Thomaston Savings Bank reported net income of $2.29 million for the six months ended on March 31, 2015 compared with $2.20 million for the prior fiscal year, an increase of $92,000, or 4.2%. Current year earnings excluding gains on investment securities increased by $460,000, or 25.0%. The strong growth in core earnings reflects increased revenues from both net interest income and noninterest income along with a reduction in loan loss provisions.
Assets grew by 3.7% during the first half of the bank’s fiscal year and totaled $837 million at March 31, 2015, said a press release from the bank. The bank’s loan portfolio increased by 4.5% to $621 million, primarily due to growth in commercial loans. Deposits in the current year grew by 4.8% to $699 million.
Stephen L. Lewis, President and CEO, stated in a press release from the bank, “Our mid-year results were highlighted by substantial growth in core earnings, continued high asset quality, and positive trends across our primary performance measurements. We continue to experience steady growth in deposits and strong loan activity. We’ve added $3 million to our capital position since the beginning of the fiscal year, with total capital of $104 million, or 12.4% of assets, at March 31, 2015. Thomaston Savings Bank remains one of the highest capitalized financial institutions in the State. ”
Lewis added, according to the news release, “Our bank received regulatory approval recently to open our eleventh branch location on Farmington Avenue in Bristol. We anticipate an opening date in the last calendar quarter of this year.”