The Connecticut Bank and Trust Company, (Nasdaq: CTBC), reported a
modest improvement in the net loss for the quarter ended September
30, 2006 of $844,000 compared to a net loss of $861,000 for the
same period in 2005. For the nine months ended September 30, 2006,
the net loss was $2,628,000 compared to $2,946,000 for the same
period in 2005. Total assets for September 30, 2006 were $123.3
million representing growth of 24% from the prior year end. Per
share results for the quarter ended September 30, 2006 were a loss
of $0.24 per share compared to a loss of $0.44 per share for same
period in 2005. The loss per share data is not comparable due to
the issuance of 1,650,000 shares of common stock in September of
2005. Chairman and CEO David A. Lentini remarked, �In general, the
challenging interest rate environment and the flattening yield
curve make this a difficult time for financial institutions.
Despite the economic conditions and the costs associated with
opening the branches in January (Vernon) and July (Newington), we
were able to modestly improve results over the period.� Results of
Operations. The results for the third quarter of 2006 improved
$17,000 compared to the third quarter of 2005. Interest income
improved $815,000 for the period ending September 30, 2006 to
$1,907,000 compared to $1,092,000 for the same period in 2005.
Interest expense paid on deposits and borrowed funds increased to
$871,000 for the period ending September 30, 2006 from $467,000 for
the comparable period in 2005. Net interest income rose $411,000,
or 66%, to $886,000 for the period ending September 30, 2006
compared to $625,000 for the period ending September 30, 2005. The
net interest margin (NIM) was 3.69% for the quarter ended September
30, 2006 compared to 2.97% for the same period in 2005. The NIM has
declined from a high of 4.19% in the first quarter of 2006, and is
3.89% through year to date September 30, 2006. Chairman Lentini
commented, �The increase in net interest income is a result of our
ability to sustain loan growth from year end 2005. However, the
pressure from rising interest rates and the rates paid on deposit
accounts, mitigates the interest earned on expanded loan volume.�
Noninterest expenses increased $516,000, or 41% from September 30,
2005 to September 30, 2006. Noninterest expenses through September
30, 2006 totaled $1,763,000 compared to $1,247,000 for the period
ending September 30, 2005. The increase is partially attributable
to the costs related to the opening of the two new branches in
2006. Balance Sheet Performance. Total assets were $123.3 million
as of September 30, 2006 compared to $96.9 million as of December
31, 2005. Loans outstanding increased $38.0 million, or 66%, to
$95.1 million at September 30, 2006 from the year ended December
31, 2005. Total deposits were $87.4 million at September 30, 2006,
increasing $16.7 million or 24% from year end. Stockholders� equity
at September 30, 2006 was $22.6 million compared to $25.0 million
at December 31, 2005 primarily reflecting the operating losses
during the period and a slight increase in the estimated market
value of the Bank�s available for sale securities portfolio. Asset
Quality. The allowance for loan losses at September 30, 2006 was
$1,277,000 compared to $876,000 at December 31, 2005 and
represented 1.34% and 1.53% of total loans outstanding for the
respective dates. There were no loans past due 30 days or more at
September 30, 2006 and none classified as nonaccrual or
nonperforming. Recent News. CBT has formed a strategic business
alliance with Savino, Sturrock & Sullivan Financial, LLC., a
financial services firm which specializes in asset management. This
relationship will allow CBT to provide investment advisory and
financial planning to business owners and high net worth
individuals. Selected Performance Data � � Three months ended Year
ended Dollar values in thousands except per share June 30, Sept 30,
Dec 31, March 31, June 30, Sept 30, Sept 30, Sept 30, � 2005� �
2005� � 2005� � 2006� � 2006� � 2006� � 2005� � 2006� � Total
assets (EOP) $ 86,132� $ 99,589� $ 96,875� $ 99,016� $ 112,462� $
123,325� $ 99,589� $ 123,325� � Net operating loss $ (1,121) $
(861) $ (622) $ (877) $ (908) $ (844) $ (2,946) $ (2,628) Net
interest margin 2.95% 2.97% 3.69% 4.19% 3.86% 3.69% 2.84% 3.89%
Ratio of total stockholders' equity to total assets (EOP) 14.12%
25.84% 25.85% 24.25% 20.47% 18.35% 25.84% 18.35% Average shares
outstanding 1,905� 1,968� 3,567� 3,567� 3,567� 3,567� 1,920� 3,567�
Loss per share (1) $ (0.59) $ (0.44) $ (0.17) $ (0.25) $ (0.25) $
(0.24) $ (1.53) $ (0.74) Book value per share (EOP) $ 6.35� $ 7.21�
$ 7.02� $ 6.73� $ 6.45� $ 6.34� $ 7.21� $ 6.34� Allowance for loan
losses to total loans (EOP) 1.33% 1.45% 1.53% 1.36% 1.37% 1.34%
1.45% 1.34% � (1) Issuance of Shares in Sept. 2005. 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. See
financial statements accompanying this release for additional data.
