NBT announces third quarter earnings, declares dividend
NORWICH – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net income per diluted share for the three months ended Sept. 30 of $0.46 per share, which is the same per share earnings as the third quarter last year. Similarly, net income for the three months ended September 30, 2008 was $15.1 million, the same as net income for the third quarter last year. Return on average assets and return on average equity were 1.13% and 14.58%, respectively, for the three months ended September 30, 2008, compared with 1.17% and 15.41%, respectively, for the three months ended Sept. 30, 2007.
Net income per diluted share for the nine months ended September 30, 2008 was $1.34 per share, up $0.12, or 9.8%, from $1.22 per share for the nine months ended September 30, 2007. Return on average assets and return on average equity were 1.11% and 14.26%, respectively, for the nine months ended September 30, 2008, compared with 1.08% and 13.77%, respectively, for the nine months ended September 30, 2007. Net income for the nine months ended September 30, 2008 was $43.5 million, up $2.1 million, or 5.1%, from the nine months ended September 30, 2007. The increase in net income for the nine months ended September 30, 2008 compared with the nine months ended September 30, 2007 was primarily the result of increases in net interest income and noninterest income, partially offset by an increase in noninterest expense.
NBT President and CEO Martin Dietrich said: “Given the current economic conditions and the credit crisis throughout our financial system, many challenges face the banking industry today. Despite these challenges, we are extremely pleased with our earnings through the first nine months of 2008. While many banks are currently distracted by major credit problems, we have maintained focus on our diligent underwriting practices and are proud of our disciplined credit culture. We continue to maintain our capital above the minimum levels required to be ‘well capitalized’ by our regulators. Our efforts to stimulate our noninterest income growth through various fee income initiatives and other areas of noninterest income continue to produce outstanding results. Noninterest income is up 19.1% year to date as of September 30, 2008, as compared with the same period last year. In addition, we continue to grow our net interest income in this rate environment by strategically managing earning assets and interest bearing liabilities. Our net interest margin was 3.91% for the nine months ended September 30, 2008, up from 3.61% for the same period in 2007. We will continue to navigate through these difficult economic times focused on positioning our company for continued future success.”
Net income per diluted share for the nine months ended September 30, 2008 was $1.34 per share, up $0.12, or 9.8%, from $1.22 per share for the nine months ended September 30, 2007. Return on average assets and return on average equity were 1.11% and 14.26%, respectively, for the nine months ended September 30, 2008, compared with 1.08% and 13.77%, respectively, for the nine months ended September 30, 2007. Net income for the nine months ended September 30, 2008 was $43.5 million, up $2.1 million, or 5.1%, from the nine months ended September 30, 2007. The increase in net income for the nine months ended September 30, 2008 compared with the nine months ended September 30, 2007 was primarily the result of increases in net interest income and noninterest income, partially offset by an increase in noninterest expense.
NBT President and CEO Martin Dietrich said: “Given the current economic conditions and the credit crisis throughout our financial system, many challenges face the banking industry today. Despite these challenges, we are extremely pleased with our earnings through the first nine months of 2008. While many banks are currently distracted by major credit problems, we have maintained focus on our diligent underwriting practices and are proud of our disciplined credit culture. We continue to maintain our capital above the minimum levels required to be ‘well capitalized’ by our regulators. Our efforts to stimulate our noninterest income growth through various fee income initiatives and other areas of noninterest income continue to produce outstanding results. Noninterest income is up 19.1% year to date as of September 30, 2008, as compared with the same period last year. In addition, we continue to grow our net interest income in this rate environment by strategically managing earning assets and interest bearing liabilities. Our net interest margin was 3.91% for the nine months ended September 30, 2008, up from 3.61% for the same period in 2007. We will continue to navigate through these difficult economic times focused on positioning our company for continued future success.”
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