Belmont Savings Reports Solid Second Quarter

The money keeps funneling into the vault of the Belmont Savings Bank as BSB Bancorp, Inc., the bank’s holding company, reported on Thursday, July 24, net income of $1 million, or 12 cents per basic and diluted share, for the quarter ended June 30, compared to net income of $361,000, or 4 cents per basic and diluted share, in the second quarter of 2013.

At June 30, the bank’s total assets topped $1.2 billion, an increase of $167.2 million or nearly 16 percent from $1.1 billion at December 31, 2013. The asset growth was funded by customer deposits and borrowings from the Federal Home Loan Bank, according to the bank’s press release.

“The bank is benefiting from positive operating leverage as revenue growth outstrips expense growth. Credit quality remains good,” said Robert M. Mahoney, the bank’s president and CEO. The bank is headquartered on Leonard Street in Belmont Center.

The bank experienced net loan growth of $148.3 million, or 18 percent, from December 31. Commercial real estate loans, residential mortgage loans, home equity loans and indirect auto loans increased by $38.7 million, $61.2 million, $18.4 million and $16.4 million, respectively.

On June 30, deposits totaled $891.9 million, an increase of $127.1 million or 17 percent from $764.8 million at December 31, 2013 with core deposits – which include all deposits other than CD’s and brokered CD’s – increased by $92.1 million.

“Q2 was another good quarter for deposit growth. The maturing of our three InStore branches and the ongoing growth of our municipal banking program drove both checking and savings deposits. In addition, new and expanding small business banking and commercial real estate customer relationships continue to be important contributors to this strong performance,” said Hal Tovin, executive vice president and COO.

Three of the bank’s six branches are located in Shaw’s or Star supermarkets in Waltham, Newton and Cambridge.

As of Monday, July 28, the bank’s stock – which is traded on the NASDAQ under the symbol BLMT – is about a dollar off its 52-week high of $18.20.

Belmont Savings Serves Homer House a Cupola of Loving Care

The Belmont Savings Bank Foundation recently provided a $2,000 grant to the Belmont Woman’s Club to help restore the cupola on the roof of the historic William Flagg Homer House.

The small dome’s damaged state was first noted in a building survey conducted in 2013, with falling structural elements that could have threatened the safety of visitors to the house. The Foundation provided the grant, which will cover half the cost for the restoration, to prevent further damage and keep the house open to the public.

“The Belmont Savings Foundation is thrilled to be offering our support of this critical restorative project,” said Bob Mahoney, President and CEO of Belmont Savings Bank and an officer on the Belmont Savings Bank Foundation.

“The Homer House is a cornerstone piece of our town’s rich history, which is why we felt compelled to ensure its public programming was being maintained during this period.”

The Belmont Woman’s Club is the steward of the 1853 Homer House, a site associated with 19th-century artist Winslow Homer. Tours of the Homer House continues on Fridays and Saturdays in July and August. On view will be the new Homer House exhibit, “Winslow Homer’s Civil War.”

Screen Shot 2014-07-02 at 8.43.34 AMWrapping of the deteriorated roof was an emergency preservation measure taken after harsh conditions this winter rendered the house unsafe for visitors. Investigation and securing of the roof was overseen by Wolf Architects consulting architect Gary Wolf, and Belmont resident and consulting structural engineer, Arthur MacLeod.  John Veale of Vealco Restoration led his crew in the successful repairs to the Homer House.

Since 2012, the Belmont Savings Bank Foundation has given more than $225,000 to non-profits and educational institutions in Belmont, Watertown, Waltham, Newton and Cambridge. The mission of the Foundation is to provide financial support to non-profit groups, institutions, schools or other organizations operating in the communities in which Belmont Savings Bank operates.

Belmont Savings Bank is a $1.2 billion, full-service Massachusetts savings bank dedicated to quality, convenience, and personalized service.

Belmont Savings Reports Strong Quarter

Despite a winter that didn’t appear ever wanting to end and continued sluggishness in the general economy, Belmont’s only bank headquartered in the “Town of Homes” had a spring in its step over the first three months of the year.

BSB Bancorp, the holding company for Belmont Savings Bank located in Belmont Center, reported a strong first quarter of 2014, according the bank’s CEO.

