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WATERBURY, Conn., April 12 /PRNewswire/ -- American Bank of Connecticut (Amex: BKC) today announced net income of $2.8 million, or $.58 per diluted share, for the first quarter ended March 31, 2001 versus $2.7 million, or $.57 per diluted share for the same quarter of 2000. Asset quality remained strong at quarter end with non-accrual assets amounting to 0.12% of total assets at March 31, 2001 versus 0.18% at year-end 2000. The Bank's allowance for loan losses was 663% of non-accrual assets at quarter-end. The Bank's net interest margin improved slightly to 2.98% after averaging 2.92% for all of the year ended December 31, 2000. The Bank has benefited from stock market instability, which created an increase in core and non-core deposits. Non-interest income, excluding security gains and options premium, was $517 thousand for the first quarter of 2001 versus $494 thousand for the same quarter in 2000, a 4.7% increase. This category was negatively impacted by a $172 thousand charge against the Bank's share of a limited partnership.