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SI Financial Quarterly Net Income Dives

April 28, 2011 | Reprints | Unlock Link | Print

SIFinancial Willimantic-based SI Financial Group Inc., the holding company of Savings Institute Bank and Trust Co., reported net income of $209,000 for the quarter ended March 31, a significant decrease compared to the reported net income of $493,000 for the same time last year.

The decrease in net income was primarily the result of a shareholder approved charitable contribution of $500,000 ($335,000 after tax) to SI Financial Group Foundation during the quarter, according to a statement.

SI Financial Group also declared a cash dividend of 3-cents per share. The dividend will be paid on or about May 27 to stockholders of record as of the close of business on May 9.