Earnings down slightly at Simsbury Bank

Simsbury-based SBT Bancorp Inc., holding company for The Simsbury Bank & Trust Co., reported a net income of $127,000 for the first quarter of 2008, compared to $182,000 for the first quarter of 2007. 

Total assets were $220 million at the end of the quarter, compared to $214 million a year earlier.

The decrease in earnings was primarily due to an increase in the provision for loan losses, in recognition of the slowing economy’s potential impact on the company’s loan portfolio, and a decline in net interest and dividend income brought about by a rapid decrease in interest rates by the Federal Reserve Board, according to SBT.

Total revenues were $2.2 million in the first quarter compared to $2.3 million a year ago, a decrease of 3 percent.  Net interest and dividend income decreased by $54,000, or 3 percent.