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Empire National Bank earnings fall on decline in investment income

Empire National Bank at 1707 Veterans Hwy. in

Empire National Bank at 1707 Veterans Hwy. in Islandia. (Oct. 23, 2012) Photo Credit: Heather Walsh

Four year-old Empire National Bank said its third quarter earnings fell by 94 percent on a decline in investment income.

The three-branch bank based in Islandia said it earned $145,000 or three cents a share in the quarter ended Sept. 30, compared with $2.3 million or 56 cents a share a year earlier.

“The decrease in net income was primarily attributable to reductions in security gains of $1.8 million,” the bank said. Net securities gains totaled $94,000 for the quarter ended Sept. 30, compared to $1.9 million a year earlier. Empire also said total assets rose by 29 percent from the beginning of the year, to $438 million as of Sept. 30. Loans totaled $242.2 million, up 14 percent from December 31, 2011.

Net income for the nine months ended Sept. 30 was $3.2 million, up 2.1 percent from a year earlier.

Empire’s branches are in Islandia, Shirley and Port Jefferson Station.

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