Pulaski Financial earnings rise on higher fee, interest income
Pulaski Financial Corp.’s first quarter earnings were up 10 percent as both net interest and fee income rose.
Pulaski earned $2.73 million, or 27 cents a share, up from $2.49 million or 24 cents a share. Revenue, which includes net interest income and fee income, was up 18 percent to $11.34 million.
Pulaski said its mortgage revenue and retail banking fees were up. Core deposits grew 17 percent in part because of new bank locations in Clayton, Richmond Heights and downtown.
Chief Executive William P. Donius said the bank has tightened its underwriting in response to problems in the mortgage market, but quality remains high, and the bank doesn’t expect residential real estate values to decline enough in the Midwest to cause problems for the bank. Net chargeoffs doubled, but the rate remains low.
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