HALES CORNERS, Wis. - State Financial Services Corp. reported a 43.6% jump in fourth-quarter net income.

The $225 million-asset company earned $945,585 in fourth-quarter 1994, up from $658,339 in 1993. Earnings per share were 49 cents in the last three months of 1994, compared with 33 cents in the same period in 1993.

Included in fourth-quarter earnings was the realization of previous tax- loss carryforward of $168,580, or 9 cents per share. Excluding these benefits, fourth-quarter net income was $777,005, or 40 cents per share.

State Financial's improved earnings came primarily from a 14.6% increase in net interest income, the company said.

In 1994, the company earned $2.8 million, a 23.4% increase over $2.3 million in 1993. Earnings per share were $1.45 in 1994, up from $1.27 in 1993.

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