“The quarter was marked by significant loan and deposit growth which fueled the bottom line improvement.  Core expense growth has slowed and credit quality remains good,” said Robert Mahoney, BSB Bancorp’s president and CEO, who in February was selected the “most admired CEO of a small or mid-sized company” in the state by the Boston Business Journal.

As a result, net income came in at $680,000, or 8 cents per basic and diluted share, for the quarter ended March 31, compared to net income of $416,000, or 5 cents per basic and diluted share, in the first quarter of 2013.

The bank’s stock, under the symbol BLMT and sold on the NASDAQ, is off its 52-week high of $18.65 and closed yesterday, April 23, at $17.07.

Net loan growth increased by slightly more than 10 percent over the final three months of 2013 or about $88.6 million in new loans with more than half commercial loans.

Deposits at the bank’s six full-service branches in Belmont, Newton, Waltham, Watertown and Cambridge totaled $827.7 million, an increase of $63.0 million or 8.2 percent from the $764.8 million the bank had on Dec. 31.

As of March 31, total assets for the business were $1.2 billion, an increase of $114.4 million or 10.8 percent from the $1.1 billion at the end of last year.

Nice Day for a Belmont Egg Hunt

As the appointed time grew near, the anticipation on the hunters’ faces stood out: the widening eyes, the tightening grip, the impatient moving of their feet.

“Is it time?” one said to a friend, eager for the start.

Then, a few minutes after 10 a.m., the momentum to chase was just too much to bear and with a silent “Tally Ho!” the mob broke and the prize was afoot.

Before them, hundreds of colorful plastic eggs with candy and prizes inside. And they would not be content until they had secured their 10 egg limit.

For the 14th year, the Belmont Activities Committee held its annual Belmont Egg Hunt in the Chenery Middle School field on the Saturday before Easter. This year saw slightly less participants then years past but that didn’t mean that most of the hundreds of eggs spread over the field were placed into baskets and bags within the first 10 minutes.

The smallest hunters had their own hunt in the playground of the school where many took advantage of the slides and climbing stairs. Others got their photos taken with the Easter Bunny, had their face painted by Cultural Care Au Pair, parents ate donuts and drank coffee while everyone danced and sang with Marcie of Kids Music by Marcie

This year’s main sponsor was Belmont Savings Bank which gave away “gold” coins for those who found some of the special eggs left on the field.

Other sponsors of the Egg Hunt include: Champions Sporting Goods, Cultural Care Au Pair, Dunkin Donuts, Gregory’s House of Pizza, Hammond Residential, Kendall Confectionary, Lawndale Realty, Moozy’s Ice Cream and Yogurt Emporium, Paprika Kids, Patrick Murphy, Coldwell Banker, Tokyo Joe’s, Toy Shop of Belmont and Wheelworks.

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Get Ready Kids: Belmont’s Egg Hunt This Saturday

Hundreds of basket holding kids from toddlers to nine-year-olds will descend on the Chenery Middle School field  this Saturday to participate in the Belmont Activities Committee’s 14th annual Belmont Egg Hunt.

The dash for eggs will begin at 10 a.m. sharp – do not be late! – on Saturday, April 19, rain or shine.

This year there will be a special area for toddlers to hunt for eggs in the playground.

In addition to being the presenting sponsor this year, Belmont Savings will also be giving away 200 “gold” coins at the event. Eggs with special gold coin slips can be redeemed at the tent during the hunt. There will also be a chance to win a bike.

Entertainment will be provided by Marcie of Kids Music by Marcie. The Easter Bunny will be on hand to pose for pictures and free refreshments and live music will also be offered.  Face painting will be provided by Cultural Care Au Pair.

Other sponsors of the Egg Hunt include: Champions Sporting Goods, Cultural Care Au Pair, Dunkin Donuts, Gregory’s House of Pizza, Hammond Residential, Kendall Confectionary, Lawndale Realty, Moozy’s Ice Cream and Yogurt Emporium, Paprika Kids, Patrick Murphy, Coldwell Banker, Tokyo Joe’s, Toy Shop of Belmont and Wheelworks.

For additional information on the branch egg hunt, please visit the Belmont Savings Bank’s website.