March 1, 2018

SI Financial's 4Q net flows red

The parent of Windham's Savings Institute Bank & Trust Co. saw its fourth-quarter net income swing to red due to the impact of federal tax reform.

For three months ended Dec. 31, SI Financial Group Inc. said it lost a net $1.6 million, or 13 cents a diluted share, vs. net income of $6.5 million, or 55 cents a share, for the final quarter of 2016.

SI said the fourth-quarter loss reflects a $4 million charge to income-tax expense tied to adoption of federal tax reform at yearend.

Full year, SI netted $5.2 million, or 44 cents a diluted share, down from $11.3 million, or 95 cents a share, netted in 2016. Year-ago net include a one-time gain from SI's sale of its stake in Vantis Life Insurance Co.

SI ended 2017 with assets of $1.58 billion vs. $1.55 billion in 2016.

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