Enfield bank holding company New England Bancshares Inc. posted flat earnings for its fiscal fourth quarter on the way to overall record profits for the year.
New England Bancshares Inc. earned $715,000, or 12 cents a share, in the three months ended March 31, up from $700,000, or 12 cents a share, earned the same period a year earlier.
For the year, the bank reported record net income of $3.2 million, or 53 cents a share, up from $1.7 million, or 28 cents a share, last year
The increases were primarily attributable to higher net interest income and lower provision for loan losses for the current year periods.
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“Even in this challenging economic environment, the company had its most successful year,” said President and CEO David J. O’Connor.
