The parent of Simsbury Bank & Trust Co. said Monday its fourth-quarter earnings soared 66 percent, as the community lender generated more fees and interest income from new loans.
SBT Bancorp reported net income of $317,000 for the three month period ended Dec. 31, up from a net profit of $191,000 the same quarter in 2009.
Net income available to common shareholders was $252,000, or 29 cents a share, up from $126,000, or 15 cents a share, in the final quarter of 2009.
The bank said the earnings jump was spurred by a 14 percent increase in net interest and dividend income, to $1.3 million.
“SBT Bancorp is pleased to report that steady growth in loans, deposits, and revenues has now produced increased earnings in each of the past five quarters,” President and CEO Martin J. Geitz said.Â
Simsbury Bank finished 2010 with $296 million in assets and had $205 million in outstanding loans, a 12 percent increase from a year ago.
Its $269 million in deposits were 8 percent greater than at the end of 2009.
