Belmont Savings Records Quarterly Earning Record Despite Down Industry News

Don’t tell Belmont Savings Bank you can’t make money taking in deposits and selling loans

Bucking a downward trend affecting the US financial sector where many banks are struggling with sluggish loan growth, BSB Bancorp, the holding company of Belmont Savings Bank, announced record quarterly earnings yesterday, Thursday, Oct. 23, as the Belmont-based state chartered savings bank doubled its net income compared to the same three-month period last year.

The bank, headquartered on Leonard Street in Belmont Center, saw net income in the third quarter of 2014 – in July, August and September – reach $1.2 million with an emphasis on commercial real estate lending and municipal banking. In the first nine months of 2014, the bank reported net income of $2.9 million as compared with $1.3 million in the first three quarters of 2013. 

Since the beginning of the year, the bank’s assets have grown by $281 million to total $1.3 billion on Sept. 30, nearly doubling the size of the bank from $688 million in June 2011 when Belmont Savings went public.

“I am so proud of the work of each of our colleagues. Few teams could accomplish this level of growth while maintaining credit quality and expense control,” said Robert Mahoney, the bank’s CEO and president, in a press release.

Belmont Savings’ stock price (BMLT), $18.40 a share at Friday, Oct. 24 at 1 p.m., is just off its 52 week high of $18.71.

Deposits totaled $931 million, an increase of $168 million or 22 percent from $764.8 million at Dec. 31, 2013. The 33 percent annual growth in deposits in the second quarter of the year, is nearly triple the growth rate of the other 58 Massachusetts banks and double the 17 percent growth among its peers with assets between $925 million to $1.4 billion.

 “We are very pleased that core deposit growth has remained strong. Customer counts and relationship expansion continue to increase in our retail and small business franchises,” said Hal Tovin, the bank’s executive vice president and COO.

But it’s in lending where the bank continues to take big strides. Since the beginning of the year, net loan growth increased by $255 million, up 30 percent. Residential one-to-four family loans, commercial real estate loans, home equity lines of credit, and indirect auto loans increased by $120 million, $63 million, $32 million and $23 million, respectively.

While the bank continues to churn out commercial and business loans – one example being a $18 million loan for Fresh Pond Circle, a 40 unit modular apartment complex in Cambridge – its portfolio is ranked first in lending safety with less than a quarter of one percent (.23 percent) of loans are non-performing. Statewide, the rate is 1.01 percent.

The bank’s lending activity was honored by winning the Best Commercial Real Estate Lending category in Banker & Tradesman’s Best of 2014 issue.

The bank is also increasing its community outreach. Since its creation as a result of the IPO (when it was initially infused with $2 million), the Belmont Savings Bank Foundation has given more than $400,000 to approximately 40 non-profits and educational institutions in Belmont, Watertown, Waltham, Newton and Cambridge. Last month, the foundation  provided a $200,000 matching grant that helped secure the contraction of the new Underwood Pool in Belmont.

This Weekend: Powers Music Tells Babar’s Story Saturday, Recycling Day Saturday

The Powers Music School is teaming up with the Belmont Public Library in presenting “The Story of Babar”, part of the school’s Musical Storytelling Series taking place on Saturday, Oct. 25 at the Belmont Public Library’s Assembly Room. There will be two showing’s of the popular story at 10 a.m. and 11:30 a.m. But be advised to come early as space is limited. The show is free and sponsored by Cambridge Savings Bank.

The Belmont Department of Public Works is holding its Belmont Recycling Day on Saturday, Oct. 25 from 9 a.m. to 1 p.m. at the town’s “transfer station” – the site of the former incinerator – at 1130 Concord Ave. near the Lexington town line. This is the day when residents can bring all those big ridged plastic items, textiles (Are you really going to keep those old drapes in the basement for another year?), paper that needs shredding, Styrofoam and electronics (you may have to pay a small charge). Belmont Savings is bringing its Universal Shredding machine and will be raffling off a $100 Target gift card. For more information, call 617-993-2689 or go online to.

Saturday afternoon, Oct. 25 will see a rare weekend sports doubleheader at Harris Field with Belmont High School Field Hockey taking on arch rival Lexington High at 2 p.m. – rescheduled from Wednesday due to the rainstorm – while Belmont High School Girls’ Soccer hosts Winchester High under the lights at 6 p.m. Come early for the soccer match as it’s Belmont’s Senior Night.

