The Connecticut Bank and Trust Company saw black in the first quarter of 2010, improving from a slight loss in the prior year period.
The Hartford-based community lender reported net income for the three months ended March 31, of $149,000, or 4 cents per share, compared to a net loss of $2,000, a year earlier.
The jump in earnings was aided by larger revenues the bank earned from interest on loans and other assets.
“It was a solid quarter for our bank,” said David A. Lentini, chairman and CEO of CBT. “We had growth in all the important metrics including loans, deposits and net income. The Bank continues to be well-positioned to help Connecticut’s businesses and families with their financial needs.”
 CBT’s net interest income for the quarter increased $541,000 or 28 percent over the same period in 2009 to $2.5 million.
Income from fee based services totaled $149,000 in the quarter, compared to $125,000 in the first quarter of 2009.
CBT grew its asset base by $6.4 million in the quarter to $266.7 million, aided largely by $4.4 million in new loans.
The bank did set aside $155,000 to cover loans that may go bad in the future.
