Oneida, NY-based, $601.3 million-asset Oneida Financial reported third-quarter insurance brokerage fee income grew 11.5% to a record $3.5 million, up from $3.14 million in third quarter 2008, and drove noninterest income forward 6.7% to $4.8 million, up from $4.5 million, with insurance earnings comprising 27.1% of that revenue. Net interest income on a 3.73% net interest margin grew 8.8% to $12.23 million, up from $11.24 million, and the company reported net income of $696,000, compared to a net loss of $4.4 million a year ago, when Oneida took a $7.04 million charge tied to its Freddie Mac preferred shares. Oneida Financial President and CEO Michael Kallet said, “Oneida Financial Corp. as a banking and financial services company is in the business of managing risks. Market risks … are managed through a diversified business model. Our insurance and financial services subsidiaries continue to report a record level of revenue while the traditional banking services of Oneida Savings Bank have seen record levels of mortgage originations and deposits.” In 2008, Oneida Savings Bank reported $8.48 million in insurance brokerage income, which comprised 80.2% of its noninterest income. The company ranked 2nd in insurance brokerage earnings among U.S. banks with assets between $500 million and $1 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Monday, December 14, 2009
RECORD INSURANCE BROKERAGE INCOME DRIVES NONINTEREST EARNINGS AT ONEIDA
Oneida, NY-based, $601.3 million-asset Oneida Financial reported third-quarter insurance brokerage fee income grew 11.5% to a record $3.5 million, up from $3.14 million in third quarter 2008, and drove noninterest income forward 6.7% to $4.8 million, up from $4.5 million, with insurance earnings comprising 27.1% of that revenue. Net interest income on a 3.73% net interest margin grew 8.8% to $12.23 million, up from $11.24 million, and the company reported net income of $696,000, compared to a net loss of $4.4 million a year ago, when Oneida took a $7.04 million charge tied to its Freddie Mac preferred shares. Oneida Financial President and CEO Michael Kallet said, “Oneida Financial Corp. as a banking and financial services company is in the business of managing risks. Market risks … are managed through a diversified business model. Our insurance and financial services subsidiaries continue to report a record level of revenue while the traditional banking services of Oneida Savings Bank have seen record levels of mortgage originations and deposits.” In 2008, Oneida Savings Bank reported $8.48 million in insurance brokerage income, which comprised 80.2% of its noninterest income. The company ranked 2nd in insurance brokerage earnings among U.S. banks with assets between $500 million and $1 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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