Lakeville-based Salisbury Bank had first quarter net income of $3 million, or $0.52 per basic common share, compared to $4.1 million, or $0.71 per basic common share, in the fourth quarter of 2022 and $3.5 million, or $0.62 per basic common share, in the first quarter of 2022.
New Canaan-based Bankwell Financial Group had first quarter net income of $10.4 million, or $1.33 per share, compared to $8.2 million, or $1.04 per share, in the first quarter of 2022.
Norwich, New York-based NBT Bancorp had first quarter net income of $33.7 million, or $0.78 per diluted common share, compared to $39.1 million, or $0.90 per diluted share, in the first quarter of 2022.
Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Stamford-based Webster Bank saw deposits increase by 2.3 percent during the first quarter.
Boston-based Berkshire Bank saw deposits drop by 2.5 percent during the first quarter, but some of those lost deposits moved to money market products in the bank’s wealth management division.
Buffalo-based M&T Bank saw deposits decline during the first quarter, a shift the bank expects to stabilize in the coming quarters.
Community bankers, particularly in the Northeast, continue to have dim expectations for bank profitability, according to the Conference of State Bank Supervisors’ latest community bank survey.
About one-third of Connecticut-based banks reported earnings gains in the first quarter after last year saw bank earnings reach record levels, according to FDIC data.
Stamford-based Patriot Bank continues to see a positive impact on its financial results from a pre-paid debit card program the bank acquired nearly two years ago.
New Canaan-based Bankwell Financial Group reported record net income for the fourth straight quarter.
While merger expenses led to a quarterly loss for Webster Bank’s parent company, bank executives say they have already seen the combination with Sterling National Bank reflected in financial performance.
Lakeville-based Salisbury Bank and Trust saw year-over-year earnings decline by 22 percent as the bank had first quarter net income of $3.5 million, or $1.24 per basic common share, compared with $4.5 million, or $1.59 per basic common share, in the first quarter of 2021.
The effects of geopolitical events and the rate environment will result in some changes to the goals Berkshire Bank set last year for turning around the bank’s performance.
Concerns about future business conditions have led community bankers to hold a less optimistic outlook for the economy, according to the Conference of State Bank Supervisors latest survey.
The coronavirus pandemic had an early effect on Connecticut’s FDIC-insured banks, with first quarter earnings falling while total assets, loans and deposits saw some increases.
