The parent to The Simsbury Bank & Trust Co. said Friday its third quarter profits grew 37 percent, thanks largely to strong mortgage activity.
SBT Bancorp Inc. said its third quarter net income was $353,000, or 37 cents per share, compared to $258,000, or 26 cents per share, a year earlier.
The profit increase is mainly due to a $168,000 increase in mortgage banking activities, and a $121,000 increase in net interest and dividend income, the bank said.
“The Bank showed strong growth as compared to September 30, 2014,” said Martin J. Geitz, president and CEO. “Commercial loan balances increased by $18.0 million or 21.3% since September 30, 2014. Performance of our mortgage unit continued to show improvement during the 2015 year.”
