BELMONT, Mass.--(BUSINESS WIRE)--BSB Bancorp Inc. (NASDAQ-BLMT), the holding company for Belmont Savings Bank (the “Bank”), today announced that it was listed among Fortune Magazine's 100 Fastest Growing Companies in the nation in 2018. The top 100 performers were ranked according to growth in revenues, profits, and stock returns over a three-year period and were chosen from more than 3,000 companies listed on U.S. stock exchanges.
This year, only seven Massachusetts companies were named to Fortune magazine’s 100 fastest-growing companies list. Belmont Savings was the sole bank from New England to receive this recognition, and is the only non-tech company from Massachusetts featured by Fortune. It is one of only 10 banks nationally included in this highly selective list.
“We are honored to once again be recognized by Fortune as one of the nation’s 100 fastest-growing companies,” said Bob Mahoney, president and CEO of Belmont Savings Bank. “Our inclusion on this list - alongside Netflix and Amazon – for a second year in a row is a testament to our team’s successful execution of a disciplined and growth-driven strategy.”
The recognition follows Belmont Savings’ inclusion on last year’s Fortune Magazine list, one of only 60 companies to be cited both years.
A more detailed description of Fortune Magazine's methodology is provided below.
Fortune Magazine's List Methodology
To qualify, a company -- domestic or foreign -- must be trading on a major U.S. stock exchange; report data in U.S. dollars; file quarterly reports with the SEC; have a minimum market capitalization of $250 million and a stock price of at least $5 on June 29, 2018; and have been trading continuously since June 30, 2015. Companies must have revenue and net income for the four quarters ended on or before April 30, 2018, of at least $50 million and $10 million, respectively, and have posted an annualized growth in revenue and earnings per share of at least 15% annually over the three years ended on or before April 30, 2018.
Companies that meet these criteria are ranked by revenue growth rate, EPS growth rate, and three-year annualized total return for the period ended June 29, 2018. (To compute the revenue and EPS growth rates, Fortune uses a trailing-four-quarters log linear least square regression fit.)
The overall rank is based on the sum of the three ranks. Once the 100 companies are identified, they are then re-ranked within the 100, using the three equally weighted variables. If there is a tie, the company with the larger four-quarter revenue receives the higher rank.
Excluded are real estate investment trusts, limited liability companies, limited partnerships, business development companies, closed end investment firms, and companies that lost money in the quarter ended on or before April 30, 2018. In addition, Fortune excludes companies that have announced intentions to restate previously reported financial data, if these errors appear to have a significant impact. Also, Fortune excludes companies that lost money in the quarter ended May 31 or June 30, if the loss represents deterioration in business conditions. The data are provided by Zacks Investment Research. The data checking process was aided by information provided by S&P Global Market Intelligence.
About Fortune Magazine
Fortune is a global leader in business journalism with major franchises including the Fortune 500 and the Fortune 100 Best Companies to Work For. Fortune Live Media extends the brand's mission into live settings, hosting a wide range of annual conferences, including the Fortune Global Forum.
About Belmont Savings Bank
Belmont Savings Bank is a $2.91 billion, full-service Massachusetts savings bank dedicated to quality, convenience, and personalized service. The bank builds on a proud history of financial strength and a tradition of active involvement in the community. Belmont Savings Bank provides a full range of banking services for professional commercial real estate investors, developers and managers as well as individuals and local small business owners through two full-service offices in Belmont, one full-service office in Watertown, and three full-service Star Market branches in Waltham, Newton and Cambridge. Find out more information by visiting: https://www.belmontsavings.com or Like Belmont Savings on Facebook. Member FDIC. Member DIF.
