SHELTON, Conn. - Shelton Bancorp earned $573,000 in its second quarter ended Dec. 31, up 5% from the same period in 1993.

That's the 50th consecutive quarter of profits for the $292 million- asset thrift holding company.

Net income for the six months ended Dec. 31 was $1.12 million, down from $1.17 million for the same period last year.

Thrift officials note that income for the same periods in 1993 was increased by gains on real estate sales. Excluding those sales, core pretax income rose 31% for the six months ended Dec. 31 and rose 16% for the second quarter.

Shelton also announced it has increased the quarterly cash dividend 1 cent to 16 cents per share. The dividend is payable Feb. 15 to shareholders as of Feb. 2.

Shelton is the holding company for Shelton Savings Bank, a state- chartered thrift with six offices in Fairfield and New Haven counties.

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