Businessweek

SI Financial Group Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the period, the company reported a net loss of $77,000, or $0.01 basic and diluted loss per share against net income of $403,000, or $0.04 basic and diluted earnings per share, for the quarter ended March 31, 2012. Net interest income decreased $325,000 to $6.3 million for the quarter ended March 31, 2013 from $6.7 million for the quarter ended March 31, 2012. Lower net interest income was due to decreases in the average balance and the rate earned on interest-earning assets, offset by decreases in the cost of funds and the average balance of deposits and borrowings compared to the same quarter in 2012. Income before income taxes was $69,000 compared to $597,000 a year ago. Negative return on average assets was 0.03 compared to return on average assets of 0.17 % a year ago. Negative return on equity was 0.25% compared to return on average equity of 1.23% a year ago. Book value per share was $12.43 compared to $12.44 a year ago. Tangible book value per share was $12.09 compared to $12.11 a year ago. The company reported net loan charge-offs were $194,000 for the quarter ended March 31, 2013, consisting primarily of residential mortgage loan charge-offs, compared to $76,000 for the quarter ended March 31, 2012.

The Board of Directors of SI Financial Group Inc. has declared a cash dividend on the company's outstanding shares of common stock. The dividend of $0.03 per share will be paid on or about May 28, 2013 to stockholders of record as of the close of business on May 6, 2013.

SI Financial Group Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $6,541,000 against $6,627,000 a year ago. Net interest income after provision for loan losses was $5,895,000 against $5,679,000 a year ago. Income before income taxes was $955,000 against $1,042,000 a year ago. Net income was $745,000 or $0.08 per basic and diluted share against $761,000 or $0.08 per basic and diluted share a year ago. Return on average assets was 0.31% against 0.32% a year ago. Return on average equity was 2.32% against 2.31% a year ago. For the year, the company reported net interest income of $26,191,000 against $26,443,000 a year ago. Net interest income after provision for loan losses was $23,295,000 against $24,885,000 a year ago. Income before income taxes was $1,359,000 against $3,420,000 a year ago. Net income was $1,118,000 or $0.11 per basic and diluted share against $2,417,000 or $0.24 per basic and diluted share a year ago. Return on average assets was 0.12% against 0.26% a year ago. Return on average equity was 0.86% against 1.85% a year ago. Book value per share was $12.44 as on December 31, 2012 against $12.34 as on December 31, 2011. Tangible book value per share was $12.09 as on December 31, 2012 against $11.95 as on December 31, 2011. The decrease in net interest income was due to lower rates on loans and securities, partially offset by a lower cost of funds and an increase in the average balance of interest-earning assets. For the quarter, the company reported net loan charge-offs of $85,000 compared to $1.2 million a year ago.

The Board of Directors of SI Financial Group Inc. has declared a cash dividend on the company's outstanding shares of common stock. The dividend of $0.03 per share will be paid on or about February 25, 2013 to stockholders of record as of the close of business on February 4, 2013.

Effective December 19, 2012, the Board of Directors of SI Financial Group Inc. amended Article II, Section 16 of the company’s Bylaws to increase the director age limitation from 72 to 76 years of age.