The Belmont Historical Society presents ‘The Belmont Uplands: A History of the Changing Use of Land and Water” by Belmont resident Anne-Marie Lambert on Sunday, Oct. 26 from 2:30 p.m. to 4 p.m. in the Belmont Public Library’s Assembly Room. The presentation is free and open to the public. Refreshments will be served. Contact the Belmont Historical Society for more information at 617-993-2878.

Sports: Belmont Volleyball Has Minutemen in Its Sight for Friday

The Belmont High School Volleyball team is seemingly on cruise control heading into the Div. 2 North sectional tournament with a school record 14 win season (14-4), playing some of its best games in the past few weeks with the squad currently on an 8-1 streak.

But the girls’ have circled Friday, Oct. 24 on their team’s calendar.

“Lexington, home, 4 p.m.”

“This is The game before the playoffs,” said Belmont Head Coach Jen Couture after her squad defeated visiting Winchester High in straight sets; 25-16, 25-9, 25-7, on Seniors Night, Wednesday, Oct. 22, in Wenner Field House.

Led by junior outside hitter Kabita Das, senior middle forward Rosy Fitzgerald and senior libero Sam Nelson, Belmont had its way with the Sachems, running off points multiple times with set spikes, block winners and strong serving. 

So it’s on to Lexington this Friday, one of only three teams to best Belmont this season – powerhouse Melrose and Bedford twice are the others. The Marauders lost in four sets at Lexington on Sept. 30 with Belmont always close to winning but could never complete the comebacks.

A win at Wenner would result in Belmont and Lexington being co-league champions and the Marauders securing a good seed in the sectionals, possibly as high as sixth.

“It’s a big game,” Couture said.

But she said the team will first have to play the game before start thinking of their position in the playoffs.

“We have to prepare to dig a lot harder hits than today because [the Minutemen] are the hardest hitting team we are going to see before the tournament,” said Couture.

“If we dig better than last time, we have become much better with our placement shots and we could give them a lot more competition this time around,” she said.

Rinse, Repeat: Search Committee Rejects All Finalists for Library Director

The search committee created to find Belmont Public Library’s next Library Director will be getting an “overdue” notice after the group rejected what is now the first round of finalist candidates.

“I will stay on until the end of December,” said Maureen Conners, the current Library Director, despite that her retirement party is set. (Nov. 13, 4 p.m. to 6:30 p.m.)

Conners statement came days after the committee put in place by the Belmont Board of Library Trustees voted on a second round of balloting that none of the finalist were qualified for the position. The vote occurred after the unknown number of candidates were interviewed by the committee in October.

The board had announced in August when Conners announced her retirement that a new director would likely be installed by mid-November. Now the earliest the town’s next “head librarian” will be selected is after the New Year.

The director’s salary range is $76,859 to $109,140 commensurate with experience and includes a full benefits package, according to the job notice released in the summer.

Bridging Cultures at Belmont Gallery’s ‘Continental Drift’ Exhibit Opening Friday

The print above is a detail of Iréne Jensen, Troðnar slóðir l /The Paved Way 1, Etching

The Belmont Gallery of Art invites the public to the opening of its latest show: “Continental Drift: Printmakers Converge,” an exhibit of work by members of the Boston Printmakers and the Icelandic Printmakers Association.

The reception takes place this Friday, Oct. 24, from 6 p.m. to 8 p.m. The exhibit will run from Oct. 24 to Dec. 5.

The Gallery is located on the third floor of the Homer Building in the Town Hall Complex, 19 Moore St., right off Leonard Street in Belmont Center behind the Belmont Savings Bank building.

The 60-plus prints showcase a variety of ancient and modern printmaking techniques including etching, Chine-colle, silkscreens, monoprints, woodcuts, intaglio, lithography and digital and electro-photo processes.

 

This cross-cultural show was inspired by the Boston printmakers’ August 2014 trip to Iceland and the resulting collaboration between the two groups of artists.

“Continental Drift” showcases the similarities as well as the differences that exist between the two printmaking groups, but ultimately forges a bridge between the two cultures. “Continental Drift” showcases the art that was created during that process — first exhibited in Reykjavik two months ago and now displayed in Belmont and Newton.

The Scandinavian Cultural Center’s Nordic Hall in West Newton hosts a “Continental Drift” companion exhibit through November with a collection of recent prints by Icelandic artists “inspired by landscapes and human nature.”

The Belmont Gallery of Art will host an Artists Print Talk with American and Icelandic printmakers on Nov. 23, from 2 p.m. to 4 p.m. The Scandinavian Center’s Nordic Hall will host its Artists Reception and Talk, Thursday., Nov. 20, 5:30 p.m. to 7:30 p.m. All events are free and open to the public.

