NBT Bancorp, Inc. announces third quarter earnings
NORWICH – NBT Bancorp Inc. has reported that net income for the three months ending Sept. 30, 2009 was $13.6 million, down 10 percent from the same quarter last year. Net income per diluted share fell from $0.46 to $ 0.40 for the second quarter from the same period in 2008.
“I am pleased with our performance through the first three quarters of 2009. Our overall earnings are at a similar level to our record year in 2008, except for the increased FDIC and pension expenses,” reported NBT President and CEO Martin Dietrich in a statement issued Monday.
Adding that all FDIC-insured banking institutions have been affected by higher premiums, Dietrich stated, “Despite these higher premiums, we have been able to maintain a strong net interest margin, control our expenses and keep a watchful eye on asset quality. Our focus on these fundamentals is helping to maintain the overall strength of our balance sheet.”
According to Dietrich, the acquisition of Mang Insurance Agency, LLC has helped “bolster” NBT’s ongoing efforts to grow non-interest income.
NBT’s total assets were $5.5 billion as of Sept. 30, up $148.3 million from Dec. 31, 2008. Loans and leases account for $3.6 billion of total assets.
At a meeting held on Monday, the NBT Board of Directors declared a fourth quarter cash dividend of $0.20 per share. According to the press statement, the dividend will be paid on Dec. 15 to shareholders of record as of Dec. 1.
“I am pleased with our performance through the first three quarters of 2009. Our overall earnings are at a similar level to our record year in 2008, except for the increased FDIC and pension expenses,” reported NBT President and CEO Martin Dietrich in a statement issued Monday.
Adding that all FDIC-insured banking institutions have been affected by higher premiums, Dietrich stated, “Despite these higher premiums, we have been able to maintain a strong net interest margin, control our expenses and keep a watchful eye on asset quality. Our focus on these fundamentals is helping to maintain the overall strength of our balance sheet.”
According to Dietrich, the acquisition of Mang Insurance Agency, LLC has helped “bolster” NBT’s ongoing efforts to grow non-interest income.
NBT’s total assets were $5.5 billion as of Sept. 30, up $148.3 million from Dec. 31, 2008. Loans and leases account for $3.6 billion of total assets.
At a meeting held on Monday, the NBT Board of Directors declared a fourth quarter cash dividend of $0.20 per share. According to the press statement, the dividend will be paid on Dec. 15 to shareholders of record as of Dec. 1.
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