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EAST SYRACUSE, N.Y., Feb. 10, 2011 (GLOBE NEWSWIRE) -- Beacon Federal Bancorp, Inc. (the "Company") (Nasdaq:BFED), the holding company for Beacon Federal (the "Bank"), announced today net income for the quarter ended December 31, 2010 increased 44% to $1.4 million, or $0.23 per basic and diluted share, from $994,000, or $0.16 per basic and diluted share for the quarter ended December 31, 2009.
For the year ended December 31, 2010, net income increased 52% to $5.4 million, or $0.88 per basic and diluted share, compared to net income of $3.5 million, or $0.54 per basic and diluted share, for the year ended December 31, 2009.
Ross J. Prossner, President and CEO of the Company said, "I am pleased to report that our strong fourth quarter performance culminated with Beacon Federal achieving record high annual earnings for our shareholders. Our earnings per share have grown 63% to $0.88 for the year, while our book value per share has increased 10% to $17.05. We've raised our net interest margin 24 basis points throughout the year due to management of the cost of funds to its lowest historical level for the Bank."
The financial highlights for the quarter ended December 31, 2010 were as follows:
Net income increased 44.1% to $1.4 million from the same period a year ago.
Net interest income grew by 4.0%, to $7.9 million, compared to $7.6 million for the same period a year ago.
Net interest margin increased to 3.09%, compared to 2.89% for the quarter ended December 31, 2009.
Cost of funds decreased 47 basis points to 2.32%, compared to 2.79% for the same period a year ago.
Book value per share grew by 10.1% to $17.05 at December 31, 2010, compared to $15.48 at December 31, 2009.
Net loan charge-offs were $6.3 million, compared to $1.6 million for the same period a year ago.
On December 23, 2010, a quarterly cash dividend was paid of $0.05 per common share.
Fourth quarter net interest income grew to $7.9 million, an increase of 4.0% above net interest income for the fourth quarter of 2009, driven by reduced deposit prices and an increase in noninterest-bearing deposits resulting in a 47 basis point decrease in the total cost of funds. Average noninterest-bearing deposits increased $9.6 million to 6.0% of average deposits for the fourth quarter as compared to 4.5% of average deposits for the same period in the prior year. The yield on interest-earning assets declined by 27 basis points.