Madison National Bancorp Inc. of Hauppauge, N.Y. swung from a first-quarter net loss to net income of $208,303 in the second quarter.
The $305 million-asset Madison National said Monday its earnings improved mostly because it recorded no loan-loss provision in the second quarter and it sold two multifamily loan portfolios totaling $20.7 million.
In the first quarter, Madison National had a net loss of $778,298, and had set aside $2.2 million for its provision.
Second-quarter net income fell from nearly $1.7 million a year earlier.
While the company was well-capitalized with a total risk-based capital ratio of 11.07% at June 30, it said its banking subsidiary entered into a formal agreement with the Office of the Comptroller of the Currency on June 11 largely related to its loan portfolio and capital ratios.
