Thomaston Savings Bank reported net income of $2.18 million for the six months ended March 31, 2017, the first half of the Bank’s fiscal year which ends on September 30, 2017. The results represent an increase of $199,000, or 10.0%, over the first half of 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.
Assets grew by a $32 million, or 3.4%, during the six-month period and totaled $971 million at March 31, 2017. The Bank’s loan portfolio increased by 3.6% to $671 million due to strong growth in commercial loans. Deposits in the current year grew by 4.3% to $840 million including strong contributions from two new branch offices opened in 2016.
Stephen L. Lewis, President and CEO, stated, “We are pleased to report first half results that include an increased bottom line, strong growth in both loans and deposits, and continued high asset quality. During 2016, we opened additional full-service branch offices in Bristol and Oakville to expand our presence in two key markets and enhance our ability to offer the personalized service and customized banking solutions expected from a community bank. Both branches to date have exceeded our performance targets.”