Provident Bank posts higher quarterly profits
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- April
- 21
The parent company of Provident Bank in Montebello reported higher profits and revenues in its fiscal second quarter, but also saw an increase in chargeoffs of bad loans as the economy worsened.
The parent, Provident New York Bancorp, had net income of $5.54 million, or 14 cents a share, on net interest income of $23.6 million for its quarter ending March 31. For the comparable quarter a year earlier, it had net income of $5.08 million, or 13 cents a share, on net interest income of $23.2 million.
Net chargeoffs increased to $4.3 million for the quarter, up from $1.9 million in the comparable quarter of 2008. The chargeoffs were centered in the small business loan portfolio, the bank said.
The bank increased its allowance for loan losses to $26.4 million, or 1.52 percent of loans outstanding.
This entry was posted
on Tuesday, April 21st, 2009 at 10:03 am by Jerry Gleeson.
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