Windham’s SI Financial Group Inc. booked lower fourth-quarter profits, hindered by lower fee income and the impact of an asset sale and a branch closing.
For three months ended Dec. 31, the parent of Savings Institute Bank and Trust based in the town’s Willimantic section Thursday reported net income of $745,000, or 8 cents a diluted share, down from $761,000, or 8 cents a share, netted the same period a year earlier.
For the year, SI netted $1.1 million, or 11 cents a share, less than half the $2.4 million, or 24 cents a share, netted in 2011.
“The sale of SI Trust Servicing and the closure of our New London office, while impacting earnings in the short run, will reduce expenses longer term,’’ CEO Rheo A. Brouillard said.
SI finished 2012 with assets totaling $953.3 million vs. $955.1 million at the close of 2011.
