First Connecticut Bancorp Inc., parent of Farmington Bank, posted higher net income for the fourth quarter and full year of 2014.
For three months ended Dec. 31, First Connecticut said Wednesday it netted $3.1 million, or 21 cents a diluted share, up from $2.5 million, or 17 cents a diluted share, netted the final quarter of 2013.
For the year, the bank’s net was $9.3 million, or 62 cents a diluted share, vs. $3.7 million, or 24 cents a diluted share a year earlier.
“Despite the low interest rate environment which continues to apply pressure to the margin, we continue to generate improved earnings based on our organic growth strategy, coupled with our strategic steps of reducing operating cost through process improvement initiatives,” Chairman, President and CEO John J. Patrick Jr. said.
The bank finished 2014 with assets of $2.5 billion vs. $2.1 billion in 2013.
