Community Bank & Trust sees slight earnings rise
Community Bank & Trust ended 2005 with about the same net earnings as it did the year earlier, thanks to a weak fourth quarter, when it earned $250,000 less than the last quarter of 2004.
The Wolfeboro bank earned $7.948 million in 2005, an $18,000 increase over the previous year. Diluted share earnings were $2.17 in 2005, three pennies less than in 2004. The bank’s assets also decreased by more than $8 million to $426.6 million and its deposits declined to $337.6 million, a 9 percent decrease.
In the fourth quarter, the bank reported a net income of $1.9 million, some $259,000 less than in the previous quarter of 2005.
“It is a very competitive environment on interest rates,” said Peter Alden, when asked about the slippage. “There are a lot of investment alternatives out there.” – BOB SANDERS