HARTFORD, Conn., April 25 /PRNewswire-FirstCall/ -- The Connecticut
Bank and Trust Company, (NASDAQ:CTBC), reported a loss for the
quarter ended March 31, 2006 of $877,000 or $0.25 per share,
compared to a loss of $964,000 or $0.51 per share for the same
period in 2005. The per-share results for the first quarter of 2006
reflect the issuance of 1.65 million shares of CBT common stock
issued in September 2005. Chairman and CEO David A. Lentini
remarked, "We were very excited to begin the new year with the
grand opening of our Vernon Office on January 5th." He added, "This
office, located near the junction of Vernon, Manchester and South
Windsor, is well situated to serve our customers from these
communities. In this challenging interest rate environment, CBT's
branch expansion program can provide lower cost funds to support
our growth." Results of Operations. The results for the first
quarter of 2006 were impacted by growth in net interest income and
to a lesser extent, an increase in non-interest income and a
reduction in loan loss provision. Net interest income rose
$469,000, or 100%, to $938,000 for the quarter ended March 31,
2006. Growth in loans, combined with an increase in the net
interest margin, were the main drivers of this performance. The
operating results also reflect an increase of $427,000 in
non-interest expenses to $1,751,000 for the three months ended
March 31, 2006 compared to $1,324,000 in the first quarter of 2005.
This increase includes investing in the costs related to the
opening and operation of the new banking center in Vernon and staff
additions in Lending, Operations and Administration. President
Lentini said, "These investments will keep CBT on track with its
planned branch expansion. In March, we submitted an application to
Federal and State regulators for approval to open a banking center
in Newington, Connecticut." Balance Sheet Performance. Loans
outstanding increased $13.4 million to $70.6 million at March 31,
2006, reflecting our most successful quarter of loan production to
date. Total assets were $99.0 million at the end of the quarter
compared to $96.9 million at December 31, 2005. Total deposits were
$64.4 million at March 31, 2006, declining $6.3 million or 8.9%
from $70.7 million at December 31, 2005. During the quarter, normal
seasonal outflows of commercial funds, coupled with the move of a
major depositor's operation away from Connecticut, more than offset
the early result of our entry into the Vernon Market. Stockholders'
equity at March 31, 2006 was $24.0 million compared to $25.0
million at December 31, 2005 primarily reflecting the first quarter
2006 operating loss and a decrease in the estimated market value of
the Bank's available for sale securities portfolio. Asset Quality.
The allowance for loan losses at March 31, 2006 was $958,000
compared to $876,000 at December 31, 2005 and represented 1.36% and
1.51% of loans outstanding for the respective dates. There were no
loans past due 30 days or more at March 31, 2006 and none
classified as nonaccrual or nonperforming. Selected Performance
Data At or for the three months ended Dollar values in thousands
Dec 31, Mar 31, Jun 30, Sep 30, except per share amounts 2004 2005
2005 2005 Total assets (period end) $78,288 $77,357 $86,132 $99,589
Net operating loss ($984) ($964) ($1,121) ($861) Net interest
margin 1.58% 2.62% 2.95% 2.97% Ratio of total stockholders' equity
to total assets (Period end) 18.02% 16.70% 14.12% 25.84% Average
shares outstanding (in thousands) 1,887 1,889 1,905 1,968 Loss per
share ($0.52) ($0.51) ($0.59) ($0.44) Book value per share (period
end) $7.47 $6.84 $6.35 $7.21 Allowance for loan losses/total loans
(period end) 1.13% 1.17% 1.33% 1.45% Selected Performance Data At
or for the At or for the three months ended year ended Dollar
values in thousands Dec 31, Mar 31, Dec 31, Dec 31, except per
share amounts 2005 2006 2004 2005 Total assets (period end) $96,875
$99,016 $78,288 $96,875 Net operating loss ($622) ($877) ($3,431)
($3,568) Net interest margin 3.69% 4.19% 1.94% 3.08% Ratio of total