Society has long embraced the printed image: from the earliest depiction of saints in medieval woodcuts through Andy Warhol’s Pop Art silkscreens of modern day symbols. Printmaking as an art form is practiced around the globe—with the images as varied as the regions and cultures that practice the craft.  “Continental Drift: Printmakers Collide” gives art lovers the opportunity to celebrate printmaking traditions—new and old–from two unique–yet connected–world cultures: the US and Iceland.

Please visit the BGA’s website for gallery hours and directions and for more information. Nordic Hall Icelandic Prints exhibit/Artists Talk information can be found at www.scandicenter.org

Sold in Belmont: Inexpensive on Belmont Hill, But to What End?

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

44 Scott Rd. Brick English Cottage (1930), Sold for: $860,000. Listed at $929,000. Living area: 2,368 sq.-ft. 8 rooms; 4 bedrooms, 2.5 baths. On the market: 104 days.

• 667 Belmont St. Up-and-down two family (1923), Sold for: $678,000. Listed at $699,000. Living area: 2,667 sq.-ft. 12 rooms; 5 bedrooms, 2 baths. On the market: 59 days.

• 20 Wilson Ave. #2 First-floor CondominiumSold for: $402,850. Listed at $392,500. Living area: 1,060 sq.-ft. 5 rooms; 2 bedrooms, 1 baths. On the market: 48 days.

• 56 Davis Rd. #1 First-floor CondominiumSold for: $440,000. Listed at $469,000. Living area: 1,600 sq.-ft. 7 rooms; 3 bedrooms, 2 baths. On the market: 83 days.

• 27 Dorset Rd. Historic Royal Barry Wills designed Cottage Cape (1937), Sold for: $742,000. Listed at $859,000. Living area: 1,805 sq.-ft. 8 rooms; 5 bedrooms, 2 baths. On the market: 208 days.

It’s a beautiful Belmont house once the pentacle of residential design when it was built in 1937; a Cape Cod-style cottage lying in the then out-of-the-way section of “the Hill.”

The house at 27 Dorset Rd. was designed by one of the most influential modern residential architects, Royal Barry Wills – whose firm continues today – famous for building the quintessential New England home: solid, classic, refined.

The style was so popular that the year after the Dorset Road house was built, a Wills Cape was selected by winners in a national contest over a modern design by Frank Lloyd Wright! (In retrospect, not the correct choice.)

The Belmont Hill house is modernized with a new chef’s kitchen with maple cabinets and granite (ugh!) counter tops, a new gas furnace, central air and the garage has been heated.

But many of Wills’ quality remains; the square rooms, the bay in the living room, the well-proportioned “wing” which houses two bedrooms and a full bath, the small dormers (so they don’t look “clumsy”), a low roof line, narrow hallways to allow for great space for the rooms.

But the sale of this historic house gives me a bad feeling. I truly hope the buyers – who got the house on “the cheap” for $100,000 below the list – have fallen in love with the beauty of fine architecture and will care for it.

But the house, with a “mere” 1,805 sq.-ft. of livable space – less room than the million dollar condos on Boston’s Waterfront – sits on a third of an acre on the top of sought after Belmont Hill. I fear the sale might be for the land rather than the pretty Cape that sits on it.

Belmont Selectmen Ponder Cellar’s Request for Earlier Sunday Opening

When is it too early to sell beer on a Sunday in the “Town of Homes”?

That’s the question before the Belmont Board of Selectmen after hearing a request from the owners of the Craft Beer Cellar to allow the wildly-successful Belmont Center store to swing open its doors at 10 a.m. on Sundays at its meeting Monday, Oct. 20 at the Beech Street Center .

Suzanne Schalow, Cellar’s co-owner (with Kate Baker), said the business, located at 51 Leonard St., is seeking a “Change in Hours” to its business license, from its current noon opening. The CBC operates from noon to 6 p.m. on Sunday and 10 a.m. to 10 p.m. Monday through Saturday.

Schalow said the change would be in keeping with modifications to the so-called state “Blue Laws” approved by the legislature and signed by Gov. Deval Patrick in July allowing retail businesses catering to alcohol and beer sales to seek an earlier opening. Nearby towns, such as Burlington, have approved such changes, according to news reports.

In addition, the new opening time will make the 10 a.m. opening consistent with the other six days.

“Customers are rattling the door” at 10 a.m., wondering why the business isn’t open, said Schalow. She said many customers this time of year are seeking to purchase beer for pro football viewing parties.

