Provident profit jumps 28 percent
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- January
- 28
Montebello-based Provident New York Bancorp, the parent company of Provident Bank, reported today that its profit increased nearly 28 percent during the first quarter of its fiscal 2008.
The company said it had a profit of $5.9 million during the quarter that ended in December, compared with a profit of $4.6 million a year earlier. On a per-share basis, the company earned 15 cents, up from 11 cents.
George Strayton, the president of the bank  which is now the largest locally-based financial institution in the tri-county area  said Provident showed improvement in its interest income, interest expense, non-interest expense and non-interest income. He called those metrics “the four pillars of net income�  or profitability.
“By staying focused on our core business and sound banking practices, we are not burdened with the credit problems associated with subprime loans,� he said in a statement released by the company. “We continued to direct our efforts toward strengthening our customer relationships with a full array of loan products and deposit services.�
Provident shares rose 36 cents to close at $12.15 today. The company released the earnings report after the stock market closed.
Just over one half of 1 percent of the company’s loans were classified as non-performing, meaning the borrowers were not making timely payments.
This entry was posted
on Monday, January 28th, 2008 at 5:53 pm by Allan Drury.
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