October 29, 2007
A penny saved is a penny earned
By Cory Hopkins
Franklin-based Benjamin Franklin Bancorp Inc., the holding company for Benjamin Franklin Bank, reported a slight dip in earnings for the third quarter.
The bank's net income for the quarter totaled $1.07 million, down eight percent from the $1.16 million reported for the third quarter of 2006, according to the company's quarterly report.
Year-to-date, the company's $2.5 million in earnings is approximately 32 percent less than last year's $3.7 million through September 30, the company said.
The declines were attributed to an 11.9 percent downturn in the bank's construction portfolio and a 9.1 percent decrease in residential mortgage loans outstanding. Making up for the slumping construction and housing markets, the bank said its commercial business loan portfolio saw a 37.4 percent increase in the third quarter.
The company's board of directors declared a quarterly cash dividend of $.06 per common share, payable November 22.
The bank's net income for the quarter totaled $1.07 million, down eight percent from the $1.16 million reported for the third quarter of 2006, according to the company's quarterly report.
Year-to-date, the company's $2.5 million in earnings is approximately 32 percent less than last year's $3.7 million through September 30, the company said.
The declines were attributed to an 11.9 percent downturn in the bank's construction portfolio and a 9.1 percent decrease in residential mortgage loans outstanding. Making up for the slumping construction and housing markets, the bank said its commercial business loan portfolio saw a 37.4 percent increase in the third quarter.
The company's board of directors declared a quarterly cash dividend of $.06 per common share, payable November 22.
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