Hartford-based Connecticut Bank and Trust Co. lost $1.5 million, or 42 cents a share, in the third quarter, greater than its year-earlier loss of $530,000, or 15 cents a share.
David A. Lentini, CBT’s chairman and CEO, said the results included a $1.3 million addition to the bank’s allowance for loan losses during the three months ended Sept. 30. A year earlier, CBT’s third-quarter loan-loss provision was $111,000.
“Banks in the United States have and will report some of the worst quarterly results in recent memory and many of these losses will come from the write-downs of the value of Fannie Mae and Freddie Mac securities they held for investment purposes,” Lentini said. “Even though CBT did not hold any of these securities, we were not immune to the recessionary pressures around us.”
For the nine-month period ended Sept. 30, CBT reported a net loss of $2.2 million, or 61 cents a share, compared to a loss of $1.8 million, or 50 cents a share, during the same period in 2007.
At 11 a.m., CBT shares were unchanged at $6.18.