Since opening four years ago next month, CBC’s support of the rapidly growing US microbrewery industry with passionate and knowledgeable employees and managers has been a hit with customers, resulting in the Belmont-based business becoming a national retail trendsetter with 12 CBC stores in Massachusetts, Missouri, Florida, Maine and Vermont with another nine – including proposed locations in the Bay State, Colorado, Mississippi and California – in the planning stages.

For at least one Selectmen, the idea of an early opening is a bit off-putting. While praising the store as a great example of a small business doing good for the town, Selectman Mark Paolillo was hesitant to approve the application out-of-hand.

“I’m not so sure that is the right time for us,” said Paolillo.

While the full board delayed making a decision on the application, it wasn’t due to one town officials personal preference but rather if the board has any jurisdiction on the matter.

“I don’t know if we have the right to turn this application down,” said Selectmen Chair Andy Rojas as the new law could have legal sway over local authorities. Rather than a simple up-or-down vote, the board referred the matter to Belmont Town Counsel George Hall for review.

Football and other sports fans will have to wait until noon before stocking up for at least a few more weeks before a decision is known.

‘Shubha Deepawali’: Diwali Festival Begins Today

http://vimeo.com/53444736

Diwali, the festival of lights for Hindus, Jains and Sikhs, is celebrated today, Thursday, Oct. 23.

Diwali – Sanskrit for “a row of lights” – symbolizes the victory of light over dark, good over evil and knowledge over darkness. The festival is celebrated for five continuous days with the third day, today, as the day for celebrations. 

Diwali is celebrated by wearing new clothes, lighting oil lamps, setting off firecrackers which the festival is associated, decorating the home, giving out mithai – sweets and pastries – and partying with friends and family. Diwali is never complete without the exchange of gifts. This is also the day on which many Hindus begin their new fiscal year.

Sikhs celebrate by reading from the Guru Granth Sahib, the Sikh holy text.

Here is a great article by the Wall Street Journal on 5 Things to Know About Diwali. 

 

Rain? Today Remains the Penultimate Market Day in Belmont This Season

It may be the second straight week in which it’s raining on Thursday but that will not stop the vendors and staff of the Belmont Farmers Market from showing up for the penultimate Market Day of the 2014 season.

The Belmont Farmers Market is open from 2 p.m. to 6 p.m. in the Belmont Center municipal parking lot at the corner of Cross and Channing.

It might be late October, but there is plenty that’s “in season” at the market today: acorn squash, amaranth, apples, broccoli, carrots, chard, collards, cucumbers, delicata squash, eggplant, garlic, kale, onions, parsley, peppers, potatoes, pumpkin greens, radishes, scallions, summer squash and turnips.

Occasional vendors Bedford Blueberry Goat Farm, Coastal Vineyards, Matt’s Amazing Smokehouse, Seasoned and Spiced and Soluna Garden Farm join the regulars this week: C&C Lobsters and Fish, Carlisle Honey, Dick’s Market Garden, The Farm School, Fior d’Italia pasta, Flats Mentor Farm, Foxboro Cheese Company, Goodies Homemade, Hutchins Farm, Kimball Fruit Farm, Mamadou’s Artisan Bakery, Nicewicz Family Farm, Sfolia Baking Company and Stillman’s at the Turkey Farm.
In the Events Tent:

  • Music by Bridget Curzi; 2 p.m. to 3 p.m.
  • Storytime; 4 p.m. to 4:30 p.m.
  • Clay demo and “clay play” by Indigo Fire; 4:30 p.m. to 6 p.m.

Sports: Boys’ Soccer Edge Ranked Lexington, 2-1; Girls’ Soccer Secures Playoff with Win

For Belmont High School Head Coach Brian Bisceglia-Kane, Tuesday’s home game against Lexington High was an exciting one, but “it’s just a regular-season game.” 

But the match, played on Seniors Night at Harris Field, Oct. 21, should be placed in the “signature win” column as the Marauders struck twice early and once late to defeat the one-loss Minutemen – ranked 12th for the past two weeks in the Boston Globe poll – by a 3-2 scoreline.

The win ups the Marauders record to 11-3-2 with two games left in the season; away at Winchester on Saturday, Oct. 25 and a home game on Monday, Oct. 27 vs. non-league Pentucket.

“Under the lights, both teams wanted this and I was proud of their effort tonight. I really like how they came out with a lot of effort and athleticism against Lexington,” said Bisceglia-Kane.

“This was a good measuring stick for the playoffs. Lexington’s a [Division] 1 team and ranked and we weren’t so hopefully this helps their confidence,” he said.

