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Empire National Bank earnings fall on decline in investment income
Four year-old Empire National Bank said its third quarter earnings fell by 94 percent on a decline in investment income.
The three-branch bank based in Islandia said it earned $145,000 or three cents a share in the quarter ended Sept. 30, compared with $2.3 million or 56 cents a share a year earlier.
“The decrease in net income was primarily attributable to reductions in security gains of $1.8 million,” the bank said. Net securities gains totaled $94,000 for the quarter ended Sept. 30, compared to $1.9 million a year earlier. Empire also said total assets rose by 29 percent from the beginning of the year, to $438 million as of Sept. 30. Loans totaled $242.2 million, up 14 percent from December 31, 2011.
Net income for the nine months ended Sept. 30 was $3.2 million, up 2.1 percent from a year earlier.
Empire’s branches are in Islandia, Shirley and Port Jefferson Station.