The Lowell Five Cent Savings Bank has reported net income of $1.1 million for the third quarter, compared to a $100,000 loss for the same period last year, but through Sept. 30 is still down $300,000.
 
The bank reported net income of $1.4 million through Sept. 30 last year. This year the bank had to take an adjustment on foreclosed properties, according to a bank spokesman.

“The favorable quarterly net income is the result of conservative banking practices including strategies to improve net interest margin and other cost containment activities,” said Robert A. Caruso, chairman of the board. “The rapid downturn on Wall Street that has affected many of our customers’ retirement plans and stock portfolios is a concern that we share with them. Although we are pleased with the third quarter results, the rapid downturn has affected our bank, as it has other banks as well, yet we have been able to maintain the bank’s solid capital position.”

The bank opened its 14th branch office in Haverhill during the quarter, representing the second new branch in approximately one year, and extended banking hours across the entire branch network.