stockholders' equity to total assets (Period end) 25.85% 24.25%
18.02% 25.85% Average shares outstanding (in thousands) 3,567 3,567
1,501 2,336 Loss per share ($0.17) ($0.25) ($2.29) ($1.53) Book
value per share (period end) $7.02 $6.73 $7.47 $7.02 Allowance for
loan losses/total loans (period end) 1.53% 1.36% 1.13% 1.53%
Statements contained in this release, which are not historical
facts, may be considered forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated, due to a number of factors which include
without limitation the effects of future economic conditions,
governmental fiscal and monetary policies, legislative and
regulatory changes, changes in the interest rates, the effects of
competition, and other factors that could cause actual results to
differ materially from those provided in any such forward-looking
statements. ASSETS Mar 31, Dec 31, Mar 31, 2006 2005 2005
(unaudited) (unaudited) Cash and due from banks $1,760 $1,406
$1,310 Federal funds sold 100 11,027 8,306 Cash and cash
equivalents 1,860 12,433 9,616 Securities available for sale, at
fair value 22,888 23,908 34,167 Federal Reserve Bank stock, at cost
766 766 529 Federal Home Loan Bank stock, at cost 534 125 - Loans
70,550 57,140 30,713 Allowance for loan losses (958) (876) (359)
Loans, net 69,592 56,264 30,354 Premises and equipment, net 2,059
2,079 1,857 Accrued interest receivable 529 390 422 Other assets
788 910 412 Total assets $99,016 $96,875 $77,357 LIABILITIES AND
STOCKHOLDERS' EQUITY Deposits $64,371 $70,740 $63,667 Short term
borrowings 7,758 442 266 Long term debt 2,450 - - Other liabilities
425 648 508 Total liabilities 75,004 71,830 64,441 Stockholders'
equity; Common stock, $1.00 par value; 10,000,000 shares
authorized; shares issued and outstanding: 3,567,450 at March 31,
2006 and December 31, 2005; 1,888,550 as of March 31, 2005 3,567
3,567 1,889 Common stock warrants 853 853 853 Additional paid-in
capital 29,545 29,536 16,178 Restricted stock unearned compensation
(569) (618) (378) Retained deficit (8,633) (7,756) (5,152)
Accumulated other comprehensive loss (751) (537) (474) Total
stockholders' equity 24,012 25,045 12,916 Total Liabilities and
stockholders' equity $99,016 $96,875 $77,357 THE CONNECTICUT BANK
AND TRUST COMPANY Statements of Operations Three Months Ended Year
Ended March Mar 31, Dec 31, 31, December 31, 2006 2005 2005 2005
2004 (Dollars in thousands except (U N A U D I T E D) share data)
Interest and dividend income: Interest and fees on loans $1,147
$896 $389 $2,514 $340 Debt securities 261 231 359 1,197 490
Dividends 18 10 8 34 25 Federal funds sold 15 108 47 322 177 Total
interest and dividend income 1,441 1,245 803 4,067 1,032 Interest
expense: Deposits 418 405 333 1,581 382 Borrowed funds 85 3 1 6 10
Total interest expense 503 408 334 1,587 392 Net interest income
938 837 469 2,480 640 Provision for loan losses 82 159 120 637 239
Net interest income, after provision for loan losses 856 678 349
1,843 401 Non-interest income (charges): Service charges and fees
18 21 11 66 28 Net gains on sales of loans - 14 - 16 - Net losses
from sales of available-for-sale securities - - - (48) (2) Total
non-interest income 18 35 11 34 26 Non-interest expenses: Salaries
and benefits 906 793 638 2,782 1,667 Occupancy and equipment 276
251 194 899 663 Data processing 42 61 36 183 90 Marketing 272 176
220 797 349 Professional services 53 21 150 395 314 Other general
and administrative 202 33 86 389 775 Total non-interest expenses
1,751 1,335 1,324 5,445 3,858 Net loss $(877) $(622) $(964)
$(3,568) $(3,431) Net loss per share: Basic $(0.25) $(0.17) $(0.51)
$(1.53) $(2.29) Diluted $(0.25) $(0.17) $(0.51) $(1.53) $(2.29) CBT
is a full service commercial bank headquartered in Hartford, CT,
with branch offices conveniently located in Glastonbury, Vernon and
West Hartford. Contact: David A. Lentini 860-748-4250 DATASOURCE:
Connecticut Bank and Trust Company CONTACT: David A. Lentini of
Connecticut Bank and Trust Company, +1-860-748-4250,
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