First Trade doubles third-quarter profit

BOSTON – First Trade Union Bank, a full-service bank with offices in Massachusetts, Rhode Island and New York, says it finished the third quarter with net income of $1.4 million, more than doubling its income from the same period a year ago.
The bank said the third-quarter profit represented a 137.8 percent increase on the third quarter of 2008 on strong growth in total loans and deposits, which increased year over year 26.4 percent and 39.5 percent, respectively, as of Sept. 30.
Total interest income was $9.4 million, a 27.6 percent over the year-ago period, First Trade said. The bank said it posted a loan-loss provision of $6.1 million.
Total operating expenses were $4 million for the three months ended Sept. 30, a 43.6 percent increase over the same period a year ago. First Trade said the increase was largely attributed to a one-time FDIC assessment of $350,000, an increase in employee salaries and benefits, and increased legal and professional services costs.
Total assets of $690 million as of Sept. 30 represented a 29.4 percent, or $157 million, increase over the comparable time period last year
“We are proud of our accomplishments in the third quarter of 2009,” said Michael A. Butler, First Trade’s president & CEO. “Our client-focused approach to banking has allowed us to achieve some success despite less than optimal economic conditions.”
First Trade Union Bank is a community bank based in Boston, with offices in Warwick and Hauppauge, N.Y. The bank has $23.26 million in deposits in Rhode Island, according to the FDIC. Additional information is available at www.ftub.com.