Medway Co-op Sees Residential Loan Growth
Medway Co-operative Bank reported first half net income of $307,000, a $69,000 increase over the same period a year ago.
The bank said its assets grew 9.6 percent to a record $149 million during the half and deposits increased 2.9 percent to $114 million. The bank reported $97.7 million in loans outstanding.
The bank said the budget improvements were due to "stringent expense control," a widening net interest margin and increases in non-interest income. Loan delinquency of more than 30 days ended the half at 0.76 percent of the bank's total loans and the bank reported only one loan of $92,000 that was more than 90 days delinquent. There were no delinquencies in the bank's commercial or construction loan portfolio.
The bank said it hasn't foreclosed on a real estate loan in more than seven years and grew its residential lending group by 4.3 percent to $62.6 million during the quarter.
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