New England Bancshares Inc. swung to a profit of $700,000 for its fiscal fourth quarter, compared with a loss of $1 million a year earlier, as net interest income improved and credit costs fell.

The Enfield, Conn., company's net interest income for the period that ended March 31 was $5.3 million, up 35.9% year over year, as it expanded loans by 25%, to $515 million.

New England's net interest margin increased 39 basis points, to 3.53%.

The company's provision for loan losses totaled $1 million, half of the provision it set aside a year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.