Photo: Something everyone can use. 

The Belmont Boosters Club will be holding its annual Fall Fundraising “B” Drive on Sunday, Oct. 23 from noon to 2 p.m. 

This is a door-to-door campaign during which BHS student-athletes canvass the town on specific routes, soliciting donations for the Belmont Boosters Club, a 501(c)3 organization whose mission is to provide funding for items that are outside of the school’s athletic budget.

In the past five years alone, the Boosters has donated approximately $150,000 across a broad range of Belmont High School athletic programs, in addition to providing all of the varsity “letter jackets” earned by high school athletes and awarded during the seasonal athletic-award ceremonies held throughout the school year.

The Fall Fundraising Drive is an integral component of the Boosters’ overall fundraising efforts and is critical to its ability to support BHS athletic programs in a meaningful way.

Please donate.

Belmont Students Head to the Charles on Sunday For a Long Row

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Photo: Arlington-Belmont Crew at the Head of the Charles.
The 2016 Head of the Charles, rowing’s annual “Woodstock” and one the largest congregation of athletes outside of the Olympics with 11,000 participants, will be well represented by Belmont High School students on the event’s second day, Sunday, Oct. 23. 

As members of the Arlington-Belmont Crew Club – made up of high schoolers from both towns – the hometown athletes will be rowing in three youth competitions:
  • 10:05 a.m.: Women’s Youth Eights (bow #41)
  • 11:33 a.m.: Men’s Youth Fours (bow #36)
  • 12:43 p.m.: Men’s Youth Eights (bow #14 – which is ABRC’s highest seed.)
The Belmont High School students rowing and coxing on Sunday include:
  • Emma Gharibian, Melissa Bazakas-Chamberlain, Alena Jaegar, Sophia Haska, Casey Reed and Alexia Assimakopoulos in the Women’s Youth Eights.
  • Nick Krom, Lucas Abeln and Nick Hanify in the Men’s Youth Fours.
  • Charlie Yeh, Adam Cronin, Joe Wenzel and Ian McCabe in the Men’s Youth Eights.
Arlington-Belmont Crew is a club team open to students who attend Belmont and Arlington high school. No prior rowing experience is necessary. 
To learn more, speak to a member of the team or read about the team at its website.

Letter to the Editor: Vote No On The Charter Schools Ballot Question

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Photo: credit Portside

To the editor:

In the spring of 2015, Belmont residents voted for an override to better fund our schools and town infrastructure. Faced with rising budgets and kids with varied needs, we voted to increase our taxes. Other communities across the state have done the same. Massachusetts public schools remain the best in the country because of our dedicated teachers, administrators, kids, parents and taxpayers.

Now schools across Massachusetts face a new challenge: Ballot Question 2. This is a state-wide ballot initiative funded substantially by out-of-state billionaires. The initiative proposes to approve 12 new charter schools per year forever, with no limit on location within the state. Charter schools are publicly funded schools that are privately run with no local oversight. As a result, charter schools aren’t truly “public”: they don’t enroll as many differently-abled students or English language learners, yet the majority of their funding comes from diverting money from local school districts that are already struggling to make ends meet.

So far, the amount of money diverted from Belmont to charter schools has been relatively low ($31,284 projected for the fiscal year 2017), but with the ballot question placing no limits on location, we have no control over how much might be diverted from our schools in the future.

Please join me in voting No on 2 this November.

Mary Lewis
Randolph Street

Penultimate Market Day of Season Today, Thursday

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Photo: Market Day in Belmont

It’s your next to last chance to shop at Belmont’s freshest market as the penultimate Farmers Market Day of the 2016 season takes places this afternoon, Thursday, from 2 p.m. to 6 p.m.

And his mid-fall market includes pumpkins that can be used for pie filling, seeds or Jack-o-lanterns, gourds, potatoes and loads of apples.

Occasional vendors Chrissy’s Crumble, Turtle Creek Winery, Underwood Greenhouses, Valicenti Organico, and Warren Farm and Sugarhouse will be at the market today.

