Farmington Bank’s parent saw first-quarter net climb 40 percent on surging interest-income from loans and belt tightening.
For three months ended March 31, parent First Connecticut Bancorp netted $1.5 million, or a dime a diluted share, up from $1.1 million, or 7 cents a diluted share, a year ago.
Net interest income for the quarter was $14.8 million vs. $12.7 million a year earlier.
Net charge-offs for non-performing loans and other assets in the quarter was $1.2 million vs. $26,000 a year earlier.
The bank’s noninterest expense fell 3 percent to $14 million in the quarter, the result of lower salaries and employee benefits and other operating expenses, Chairman and CEO John J. Patrick Jr. said.
However, Farmington Bank’s opening in January of a new Rocky Hill branch and winter-related costs added to its first-quarter overhead, Patrick said.
