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EAST SYRACUSE, N.Y., July 29, 2010 (GLOBE NEWSWIRE) -- Beacon Federal Bancorp, Inc. ("the Company") (Nasdaq:BFED), the holding company for Beacon Federal, announced today net income increased $790,000 to $1.5 million, or $0.24 per basic and diluted share, for the quarter ended June 30, 2010, from $694,000, or $0.11 per basic and diluted share for the quarter ended June 30, 2009.
For the six months ended June 30, 2010, net income increased $1.7 million to $2.8 million, or $0.45 per basic and diluted share, from $1.1 million, or $0.17 per basic and diluted share, for the same period in the prior year.
Ross J. Prossner, President and CEO of the Company said, "We are very pleased to deliver strong results for the second quarter and first half of 2010. Our commitment to asset quality and conservative growth has served us well as we navigate through this challenging economic climate."
Prossner added, "Earlier this month, we moved our Chelmsford, MA operations into a new facility more suitable for future growth and to better serve our current customer base. Along with the new space, we added a loan officer position to further our credit opportunities in the area. We anticipate that the Chelmsford transition will prove as successful as the opening of our corporate headquarters and branch in East Syracuse, NY one year ago."
The financial highlights for the quarter ended June 30, 2010 were as follows:
Net interest income increased by 11.4%, to $7.7 million, compared to $6.9 million for the same period a year ago.
Net interest margin increased to 2.99%, compared to 2.77% for the quarter ended June 30, 2009.
Cost of funds decreased to their lowest historical level at 2.52%, compared to 3.00% for the same period a year ago.
Tangible book value per share increased by 14.0% to $16.31 at June 30, 2010, compared to $14.31 at June 30, 2009.
Provision for loan losses decreased by $400,000, or 21.1%, when compared to the same period a year ago.
On June 23, 2010, a cash dividend was paid of $.05 per common share.
Second quarter net interest income increased to $7.7 million, an increase of 11.4% above net interest income for the second quarter of 2009, driven by reduced deposit costs resulting in a 48 basis point decrease in the total cost of funds. The yield on interest-earning assets declined by 21 basis points.