Thomaston Savings Bank reported net income of $4.59 million for their fiscal year ended on Sept. 30, 2016, an increase of $122,000, or 2.7%, over the prior fiscal year. The growth in earnings is reflective of increased revenues from both net interest income and noninterest income, along with higher gains on investment securities. Earnings also benefited from an 18% reduction in loan loss provisions.
Assets grew by a record $84 million, or 9.8%, during the year and totaled $939 million at September 30, 2016. The Bank’s loan portfolio increased by 3.5% to $648 million due to strong growth in commercial loans. Deposits in the current year grew by 11.2% to $805 million.
During 2016, Thomaston Savings Bank opened additional full-service branch offices in Bristol and Oakville.
In 2016, a total of nearly $600,000 was donated by the bank or granted by the Thomaston Savings Bank Foundation to dozens of organizations in our local communities, including matching grants to both the Boys & Girls Club of Greater Waterbury and the Boys & Girls Club of Bristol Family Center.