Healthy increases in loans, deposits and revenues helped Simsbury’s SBT Bancorp, the parent company of Simsbury Bank & Trust Co., record net income of $273,000 in the second quarter, from $221,000 recorded during the same period last year.

For the six months ended June 30, net income amounted to $516,000, up more than 40 percent over $367,000 for the first half of last year. Total assets stood at $275 million on June 30, compared to $266 million on June 30, 2009.

Net interest and dividend income increased by $445,000, or 21 percent. This increase was driven by a 3 percent increase in the balance sheet and a 47 basis point increase in the company’s taxable equivalent net interest margin, according to a statement. For the six months ended June 30, total revenues were approximately $5.8 million, compared to slightly less than $4.9 million for the six months ended June 30, 2009, an increase of 20%.

On June 30, loans outstanding were $205 million, an increase of $26 million, or 15 percent, over a year ago. Total deposits at the end of June totaled $249 million, an increase of $7 million, or 3 percent, over last year.

"SBT Bancorp experienced another good quarter of growth in loans, deposits, revenues and earnings," said SBT Bancorp President and CEO, Martin J. Geitz. "Our customer focus remains the foundation of our success as it enables us to build shareholder value with an attractive, low-cost, relationship based deposit mix; a relatively low-risk mortgage, consumer and commercial loan portfolio; and a strong capital position."