THE CONNECTICUT BANK AND TRUST COMPANY Consolidated Statements of
Operations � Three Months Ended Nine Months Ended September 30,
September 30, � 2006� � 2005� � 2006� � 2005� (Dollars in
thousands,except share data) (Unaudited) (Unaudited) Interest and
dividends Loans, including fees $ 1,661� $ 690� $ 4,195� $ 1,618�
Debt securities 233� 290� 732� 966� Dividends 13� 8� 42� 24�
Federal funds sold � -� � 104� � 16� � 214� Total interest and
dividend income � 1,907� � 1,092� � 4,985� � 2,822� Interest
expense: Deposits 650� 465� 1,598� 1,176� Borrowed funds � 221� �
2� � 448� � 3� Total interest expense � 871� � 467� � 2,046� �
1,179� Net interest income 1,036� 625� 2,939� 1,643� Provision for
loan losses � 150� � 211� � 410� � 478� Net interest income, after
provision for loan losses � 886� � 414� � 2,529� � 1,165� �
Non-interest income: Service charges and fees 33� 17� 76� 47� Net
losses from sales of available-for-sale securities � -� � (45) � -�
� (48) Total non-interest income/(loss) � 33� � (28) � 76� � (1) �
Non-interest expenses: Salaries and benefits 1,012� 694� 2,846�
1,989� Occupancy and equipment 313� 214� 876� 648� Data processing
39� 49� 121� 122� Marketing 138� 118� 568� 621� Professional
services 93� 57� 346� 374� Other general and administrative � 168�
� 115� � 476� � 356� Total non-interest expenses � 1,763� � 1,247�
� 5,233� � 4,110� Net loss $ (844) $ (861) $ (2,628) $ (2,946) �
Net loss per share: Basic $ (0.24) $ (0.44) $ (0.74) $ (1.53)
Diluted $ (0.24) $ (0.44) $ (0.74) $ (1.53) THE CONNECTICUT BANK
AND TRUST COMPANY BALANCE SHEETS September 30, 2006 (Dollars in
Thousands) � ASSETS September 30, December 31, September 30, �
2006� � 2005� � 2005� (Unaudited) (Unaudited) Cash and due from
banks $ 3,088� $ 1,406� $ 2,608� Interest bearing deposit 76� -� -�
Federal funds sold � 40� � 11,027� � 20,343� Cash and cash
equivalents 3,204� 12,433� 22,951� � Securities available for sale
21,035� 23,908� 24,676� Federal Reserve Bank stock, at cost 770�
766� 529� Federal Home Loan Bank stock, at cost 739� 125� 125� �
Loans 95,109� 57,140� 49,465� Less: allowance for loan losses �
(1,277) � (876) � (717) Loans, net 93,832� 56,264� 48,748� �
Premises and equipment, net 2,261� 2,079� 1,736� Accrued interest
receivable 641� 390� 418� Other assets � 843� � 910� � 406� Total
Assets $ 123,325� $ 96,875� $ 99,589� � LIABILITIES AND
STOCKHOLDERS' EQUITY Deposits $ 87,453� $ 70,740� $ 72,822� Short
term borrowings 10,071� 442� 276� Long term debt 2,450� -� -� Other
liabilities � 727� � 648� � 759� Total liabilities � 100,701� �
71,830� � 73,857� � Stockholders' equity; Common stock, $1.00 par
value; 10,000,000 shares authorized; 3,567,450 shares issued and
outstanding at September 30, 2006 and December 31, 2005. � 3,567�
3,567� 3,567� Common stock warrants 853� 853� 853� Additional
paid-in capital 29,554� 29,536� 29,495� Restricted stock unearned
compensation (475) (618) (662) Retained deficit (10,384) (7,756)
(7,134) Accumulated other comprehensive loss � (491) � (537) �
(387) Total stockholders' equity � 22,624� � 25,045� � 25,732�
Total Liabilities and Stockholders' Equity $ 123,325� $ 96,875� $
99,589� The Connecticut Bank and Trust Company, (Nasdaq: CTBC),
reported a modest improvement in the net loss for the quarter ended
September 30, 2006 of $844,000 compared to a net loss of $861,000
for the same period in 2005. For the nine months ended September
30, 2006, the net loss was $2,628,000 compared to $2,946,000 for
the same period in 2005. Total assets for September 30, 2006 were
$123.3 million representing growth of 24% from the prior year end.
