The parent of Simsbury Bank & Trust Co. posted a sharply lower first-quarter profit stemming from a one-time charge for setting up a passive investment company.
SBT Bancorp Inc. earned $23,000, or 3 cents a share, after preferred dividends in the three months ended March 31. A year ago, the bank holding company earned $243,000, or 21 cents a share.
In January, the bank set up passive investment company (PIC) that resulted in a $172,000 one-time charge reflected in its income tax provision.
Down the road, the bank says the PIC will impact its net income by $100,000 a year.
Nonperforming assets and past-due loans were 1.3 percent of assets at March 31, down from 1.66 percent a year earlier, the bank said.
SBT ended the quarter with $325.1 million in assets, up from $295.6 million a year earlier.
