WASHINGTON -- Franklin Bancorp. earned $324,000 in the third quarter, up 32% from the prior year.
For the first nine months of the year the company reported record earnings of $955,000, up 77% from Sept. 30, 1992.
Robert P. Pincus, president and chief executive, said the improvement was primarily due to a wider net interest margin, which was averaged 4.29% year-to-date, compared with an average 3.79% for the same period last year.
Also contributing to the improvement was an overall increase in earning assets and a reduction in nonrecurring expenses related to administrative controls that have been installed into bank's operations throughout the year.
Franklin's total assets grew to $215.6 million, up 7% from the prior year.
