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Beacon Federal Bancorp, Inc. Announces 3rd Quarter 2010 Earnings

EAST SYRACUSE, N.Y., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Beacon Federal Bancorp, Inc. ("the Company") (Nasdaq:BFED), the holding company for Beacon Federal, announced today net income decreased $243,000 to $1.2 million, or $0.19 per basic and diluted share, for the quarter ended September 30, 2010, from $1.4 million, or $0.22 per basic and diluted share for the quarter ended September 30, 2009.

For the nine months ended September 30, 2010, net income increased $1.4 million to $3.9 million, or $0.64 per basic and diluted share, from $2.5 million, or $0.38 per basic and diluted share, for the same period in the prior year.

Ross J. Prossner, President and CEO of the Company said, "I am happy to report with our latest quarterly results that we've continued this year's strong financial performance. We expect that our focus on lowering the cost of funds and growing noninterest income will help to insulate our positive results while we continue to operate within a challenging economy."

Prossner added, "One of our primary goals remains to maximize non-maturity deposits as a percentage of our overall deposit base. The non-maturity accounts provide greater opportunity for building lasting customer relationships that tap into all of Beacon Federal's financial products while also helping to lower our cost of funds."

The financial highlights for the quarter ended September 30, 2010 were as follows:
  • Net interest income grew by 10.3%, to $7.9 million, compared to $7.2 million for the same period a year ago.
  • Net interest margin increased to 3.02%, compared to 2.76% for the quarter ended September 30, 2009.
  • Cost of funds decreased to their lowest historical level at 2.43%, compared to 2.91% for the same period a year ago.
  • Book value per share grew by 11.7% to $16.84 at September 30, 2010, compared to $15.07 at September 30, 2009. 
  • Provision for loan losses increased by $630,000 to $1.9 million when compared to the same period a year ago.
  • The Company recognized a $634,000 other-than-temporary impairment (OTTI) charge for the third quarter of 2010 related to other-than-temporary credit losses on certain securities.  During the quarter ended September 30, 2009, the Company recognized an OTTI loss on securities of $192,000.
  • On September 24, 2010, a quarterly cash dividend was paid of $.05 per common share.

Third quarter net interest income grew to $7.9 million, an increase of 10.3% above net interest income for the third quarter of 2009, driven by reduced deposit prices resulting in a 48 basis point decrease in the total cost of funds. The yield on interest-earning assets declined by 21 basis points.

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