The Enfield parent of New England Bank posted a profit in the fiscal fourth quarter and finished the year in the black, reversing losses from a year earlier.
New England Bancshares Inc. (NEB) had net income of $700,000, or 12 cents a share, in the three months ended March 31, against a loss of $1 million, or 18 cents a share, the same period a year earlier.
For the year, the bank holding company earned $1.7 million, or 28 cents a share, in fiscal 2010. NEB lost $1.8 million, or 32 cents a share, in fiscal 2009.
The bank said improved interest spreads – the difference between what it pays for deposits and what it charges on loans – contributed to higher net interest income for the quarter.
Meanwhile, expenses remained flat despite Federal Deposit Insurance Corp. fees and special assessments that more than tripled to $1.1 million during the fiscal year, the bank said.
NEB ended the fiscal year with $675 million in assets, up from $572 million a year earlier.
NEB operates 15 central Connecticut branches.
