Press Release

July 25, 2011

QUINNIPIAC BANK & TRUST COMPANY REPORTS ITS FIRST PROFITABLE QUARTER

HAMDEN, CT - Quinnipiac Bank & Trust Company reported net income of $30,000 for the quarter ended June 30, 2011, an increase of $229,000 compared to the second quarter of 2010 and an increase of $59,000 compared to the first quarter of 2011. For the six months ended June 30, 2010, the Bank was at the breakeven point which reflects an improvement of $435,000 compared to the six months ended June 30, 2010.

Mark Candido, President and Chief Executive Officer of the Bank stated that he is thrilled with these results which reflect the determination and the hard work of the entire staff as well as the contribution and support of the Bank’s Board of Directors. He added that given the current economic climate these results reflect an even greater achievement. “Conservative growth and adherence to prudent underwriting standards has minimized loan losses and enabled the Bank to realize profitability sooner than expected. The challenges remain to continue our growth and sustain and increase profitability while effectively navigating through these turbulent economic conditions”.

Financial results as of June 30, 2011 reflect an increase in total assets of $12.1 million to $69.3 million at June 30, 2011 compared to $57.2 million at December 31, 2010. Loan demand remains moderate which resulted in an increase in the loan portfolio of $6.4 million to $52.1 million at June 30, 2011 from $45.7 million at December 31, 2010. During the same period deposits increased $12.6 million to $61.8 million at June 30, 2011 from $49.2 million at December 31, 2010.

An increase in average outstanding balances in the loan portfolio and a low cost of funds resulted in an increase in net interest income of $279,000 or 69% for the three months ended June 30, 2011 compared to the same quarter last year; on a year to date basis this represents an increase of $614,000 or 84%. A lower rate of loan growth during 2011 resulted in a decrease in the provision for loan losses of $70,000 and $79,000, respectively, for the three and six months ended June 30, 2011 compared to the same periods in 2010, respectively. 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 expense 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 recently 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 $30,000 for the quarter ended Financial highlights*:

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