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.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
