Penny Stock News: SBT Bancorp, Inc. Reports First Quarter 2011 Results

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SBT Bancorp, Inc., (OTCBB: SBTB), holding company for Simsbury Bank
Trust Company (the Bank), today announced net income of $87,000 or $0.03
per common diluted share for the first quarter of 2011. Net income for
the quarter was impacted by a one-time charge related to the Bank’s
formation of a Passive Investment Company (PIC). Excluding this one-time
charge, net of a favorable income tax adjustment, net income would have
been $259,000 or $0.23 per common diluted share. This compares to
$243,000 or $0.21 per common diluted share for the first quarter of
2010. Total assets were $325 million on March 31, 2011 compared to $283
million on March 31, 2010, an increase of $42 million or 15%.

Total deposits on March 31, 2011 were $299 million, an increase of $45
million or 18% over a year ago. Core deposits (Demand, Savings and NOW
accounts) increased by $44 million or 25% while Time Deposits increased
by $1 million or 1%. An increase in deposits from municipalities was a
significant contributor to the growth in total deposits. At quarter-end,
19% of total deposits were in non-interest bearing demand accounts, 55%
were in low-cost savings and NOW accounts, and 26% were in time deposits.

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Article source: http://www.finanzen.net/nachricht/SBT-Bancorp-Inc-Reports-First-Quarter-2011-Results-1111485