Boston’s First Trade Union Bank reported $450,000 in net income for the three months ended March 31, a 6.7 percent decrease from the same period last year.  

The decrease year-over-year was mainly due to a $1.3 million provision expense in the first quarter of 2010 versus a $610,000 provision expense in the first quarter of 2009.  

Net income increased $3.5 million when compared to the quarter ending Dec. 31, 2009. This increase in net income quarter-over-quarter was primarily attributed to a $6.6 million provision expense as of Dec. 31, 2009, which came primarily in the form of an increase in general reserves.

"We made some great progress in the first quarter of 2010. While our financials are improving, we are very proud of a few milestone accomplishments, namely our expansion in Boston and Long Island with the grand opening of business solutions centers in both of these markets and the launch of a new online product, eCapture, which streamlines how our business customers can bank with First Trade," said Michael A. Butler, president and chief executive officer for First Trade Union Bank.  "We remain well-positioned when compared to industry averages and are cautiously optimistic about the economic climate.  The first quarter has set the tone for what should be a solid 2010."