CBT reports earnings

Community Bank and Trust ended the year making slightly less money than the previous quarter and year, mainly because the spread narrowed between the cost of money and the income it produced.

The Wolfeboro-based bank reported a net income for the quarter of $1.6 million, or 45 cents a diluted share — about $250,000 less than the same quarter the previous year. Income in 2006 — $6.9 million, or $1.91 per diluted share – was about a million less than 2005.

The cost of borrowing money went up by 47 percent from 2006 (slightly less than a million dollars) while the income on lending only went up 7 percent.

Even so, the bank’s assets grew slightly, to $437.5 million, 3 percent more than the previous year. The bank will be paying a cash dividend of 36 cents on Feb. 15 to shareholders of record on Jan. 19. – BOB SANDERS