April 25, 2008
Loan Growth For Ben Franklin
By Matthew L. Brown
Benjamin Franklin Bancorp, the Franklin-based holding company for Benjamin Franklin Bank , reported first quarter net income of $1.1 million compared to $591,000 for the same period last year.
The company said its decision not to sell home loans on the secondary market, which it did for much of 2006 and 2007, helped its loan portfolio grow by 5.4 percent to $33.1 million during the quarter. The bank saw an 11.5 percent increase in home mortgage loans and an 11.2 percent increase in commercial business loans.
Those increases were offset by a 9.4 percent, or $5.2 million, reduction in construction loans.
The company declared a cash dividend of $0.08 per share, a 33 percent increase over the dividend paid to shareholders in the fourth quarter of 2007.
The company said its decision not to sell home loans on the secondary market, which it did for much of 2006 and 2007, helped its loan portfolio grow by 5.4 percent to $33.1 million during the quarter. The bank saw an 11.5 percent increase in home mortgage loans and an 11.2 percent increase in commercial business loans.
Those increases were offset by a 9.4 percent, or $5.2 million, reduction in construction loans.
The company declared a cash dividend of $0.08 per share, a 33 percent increase over the dividend paid to shareholders in the fourth quarter of 2007.
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