Windham’s SI Financial Group, parent of Savings Institute Bank and Trust Co., said it booked a first-quarter profit of $906,000, due mainly to higher interest and dividend income from its September acquisition of Newport Bancorp.
The profits equated to 7 cents per diluted share. In the first quarter of 2013, SI booked a $77,000 loss, or 1 cent per share, fueled by a $684,000 charge related to its acquisition of Newport Bancorp.
A higher average outstanding loan balance and a lower cost of funds resulted in net interest income growing from $6.3 million to $10 million, SI said. The growing loan balance also necessitated an increase in its loan loss provision, which more than tripled to $430,000, despite decreases in nonperforming loans and chargeoffs for the quarter.
