Irving Bank Corp. reported an 83% increase...

Irving Bank Corp. reported an 83% increase in first-quarter net income to $52.4 million. The New York bank said the profit increase from core businesses over a year ago was the result of strong growth in both net interest income and non-interest income, including substantial improvements in income from trust, securities and foreign exchange trading, factoring, trade finance and other fee-based services. These higher earnings enabled the firm to use $12.3 million in tax benefits related to Third World loan losses taken in 1987. Partially offsetting these favorable factors was an increase in non-interest expenses.