Farmington Bank’s parent posted a 14 percent gain in third-quarter net income from steady growth in loans and fee services.
For three months ended Sept. 30, First Connecticut Bancorp Inc. said Thursday it netted $2.5 million, or 17 cents a diluted share, up from $2.2 million, or 14 cents a share, netted the same quarter last year.
Farmington Bank’s aggressive opening of new branches in the Hartford region is bearing fruit, as its deposits climbed $177.4 million in the third quarter, to $1.7 billion, vs. a year earlier.
The bank also announced its expansion into the western Massachusetts banking market.
“We continue to be pleased with our earnings growth, which is a direct result of our organic growth strategy,’’ John J. Patrick Jr., First Connecticut Bancorp’s Chairman, President & CEO.
First Connecticut ended the third quarter with $2.4 billion in assets vs. $2 billion a year ago.
