The parent of Farmington Bank is boosting its dividend on common shares, after the bank recorded higher quarterly profits.
First Connecticut Bancorp Inc. announced Tuesday its board of directors voted to increase the quarterly dividend per share by a penny to 4 cents a share.
"The increase in dividend reflects the growth in earnings per share during the first quarter," John J. Patrick Jr., the bank's chairman and chief executive, said.
Net income in the quarter ended March 31 was $1.5 million, or 10 cents a diluted share, compared with $886,000, or 5 cents a diluted share, a year earlier.
Dividends will be payable on June 16 to all shareholders of record on June 6.
First Connecticut Bancorp shares closed at $15.80 Tuesday, up 9 cents from Friday's closing price on the Nasdaq Global Market. The bank went public in 2011 when shares were sold a $10 a piece.Copyright © 2014, The Baltimore Sun