Farmington Bank’s parent posted a 70 percent jump in first-quarter net profits on strong loan and deposit growth.
For three months ended March 31, First Connecticut Bancorp Inc. said Thursday it netted $2.5 million, or 17 cents a diluted share, up from net of $1.5 million, or a dime a share, the same quarter last year.
“We remain focused on the fundamentals of growing our balance sheet organically; ensuring we remain well positioned for rising interest rates,’’ First Connecticut Chairman and CEO John J. Patrick Jr. said. “Loan and deposit growth continue to be strong in the first quarter, deepening our market share position in central Connecticut and establishing a strong foundation in western Massachusetts.’’
Farmington Bank ended the quarter with $2.6 billion in assets vs. $2.2 billion at March 31, 2014.