Connecticut Bank and Trust Co. saw its losses narrow in the fourth quarter but not enough to prevent the Hartford lender from ending 2008 in the red.
CBT said it lost $298,000, or 8 cents a share, in the three months ended Dec. 31. In the same quarter a year earlier, the bank lost $388,000, or 11 cents a share.
“During the fourth quarter, CBT was not immune to the tumult in the U.S. economy,” CEO David Lentini said.
In the fourth quarter, CBT received $5.4 million in federal bailout proceeds from the U.S. Treasury.
For the full year, CBT lost $2.5 million, or 70 cents a share, up from a loss of $2.1 million, or 61 cents a share, in 2007.
Loans outstanding increased $12 million in the fourth quarter, to $182 million. Loans outstanding rose by $39 million for all of 2007, the bank said.
CBT’s provision for loan losses totaled $1.7 million as of Dec. 31, up from $300,000 at the close of 2007.
