Commercial loan growth drove net income at SBT Bancorp, the holding company for the Simsbury Bank & Trust Co., to $568,000 in the second quarter, up more than $200,000 from the second quarter of last year.
Earnings-per-share for the $525 million asset bank were $.42 per diluted share, up from $.19 per diluted share at this time last year.
“We are very pleased to report improved earnings for the second quarter of 2017 resulting principally from commercial loan growth and strong expense management,” Simsbury Bank President and CEO Martin J. Geitz said in a statement. “Most of our balance sheet growth came from a 22.7 percent increase in commercial loans since the end of the prior year second quarter as our focus serving the needs of privately owned and family owned businesses continues to gain momentum.”
Net interest income for the second quarter was $4.1 million, compared to $3.7 million for the second quarter of 2016.
Non-interest income was $771,000 for the quarter, up more than $65,000 for the second quarter of last year.
Net loans grew nearly $40 million since this time last year. Total deposits also grew by roughly $40 million.





