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.
(Sponsored)
“Borderline” Overtime Exemptions Require Careful Analysis and Precautionary Measures
Q: We have an employee who we believe is properly classified as exempt from receiving overtime under the Fair Labor Standards Act (FLSA) but it is a “borderline” case. In
One Big Beautiful Bill Extends Many Business-Friendly Tax Provisions
The One Big Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are
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
