SBT Bancorp Inc., holding company for Simsbury Bank & Trust Company, today posted first-quarter results for the three months ended March 31, 2010. Net income of $243,000, or $0.21 per diluted share, reflects a 67-percent increase over the $146,000, or $0.17 per diluted share, reported for the first quarter of 2009.
Total revenues increased 24 percent to $2,856,000 in the first quarter compared to $2,297,000 for the same period of 2009.
Total assets as of March 31, 2010, grew 9 percent to $283 million compared to $260 million as of March 31, 2009.
SBT Bancorp reported loans outstanding of $196 million, up 8 percent over a year ago.
On March 31, 2010, 71 percent of total loans were conventionally underwritten residential mortgages and consumer home equity lines and loans. The company reported non-accrual loans totaling $3.1 million equal to 1.59 percent of total loans, on March 31, 2010.
Loans 30 days or more delinquent, excluding non-accrual loans, comprised $140,000, or 0.07 percent of total loans.
Total exposure to builder and land development loans and non-owner occupied commercial real estate was $12.2 million on March 31, 2010, representing 6 percent of total loans and 56 percent of total capital.
Total deposits for the first quarter were $254 million, a 7-percent increase over the same period a year ago. Core deposits (Demand, Savings and NOW accounts) increased by 18 percent while Time Deposits decreased 16 percent.
“SBT Bancorp experienced a good quarter of growth in loans, deposits, revenues and earnings” SBT Bancorp president and CEO Martin J. Geitz stated in the press release. “We will continue to focus on serving our current and new customers very well and thereby earning more of their business. 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.”
The company said its capital levels for its subsidiary Simsbury Bank & Trust Company are solid, exceeding the regulatory “well-capitalized” designation.