NBT announces third quarter earnings, cash dividends
NORWICH – NBT Bancorp, Inc. has reported that net income for the nine months ending Sept. 30, 2010 was $43 million, up 12.5 percent from last year. Net income per diluted share was $1.25 a share, compared to $1.13 for the first nine months of 2009.
Net income for the third quarter of 2010 was $14.6 million, up 7.3 percent or $1 million, from the same quarter in 2009. Net income per diluted share for rose from $.40 to $.42 over the same three month period last year.
“We remain pleased with our financial results in this challenging environment,” reported NBT President and CEO Martin Dietrich in a statement issued Monday. “Our approach of aggressively managing our conservative banking strategy continues to produce positive results.”
NBT’s total assets were $5.5 billion as of Sept. 30, up $18.0 million from Dec. 31, 2009. Loans and leases account for $3.6 billion of total assets, down $24 million from Dec. 31. Deposits were $4.2 at the end of the third quarter, up $109.6 million from year end.
“Our financial performance is especially encouraging when compared to peer data, specifically net interest margin, return on average assets and return on average equity,” Dietrich stated. “Importantly, we have achieved these results while maintaining our focus on strategic investments for future growth, including expanding into new markets.
At a meeting held on Monday, the NBT Board of Directors declared a first 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.
Net income for the third quarter of 2010 was $14.6 million, up 7.3 percent or $1 million, from the same quarter in 2009. Net income per diluted share for rose from $.40 to $.42 over the same three month period last year.
“We remain pleased with our financial results in this challenging environment,” reported NBT President and CEO Martin Dietrich in a statement issued Monday. “Our approach of aggressively managing our conservative banking strategy continues to produce positive results.”
NBT’s total assets were $5.5 billion as of Sept. 30, up $18.0 million from Dec. 31, 2009. Loans and leases account for $3.6 billion of total assets, down $24 million from Dec. 31. Deposits were $4.2 at the end of the third quarter, up $109.6 million from year end.
“Our financial performance is especially encouraging when compared to peer data, specifically net interest margin, return on average assets and return on average equity,” Dietrich stated. “Importantly, we have achieved these results while maintaining our focus on strategic investments for future growth, including expanding into new markets.
At a meeting held on Monday, the NBT Board of Directors declared a first 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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