Savings Institute Bank parent SI Financial said its third-quarter net income rose nearly 21 percent, thanks to a combination of higher interest income and lower income taxes.
Net income for the quarter was $2.7 million, or 23 cents per diluted share, up from $2.2 million, or 19 cents, in the same quarter last year.
SI Financial’s net interest income for the recent quarter climbed from $10.9 million to $11.5 million, due to higher loan balances and yields, which the bank said reflects a higher interest rate environment.
Noninterest income also climbed, though higher expenses wiped out the gain. The company’s loan loss provision — money set aside to cover bad future loans — was higher during the quarter, due to higher-risk commercial loans and more nonperforming loans, while its income tax provision was lower.
Savings Institute has several bank branches in Greater Hartford.