Community National Bank net income triples
Community National Bank said higher interest revenues and service fees contributed to a more than tripling of net income in the third quarter from a year earlier.
The 11-branch bank based in Melville said net income for the quarter ended Sept. 30 was $1.3 million or 19 cents a share, up from $300,000, or 4 cents a share, a year earlier.
The bank cited a 16 percent increase, to $7.8 million, in net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities.
It attributed the higher net interest income mostly to continued growth in the bank's commercial and residential loan portfolios, and higher noninterest-bearing demand deposits.
Loans grew by 22 percent, to $749.8 million at Sept. 30, from a year earlier.
Deposits increased by 19 percent, to $826.1 million at Sept. 30.
Noninterest income rose by 12 percent year over year, to $1.1 million.
Total assets grew to $945.0 million at Sept. 30, up 19 percent from a year earlier.
The bank's branches are in Nassau, Suffolk, Queens and Manhattan.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
