"The Company is well positioned to meet the challenges brought about by a stubbornly stagnant economy and an uncertain regulatory environment," said SBT Bancorp President/CEO Martin J. Geitz.
SBT Bancorp, Inc., holding company for Simsbury Bank & Trust Company, today announced net income of $366,000 for the fourth quarter of 2011. This is a 15 percent ($49,000) increase from 2010.
Key financial highlights for 2011 include:
- Total asset increase from $81 million (27 percent)
- Fourth quarter earnings per share increased by 21 percent
- Core deposits grew by $58 million or 30 percent
In addition, SBT Passive Investment Company, established in January 2011, provided tax benefits in excess of $100 thousand for the year ending in December 2011.
Total deposits as of Dec. 31, 2011 were $345 million, an increase of $76 million (28 percent) from 2010.
"SBT Bancorp's performance throughout 2011 reflects our commitment to build shareholder value with attractive, low-cost, relationship based core deposits; a relatively low risk mortgage, consumer and commercial loan portfolio; and a strong capital position," said Geitz. "We look forward to continued success through 2012 and beyond."
To read the earnings report in it's entirety, go to the Simsbury Bank and Trust website.