Ballston Spa Bancorp swings to Q2 net loss of $0.7 million; net interest income rises 69.84% to $10.7 million - BSPA News | RalliesBallston Spa Bancorp swings to Q2 net loss of $0.7 million; net interest income rises 69.84% to $10.7 million
B
BSPA• Second-quarter results turn to a net loss
- Ballston Spa Bancorp swung to a net loss of $700,000 in the second quarter from net income of $1.2 million.
- Net interest income climbed 69.84% to $10.7 million, while non-interest expense surged 141.07% to $13.5 million.
- Interest income rose 64.76% to $17.3 million, while interest expense increased 57.14% to $6.6 million.
- Non-interest income increased 70% to $1.7 million; provision for credit losses was no provision versus $150,000.
Merger with NBC Bancorp adds assets and deposits
- The April 1 merger with NBC Bancorp added $508.1 million of assets, including $340.6 million of gross loans, plus $456.9 million of deposits.
•
