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.

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