Boston-based First Trade Union Bank said net income rose 7 percent increase in net income for the nine months ended Sept. 30, rising to $1.8 million from $1.1 million for the same period last year.

Net income for the three months ended Sept. 30 was $548,000, over $426,000 the same period last year.

The bank reported net interest income after provision of $13.3 million for the nine months ended Sept. 30, a 10 percent increase over the same period last year.  

Total assets were $629 million at Sept. 30, compared with $607 million a year ago. The loan portfolio increased by $48 million to $436 million at Sept. 30 from the same period last year. The bank also reduced borrowings by 25 percent to $49 million as of Sept. 30, compared with the same period a year ago.

 "While market conditions remain challenging, we are seeing positive results from sustained sales and marketing efforts," First Trade Union Bank President and CEO Michael A. Butler said in a statement. "The pipeline is building across all of our business lines, from small business, SBA and medallion lending to commercial and residential real estate lending."

Butler said the bank is attracting new consumer clients from across the country who are "attracted to the convenience of our virtual banking channel."