NewMil Reports Net Income Gain

NEW MILFORD –– NewMil Bancorp this week reported net income of $1.77 million for the second quarter of 2002, a 23.9 percent increase from the same quarter last year. The bank reported diluted earnings per share reached 38 cents, as compared to 31 cents in the same quarter last year.

Total assets of $649.7 million are up $42.7 million since December 31, 2001. Deposits grew $55.3 million, or 11.6 percent, during the six-month period.

Francis J. Wiatr, bank president and chief executive officer, said deposits grew 11.6 percent in the first six months of the year, compared to a 9 percent increase for all of 2001. Mr Wiatr said the housing market remains strong because of low interest rates, but business loan volume in general has been slower because of the national economy.

“Our market area has come through the recession in generally good shape and we are optimistic about our region as the national economy picks up steam,” he said.