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Empire Bancorp earnings soar 83 percent

Empire Bancorp of Islandia, parent of the four-branch Empire National Bank, said a rise in net interest income contributed to an 83 percent increase in net income for the third quarter.

Net income for the three months ended Sept. 30 was $662,000 or 15 cents a share, up from $362,000 or 8 cents a share a year earlier.

"Our net income growth for the third quarter was driven primarily by the continued growth in our assets, coupled by the continued shift in asset composition from investment securities to loans," the bank said in a statement.

Total assets were $514.8 million, up 9.5 percent from a year earlier.

Net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, rose by 17 percent from a year earlier to $4.3 million in the quarter.

Net interest margin, a measure of the difference between the interest a bank earns on its assets such as loans and the interest it pays out to depositors, was 3.50 percent for the third quarter, up from 3.22 percent a year earlier.

Total assets were $514.8 million at September 30, up 9.5 percent from a year earlier, primarily on an increase in outstanding loan balances. Loans totaled $351.3 million at Sept. 30, a 29.1 percent increase from a year earlier.

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