Central Bancorp Inc. in Somerville, Mass., said legal and professional fees connected to its buyout of a disgruntled shareholder group cut into its fiscal second-quarter profit.
Processing Content
The $505 million-asset thrift reported late Wednesday that its earnings for the quarter, which ended Sept. 30, dropped 39% from the same period last year, to $506,000. The results included a $179,000 charge connected to Central's buyback of 154,268 shares from P. Capital LLC.
On a brighter note, Central said its portfolio of higher-yielding commercial loans is growing and that it ended the quarter with no nonperforming assets.
