Strong loan growth drove higher the fourth-quarter profits for the holding-company parent of Simsbury Bank & Trust Co.
For three months ended Dec. 31, SBT Bancorp Inc. netted $354,000, or 37 cents a diluted share, up from $258,000, or 26 cents a share, netted in the 2013 fourth quarter.
For the 12 months, SBT netted $805,000, or 79 cents a diluted share, down from $1.1 million, or $1.17 a share, netted for all of 2013..
“The bank showed strong loan growth as compared to Dec. 31, 2013,” said SBT President/CEO Martin J. Geitz. “Commercial banking continues to grow… Performance of our mortgage unit has showed some improvement during the second half of the year, however, continues to be challenging.’’
Total assets on Dec. 31, 2014 were $409 million vs. $422 million a year earlier.
