Wethersfield-based Connecticut River Community Bank reported a steep drop in profits for 2009, as troubled assets cut into its earnings.
The bank recorded a net income of $5,368 for the year ended Dec. 31, compared to $419,701 in the year ago period.
The community lender, which has 3 branches in central Connecticut with $175 in assets, said its “core earnings continue to be strong, which has allowed the Bank to address troubled assets.”
In 2009, the bank put aside $2.3 million to cover bad loans.
“During 2009, we have remained profitable, improved our margins, controlled our operating expenses and strengthened both our capital ratios and risk management practices,” the bank’s CEO Dean Morgan said. “Based on these actions, we believe the Bank is better positioned to move forward.”
Connecticut River saw a slight uptick in loans during the year, but saw its deposit base and total assets shrink by less than 1 percent each, to $132.7 million and $175 million respectively.
Morgan said the bank remains considered “well-capitalized” by regulators.
