Willimantic lender SI Financial Group Inc. raised its fourth-quarter earnings nearly 50 percent, fueled by cheaper deposits and lower expenses.
The parent of Savings Institute Bank and Trust Co. earned $959,000, or 8 cents share, in the three months ended Dec. 31, up from $620,000, or 5 cents a share, earned the same period in 2009.
For 2010, SI Financial earned $3 million, or 26 cents a share, a more than seven-fold rise from the $435,000, or 4 cents a share, earned a year earlier.
It ended 2010 with $929 million in assets, up from $872 million in 2009.
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In January, SI Financial completed its conversion from a mutual to a publicly owned bank as well as a related $52.4 million stock offering.
