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.
- 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.