First Connecticut Bancorp, Inc., the holding company for Farmington Bank, posted a 9.5 percent decline in profits in the third quarter, the company said this week.
The bank reported net income of $3.8 million, or 25 cents per diluted earnings per share compared to net income of $4.2 million, or 28 cents diluted earnings per share for the third quarter a year ago.
A gain of $557,000 on the sale of foreclosed real estate had boosted the 2015 third quarter results, the company said.
Despite the drop, First Connecticut Bancorp Chairman, President and CEO John J. Patrick Jr. said the bank “achieved solid organic growth in deposits, commercial loans and mortgage banking.” The bank is growing in central Connecticut and western Massachusetts while focusing on growing “tangible book value” in a low interest-rate environment, he said.
