Net interest income was $22.4 for the quarter, a $2.7 million increase from the same quarter of 2007 and net interest margin on a fully tax equivalent basis rose to 3.74% for the first quarter of fiscal 2008, from 3.28% for the prior year period.
The company has reported that non-interest income decreased $75,000 compared to the first quarter of fiscal 2007, while non-interest expense increased $198,000 over the period mainly in the area of compensation and benefits, which included increases in 401K benefits, employee related insurance and performance increases for the first quarter of 2008.
George Strayton, president and CEO of Provident New York Bancorp, said: Provident Bank made sound progress during the past quarter. By staying focused on our core business and sound banking practices, we are not burdened with the credit problems associated with sub-prime loans. We continued to direct our efforts toward strengthening our customer relationships with a full array of loan products and deposit services.
