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Hyde Park Savings Bank Makes Huge Gains In 2010

Feb 16, 2011 | Reprints | Unlock Link | Print

Hyde Park Savings Bank reported earnings of $29.2 million in 2010, a steep increase compared to $5.4 million reported in 2009.

The bank’s reported earnings were largely a result of a $23 million onetime gain on sale of a portion of its investment portfolio, according to a statement.

"2010 was an outstanding year for Hyde Park Savings Bank as we begin to broaden our business model and expand lending capabilities," said William M. Parent, president and CEO. "Investment securities have been a key component of the bank’s balance sheet for many years and have been a source of strength and profitability. Going forward, as the bank implements its strategic plan of becoming a full service community bank, a growing share of the balance sheet will consist of a diversified portfolio of consumer and commercial loans."

Banking & Lending