Per share results for the quarter ended September 30, 2006 were a
loss of $0.24 per share compared to a loss of $0.44 per share for
same period in 2005. The loss per share data is not comparable due
to the issuance of 1,650,000 shares of common stock in September of
2005. Chairman and CEO David A. Lentini remarked, "In general, the
challenging interest rate environment and the flattening yield
curve make this a difficult time for financial institutions.
Despite the economic conditions and the costs associated with
opening the branches in January (Vernon) and July (Newington), we
were able to modestly improve results over the period." Results of
Operations. The results for the third quarter of 2006 improved
$17,000 compared to the third quarter of 2005. Interest income
improved $815,000 for the period ending September 30, 2006 to
$1,907,000 compared to $1,092,000 for the same period in 2005.
Interest expense paid on deposits and borrowed funds increased to
$871,000 for the period ending September 30, 2006 from $467,000 for
the comparable period in 2005. Net interest income rose $411,000,
or 66%, to $886,000 for the period ending September 30, 2006
compared to $625,000 for the period ending September 30, 2005. The
net interest margin (NIM) was 3.69% for the quarter ended September
30, 2006 compared to 2.97% for the same period in 2005. The NIM has
declined from a high of 4.19% in the first quarter of 2006, and is
3.89% through year to date September 30, 2006. Chairman Lentini
commented, "The increase in net interest income is a result of our
ability to sustain loan growth from year end 2005. However, the
pressure from rising interest rates and the rates paid on deposit
accounts, mitigates the interest earned on expanded loan volume."
Noninterest expenses increased $516,000, or 41% from September 30,
2005 to September 30, 2006. Noninterest expenses through September
30, 2006 totaled $1,763,000 compared to $1,247,000 for the period
ending September 30, 2005. The increase is partially attributable
to the costs related to the opening of the two new branches in
2006. Balance Sheet Performance. Total assets were $123.3 million
as of September 30, 2006 compared to $96.9 million as of December
31, 2005. Loans outstanding increased $38.0 million, or 66%, to
$95.1 million at September 30, 2006 from the year ended December
31, 2005. Total deposits were $87.4 million at September 30, 2006,
increasing $16.7 million or 24% from year end. Stockholders' equity
at September 30, 2006 was $22.6 million compared to $25.0 million
at December 31, 2005 primarily reflecting the operating losses
during the period and a slight increase in the estimated market
value of the Bank's available for sale securities portfolio. Asset
Quality. The allowance for loan losses at September 30, 2006 was
$1,277,000 compared to $876,000 at December 31, 2005 and
represented 1.34% and 1.53% of total loans outstanding for the
respective dates. There were no loans past due 30 days or more at
September 30, 2006 and none classified as nonaccrual or
nonperforming. Recent News. CBT has formed a strategic business
alliance with Savino, Sturrock & Sullivan Financial, LLC., a
financial services firm which specializes in asset management. This
relationship will allow CBT to provide investment advisory and
financial planning to business owners and high net worth
individuals. -0- *T Selected Performance Data
----------------------------------------------------------------------
Three months ended
----------------------------------------------------------------------
Dollar values March in thousands June 30, Sept 30, Dec 31, 31, June
30, Sept 30, except per share 2005 2005 2005 2006 2006 2006
-------------- -------- -------- -------- -------- ---------
--------- Total assets (EOP) $86,132 $99,589 $96,875 $99,016
$112,462 $123,325 Net operating loss $(1,121) $ (861) $ (622) $
(877) $ (908) $ (844) Net interest margin 2.95% 2.97% 3.69% 4.19%
3.86% 3.69% Ratio of total stockholders' equity to total assets
(EOP) 14.12% 25.84% 25.85% 24.25% 20.47% 18.35% Average shares
outstanding 1,905 1,968 3,567 3,567 3,567 3,567 Loss per share (1)
$ (0.59) $ (0.44) $ (0.17) $ (0.25) $ (0.25) $ (0.24) Book value
per share (EOP) $ 6.35 $ 7.21 $ 7.02 $ 6.73 $ 6.45 $ 6.34 Allowance
for loan losses to total loans (EOP) 1.33% 1.45% 1.53% 1.36% 1.37%
1.34% Year ended
----------------------------------------------------------------------
Sept 30, Sept 30, Dollar values in thousands except per share 2005
2006 --------------------------------------------------- --------
--------- Total assets (EOP) $99,589 $123,325 Net operating loss
$(2,946) $ (2,628) Net interest margin 2.84% 3.89% Ratio of total
stockholders' equity to total assets (EOP) 25.84% 18.35% Average
shares outstanding 1,920 3,567 Loss per share (1) $ (1.53) $ (0.74)
Book value per share (EOP) $ 7.21 $ 6.34 Allowance for loan losses
to total loans (EOP) 1.45% 1.34% (1) Issuance of Shares in Sept.
