The Enfield parent of New England Bank said higher income from loans and fees drove fiscal third-quarter profits up 15 percent.
New England Bancshares Inc. earned $856,000, or $0.14 a share, in the three months ended Dec. 31, up from $747,000, or 13 cents a share, the same period a year earlier.
Through nine months, NEB has earned $976,000, or 16 cents a share, compared to a net loss of $795,000, or 14 cents, the same period a year ago.
President and CEO David O’Connor said his institution, formerly Enfield Federal Savings and Valley Bank, is proactively confronting the challenges facing the banking industry.
“While many in the industry are abandoning lending, we are focused on growing our loan portfolio in a safe and sound manner,” O’Connor said. “I am pleased with the performance but we have more work to do.”
New England Bank ended Dec. 31 with $672.4 million in assets.
