NBT announces 2009 earnings, declares cash dividend
NORWICH – NBT Bancorp Inc. has reported net income for the year ended Dec. 31, 2009 was $52 million, down 10.9 percent or $6.3 million from the company’s record earnings in 2008. This corresponds to a diluted earnings per share of $1.53 for the year, compared to $1.80 per share for 2008.
“I am pleased to see that NBT achieved strong 2009 results in what remained a very challenging economic environment,” said NBT President and CEO Martin Dietrich. “Our earnings were on a level similar to our record year in 2008, except for increased FDIC and pension expenses.”
In 2009, NBT’s FDIC expenses increased by $6.6 million over the prior year, including a “special assessment” of approximately $2.5 million. Pension expenses also increased during that time period by $2.8 million.
Net income for the three months ending Dec. 31 was $13.8 million, down 7.4 percent from the same quarter in 2008.
NBT’s total assets were $5.5 billion as of Dec. 31, up $127.9 million from year end 2008. Loans and leases account for $3.6 billion of total assets, down $6.5 million from the prior year.
“We achieved these results by continuing to focus on the fundamentals, including a strong balance sheet, an active lending program and strategic investments,” Dietrich stated.
“Our successful capital raise in the second quarter, expansion into Vermont and the full-year impact of our acquisition of the Mang Insurance Agency are all examples of the ways we are continuing to invest in our future and position our company to benefit when the economy begins to recover.”
In response to the news, the NBT Board of Directors declared a 2010 first quarter cash dividend of $0.20 per share at a meeting held on Monday. The dividend will be paid on March 15 to shareholders of record as of March 1.
“I am pleased to see that NBT achieved strong 2009 results in what remained a very challenging economic environment,” said NBT President and CEO Martin Dietrich. “Our earnings were on a level similar to our record year in 2008, except for increased FDIC and pension expenses.”
In 2009, NBT’s FDIC expenses increased by $6.6 million over the prior year, including a “special assessment” of approximately $2.5 million. Pension expenses also increased during that time period by $2.8 million.
Net income for the three months ending Dec. 31 was $13.8 million, down 7.4 percent from the same quarter in 2008.
NBT’s total assets were $5.5 billion as of Dec. 31, up $127.9 million from year end 2008. Loans and leases account for $3.6 billion of total assets, down $6.5 million from the prior year.
“We achieved these results by continuing to focus on the fundamentals, including a strong balance sheet, an active lending program and strategic investments,” Dietrich stated.
“Our successful capital raise in the second quarter, expansion into Vermont and the full-year impact of our acquisition of the Mang Insurance Agency are all examples of the ways we are continuing to invest in our future and position our company to benefit when the economy begins to recover.”
In response to the news, the NBT Board of Directors declared a 2010 first quarter cash dividend of $0.20 per share at a meeting held on Monday. The dividend will be paid on March 15 to shareholders of record as of March 1.
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