July 27, 2007
Rate bolt strikes Ben Franklin
By Matthew L. Brown
Franklin-based Benjamin Franklin Bancorp said it blamed a second-quarter net income nosedive on a "highly unfavorable interest rate environment."
The company, which is the holding company for Benjamin Franklin Bank, reported $829,000 in net income for the quarter compared to $1.3 million for the same quarter last year.
Nevertheless, the company announced that its board of directors had declared a quarterly cash dividend of $.06 per common share payable Aug. 24.
Also, the company reported a $1.1 million increase in salaries and benefits and a $194,000 increase in "occupancy costs" due to the bank's sale and lease-back of several branches, and the opening of two new branches.
The bank said the unfavorable interest rate environment hurt because it actually posted growth in commercial lending, business lending and core deposit accounts, which increased by 11.3 percent to $36.6 million.
The company, which is the holding company for Benjamin Franklin Bank, reported $829,000 in net income for the quarter compared to $1.3 million for the same quarter last year.
Nevertheless, the company announced that its board of directors had declared a quarterly cash dividend of $.06 per common share payable Aug. 24.
Also, the company reported a $1.1 million increase in salaries and benefits and a $194,000 increase in "occupancy costs" due to the bank's sale and lease-back of several branches, and the opening of two new branches.
The bank said the unfavorable interest rate environment hurt because it actually posted growth in commercial lending, business lending and core deposit accounts, which increased by 11.3 percent to $36.6 million.
WBJ Web Partners
Most Recent
0 Comments