HALES CORNERS, Wis. -- State Financial Services Corp. reported net income of $738,757 for the quarter ended Sept. 30, a 20.1% increase from the $615,144 for third quarter 1993. Earnings per share were 38 cents, compared with 31 cents the previous year. The $220 million-asset company attributed its improvement to a 10.8% rise in net interest income resulting from increased activity in the company's merchant services program and $17,000 of gains related to the disposal of fore-closed real estate and reduced loan-loss provisions.

For the first nine months, State reported net income of $1.9 million, a 15.1% increase from the $1.6 million a year ago.

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