| Provident Bankshares Announces Quarterly Earnings and 55th ...
BALTIMORE, July 19 /PRNewswire-FirstCall/ -- Provident Bankshares Corporation , the parent company of Provident Bank, reported $15.5 million in net income, or $0.48 per diluted share, for the quarter ended June 30, 2007. Also, the Board of Directors of Provident Bankshares has declared the fifty-fifth consecutive quarterly dividend increase. The second quarter included a $3.5 million charge-off of a commercial business loan, which reduced the loan loss reserve. Management increased the provision for loan losses, maintaining an allowance of loan losses to total loans of 1.17%. The effect of these actions was $0.07 per diluted share. The charged-off loan was made to a government contractor and had been previously classified as non-performing. Overall, credit quality is considered sound as evidenced by low levels of delinquencies and an allowance for loan losses to total loans of 1.17%.
Thorough planning can make difference when seeking loan
Arizona small businesses took out $1.1 billion in loans backed by the Small Business Administration last year. That doesn't include commercial loans and other types of financing. But before you start thinking bankers are just handing out the green stuff, remember there are 400,000 small businesses in the state, all competing for more or less the same pool of money. If you want some of it, there are things you should do to maximize your chances of getting a loan before you set foot in a bank. .
Tower Financial Corporation Reports Second Quarter Earnings
FORT WAYNE, Ind., July 20, 2007 (PRIME NEWSWIRE) -- Tower Financial Corporation (Nasdaq:TOFC) today announced second quarter 2007 net income of $217,000 and diluted earnings per share of $0.05, compared with $912,000 and $0.22, respectively, for the year-ago quarter. For the first six months of 2007, net income was $394,000, or $0.09 per diluted share, compared with $1.9 million, or $0.46 per share, for the prior-year six months. Commenting upon these results, Donald F. Schenkel, Chairman and Chief Executive Officer, stated that: "While on a quarter to quarter and six month to six month comparison with 2006, these results are disappointing, it should be noted that the primary cause of our earnings decrease was almost exclusively related to our decision during the second quarter to defer further efforts to establish an Indianapolis de novo bank, and our decision to make an additional provision for possible commercial loan losses." Noting further that total revenue, both net interest income and non-interest income, was actually substantially up, period over period from 2006, Schenkel further observed: "We believe that these management decisions were necessary to properly reflect management's commitment to centralize our energy into growing the core business in the Fort Wayne-area marketplace, to focus that effort on building and maintaining asset quality through conservative lending practices, and, in that regard, to continually evaluate and further reserve for several existing loan relationships that, while still current and performing, are considered problem loans.
Provident New York Bancorp Announces Quarterly Earnings of $5.4 ...
MONTEBELLO, N.Y., July 24 /PRNewswire-FirstCall/ -- Provident New York Bancorp , the parent company of Provident Bank, today announced that for the three months ended June 30, 2007, net income was $5.4 million, or $0.13 per diluted share, compared to net income of $5.6 million, or $0.13 per diluted share for the three months ended June 30, 2006. For the nine months ended June 30, 2007, net income was $14.5 million, or $0.35 per diluted share, compared to net income of $15.1 million, or $0.36 per diluted share, for the nine months ended June 30, 2006. George Strayton, President and CEO commented: "Our continued strong loan growth in all loan categories continues to strengthen our net interest margin resulting in an increase in net income on a linked-quarter basis. Our annualized overall loan growth is in excess of 12%, and is over 15% annualized in the commercial loan category." Key Operating Results - Quarter Ended June 30, 2007 vs.
Stursberg & Fine Finalizes $5400000 Loan Transaction
Stursberg & Fine completes complex transaction involving a flagged hotel undergoing a major renovation/expansion, never before done in a CMBS loan. Philadelphia, PA (PRWEB) July 30, 2007 -- Yesterday, Stursberg & Fine finalized a $5,400,000 fixed rate structured loan transaction. Under the leadership of Henry Stursberg, President of Stursberg & Fine, in one of the most difficult commercial real estate financing environments ever (due to the market crash from the Sub Prime Residential Mortgages- completely unrelated to commercial transactions, which some say is worse than the capital market crash in 1998), Stursberg and Fine funded a permanent fixed rate $5,400,000 hotel loan in the Mid-Atlantic market with a 30 year amortization at a 140 basis point spread over the 10 year Treasury or 6.23%.
|
