NBT announces first quarter earnings, announces cash dividend
NORWICH – NBT Bancorp Inc. reported Monday that net income per diluted share for the first quarter was $.43 per share. That’s an increase compared with $.28 per share in the previous quarter, and $.41 this time last year.
First quarter net income was $13.7 million, up $4.7 million, or 52.7 percent from the fourth quarter of last year. Compared to this same period in 2007, total net income was down from $14.1 million, a 2.9 percent decrease.
Total assets were at $5.2 billion as of March 31, up $28 million through the first three months of the year and $129 million since March 31, 2007.
The increase in net income for the first quarter was due to an increase in net interest income, a press release from NBT states, as well as a decrease in the provision for loan and lease losses.
The decrease in net income over the past year was primarily the result of a $4.4 million increase in the provision for loan and lease losses from the prior period, as well as an increase in non-interest expense totaling $3.2 million.
Those increases were partially offset by a $3.4 million increase in net interest income and a $3.4 million increase in non-interest income.
“The financial services industry continues to experience challenging market conditions in 2008,” said NBT President and CEO Martin Dietrich. “Given this difficult environment, I am pleased with our results for the first quarter. In particular, non-interest income was up 26.8 percent for the first quarter of 2008, compared with the first quarter of 2007, as we continue to focus on our fee initiatives as well as other areas of non-interest income that are so important to our future. In addition, our net interest income was up 8.5 percent from the first quarter of 2007, as we experienced growth in earning assets and an increase in our net interest margin of 21 basis points. We continue to closely monitor our asset quality and are encouraged by the improvement in the past due loans from $25.9 million to $19.7 million and the decrease in potential problem loans from $73.3 million to $58.5 million. As a result of the continued dedication and focus of our team, I am pleased and encouraged by our results in the first quarter of the 2008.”
Return on average assets and average equity were 1.07 percent and 13.68 percent in the first quarter, compared to .69 percent and 9.06 percent in the fourth quarter.
Loans and leases were also up $49.6 million, bringing the total to $3.5 billion.
Under previously disclosed stock repurchase plans, the company purchased 272,840 shares of its common stock in the first quarter, for a total of $5.9 million at an average price of $21.77 per share.
Monday the NBT Board of Directors declared a second quarter cash dividend of $.20 per share to be paid June 15.
– Mike McGuire
First quarter net income was $13.7 million, up $4.7 million, or 52.7 percent from the fourth quarter of last year. Compared to this same period in 2007, total net income was down from $14.1 million, a 2.9 percent decrease.
Total assets were at $5.2 billion as of March 31, up $28 million through the first three months of the year and $129 million since March 31, 2007.
The increase in net income for the first quarter was due to an increase in net interest income, a press release from NBT states, as well as a decrease in the provision for loan and lease losses.
The decrease in net income over the past year was primarily the result of a $4.4 million increase in the provision for loan and lease losses from the prior period, as well as an increase in non-interest expense totaling $3.2 million.
Those increases were partially offset by a $3.4 million increase in net interest income and a $3.4 million increase in non-interest income.
“The financial services industry continues to experience challenging market conditions in 2008,” said NBT President and CEO Martin Dietrich. “Given this difficult environment, I am pleased with our results for the first quarter. In particular, non-interest income was up 26.8 percent for the first quarter of 2008, compared with the first quarter of 2007, as we continue to focus on our fee initiatives as well as other areas of non-interest income that are so important to our future. In addition, our net interest income was up 8.5 percent from the first quarter of 2007, as we experienced growth in earning assets and an increase in our net interest margin of 21 basis points. We continue to closely monitor our asset quality and are encouraged by the improvement in the past due loans from $25.9 million to $19.7 million and the decrease in potential problem loans from $73.3 million to $58.5 million. As a result of the continued dedication and focus of our team, I am pleased and encouraged by our results in the first quarter of the 2008.”
Return on average assets and average equity were 1.07 percent and 13.68 percent in the first quarter, compared to .69 percent and 9.06 percent in the fourth quarter.
Loans and leases were also up $49.6 million, bringing the total to $3.5 billion.
Under previously disclosed stock repurchase plans, the company purchased 272,840 shares of its common stock in the first quarter, for a total of $5.9 million at an average price of $21.77 per share.
Monday the NBT Board of Directors declared a second quarter cash dividend of $.20 per share to be paid June 15.
– Mike McGuire
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