Schedule of Events
2 p.m.: Tasting by The Vintage Tea and Cake Company
4 p.m.: Storytime with the staff of the Belmont Public Library
4:30 p.m.: Music by The Hoot Owls

The market is located in the rear parking lot behind Belmont Center on Claflin Street.

Breaking: Cushing Village Project Is A Go with Toll Brothers’ Purchase of Parking Lot by Toll

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Photo: Coming attractions

Finally.

Earlier today, Wednesday, Oct. 19, developer Toll Brothers officially took possession of the municipal parking lot in Cushing Square after purchasing the parcel for $1.335 million from the town, according to Town Administrator David Kale.

Kale said the multi-use project will begin the construction phase with the closure of the lot in the next few days. 

Before Wednesday’s Special Town Meeting, Board of Selectmen Chair Mark Paolillo made the closing announcement.

“It’s finally over,” said Paolillo. 

Kale said Toll Brothers will also be putting forth a press release that will detail the construction of the 167,000 square foot, three building project in the heart of Cushing Square. 

Cushing Villiage is a three building development that will include approximately 38,000 square feet of commercial space, 115 dwellings units – 60 two-bedroom units and 55 one-bedroom unit – and 225 parking spaces including 50 municipal spaces.

Sports: Belmont Field Hockey Face Tough Final Stretch in Defense of Title

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Photo: Molly Goldberg (#24)

In her four years playing field hockey for Belmont High School, Molly Goldberg has been a solid presence on the right side of the Marauders’ back line. In most of the 60-plus games for Belmont, Goldberg rarely ventures past the midfield line.

But that doesn’t mean Goldberg wasn’t hoping for one chance to take a shot and hear the ball hit the back of the net for a goal.

“I’ve wanted a goal just to say I have one,” said Goldberg, who remembered back in her sophomore season when an apparent goal was given to another player. 

“I still remember that one,” said Goldberg.

So in a game against a rebuilding Woburn squad on Monday, Oct. 17, with the game in hand, Head Coach Jessie Smith took most of her starters out and allowed her defenders a chance up in the offense. 

And with five minutes remaining in the game, Goldberg was in a scrum in front of the Woburn goal and took the shot … and scored. Goldberg, who joined her backline mates Julia Chase and Hanna Power and role player Chloe Brown scoring, waved and skipped up the field in celebration.

“It was great and fun to finally score,” she said.

The Woburn shutout victory is preparation for a tough final three games of the regular season for the Marauders (11-2-0) as they battle to defend their 2015 Middlesex League Liberty Division title against the two teams nipping at their heels.

On Thursday, Oct. 20 at The Harris, Belmont, ranked 12th in the Boston Globe top 20 poll, hosts Lexington (11-3-0, 20th in the top 20) in a battle the first and second place teams in the league. Lexington comes to Belmont having defeated Winchester, the 5th ranked Globe team, on Monday. Belmont defeated the Minutemen in September, 3-0, as freshman Katie Guden scored a hat trick.

The Lexington game will be under the lights starting at 6 p.m.  

On Monday, Oct. 24, Belmont travels to Winchester, 9-2-2, for a 3:30 p.m. game. Winchester defeated Belmont at Harris 2-0 three weeks ago. 

Belmont finishes the regular season against Reading at home at the Harris on Wednesday, Oct. 26 at 6 p.m. Reading gave Belmont a scare last month, losing 2-1.

With RE/MAX, BHS Students Making Great Strides Fighting Breast Cancer

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Photo: The RE/MAX team showing their support on the street.

The Belmontian Community Service Club at Belmont High School is getting a big assist in its annual appeal to help fight breast cancer from the newest real estate office in the Center. 

“Because we are fortunate that RE/MAX Leading Edge (formerly Hammond Residential Real Estate) is sponsoring the entire cost of the t-shirts, every penny will go to the American Cancer Society’s breast cancer efforts through the Belmont High School Making Strides Against Breast Cancer team,” said Alice Melnikoff, community service coordinator at Belmont High School.

The shirts are being sold for $10 each at Belmont High School and at RE/MAX Leading Edge, located in Belmont Center at 84 Leonard St.

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