Empire Bancorp profit up 97 percent
Empire National Bank at 1707 Veterans Hwy. in Islandia. (Oct. 23, 2012) Credit: Heather Walsh
Empire Bancorp said Thursday its second-quarter profit rose by 97 percent, partly on an asset shift from securities to loans that boosted net interest income by 24 percent.
The Islandia-based operator of the four-branch Empire National Bank said net income for the three months ended June 30 was $614,000 or 14 cents a share, versus $312,000 or 7 cents a share a year earlier.
For the year's first six months, net income rose 37 percent to $1.1 million or 24 cents a share.
Total loans at June 30 were $320.8 million, a 28.2 percent increase from June 30 of last year.
Total assets were $490.7 million at June 30, an 8 percent increase from a year earlier.
