January 30, 2018

Simsbury Bank parent's 4Q, '17 net rise

The parent of Simsbury Bank & Trust Co. posted higher fourth-quarter net on its way to increased full-year profits.

For three months ended Dec. 31, SBT Bancorp Inc. said that, after an asset write-down tied to the recent federal tax cut, it netted $682,000, or 50 cents a diluted share, up from $604,000, or 45 cents a share, netted in the final quarter of 2016.

For 2017, CEO Martin J. Geitz said SBT's net rose 58 percent to $2.4 million, or $1.72 a diluted share, vs. $1.5 million, or $1.10 a share, netted in 2016.

SBT ended 2017 with assets of $504 million vs. $510 million at the close of 2016.

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