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Simsbury Bank Posts Lower Quarterly Profits

SBT Bancorp Inc., parent of Simsbury Bank & Trust Co., posted sharply lower profits in the second quarter, as higher mortgage rates significantly slowed home loan refinancing, the bank announced Thursday.

The bank said net income for the quarter ended June 30 was $115,000, or 10 cents a diluted share, compared with $401,000, or 43 cents a diluted share, a year earlier.

Gains in SBT's mortgage banking business were crimped "as the increase in longer-term interest rates has negatively impacted residential mortgage refinancing activity," the bank said in a statement.

Commercial lending rose by 16.4 percent on a year-over-year basis, helping to boost net loan...