Willimantic — Savings Institute Bank & Trust reported this week that its profits increased 1.7 percent in the first quarter of the year compared with the same period in 2014.

The bank, which released its results late Wednesday, said earnings per share held steady at 7 cents. Profits were $921,000 in the first quarter compared with $906,000 in the same period last year, accomplished largely through cost reduction because major income barometers were pointed downward.

"Growth in deposits and continued strong asset quality indicated a solid balance sheet," said Rheo A. Brouillard, president and chief executive of Savings Institute, in a statement. "Despite the continued pressure on the net interest margin stemming from the prolonged low interest rate environment, we are pleased with our operating results from the first quarter."

Savings Institute reported that its total assets rose to $1.37 billion in the first quarter, a 1 percent increase. Deposits declined slightly to $152.3 million vs. $156.5 million in the previous quarter.

Nonperforming assets fell dramatically as a percent of all assets, dipping from a ratio of 0.59 percent in the first quarter of last year to 0.35 percent in the latest period. Total troubled loans were pegged at $4.8 million in the most recent quarter compared with $6 million a year earlier.

While non interest income fell by $435,000 in the first quarter compared with the same period last year, non interest costs dipped by $893,000 over the same time.

l.howard@theday.com

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Profits: $921,000, up 1.7%

Assets: $1.37 billion, up 1.1%

Earnings per share: 7 cents, unchanged

Interest income: $9.4 million, down 5.6%

Noninterest income: $2.3 million, down 15.7%

Noninterest expenses: $10.1 million, down 8.2%

SOURCE: Savings Institute Bank & Trust