Simsbury Bank & Trust Co.’s parent more than doubled its third-quarter net as strong commercial lending and retail banking overcame softness in its home-mortgage operations, which gained steam in the quarter.
For three months ended Sept. 30, SBT Bancorp Inc. said Thursday it netted $258,000, or 26 cents a diluted share, up from $115,000, or a dime a diluted share, netted the same quarter in 2013.
Total loans outstanding at quarterend amounted to $290 million, up 4.3 percent from $278 million a year ago.
Total assets at Sept. 30 were $410 million vs. $407 million a year earlier.
“Commercial banking continues to grow, with commercial loan balances increasing by $7.1 million or 9.1 percent’’ for the quarter, CEO Martin Geitz said. “… Performance of our mortgage unit has showed some improvement during the third quarter, however, continues to be challenging. We experienced a significant increase in applications and closed purchase mortgages during the third quarter; however, the levels were still well below 2013’s levels.”
