Belmont Savings Extends Reach, Opens In Waltham

Branch opening coincides with release of first quarter results.

A branch of Belmont Savings Bank will open for business today, May 1, in Waltham, the first located outside the bank's traditional Belmont/Watertown home.

The bank, at the Shaw's supermarket at 1070 Lexington St., is a full-service branch with two ATMs and a night drop box. 

The branch, the first expansion by the Belmont Savings in more than a decade, coincides with the bank releasing its first quarter earnings in 2012, showing net income of $447,000 as compared to net income of $1.5 million for the first quarter of 2011.

Since the beginning of the year, Belmont Savings' assets have increased by $49.7 million or 7.4 percent to $718.7 million.

Looking at the numbers, the bank has seen net loan growth, including loans held for sale, of $29.5 million, or 5.6 percent since the end of December, "primarily the result of significant increases to the commercial real estate, home equity and commercial loan portfolios, which have increased by $28.0 million, $4.2 million and $2.3 million, respectively," said a press release from the bank.

The growth in its loan portfolio was funded primarily through growth in deposits.

As of March 31, deposits at the bank totaled $493.5 million, an increase of $62.9 million or 14.6 percent in just the past three months.

Wall Street and investors apparantly like what they see, as the bank's stock price has risen from an initial $10 to just over $12 as of Tuesday.

“We are very excited to open our first new branch in 10 years in Waltham," said Belmont Savings' President and CEO Bob Mahoney.  

“In addition, our focus on community involvement makes Waltham the perfect town for our expansion."

Since converting to a stock-owned company, Belmont Savings has focused on opening new branches. There are now five branches in three communities.


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