Empire Bancorp reports 28 percent net income increase
Douglas Manditch, chairman and CEO of Empire Bancorp, seen in a 2016 photo, said that President Donald Trump's promise to relax regulations has him "very encouraged." Credit: Empire National Bank
Islandia-based Empire Bancorp’s net income rose 28 percent to $843,000 for the fourth quarter, the company said in a Monday news release.
The parent of Empire National Bank also said it had $781.4 million in assets at the end of December, a 24 percent year-over-year increase.
Empire reported loans outstanding of $488.5 million, a 7 percent increase, and deposits of $670.7 million, a 29.5 percent increase.
Douglas C. Manditch, chairman and CEO of Empire Bancorp, said the bank has been conservative in its lending and has controlled expenses.
Manditch added that President Donald Trump’s promise to relax regulations has him “very encouraged.”
Empire shares closed up 5 cents to $12.60. The company’s shares are up 37 percent in the past year.
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