NEW YORK -- European American Bank increased net income for the first quarter by 67%, to $18.6 million.

Average interest-earning assets rose to $5.52 billion from $5.19 billion a year earlier, but narrower spreads caused net interest income to decline 7%, to $56.6 million.

Loan loss provisions rose slightly to $6.7 million, bringing the bank's total allowances to $54.4 million, or 2.65% of total loans and 649% of nonperforming loans.

European American, a unit of Amsterdam-based ABN-Amro, operates 88 branches in New York City and Long Island.

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