Farmington Bank’s parent company said Thursday it more than doubled its second quarter profits, thanks to strong deposit and loan growth.
First Connecticut Bancorp said its second quarter net income was $2.2 million, or 15 cents per share, compared to $819,000, or 10 cents per share, a year earlier.
Net interest income, or the money the bank makes off loans, increased 21 percent in the quarter to $15.6 million. That was helped by the bank’s strong loan growth: Its total loans increased $76.2 million to $1.9 billion from the first quarter of 2014.
“We are pleased with our second quarter results which reflect a significant lift in earnings, driven by our core banking activities of taking in deposits and making loans,” said John J. Patrick Jr., First Connecticut Bancorp’s Chairman and CEO. The strategic investments made in our company over the past several years are beginning to be reflected in our earnings which have increased 47 percent linked quarter and 167 percent year over year. We continue to reward shareholders by growing tangible book value and paying dividends.”
Meantime, in a separate announcement, First Connecticut Bancorp said it added Hartford public relations pro Duby McDowell and James T. Healey, Jr., who spent 28 years working at investment banking firm Keefe Bruyette & Woods, to its board of directors.
