Boulevard Bancorp Inc.’s second-quarter profit doubled to $1.6 million, or 19 cents a share, from $800,000, or 11 cents a share, a year earlier, because of increased revenues from non-credit services, reduced operating expenses and a lower loan-loss provision.
For the first half, Chicago-based Boulevard’s net income jumped to $3.4 million, or 41 cents a share, from $217,000, or 4 cents a share, a year earlier, after a change in accounting for income taxes. Before that change, net income a year earlier was $2 million, or 26 cents a share.
Non-performing assets dropped to $37.4 million from $52.3 million a year earlier. The loan-loss provision dropped to $605,000 from $2.25 million for the quarter ended June 30.
Net interest income dropped to $12.4 million in the quarter from $14.6 million.
