Enfield lender New England Bank's parent lifted its fiscal fourth-quarter and full-year profits but cracks continue to show up in its troubled-asset portfolio.
For three months ended March 31, New England Bancshares Inc. netted $1.2 million, or 20 cents a fully diluted share, up from $715,000, or 12 cents a share, netted the same quarter a year ago.
For the year, the bank netted $4.6 million, or 70 cents a share, up from $3.2 million, or 53 cents a share, netted in fiscal 2011.
President and Chief Executive Officer David J. O'Connor said that while NEB boosted lending and deposits in the fiscal year, some of its past loan investments continue to Non-accrual loans -- loans on which principal and interest payments are more than 90 days late -- totaled $15.2 million at March 31 vs. $13.4 million the same date last year.
Moreover, total non-performing assets, including past-due loans and foreclosed real estate, were $16.7 million at March 31, up from $14.9 million a year ago.
It ended the latest year with $726.5 million in assets vs. $682 million the previous year.