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
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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