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Ion Bank News
Web Site:
http://www.ionbank.com
- West Side Office
500 West Main St.,
Meriden, CT 06451
- 2708
Tel: (203) 639-8866
Fax: (203) 639-2808
Ion Bank is an independent community-based bank committed to providing a full line of consumer and business products and services.
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Naugatuck Savings Bank Originates $120 Million in Loans During First Six Months of 2013
September 16, 2013
Naugatuck Savings Bank lent $27 million to businesses and $103 million to individuals and families through the first half of 2013. The loan originations helped the bank earn $2 million for the six month period ending June 30, 2013, which is consistent with the same period last year.Charles J Boulier III, President and CEO of the Bank, commented that "we are very pleased with these results. Although interest rate margin continues to be under pressure, our earnings are stable due to the success the bank has had in growing our deposit base through our branching, virtual banking and deploying these funds in loans to our consumer and small business customers."
Total assets as of June 30, 2013 are $972 million, an increase of $30 million or 3% since December 31, 2012. Growth in deposits during 2013 of $29 million, or 4%, helped fund the asset growth. These funds were invested primarily in loans to consumers. Total loans are $769 million compared to $751 million as of December 31, 2012.
The steady growth in loans and deposits provided stability to earnings of $2 million in the first six months of 2012 and 2013. The decline in net interest income of $442 thousand and $779 thousand increase in non-interest expense was offset by an increase of $739 thousand in non-interest income and a $300 thousand decrease in the provision for loan losses. Boulier noted that "the increase in non-interest expenses was due to the investment associated with the expansion strategy, increases in loan origination costs, employee benefit costs and marketing expenses."
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