After a celebration honoring the team’s seniors and before parents, family and a loud cheering section, Belmont came out like a whirlwind, out-muscled and outplayed the Minuteman which resulted in the best possible start. At the kickoff, Belmont drove the ball down the right side where leading scorer, Charlie Frigo, picked up the ball 18 meters out, pivoted that left a defenders looking and fired the ball past Minuteman’s Carter Hochman after a mere 36 seconds.

Before the rowdy fans could find their seats, Frigo netted his brace knocking in a cross from Sami Beluadi to give Belmont a 2-0 lead after only three-and-a-half minutes.

But you don’t get to 12 wins out of 14 games without being somewhat good playing the game and Lexington got its mojo going by winning the battle in the midfield by out running the Marauders to the ball and connecting on some sharp combination passing. Some slick passing in the box allowed Henry Troop to one-time the ball by Belmont goalkeeper Peter Berens with seven minutes to go in the first to leave the Minutemen trailing by one at the half.

Lexington would tie the game eight minutes into the second half as defender Alfred Joseph came up from the back to take a short pass from Lewis Mustoe and slipped the ball just under a diving Berens.

With blood in the water, the Minutemen continued its assault only to be thawed by Berens twice including a sliding block at the penalty spot.

At the 30 minute mark with a tie on the board, the game became a grind-it-out affair with much of the action taking place between the goal areas with few solid chances for either side.

Then, against the run of play, Belmont took the lead in the simplest of ways.

Senior forward Luke Gallagher outpaced the Lexington midfielder to take a long clearing pass down the right wing. He quickly passed the ball to the top of the box where a fast-closing Daron Hamparian controlled the ball and shot between the center and right backs and passing a flat-footed Hochman with 13 minutes remaining.

“Sometimes the team is so technically sound that they don’t play a little messier. That [goal] was just a vertical pass [Gallagher] won and passed to [Hamparian], a quick pass and a shot,” said Bisceglia-Kane. “Hopefully we can do this a little more because we tend to be a little too cute with the ball.”

With the exception of a pair of corner kicks which did not reach Berens, Belmont eased to the win.

“The proudest moment for me was when we were let up the lead but then responded,” said Bisceglia-Kane. 

“That’s what you will have to do. There will be moments in the regular season and, hopefully not, but most likely in the playoffs when you need to come back in a game,” he said.

“I always tell the guys they need to play for one another. If you are playing for yourself, you’re never going to be playing your hardest. But when you’re playing for each other that’s when you feel like you’re playing as a team,” said Bisceglia-Kane.

Girls’ soccer returns to playoffs with shutout over Minutemen

The members of the Belmont High Girls’ Soccer team were screaming their collective heads off as their bus passed by Harris Field as the boys’ soccer team was about to kick off with their match with Lexington.

The yelling fest – an ongoing tradition for Belmont’s girls’ squads – meant only one thing: the team had won their away match vs Lexington; and with it, a return to the post-season for the Marauders (9-5-2).

With a first-half goal by senior Sophia Eschenbach-Smith – her second important goal in three games – and the stellar work by the three back line defenders that helped goalkeeper Linda Herlihy to her seventh shutout in the 1-0 victory.

“It was a really good team win and we worked really hard,” said Eschenbach-Smith. “I hope we can keep up the momentum as we are now in the playoffs.”

Eschenbach-Smith scored Belmont’s lone goal in the Marauders’ 1-1 home tie against 15th ranked and league leader Arlington High a week earlier.

The win was payback for a 5-0 home loss to the Minutemen on Sept. 24.

“Today we came out with a real purpose. We needed the one point to get into the tournament. We talked a lot about that and the kids really worked hard and came out fired up,” said Paul Graham, the team’s long-time head coach, who missed last season’s playoffs after a two decade run.

“We played playoff soccer tonight,” said Graham, whose victory total now stands at 298.

Eschenbach Smith scored from a pass from Julia Cella after getting past a defender and burying a left foot shot 15 minutes into the game.

Then Graham allowed Herlihy and his back line to dictate the pace of the game.

“Our defense was tremendous,” said Graham, saying that freshman Natalie Marcus-Bauer, who now starts in the Marauders’ defense with senior leader center back Lucia Guzikowski and Elizabeth Ferrante, “who had her best game” and naming her the Player of the Match. 

With his two outside midfielders – Katrina Rokosz and Elizabeth Ferrante – coming back to cover the wide spaces, “we had five players taking on their two forwards.” When the Minutemen did have opportunities to score, Herlihy was there to crush those chances.

“I have to thank my defenders. They do a great job every game. If I get a shutout, it’s a team shutout,” said Herlihy.