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Empire Bancorp profit rises 23% in April-June period

An Empire National Bank branch on Oct. 23,

An Empire National Bank branch on Oct. 23, 2012, at 1707 Veterans Hwy. in Islandia. Photo Credit: Heather Walsh

Empire Bancorp said its profit for the April-June period climbed 23 percent on higher interest income.

The Islandia-based parent of Empire National Bank reported a profit of $820,000 for the three months ended June 30 compared with $667,000 a year earlier.

The quarterly profit equals 12 cents per share, compared with 10 cents in the same quarter in 2015.

Empire operates four branches on Long Island and an office in Manhattan.

The bank said its net interest income, the difference between the revenue generated from a bank’s assets and the expense associated with its liabilities, climbed to $5.3 million in the second quarter, a gain of 6 percent. The bank announced its earnings Wednesday.

Empire CEO Douglas C. Manditch said its quarterly performance “was driven largely by an increase in net interest income attributable to healthy growth in our average earnings assets, fueled by strong deposit growth, partially offset by the impact to tightening spreads.

He also said loan growth had been sluggish because the bank passed on financial transactions that did not meet its standards.

Deposits totaled $644 million, a 51 percent increase year over year.

Total assets at June 30 were $773 million, up 49.5 percent from a year earlier.

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