Simsbury Bank & Trust

The Simsbury Bank & Trust Co. recently announced 2005 net income of $1.67 million, or $1.96 per share (diluted). Total operating income, which includes net interest and dividend income after provision for loan losses plus non-interest income, increased 9 percent over the prior year. 2005 earnings generated a return on average equity of 11.19 percent. Total assets ended the year at $210 million, a 4 percent increase from the prior year-end total.

The 2005 diluted earnings per share of $1.96 were down 14 cents per share compared to the 2004 total of $2.10 primarily due to increases in operating expenses associated with planning for and opening new branches, forming a bank holding company, and new marketing and product development initiatives. The bank opened a new branch office in the neighboring town of Canton in November 2005 and is planning an additional branch office in Bloomfield scheduled to open in the spring of 2006. The bank is in the final stages of forming a bank holding company through which trust preferred securities could be issued if future growth requires additional capital. During 2005 total deposits increased by $8 million, or 4 percent, and net loans increased by $5 million, or 3 percent.

For the fourth quarter of 2005, net income amounted to $374,463 or 44 cents per share (diluted). That compares to fourth quarter of 2004 net income of $446,513 or 52 cents per share. 2005 fourth quarter total operating income grew by 8 percent over the prior year’s fourth quarter.

“We remain pleased with the bank’s operating income growth and are committed to closely managing the expenses associated with adding two new branches over a period of nine months,” said Martin J. Geitz, The Simsbury Bank’s president and chief executive officer. “As in prior quarters this year, the bank’s earnings reflect our investments for growth and increased regulatory related expenses. With the opening of our new branches in Canton and Bloomfield, we expect earnings in 2006 to continue to reflect the pressure of higher operating expenses until the new branches achieve deposit and loan levels that fully support our capital and operating commitments.

“Our loan and deposit growth during 2005 was due to new customers choosing us as their relationship bank and existing customers selecting us to help them with other banking needs. We appreciate the trust that our customers place in us that is reflected in our strong core deposit position and asset quality. As we look to 2006, we remain committed to providing the same excellent customer service our existing customers have come to expect and to attract new consumer and business customers with high touch service, informed advice, local decision-making and outstanding electronic banking services.”

Open Solutions Sees Results

Glastonbury-based Open Solutions Inc., a provider of integrated enabling technologies for financial institutions throughout the United States and Canada, recently reported financial results for the three months and full year ended Dec. 31, 2005.

Revenue for the fourth quarter of 2005 increased 65 percent to $59.7 million, from $36.1 million for the fourth quarter of 2004. Revenues for the full year 2005 increased 81 percent to $193.8 million, from $107.2 million in the prior year.

Earnings before interest, taxes, depreciation and amortization for the fourth quarter of 2005 increased 91 percent to $15.5 million, from $8.1 million for the fourth quarter of 2004.