Community National Bank reports higher 1st quarter net income

A Google street view image of the Community

A Google street view image of the Community National Bank headquarters in Melville. Photo Credit: Google

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Community National Bank, based in Melville, said higher net interest income boosted its first quarter net income by 17 percent in the year's first quarter, from a year earlier.

Net income was $1.1 million or 17 cents a share in the three months ended March 31, compared with $943,000 or 14 cents a share a year earlier, the bank reported Wednesday.

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The 11-branch Community National credited a 23 percent jump, to $7.6 million, in net interest income, the difference between the revenue generated from a bank's assets, such as loans, and the expenses associated with liabilities. The bank said the rise in net interest income resulted in turn from "substantial loan growth, increased fees from service charges and gains from the sale of Small Business Administration loans."

The bank reported a 26 percent increase to $471.4 million in commercial loans, its specialty, as of March 31.

Community National opened its newest branch, in Hewlett, in September. Its others are in Nassau, Suffolk, Queens and Manhattan.

Total assets grew to $833.0 million at March 31, 2014, up 18 percent from a year earlier.

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