Richland Township-based 1st Summit Bancorp Inc., the parent company of 1st Summit Bank, said recently it earned $1.4 million for the quarter ending Sept. 30.
The earnings compare with $1.2 million earned in the third quarter of 2008, an increase of 16 percent. Earnings per share jumped from 19 cents to $1.31.
The increase in earnings was the result of continued improvement in the net interest margin due to greater earning assets and a lower cost of funds, the corporation said. Higher FDIC insurance premiums and net write-downs on securities kept the earnings from being higher.
Assets as of Sept. 30 were $610 million, an increase of $96 million, or 19 percent, over the same period in 2008, driven by substantially higher deposit levels.
