Friday, Meridian Interstate Bancorp, Inc. (EBSB), the holding company for East Boston Savings Bank, reported a wider loss for the fourth quarter, hurt by loan loss provisions.
The East Boston, Massachusetts-based company posted a wider net loss of $1.71 million or $0.08 per share from $22 thousand a year ago.
Total interest and dividend income increased to $13.52 million for the quarter from $12.81 million last year, while non-interest income slipped to $339 thousand from $452 thousand a year ago.
Loan loss provision amounted to $2.9 million in the quarter, compared to $465 thousand in the prior-year period.
Deposits increased by $22.4 million or 2.9% for the year ended December 31, 2008 due mainly to an increase in money market balances of $34.2 million or 24.7%.
For fiscal 2008, the company posted a net loss of $2.1 million, compared to net income of $2.3 million in the previous year.
The 2008 net loss includes a $3.0 million pre-tax contribution of stock to the company's charitable foundation, and pre-tax compensation charges of $1.5 million as a result of the retirement of the bank's president.
Total interest and dividend income for the year increased to $52.9 million from $49.17 million last year.
EBSB is trading down $0.06 or 0.67% at $8.93.
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