Bankwell Bank’s parent company reported net income of $2.1 million or $0.27 per share for the fourth quarter of 2017, versus $3.3 million or $0.43 per share for the same period in 2016, after a $3.27 million write down from tax reform.
After a year of record earnings and an acquisition, Patriot Bank and its parent company are not slowing down.
A $4 million write down as a result of tax reform wiped out profits for Westfield Bank’s parent company in the fourth quarter of 2017 after a year of slow growth.
United Financial Bancorp, the parent company of Hartford-based United Bank, is planning to open more de novo branches in in 2018 in order to bring in more deposits to keep up with the bank’s loan growth.
Despite strong earnings in the fourth quarter of 2017 and on an annual basis at Webster Financial Corp., investors had a flurry of questions after executives said enrollment in the company’s health savings account division was tracking behind in the first quarter of 2018.
State-chartered banks in Connecticut through the first nine months of 2017 saw healthy increases in collective net income, while also growing total assets, according to FDIC data.
Following shareholder approval of the acquisition of Prime Bank in late October, Patriot National Bancorp, the holding company of Stamford-based Patriot Bank, is committed to continuing its earnings growth.
Bankwell Financial Group, the parent company of New Canaan-based Bankwell Bank, is coming off a strong quarter after receiving national recognition.
First Connecticut Bancorp, the holding company for Farmington Bank, reported net income of $5.6 million, or $0.35 diluted earnings per share, for the third quarter, nearly doubling earnings from the third quarter of last year.
The strengthening economy has bank customers on the hunt for higher returns and is forcing banks to raise rates in order to protect deposits.
Webster Bank added more deposits than any other bank in Connecticut, according to recently released data on statewide deposit share at the end of the second quarter of this year.
At least 70 percent of federally-insured credit unions in Connecticut reported positive net income through the second quarter, according to the National Credit Union Association.
Connecticut lost 3,900 jobs in August, but due to a decline in the labor force, unemployment in the state fell to 4.8 percent –still above the national average of 4.4 percent.
At the end of the second quarter, the number of banks in Connecticut remained unchanged from one year ago, while assets controlled by the 42 banks in the state grew by roughly $6 million from the second quarter of 2016, according to recently released FDIC data.
Federally insured credit unions saw increases in members, total assets and shares and deposits in the second quarter of 2017.
Executives of United Financial Bancorp, the holding company of United Bank, were pleased with their second quarter earnings results, particularly on the income they generated associated with interest rate swaps.
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.
