The parent of Rockville Bank in Vernon saw its first quarter earnings jump 49 percent, pushed upward by strong gains on investments and mortgage sales.
Rockville Financial said its first-quarter earnings were $2.9 million in the three months ended March 31, up from $1.9 million the period last year. The holding company did not release per-share amounts.
The bank’s net interest income, or earnings on investments and loans, increased $2.1 million in the quarter to $13.4 million.
Rockville’s non-interest income during the quarter increased by $696,000 to $1.7 million, the result of gains on investments and mortgage sales.
The bank, which operates 21 branches in Hartford, New London and Tolland counties, also set aside $903,000 in the quarter to cover loans that may go bad in the future. That was a $ 604,000 increase compared to the $299,000 the bank set aside in the first quarter of 2009.
Assets at the bank stayed relatively stable from a year ago at $1.6 billion.
