Higher 4Q profits reported at Provident Bank
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- October
- 24
Jerry Gleeson
The Journal News
The parent company of Provident Bank in Montebello said it had higher profits and revenues for the fourth quarter and its full fiscal year, citing loan growth and more efficient operations.
The parent, Provident New York Bancorp, said that for the fourth quarter ending Sept. 30, it had net income of $6.5 million, or 17 cents a share, on net interest income of $25.5 million. For the comparable quarter a year earlier, it had net income of $5.15 million, or 13 cents a share, on net interest income of $22.2 million.
For fiscal 2008, it had net income of $23.8 million, or 61 cents a share, on net interest income of $95.3 million. for fiscal 2007, it had net income of $19.6 million, or 48 cents a share, on net interest income of $84.7 million.
Loans at Sept. 30 grew to $93.5 million, up 5.7 percent from the end of fiscal 2007. Growth was mainly in the commercial sector, the bank said.
The company charged off $1 million in the fourth quarter, compared to $812,000 in the third quarter and $910,000 for the fourth quarter of fiscal 2007. It said it doesn’t originate subprime residential mortgages and doesn’t hold any preferred stock in government sponsored entities that needs to be written down.
Provident’s efficiency ratio improved. The ratio, a figure that reflects the amount of revenue that covers expenses, dropped from 70.1 percent in the fourth quarter of fiscal 2007 to 63.2 percent in the fourth quarter of 2008.
Reach Jerry Gleeson at jgleeson@lohud.com or 914-694-5026.
This entry was posted
on Friday, October 24th, 2008 at 10:23 am by Jerry Gleeson.
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