SBT Bancorp Inc., holding company for The Simsbury Bank & Trust Company Inc., announced a 39 percent drop in first quarter profits compared to 2015. The drop was partly driven by declines in mortgage revenues.
The community bank said its net income for the first quarter decreased to $206,000, or 15 cents per share, compared to $343,000, or 36 cents per share, in the prior year’s first quarter.
The bank said the fall in profits was due to the decline in market interest rates during the first quarter and anticipation of more rapid prepayment of mortgages serviced by the bank.