2005.
----------------------------------------------------------------------
*T 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. See financial statements accompanying this release for
additional data. -0- *T THE CONNECTICUT BANK AND TRUST COMPANY
Consolidated Statements of Operations Three Months Ended Nine
Months Ended September 30, September 30, ------------------
----------------- 2006 2005 2006 2005 --------- -------- --------
-------- (Dollars in thousands,except (Unaudited) (Unaudited) share
data) Interest and dividends Loans, including fees $ 1,661 $ 690 $
4,195 $ 1,618 Debt securities 233 290 732 966 Dividends 13 8 42 24
Federal funds sold - 104 16 214 --------- -------- --------
-------- Total interest and dividend income 1,907 1,092 4,985 2,822
--------- -------- -------- -------- Interest expense: Deposits 650
465 1,598 1,176 Borrowed funds 221 2 448 3 --------- --------
-------- -------- Total interest expense 871 467 2,046 1,179
--------- -------- -------- -------- Net interest income 1,036 625
2,939 1,643 Provision for loan losses 150 211 410 478 ---------
-------- -------- -------- Net interest income, after provision for
loan losses 886 414 2,529 1,165 --------- -------- --------
-------- Non-interest income: Service charges and fees 33 17 76 47
Net losses from sales of available-for-sale securities - (45) -
(48) --------- -------- -------- -------- Total non-interest
income/(loss) 33 (28) 76 (1) --------- -------- -------- --------
Non-interest expenses: Salaries and benefits 1,012 694 2,846 1,989
Occupancy and equipment 313 214 876 648 Data processing 39 49 121
122 Marketing 138 118 568 621 Professional services 93 57 346 374
Other general and administrative 168 115 476 356 --------- --------
-------- -------- Total non-interest expenses 1,763 1,247 5,233
4,110 --------- -------- -------- -------- Net loss $ (844) $ (861)
$(2,628) $(2,946) ========= ======== ======== ======== Net loss per
share: Basic $ (0.24) $ (0.44) $ (0.74) $ (1.53) Diluted $ (0.24) $
(0.44) $ (0.74) $ (1.53) *T -0- *T THE CONNECTICUT BANK AND TRUST
COMPANY BALANCE SHEETS September 30, 2006 (Dollars in Thousands)
ASSETS September 30, December 31, September 30, 2006 2005 2005
------------- ------------ ------------- (Unaudited) (Unaudited)
Cash and due from banks $ 3,088 $ 1,406 $ 2,608 Interest bearing
deposit 76 - - Federal funds sold 40 11,027 20,343 -------------
------------ ------------- Cash and cash equivalents 3,204 12,433
22,951 Securities available for sale 21,035 23,908 24,676 Federal
Reserve Bank stock, at cost 770 766 529 Federal Home Loan Bank
stock, at cost 739 125 125 Loans 95,109 57,140 49,465 Less:
allowance for loan losses (1,277) (876) (717) -------------
------------ ------------- Loans, net 93,832 56,264 48,748 Premises
and equipment, net 2,261 2,079 1,736 Accrued interest receivable
641 390 418 Other assets 843 910 406 ------------- ------------
------------- Total Assets $ 123,325 $ 96,875 $ 99,589
============= ============ ============= LIABILITIES AND
STOCKHOLDERS' EQUITY Deposits $ 87,453 $ 70,740 $ 72,822 Short term
borrowings 10,071 442 276 Long term debt 2,450 - - Other
liabilities 727 648 759 ------------- ------------ -------------
Total liabilities 100,701 71,830 73,857 ------------- ------------
------------- Stockholders' equity; Common stock, $1.00 par value;
10,000,000 shares authorized; 3,567,450 shares issued and
outstanding at September 30, 2006 and December 31, 2005. 3,567
3,567 3,567 Common stock warrants 853 853 853 Additional paid-in
capital 29,554 29,536 29,495 Restricted stock unearned compensation
(475) (618) (662) Retained deficit (10,384) (7,756) (7,134)
Accumulated other comprehensive loss (491) (537) (387)
------------- ------------ ------------- Total stockholders' equity
22,624 25,045 25,732 ------------- ------------ ------------- Total
Liabilities and Stockholders' Equity $ 123,325 $ 96,875 $ 99,589
============= ============ ============= *T
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