May 2, 2012 | last updated June 1, 2012 2:16 pm

Farmington Bank sees 1Q profit dip

Farmington Bank's parent said its first quarter earnings fell slightly as the bank experienced higher expenses related to the opening of two new branches and hiring of 19.

Net income for First Connecticut Bancorp totaled $991,000, or 6 cents per diluted share for the quarter ended March 31, down from $1 million in the year ago period. The bank wasn't public a year ago that date, so per-share comparison is unavailable.

An 8 percent increase in interest income during the quarter was offset by an 8 percent, or nearly $1 million increase in noninterest expenses.


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