The Connecticut Bank and Trust Company has reported that its loss in the fourth quarter ended December 31, 2008 was $298,000, or $0.08 per share, compared to a loss of $388,000 or $0.11 per share, for the fourth quarter of 2007.
For the fourth quarter of 2008, net interest income improved 17% to $1.78 million versus $1.53 million for the comparable quarter of 2007. The net interest margin was 3.41% for the fourth quarter of 2008, a decline from 3.64% reported in the fourth quarter of 2007.
The net loss for the year ended December 31, 2008 amounted to $2.5 million, or $0.70 per share, compared to $2.1 million, or $0.61 per share, in 2007.
In 2008, net interest income rose $1.1 million or 20% to $6.7 million from $5.54 million for the year 2007. The net interest margin for the year 2008 was 3.59%, an increase from the 3.41% posted in the year 2007.
David Lentini, CEO of The Connecticut Bank and Trust Company, said: During the fourth quarter, The Connecticut Bank and Trust Company was not immune to the tumult in the U.S. economy. The prime lending rate fell rapidly to 3.25% as the federal open market committee reduced its target rate from 2% to a range of zero to 25 basis points. Meanwhile deposits rates, reflecting competition in both the national and local markets, were slow to decline.
