Beacon Federal Bancorp, Inc. Announces Financial Results for the 1st Quarter ...

11.05.10

, The holding company for Beacon Federal, announced today net income for the quarter ended March 31, 2010 of $1.3 million, or $0.21 per basic and diluted share, from $436,000, or $0.06 per basic and diluted share for the quarter ended March 31, 2009, an increase of $858,000.

Ross J. Prossner, President and CEO of the Company said, "As demonstrated by our strong results this quarter, Beacon Federal is persevering towards our goal of safe, sound and secure growth. Working within an unfavorable business environment, we continue to see opportunity for growth in our loan portfolio for credit worthy businesses and individuals in the markets we serve. Through disciplined deposit pricing we were able to sustain our loan growth to provide for the capital our community members need, while keeping our cost of funds at a record low 2.63%. Our net interest margin continues to trend favorably, improving to 3.02%. Our positive momentum has resulted in a 16% increase in the tangible book value of our stock since March 31, 2009. As previously announced, we are taking advantage of this value by authorizing our fourth stock repurchase program for up to 5% of our outstanding shares."

Source: MarketWatch (press release)

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