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.
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