First Connecticut Bancorp Inc. lifted first-quarter profits despite its flagship bank pulling back on its lending reins.
For three months ended March 31, Farmington Bank’s parent said it netted $3.6 million, or 24 cents a diluted share, up from $2.5 million, or 17 cents a share, netted the same quarter a year ago.
“Last year we indicated loan growth would slow during 2016, as we believe competition in the market has loosened credit standards, and we believe taking on additional credit risk to drive earnings is not prudent,’’ John J. Patrick Jr., chairman, president and CEO of First Connecticut and Farmington Bank, said in a statement.
“We remain diligent with respect to expense control while maintaining solid overall risk management fundamentals,” he said.
