SOMERSET, Mass. – Slade’s Ferry Bancorp, parent of Slade’s Ferry Trust Co., Thursday announced its net income for the quarter ended Sept. 30 was $1.0 million, or 25 cents per diluted share, an increase of 15.9 percent from the year-ago period’s earnings of $900,000, or 22 cents per share.
For the first nine months of 2006, the bank posted net income of $2.6 million, or 62 cents per diluted share. That was a decrease of 9.6 percent from the first three quarters of last year, when the company earned $2.8 million or 69 cents per diluted share.
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Net income for the third quarter was up $143,000 over the year-ago period. The company credited a $182,000 rise in net interest income and a $130,000 rise in non-interest income, which were partly offset by a $56,000 decrease in non-interest expense.
Net loans totaled $426.4 million as of Sept. 30, up 4.1 percent from the $409.6 million on Dec. 31.
“We are pleased that our solid loan growth has allowed us to maintain our strong net interest margin in the face of ever-expanding competition for a shrinking deposit base,” said Mary Lynn Lenz, the company’s president and CEO.
The full earnings report is available at www.sladesferrybank.com.
Slade’s Ferry Bancorp (Nasdaq Capital Market: SFBC) has $608 million in assets and nine retail branches in Southeastern Massachusetts. Additional information is available at www.sladesferrybank.com.
