logo
Share SHARE
FONT-SIZE Plus   Neg

Beacon Federal Bancorp Q4 Profit Falls

Beacon Federal Bancorp, Inc. (BFED), the holding company for Beacon Federal, reported fourth-quarter net income of $0.8 million or $0.13 per share, down from last year's $1.4 million or $0.23 per share.

Net interest income for the quarter declined to $7.3 million from $7.9 million last year. Net interest margin decreased 24 basis points from last year due to a decrease in the average yield of interest-earning assets.

Non-interest income for the quarter increased to $5.1 million from $1.3 million last year, mainly due to a gain from the sale of the Texas branch operations.

Provision for loan loss for the quarter was higher at $6 million, compared to $2 million a year ago.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT