Higher income taxes dropped Metairie-based State Investors Bancorp Inc.’s second-quarter profit to $165,000, or 7 cents per share, compared to $263,000, or 11 cents per share, a year ago.
The parent company of State Investors Bank saw its income taxes increase 29.3 percent to $68,000.
State Investors Bank has a main office and three branches in the greater New Orleans area.
The parent company reported its total assets were $262.3 million as of June 30, down $9.6 million from Dec. 31. The decrease was primarily the result of decreases in net loans receivable, or the money borrowers owe the bank, and investment securities.