News Column

BRIEF: Simsbury Bank Profits Plunge in 4Q

January 28, 2014

By Kenneth R. Gosselin, The Hartford Courant

Jan. 28 --The parent of Simsbury Bank & Trust Co. said Tuesday its fourth quarter profits plunged as rising mortgage rates slowed home loan refinancings. Net income at SBT Bancorp, Inc. for the quarter ended Dec. 31 was $132,000 , or 12 cents a diluted share, down sharply from $604,000 , or 66 cents a diluted share, for the same period a year earlier. Martin J. Geitz , the bank's president and chief executive, said loan and deposit growth was strong in 2013, with commercial loan balances increasing 36 percent compared with 2012. "Our earnings performance, however, was disappointing as the sudden and dramatic rise in market interest rates adversely impacted" revenue from the sale of mortgages on the secondary market " due to lower demand for mortgage refinancings," Geitz said. For all of 2013, net income was $1.1 million , or $1.17 a diluted share, compared with $2 million , or $2.18 a diluted share, for 2012. ___ (c)2014 The Hartford Courant (Hartford, Conn.) Visit The Hartford Courant (Hartford, Conn.) at Distributed by MCT Information Services

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Source: Hartford Courant (CT)

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