January 24, 2008
Ben Franklin Bank Takes Construction, Home Loan Hit
By Matthew L. Brown
Despite dips in construction and home lending, Franklin-based Benjamin Franklin Bancorp Inc., the holding company for Benjamin Franklin Bank , reported net income of $1.15 million for the fourth quarter and net income of $3.64 million for the full year.
In the fourth quarter of 2006, the bank reported net income of $1 million. The company reported full year net income of $4.7 million in 2006.
The bank said its commercial loan business grew by 16.5 percent, or $54 million, in 2007. The growth was primarily due to growth in commercial business loans and commercial real estate loans. The bank saw a 19 percent, or $13 million, decline in construction loans during the year.
The bank's residential mortgage loan business decreased by 11.4 percent, or $24 million, during the year.
In the fourth quarter of 2006, the bank reported net income of $1 million. The company reported full year net income of $4.7 million in 2006.
The bank said its commercial loan business grew by 16.5 percent, or $54 million, in 2007. The growth was primarily due to growth in commercial business loans and commercial real estate loans. The bank saw a 19 percent, or $13 million, decline in construction loans during the year.
The bank's residential mortgage loan business decreased by 11.4 percent, or $24 million, during the year.
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