EFC Bancorp Inc. of Elgin, Ill., said its second-quarter net income rose 15%, to $1.8 million, and cited an increase in interest-earning assets and higher fee income.
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Net interest income increased 12.2%, to $6.5 million, as average interest-earning assets rose 10.1%, to $88.9 million, the $1 billion-asset EFC said Friday. The net interest margin increased by 6 basis points, to 2.78%.
Fee income rose 16.1%, to $1.7 million, because of increases in service fees and insurance and brokerage commissions, as well as gains on the sale of loans and property.
