Provident profit grows to $6.3 million

July

Provident New York Bancorp, the Montebello-based parent company of Provident Bank, said this morning it earned $6.3 million, or 16 cents a share, during its fiscal third quarter, compared to $5.4 million, or 13 cents a share, last year.

The company said its deposits grew 3.1 percent during the quarter, which ended in June.

Net interest income was $24.2 million, a $1.9 million increase from 2007.

George Strayton, the president and chief executive of the company, said: â€œOur business mode is performing well in this challenging economic environment as evidenced by the significant increase in earnings. During the quarter, we grew our commercial loans by $31 million, or 3 percent, and our transaction account balances increased by $56 million, or 11 percent, and continue to average 31 percent of quarterly deposits.

This entry was posted on Monday, July 28th, 2008 at 8:39 am by Allan Drury.
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