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Banking industry

SFS Bancorp Reports Third Quarter Net Income Decrease Despite Increased Net Interest Income

Strategic Insights

— 1 min read

Schenectady Federal Savings Bank, a subsidiary of SFS Bancorp, experienced a decrease in net income for the third quarter ended September 30, 1998, despite an increase in net interest income. The company reported a net income of $252,000 or $0.22 diluted earnings per share, a decrease from $296,000 or $0.26 diluted earnings per share for the same period in 1997. This decline was primarily attributed to increased professional fees and a decrease in net interest income.

Key Takeaways:

  • Net income for the third quarter ended September 30, 1998 decreased to $252,000 or $0.22 diluted earnings per share compared to $296,000 or $0.26 diluted earnings per share for the same period in 1997.
  • The decrease in net income was primarily due to increased professional fees and a decrease in net interest income.
  • Net interest income for the third quarter ended September 30, 1998 was $1,453,000, a decrease of $6,000 or 0.4 percent compared to $1,459,000 for the same quarter in 1997.
  • The increase in noninterest income was primarily due to an increase in Bank fees and service charges associated with increased use of ATM's and penalties on early withdrawal of time deposits.
  • Noninterest expense increased by 4.8 percent to $1,098,000 for the third quarter of 1998 from $1,048,000 for the same period in 1997.
  • Total assets of the company were $176.2 million at September 30, 1998, an increase of $1.8 million from $174.4 million at December 31, 1997.
  • Loans receivable, net at September 30, 1998 increased by $6.7 million or 5.0 percent since December 31, 1997.

Statistics:

  • Net income for the third quarter ended September 30, 1998: $252,000
  • Diluted earnings per share for the third quarter ended September 30, 1998: $0.22
  • Net interest income for the third quarter ended September 30, 1998: $1,453,000
  • Increase in noninterest expense for the third quarter ended September 30, 1998: 4.8 percent
  • Total assets of the company at September 30, 1998: $176.2 million
  • Loans receivable, net at September 30, 1998: $140.5 million
  • Increase in loans receivable, net at September 30, 1998: 5.0 percent

Sources:

  • SFS Bancorp, Inc. press release, November 2, 1998
  • Business Wire

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