The parent of Simsbury Bank & Trust Co. said Tuesday its fourth quarter earnings grew 15 percent aided by a significant reduction in interest expenses and gains from its loan portfolio.
SBT Bancorp Inc. posted a net income of $366,000, or 36 cents a share, for the three months ended Dec. 31, up from $317,000, or 29 cents a share, netted the year-ago period.
For the full year, the bank’s net was $909,000, or 64 cents a share, down 21 percent from $1.1 million, or $1.03 a share, earned in 2010.
During the year the bank experienced one-time charges related to the creation of a passive investment company as well as full repayment of recapitalization funds to the federal government.
