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Empire National Bank posts higher earnings

Douglas Manditch, chief executive of Empire National Bank

Douglas Manditch, chief executive of Empire National Bank of Islandia. Photo Credit: Pablo Corradi, April 2009

Empire National Bank reported higher earnings for last year’s fourth quarter and record earnings for the year despite what it said was a decrease in loan activity. 

Empire is headquartered in Islandia and has branches in Shirley and Port Jefferson Station.

The bank said in a statement Thursday that its net income for the quarter ended Dec. 31 was $1.4 million or 34 cents per share, up 17 percent from a year earlier. Net income for the year was a record $4.6 million or $1.09 a share, up 142 percent from a year earlier.

Total assets of $340.3 million at Dec. 31 were up by 3.5 percent, the bank said.

But total loans outstanding of $212.9 million at year’s end represented a decrease of 2.6 percent from a year earlier. Empire blamed the decrease in loans on very low use by its customers of their revolving lines of credit.

Empire said total nonperforming loans made up 1.03 percent of total loans at year’s end, up from 1.02 percent a year earlier.

The bank also reported an increase in “core earnings” — pretax income excluding gains or losses on the sale of investment securities and, in this case, a onetime accelerated depreciation expense from changes to Empire’s online banking system.

Core earnings for the quarter were a record $635,000, up from $109,000 a year earlier. For the year they were a record $1.9 million, up from $159,000 a year earlier.

Above, Douglas Manditch, chief executive of Empire National Bank of Islandia.

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