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Provident New York Bancorp Q1 Profit Rises

Provident New York Bancorp (PBNY), the bank holding company for Provident Bank, Monday, reported an increase in profit for the first quarter, mainly on higher net interest income and higher net interest income.

The Montebello, New York-based company reported a first-quarter net profit of $5.70 million or $0.15 per share, compared to $3.57 million or $0.10 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter grew to $23.91 million from $22.51 million in the year-ago quarter. Total non-interest income rose to $7.97 million from $5.80 million in the prior-year quarter.

Three analysts had a consensus revenue estimate of $24.02 million for the quarter.

Loan loss provision for the quarter increased to $ 2.85 million from $2.10 million last year.

by RTT Staff Writer

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