SBT Bancorp, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company reported net interest and dividend income of $2,888,000 against $2,887,000 a year ago. Income before income taxes was $399,000 against $9,000 a year ago.

Net income was $343,000 against $78,000 a year ago. Net income available to common stockholders was $318,000 or $0.36 per basic and diluted share against $52,000 or $0.06 per basic and diluted share a year ago. The increase in net income is mainly due to a $391,000 decrease in noninterest expense, a $177,000 increase in mortgage banking activities, partially offset by a decrease in other service charges and fees of $143,000.

Total revenues, consisting of net interest and dividend income plus noninterest income, were $3,418,000 compared to $3,399,000 a year ago, an increase of $19,000 or 0.6%. Non-interest income increased by $18,000 or 3.5%, primarily due to an increase in mortgage banking activities of $177,000 and security gains of $43,000, offset by a reduction of fee revenue of $138,000. Over this period, net interest and dividend income remained flat at $2.9 million.