Press Release

October 27, 2011

QUINNIPIAC BANK & TRUST COMPANY REPORTS ANOTHER PROFITABLE QUARTER

HAMDEN, CONNECTICUT -

Quinnipiac Bank & Trust Company reports pretax income of $81,000 for the quarter ended September 30, 2011, an increase of $202,000 compared to the third quarter of 2010. For the nine months ended September 30, 2011, pretax income of $82,000 reflects an improvement of $637,000 compared to the nine months ended September 30, 2010 and an increase of $51,000 over the second quarter of 2011. Net income for the three and nine months ended September 30, 2011 which included a $35,000 income tax provision was $46,000 and $47,000, respectively.

Mark Candido, President and Chief Executive Officer of the Bank stated that seeing the results of the Bank’s business plan come to fruition is immensely satisfying. “The officers, employees and directors of the bank have worked tirelessly to establish the name and reputation of Quinnipiac Bank & Trust Company as a community bank with the personal touch combined with the essential technology solutions required by today’s customer. Now that we have attained profitability, we are not sitting back enjoying our accomplishment, but remain even more determined to continue providing quality service to our community and customers while increasing shareholder value.”

Financial results as of September 30, 2011 reflect an increase in total assets of $14.5 million or 25% to $71.7 million compared to $57.2 million at December 31, 2010. Loan demand remains stable which resulted in an increase in the loan portfolio of $9.4 million or 21% to $55.1 million at September 30, 2011 from $45.7 million at December 31, 2010. During the same period deposits increased $14.3 million or 29% to $64.2 million at September 30, 2011 from $49.9 million at December 31, 2010.

Net interest income increased $263,000 or 53% for the three months ended September 30, 2011 compared to the same quarter last year; on a year to date basis this represents an increase of $876,000 or 72%; these increases are attributable to an increase in average outstanding balances in the loan portfolio and a lower cost of funds. The provision for loan losses decreased $8,000 and $87,000, respectively, for the three and nine months ended September 30, 2011 compared to the same periods in 2010, respectively; the pace of loan growth during the first half of 2011 resulted in the decrease in the year to date provision. A lower volume of residential loans placed with outside investors was the primary driver behind the decrease in noninterest income during the periods presented. Noninterest expenses increased during the periods presented due primarily to higher costs associated with staffing, premises, data processing, advertising and regulatory assessments.

Quinnipiac Bank & Trust Company commenced operations in March of 2008 and is headquartered in Hamden, Connecticut. The Company previously announced its purchase of land at 2704 Dixwell Avenue in Hamden, Connecticut on which it will construct its new headquarters.

Quinnipiac Bank & Trust Company reported net income of $46,000 for the quarter ended Financial highlights*:

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