This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs