Orangeburg-based USB reports lower quarterly earnings
-
- April
- 25
U.S.B. Holding Co., parent to Union State Bank, reported today that first-quarter earnings fell 17.3 percent to $6.7 million from $8.1 million a year ago. On an individual-share basis, the company earned 30 cents a share compared to 36 cents a share last year, it said.
Earnings were driven lower by increased competition for loans and deposits in USB’s market area, said Chairman and Chief Executive Officer Thomas E. Hales. The Orangeburg-based bank has branches in Rockland, Westchester and Orange counties, as well as Manhattan and Stamford, Conn.
In addition, Hales said, narrower interest-rate spreads, the difference between what a bank pays on deposits and earns on loans, “has significantly contributed to the decrease in net income.�
To help counter those effects, Hales said the bank plans to increase outstanding loans while obtaining new customers and hanging on to those it has.
The bank noted it plans to soon open branches in Croton-on-Hudson and Monroe.
This entry was posted
on Wednesday, April 25th, 2007 at 6:03 pm by David Schepp.
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