SI Financial Group Inc. in Willimantic is restoring its common-stock dividend to coincide with a sharp increase in first-quarter profits.
The parent of Savings Institute Bank & Trust Co. suspended its quarterly payouts last year to preserve capital.
Rheo A. Brouillard said it was a prudent move for the bank and its investors.
Wednesday, SI Financial said its first-quarter profit rose nine-fold to $493,000 from $56,000 a year earlier.
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The dividend of 3 cents a share will be paid on or about May 28 o stockholders of record as of May 10.
Subject to regulatory approval, SI Bancorp, MHC, its mutual holding company parent, intends to waive receipt of the dividend.
