The parent of Simsbury Bank & Trust more than doubled its second-quarter net profit as a result of strong mortgage lending.
For three months ended June 30, SBT Bancorp Inc. said Tuesday it netted $350,000, or 36 cents a diluted share, up from $115,000, or a dime a share, netted the same quarter last year.
SBT President/CEO Martin J. Geitz cited a surge in the bank’s first-half mortgage-banking activities as responsible for the performance.
Geitz said commercial loan balances grew 21 percent, or $16.7 million, from the 2014 second quarter.
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SBT finished the quarter with assets of $419.7 million vs. $402.7 million a year ago.