Farmington Bank saw fourth-quarter profits plummet on the way to flat net income for all of 2013, its parent reported.
For three months ended Dec. 31, parent First Connecticut Bancorp netted $1.1 million, or 7 cents a diluted share, down from $3.2 million, or 19 cents a share, netted the same quarter a year earlier.
For 2013, the bank netted $3.6 million, or 23 cents a diluted share, vs. $3.9 million, or 24 cents a share, netted in 2012.
“We continue to be encouraged that core earnings are building as a direct result of our annual increase in loans … for the quarter,” First Connecticut Bancorp Chairman and CEO John J. Patrick Jr. said.
Patrick said during the year Farmington Bank finalized its exit of the resort financing market.
Also, with the January 2014 opening of its Rocky Hill branch, that is its 22nd overall and the last in its branch expansion, Patrick said.
