Connecticut Bank and Trust Co.’s first-quarter earnings rose more than five-fold due to the positive impact of certain tax treatments on the Hartford community lender’s bottom line.
CBT earned $709,000, or 19 cents a share, in the first three months of this year, up from $149,000, or 4 cents a share, earned the same period last year.
Without the tax benefit of operating loss carryforwards, CBT’s first quarter net profit attributable to common stockholders was just $106,000, the bank said.
Chairman and CEO David A. Lentini said the bank issued more than $8.5 million in new loans in the quarter.
However, its asset quality continued to deteriorate in the period. Nonperforming loans, as a percentage of all loans, was 5 percent at March 31, up from 0.87 in at the close of the 2010 first quarter.
Total assets at March 31 were $273.6 million vs. $274.2 million a year earlier.
