NBT Bancorp, Inc. announces second quarter earnings, cash dividends
NORWICH – NBT Bancorp Inc. has reported that net income for the three months ending June 30, 2009 was $11.6 million, down 21.1 percent from the same quarter last year. Net income per diluted share fell from $0.45 to $ 0.34 for the second quarter from the same period in 2008.
“I am pleased with our results for the first six months of the year, which are consistent with our all time record earnings in 2008, but for increased FDIC and pension expenses,” reported NBT President and CEO Martin Dietrich in a statement issued Monday. “In addition, asset quality indicators continue to hold up well relative to national and local trends, despite an increase in nonaccrual loans this quarter.”
According to Dietrich, the bank has recently received national recognition when it was ranked in two industry magazines. “NBT ... was ranked 19th on US Banker’s 2009 Top 100 Mid-Tier Banks and Thrifts list and ranked 39th on the Bank Director’s 2008 Bank Performance Scorecard of 150 national banks,” he explained.
NBT’s total assets were $5.4 billion as of June 30, up $81.0 million from Dec. 31, 2008. Loans and leases account for $3.6 billion of total assets, which is consistent with December 31.
At a meeting held on Monday, the NBT Board of Directors declared a third quarter cash dividend of $0.20 per share. According to the press statement, the dividend will be paid on September 15 to shareholders of record as of Sept. 1, 2009.
“We have continued to take advantage of our strong earnings momentum to fund new initiatives, such as expansion into Vermont, technology investments and branch upgrades,” Dietrich reported.
“I am pleased with our results for the first six months of the year, which are consistent with our all time record earnings in 2008, but for increased FDIC and pension expenses,” reported NBT President and CEO Martin Dietrich in a statement issued Monday. “In addition, asset quality indicators continue to hold up well relative to national and local trends, despite an increase in nonaccrual loans this quarter.”
According to Dietrich, the bank has recently received national recognition when it was ranked in two industry magazines. “NBT ... was ranked 19th on US Banker’s 2009 Top 100 Mid-Tier Banks and Thrifts list and ranked 39th on the Bank Director’s 2008 Bank Performance Scorecard of 150 national banks,” he explained.
NBT’s total assets were $5.4 billion as of June 30, up $81.0 million from Dec. 31, 2008. Loans and leases account for $3.6 billion of total assets, which is consistent with December 31.
At a meeting held on Monday, the NBT Board of Directors declared a third quarter cash dividend of $0.20 per share. According to the press statement, the dividend will be paid on September 15 to shareholders of record as of Sept. 1, 2009.
“We have continued to take advantage of our strong earnings momentum to fund new initiatives, such as expansion into Vermont, technology investments and branch upgrades,” Dietrich reported.
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