The Westchester Bank reported significant growth in earnings for the nine-month period ending Sept. 30.
In a financial statement to shareholders, the bank reported net income, or earnings, of $965,000 ”“ head and shoulders above earnings of $9,000 for first nine months of 2010.
“It dispels the myth that a small, relatively new bank cannot make it on its own ”“ clearly we can,” said John M. Tolomer, president and CEO of The Westchester Bank, which is based in Yonkers.
“This is just the first step in a very long journey.”
The privately-held bank, which was founded in June 2008 and also has a branch on Mamaroneck Avenue in White Plains, is exploring plans for a third branch.
“I am actively engaged in finding a suitable location in terms of the site location as well as the costs associated with adding a third branch,” Tolomer said.
Over the past year, the bank”™s loan portfolio has increased by 51 percent and its deposits have risen by 26 percent. Through Sept. 30, the bank”™s net loans and total deposits were at $154.2 million and $188.2 million, respectively.
In addition, the bank increased its provision for loan losses by $995,000 during the first three quarters of 2011, which Tolomer said enables the bank “to make sure that we have more than adequate reserves in very difficult, trying economic times.
Tolomer expressed confidence that The Westchester Bank would continue to see strong results. “Our performance has been stellar and our portfolio has been stellar.”
He credited his staff, but emphasized that the bank”™s recent run of success would not change its long-term goals. “It”™s very satisfying, but again no one is going to rest on their laurels.”
