USA Bank posts lower 2008 losses
-
- April
- 21
USA Bank of Port Chester reported a net loss of $2.7 million, or 47 cents a share, on net interest income of $5.8 million for fiscal 2008, compared to a net loss of $4.3 million, or 75 cents a share, on net interest income of $4.1 million in fiscal 2007.
The bank said it incurred a one-time expense of $554,000 to buy out its lease at 800 Westchester Ave. in Rye Brook. It said it expects to save more than $30,000 monthly over the 29 months remaining in the lease. It moved its staff to the bank’s main office in Port Chester and an office site in Greenwich, Conn.
The bank increased its loan loss reserve in the face of higher bad loans.
Non-performing loans totaled $9.7 million at the end of 2008, up from $3.6 million a year earlier. It raised its provision for loan losses from $985,000 at the end of 2007 to $1.5 million at the end of 2008.
USA Bank had assets of $209.9 million at year’s end.
This entry was posted
on Tuesday, April 21st, 2009 at 4:35 pm by Jerry Gleeson.
You can follow any responses to this entry through the RSS 2.0 feed.
Print
| 
Email
