DeWITT — Profit at Beacon Federal Bancorp (NASDAQ: BFED) fell more than 46 percent in the fourth quarter to $763,000, or 13 cents a share.
The drop was caused by a dip in the average yield of the banking company’s interest earning assets.
For the full year in 2011, Beacon Federal earned $5.7 million, or 93 cents a share, up 6.8 percent from 2010.
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In December, Beacon Federal sold its branch in Tyler, Texas to MidSouth Bank of Lafayette, La. The move will allow Beacon Federal to focus more on its core markets, President and CEO Ross Prossner said in a news release.
The sale contributed to a more than $20 million dip in net loans.
“The company continues to focus on increasing lending opportunities, however, given the ongoing low rate environment we currently operate in, loan growth will remain challenging as the weak economic climate continues to pressure loan demand,” Prossner said.
Beacon, based in DeWitt, has total assets of $1.03 billion and other branches in DeWitt, Marcy, and Rome; Smartt and Smyrna, Tenn.; and Chelmsford, Mass. A subsidiary, Beacon Comprehensive Services Corp., provides investments, insurance, tax preparation.
Contact Tampone at ktampone@cnybj.com
