First Trade Union Bank (FTUB) reported a 6 percent increase net interest income with earnings rising to $8.6 million for the first half of the year compared to the same time last year.

Declining interest rates helped drive loan yield down during the quarter, but an improvement in asset quality led the bank to reduce its provision for loan losses, increasing net income to $416,000 for the first half of the year.

However, the bank saw a significant decline in total assets, which dropped to $577 million at the end of June verses $620 million at the same time last year, a decrease of 6.9 percent. 

"While market conditions are challenging, we remain optimistic about First Trade Union Bank’s role as a service-orientated community bank, from both a traditional trusted advisor perspective and as leader in providing technology-based solutions that align with rapidly changing consumer and business banking preferences," said Michael A. Butler, First Trade’s president and CEO, in a statement.  "Most importantly, we have maintained a very strong balance sheet with solid capital levels and asset quality, which will allow us to maximize sustainable revenue growth opportunities."