Bank reports $1.5M in earnings
Community National Bank of Great Neck chief executive Stuart Lubow.
Community National Bank of Great Neck reported year-end earnings of $1.5 million, down 37 percent from the year before.
The 2009 earnings, however, included a $1.8-million income tax credit. Excluding that figure, the bank's earnings rose by more than four and a half times.
The bank's income was boosted by a sharp increase in commercial lending, which in turn fueled a rise in net interest income. The bank also found itself strengthened by raising $18 million in capital and reducing bad loans by 30 percent to $4.2 million.
"The bank made significant progress during 2010," chief executive Stuart Lubow, above left, said in a statement.
The bank has assets of $476.8 million and has seven branches in Nassau and Suffolk counties. It plans on opening an eighth branch soon in Queens.
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